A cash advance payday loan is defined by its name. It is a loan which is meant to be held only until the borrower's next payday. This is not the type of loan is not meant to be used to purchase items such as houses or vehicles. These loans are meant for people who have unexpected financial responsibilities and do not have the money until their next paycheck comes.
Molly did not realize that she was behind with her gas bill and she let it go past due. She received a shut off notice in the mail and her paycheck was still five days away. Molly had seen the commercials on television and on the radio for cash advance payday loans and she thought it may be her only hope. Molly was worried. She thought that it was too good to be true so she began doing her research.
Molly learned that these types of loans were usually for small amounts of money. Typically between $100 and $1000. These loans were short term as well. They were usually held for between a week or two. Because Molly was getting her paycheck in five days that worked out well for her.
As Molly continued to read, she learned that credit wold not be an issue with this type of loan. She learned that there were just a few simple requirements which must be met by the borrower. The first requirement is that the borrower must have a provable income. This means that the borrower must have income which can be verified by the lender. This way the lender knows that the money will be paid back. Most types of income are acceptable. Wages from a job, unemployment checks, temporary disability checks, Social Security checks, child support checks and Worker's Compensation checks are all acceptable forms of income. There are also a couple types of income which are not acceptable. State welfare checks and Social Security checks in another person other than the borrower's name are two examples of unacceptable income. Because Molly had both wages from a job and child support, she knew that she would meet that qualification.
Another qualification the borrower must meet is having an active bank account. This is necessary because this is how the borrower will receive the money as well as repay it. Molly learned that when she qualified for the loan, the money would be direct deposited right into her bank account. When the loan became due, the lender would withdraw the money directly from Molly's account.
Molly was worried about the fees and the finance charges. She thought that a loan that was as simple as a cash advance payday loan would have outrageous interest fees. After reading the information on the website, Molly learned that the interest charges were not that high at all. The interest rate depends on how much the loan was for. The more money borrowed, the higher the interest rate. Molly read on to learn about the penalties that would be incurred if she did not repay the loan on time. If she did not have the full amount of the loan including the interest in her account on the due date, the lender would automatically give her an extension, usually about a week. Along with this extension comes an additional interest fee. For each week the loan is extended, the borrower must pay another interest charge. This can add up so Molly learned that it would be very important to have the money in her account on the due date.
After doing all of the research on cash advance payday loans, Molly decided it would be a good idea. She got the loan and paid her gas bill before the shut off date.
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