One of the first online lenders to offer payday loans, Cash Central is a short-term loan facilitator serving the financial needs of online customers.
Visitors will come to the site in need of a short-term personal loan. They repay the loan with a pre-authorized electronic withdrawal from their checking account on their next payday. Payday loan rates vary from lender to lender. Cash Central's rates vary by the state the member is borrowing in. Membership benefits include: a company newsletter, money saving tips, status on the loan, payment reminders and a member interface that allows customers to customize their online experience and security features.
Compared to other lenders, Cash Central has state certification backing in 23 states, a secure website and promises instant approval with next day funding, reports the website. Company representatives are also proud of their customer service and describe it as "second to none. We proudly maintain an honest, ethical, customer first-lending philosophy. No bait and switch. No over-promising."
When comparing Cash Central with other sites, one customer writes, "I tried another company prior to yours called '*****' and they had the worst customer service I've ever encountered. It was a nightmare calling them and the representatives I spoke to were short and rushed during the brief conversations I had with them. The fees were so high I nearly had a heart attack. It took them 2-3 days to finally receive my faxed information I gave up before they could approve me. They didn't live up to their same day approval motto."
Another customer, Steve, comments about Cash Central's customer service, "Your service is outstanding in an industry that isn't necessarily known for being nice."
For people with poor credit, Cash Central has provided loans for customers with less than perfect credit. New members will fill out an application and receive results quickly. Once they are approved, they will sign in at the member's page and submit a request for a payroll loan. It usually takes less than a day for approval once all the information is received. Members will typically receive funds within 24 hours, according to the website.
When members can't pay the loan by the due date, Cash Central offers a refinancing on the short-term loan. They advise members that if they know they won't be able to repay the loan on their due date, they are to contact the company immediately. Members may be eligible to receive a refinance, but the company must receive their requests by 6 o'clock MST the day before the loan is due in order to process a refinance request. If the member should make no refinance request, and fail to pay the balance when due, then the loan will be in default.
When commenting on Cash Central's dependability, one customer who identifies herself as Jeannie stated, "Cash Central is just as good as people said."
Click on the link that follows this article for the latest promotion.
Showing posts with label Payday. Show all posts
Showing posts with label Payday. Show all posts
Friday, September 28, 2012
Monday, May 7, 2012
Payday Loans
Sometimes when things become a little tough, we do things without too much thought. Usually because we want to put the tough thing behind us and move on. This can result in jumping in on payday loans and regretting it later. Payday loans aren't all that evil as long as you know what you're getting into and you take some time thinking about actually doing it and how you'll later terminate the loan.
To begin with, payday loans aren't always a good choice! Don't get tricked by the ads from the mall, radio, television or Internet. Even if you desperately need some cash until your payday, you should consider all the alternatives first. In my opinion, a brief definition for payday loans is expensive cash.
Payday loans are short-term cash loans. The amount of money that can be borrowed regularly ranges from 0 to ,000, and it depends on the laws of each state. The average term is about two weeks. Payday loans are made by check cashers, finance companies, payday loan stores, and others. They are also designated as cash advance loans, check advance loans, deferred deposit check loans or post-dated check loans.
This is how it usually works: the borrower writes a personal check for the sum borrowed plus a fee and he receives the amount he or she wishes minus the fee. Fees are regularly a percentage of the value of the check, but they can also be a fixed value charged per a specific amount (like for each 0 borrowed). When the next payday comes, the borrower can redeem the check for cash. Otherwise, he can pay the finance charge again and roll the loan for another two weeks.
To get an idea of how expensive payday loans are, you must know that this type of loan costs on average 470% APR (annual interest), while the APR a credit card is rarely higher than 60%.
Let's assume you want to make a payday loan for the amount of 0, the loan fee is of .50 per 0, and the loan term is 14 days. Therefore, in order to redeem the check you have to pay 2.50 when the 14 day period is over. You can pay it by cash or you can allow the check to be deposited at the back. If you still don't have this money, you must pay the fee of .50 to renew the loan for another loan period. This means that borrowing 0 for a month will cost you 5. That's not cheap at all! By comparison, a 0 cash advance on an average credit card, repaid in one month, would not cost you more than .
