Tag Archives: Cash Advance

Important Facts about Payday Loans

When you are in need of urgent cash, payday loans can be of great help to fulfill your cash needs during such emergency situations. The amount of the payday loan that you borrow has to be paid back after you have received your next paycheck or within 14 days. Or else, you can repay the borrowed amount within 30 days. The sooner you pay the cash advance, its better because these payday loans come at very high interest rates.

The rate of quick cash advance in some of the states in US is termed as “fees vs. interest”. The rate is calculated on the basis of the number of days you have borrowed the loan for. When people have some kind of urgent situations, they find the payday loans to be of great monetary help. The interest rates of the payday loans are much higher than the conventional loans. Most of the payday loan companies in Iowa will charge you a fee of $15 to $30 for every $100 borrowed.

There are many companies that offer these payday loans. There are certain facts that you should know about these loans before applying for one.

Payday loan companies are governed by the state laws and the laws are very strict in some states. You should be well aware of the terms and conditions before borrowing the payday loans.

In some states in US, you can make partial payments without paying the extra interest.

As per the state laws, you can apply for a maximum of two separate advances at the same time in some states.

The maximum amount borrowed can not be more than $500 in some states.

The borrowed amount should be repaid back within 31 days.

As per some state laws, the loan term cannot be extended.

When you need urgent cash and there is not much left in your checking account, you can apply for these payday loans without asking for any help from family members or friends. Payday loan companies do not do a credit check. They happen to be hassle free and the application process is very simple.