Wednesday, September 28, 2016

More Opportunity to Get Cash !

What is a Payday Loan?

Payday loans are short-term, high-rate, unsecured personal loans that utilize a consumer's checking account (usually through electronic access but sometimes actual checks) for repayment of the amount borrowed. These are also referred to as cash advance loans, check advance loans, post-dated check loans, or deferred deposit loans. Since these loans are short-term in nature, the cost of payday loans to the consumer is enormously high, typically averaging annual percentage rates of over 500%. The cost many times exceeds the original loan amount borrowed.
In exchange for a loan, a borrower provides the lender with an authorization to automatically debit his or her bank account. Repayment of the full amount, along with any fees required by the lender, is typically due within 14 days or with the borrower's next paycheck. If a borrower does not have the ability to repay the full amount within the required time frame, he or she can roll over the loan for an additional period of time for an additional fee.

Payday Loan Terms

Payday loans range in size from $100 to $1,000, depending on state legal maximums. The average loan term is about two weeks. Loans typically cost 400% annual interest (APR) or more. The finance charge ranges from $15 to $30 to borrow $100. For two-week loans, these finance charges result in interest rates from 390 to 780% APR. Shorter term loans have even higher APRs.

Payday Loan Industry

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet.
At the end of 2010, an industry analyst estimated that there were 19,700 payday loan stores operating, down from an estimated 20,600 stores at the end of 2009. The number of payday loan stores has been dropping since 2006. This same analyst estimates 2010 loan volume at $29.2 billion with $4.7 billion in revenue for loans made by payday loan stores. In addition, Internet payday lenders are estimated to have loaned $10.8 billion and collected fees of $2.7 billion in 2010. Combined storefront and Internet payday lending totals $40.3 billion in loans and $7.4 billion in revenue.

Opportunity Loans

After that if consumer need fast cash then they must be apply many application form from many lender to find a better way to get more cash, however now consumers can apply loans via 1 online applications form or through faxed application forms. Loans are direct deposited into the borrower's bank account and electronically withdrawn on the next payday.

 Opportunity Loans