Write an article based on this "Consider a payday or cash advance loan. Research lenders thoroughly. Apply online. Collect your money."
These are names for the same type of short term loan for smaller amounts that used to be tied to a borrower's next paycheck. They are offered to help with an immediate financial need but are small enough to pay back in a week or month's time in a single payment. You can do an Internet search under "payday loans" or "cash advance loans" and you will have many to choose from. You will need to provide your bank's routing and account number when you accept the loan, and the amount borrowed will be deducted directly from your checking account on the due date. Average fees for these types of loans range from $15 to $40 for every $100 borrowed up to $500. Fees may be less on loans larger than $500. While expensive, it may be less than what you would pay for bouncing a check, paying a credit card bill late, or having your heat or electricity disconnected. Thanks to our recent financially-troubled times, many otherwise responsible people have fallen on hard times, and their credit has suffered as a result. To address this market, dozensif not hundredsof lenders have jumped in, hoping to capitalize on people in need. Not all of them are scrupulous, so here are some things to look for: Are they direct lenders, or a third-party lender? Third-party lenders will refer you to a direct seller, but you have no control where your personal informationsuch as your Social Security numberis being sent. Verify that they do not resell personal information, and anything transmitted is done over secure lines. What do they offer? What are the minimum and maximum dollar amounts they offer for loans? The average provider offers online loans ranging from $100 to $1,500, though frequently they'll advertise a much higher number. What is the interest rate? This will vary, and can be a flat fee, or a sliding scale based on the duration of your loan. What is their maximum term of the loan? Some are no more than 10 days, while some can be up to 6 months. The longer the term, the more expensive the loan will beover 600% is not uncommon. Once you have investigated the potential lenders, visit their website and fill in the required forms and provide any requested documentation. They will be looking for the following pieces of information about you: Do you currently have a job? They will want to see proof of employment. Monthly take-home payafter taxes Social Security number Driver's license Valid checking account Valid email address Proof that you're over 18 Credit checks may take place, though rather than using them to disqualify you, they will use them to set rates. In some cases, you may be disqualified if you have a bankruptcy on record. If you are a repeat customer with a history of paying back in a timely manner, you may be able to get a lower interest rate. Most services will offer direct deposit within 24 hours, to your bank account. This is fast and convenient, and is a secure way to proceedafter you've verified that they are a legitimate company. Do not offer your bank account information until you have checked them out, as they will be able to withdraw money as well as deposit it. You can find out if there have been problems reported on the lender from the Better Business Bureau or your state's attorney general's office.