Legal loan sharks: Predatory lenders lurk just around the corner. (But help ...
Talk about a payday …
It's a safe guess that in a strip center near you, there glows the backlit sign of a business offering easy, speedy, short-term loans. Payday lending, as the dubious enterprise is known, is one of the fastest-growing businesses in Texas, with more outlets than McDonald's and Whataburger combined.
And oh, what a profit margin. Because of a legal loophole, these predatory lenders are free to charge interest rates that banks and credit unions can't dream of, rates that would make Tony Soprano blush. These days, a middling credit card charges an annual percentage rate (APR) around 15 percent; a credit card for people with lousy credit, 25 percent. But an average payday loan clocks in at 300 percent. In Texas, the average payday borrower takes out a $300 loan and pays back $840.
And that's only the average. Sometimes the APR hits 500 percent; sometimes it goes even higher. And car-title loans, close kin to payday loans, are even more ruinous — the financial equivalent of crack. Both nasty pieces of business encourage a small, short-term cash-flow problem - a medical bill, an unexpected car repair - to spiral into a full-blown crisis, forcing families into bankruptcy, or to seek help from nonprofit groups and churches.
Interest rates that high shouldn't be legal in Texas.
In the Texas Legislature, several identical bills have been introduced to close the loophole and limit payday lenders to less crippling rates - as much as 135 percent APR. The idea unites politicians who usually are worlds apart: Supporters range from Rep. Tom Craddick, a pro-business Republican from Midland, to Rep. Eddie Rodriguez, an Austin Democrat who prides himself on being an advocate for consumers and the poor.
Outside the Legislature, just as broad a coalition supports that change: among its fans are AARP Texas; the United Way; Goodwill; the Texas Catholic Conference; the Texas Baptist Christian Life Commission; and Texas Appleseed, a public-interest law center. City councils from San Antonio to Lubbock have adopted resolutions urging the Lege to close the loophole. Nationally, even the Pentagon has tried to fight payday loans; because they wreak so much havoc on military families, they're a defense issue.
Cash Advance Loans Online – A Great Way To Make It Until Your Next ...
A payday advance is a loan obtained to cover unexpected expenses or if you happen to be short on cash and payday is still several days away. Payday advances can usually be deposited into your checking account the very same day you apply or overnight. A payday advance is meant to be a short-term loan, not a revolving credit account. The interest you pay on a payday advance is higher than with a traditional loan.
In applying for a payday advance, you will generally supply the loan company with your name, address, phone number, employment and checking account information. There is no credit check. You can qualify for a payday advance up to $1000 dollars or more that is to be repaid when you receive your next paycheck or over your next two to three pay periods. Payday advance companies may require you to receive your paycheck through direct deposit, but some allow you to qualify for a payday advance even if you receive a paper check from your employer that you deposit into your checking account.
The interest rates charged for a payday advance loan are significantly higher than with other types of lenders, but the majority of payday advance companies will allow you to split your payments over your next several pay periods to make repayment of your loan simple and painless.
A payday advance is an excellent way to get the cash you need until payday. Many companies have programs that require no faxing of your bank statement and latest check stub. Even if you are self-employed or receive income in the form of monthly benefits you can qualify for a payday advance. You may be required to fax proof of income in certain situations, but you can still receive your money fast. Many payday advance companies can approve your loan within an hour of receiving the necessary documentation.
No matter what type of income you receive each month, if you are in need of extra cash until payday a payday advance may be the answer for your short-term financial needs. A number of payday advance companies offer reduced rates for first time customers or simply offer a discount loan program to all customers. Contact the payday loan company of your choice to see if you are eligible to receive up to $1000 dollars or more that can be deposited into your checking account often the very same day you apply.
To view our list of recommended PayDay Cash Advance Lenders, visit this page: Recommended Cash Advance Lenders .
Carrie Reeder is the owner of ABC Loan Guide . ABC Loan guide is an informational website about various types of loans. The site has informative articles and the latest finance news.
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