The federal government and every state have strict laws governing all lending including payday lenders. Most states require a lender to be licensed in that state to even operate. And most states have caps on both interest rates and fees that the lender can charge you. This protects consumers nationwide.
All cash advance loans (also called payday loans) are fee-based loans. That means you pay about $15-30 per $100 borrowed in most states. Every state has established its own limitations on what a lender can charge you in fees. Annual Percentage Rates (APRs) do not apply as these loans are short-term loans that never exceed a few months.
There is another option called auto title loans. However, you have to put up your car as collateral, and if you miss a payment, the lender can often seize your car. Most people rely on their car to get to their workplace, so losing it is not a good prospect. Also, auto title loans are not legal in most states, so it is not an alternative for most people.
Payday loans are short term loans that are fee-based and paid back on your next pay date or within 30 days in almost all cases. They are unsecured and easy to qualify for and only take a few minutes to request from a smartphone.
No one wants to have a collection account appearing on their credit reports as we all know it is a big hit to our credit score. And, credit bureaus can report a collection for up to 7.5 years.
Everyone can face a money emergency in their lives. It happens all the time. A sudden problem can occur like the air conditioning breaks in the heat of summer (or in the winter), an unexpected medical bill to pay, and so on. The process of getting an online cash advance is simple and straightforward. Generally, there are not many differences in how the process works for borrowers with or without a disability.