All you need to get a payday loan is an open bank account and a steady source of income. However, lenders are not necessarily interested to find out if the borrower can afford to repay the loan. If you don't pay the loan, it becomes an uncovered check in your bank account. If you fail to repay it, you will get a bounced check fee from the lender and from the bank. You will receive negative ratings on specialized databases and because of this you might lose your bank account and have difficulty in opening a new one.
Because of the very high cost to borrow and the short repayment terms, the consumers sometimes tend to be trapped in repeat borrowing cycles. Reports show that almost 60% of all loans made every day are either loan renewals, or loans taken out by the same consumer immediately after paying off the last one.
Payday loans with three-digit interest rate are prohibited in twelve states in the USA, where they are considered to be small loans or usury caps.
The internet payday lending has become very popular lately. You can apply online and loans are directly deposited into your bank account. When the payday comes, the amount of money you've borrowed is electronically withdrawn. If you choose to renew the payday loan, the finance charge is electronically withdrawn from your account.
Here is a suggestion in order to avoid getting a payday loan. First of all, shop carefully! If you really need that money, try to get an advance on pay from your employer or borrow the money from family or friends, at least you can do this for free (usually). Figure your daily and monthly expenditures, and try to avoid unnecessary purchases. You should also build some saving, so that there will be no need to borrow money for unexpected expenses or emergencies. If you still decide you want to use a payday loan, make sure you don't borrow more than you can pay with your next paycheck.
To begin with, payday loans aren't always a good choice! Don't get tricked by the ads from the mall, radio, television or Internet. Even if you desperately need some cash until your payday, you should consider all the alternatives first. In my opinion, a brief definition for payday loans is expensive cash.
Payday loans are short-term cash loans. The amount of money that can be borrowed regularly ranges from 0 to ,000, and it depends on the laws of each state. The average term is about two weeks. Payday loans are made by check cashers, finance companies, payday loan stores, and others. They are also designated as cash advance loans, check advance loans, deferred deposit check loans or post-dated check loans.
This is how it usually works: the borrower writes a personal check for the sum borrowed plus a fee and he receives the amount he or she wishes minus the fee. Fees are regularly a percentage of the value of the check, but they can also be a fixed value charged per a specific amount (like for each 0 borrowed). When the next payday comes, the borrower can redeem the check for cash. Otherwise, he can pay the finance charge again and roll the loan for another two weeks.
To get an idea of how expensive payday loans are, you must know that this type of loan costs on average 470% APR (annual interest), while the APR a credit card is rarely higher than 60%.
Let's assume you want to make a payday loan for the amount of 0, the loan fee is of .50 per 0, and the loan term is 14 days. Therefore, in order to redeem the check you have to pay 2.50 when the 14 day period is over. You can pay it by cash or you can allow the check to be deposited at the back. If you still don't have this money, you must pay the fee of .50 to renew the loan for another loan period. This means that borrowing 0 for a month will cost you 5. That's not cheap at all! By comparison, a 0 cash advance on an average credit card, repaid in one month, would not cost you more than .
All you need to get a payday loan is an open bank account and a steady source of income. However, lenders are not necessarily interested to find out if the borrower can afford to repay the loan. If you don't pay the loan, it becomes an uncovered check in your bank account. If you fail to repay it, you will get a bounced check fee from the lender and from the bank. You will receive negative ratings on specialized databases and because of this you might lose your bank account and have difficulty in opening a new one.
Because of the very high cost to borrow and the short repayment terms, the consumers sometimes tend to be trapped in repeat borrowing cycles. Reports show that almost 60% of all loans made every day are either loan renewals, or loans taken out by the same consumer immediately after paying off the last one.
Payday loans with three-digit interest rate are prohibited in twelve states in the USA, where they are considered to be small loans or usury caps.
The internet payday lending has become very popular lately. You can apply online and loans are directly deposited into your bank account. When the payday comes, the amount of money you've borrowed is electronically withdrawn. If you choose to renew the payday loan, the finance charge is electronically withdrawn from your account.
Here is a suggestion in order to avoid getting a payday loan. First of all, shop carefully! If you really need that money, try to get an advance on pay from your employer or borrow the money from family or friends, at least you can do this for free (usually). Figure your daily and monthly expenditures, and try to avoid unnecessary purchases. You should also build some saving, so that there will be no need to borrow money for unexpected expenses or emergencies. If you still decide you want to use a payday loan, make sure you don't borrow more than you can pay with your next paycheck.
Subscribe to:
Posts (Atom)