How a PayDay Cash Loan Works and Where to Find Legitimate Payday Lenders

A pay day cash loan has become very popular for consumers in need of fast cash to cover short term obligations. As long as you are employed or have a steady source of income and have an active checking/savings account then you should be eligible for a pay day cash loan. While there are many pay day outlets to chose from it is my goal in this article to help you find a legitimate payday lender as there are several payday outlets that prey on desperate consumers who need cash and offer above market interest rates.

A pay day cash loan is a small short term loan usually ranging from $100 - $1,500 where a lender will use the borrowers next paycheck as a security for repayment. The lender will expect the borrowed amount plus a finance charge to be paid back in full on the borrowers next payday however most legitimate payday lenders will extend the repayment schedule at the borrowers request. A typical finance charge for a pay day cash loan is $15 for every $100 you borrow. While this might seem like a high cost to borrow money it is often much cheaper than incurring late payment fees on other obligations such as credit cards, rent/mortgage payments, car payments, and bounced checks. These late payment fees range anywhere from $30 - $60 per offense and also damage your credit. It is easy to see how these fees can add up very quickly and makes getting a pay day cash loan very attractive for consumers who desperately need cash.

If you need cash and are wanting to get a short term loan than I would suggest that you go to an online payday loan lender as opposed to your local retail outlet. Online lenders are usually able to provide a better interest rate on your short term loan due to the increasingly competitive market that online lenders are currently experiencing.

There are many lenders to choose from online however if you want to ensure that you will find legitimate online payday lenders then I suggest you go to website who is affiliated with multiple payday lenders as opposed to going directly to a particular lender. A multiple lender website will make the various payday lenders compete for your business and will provide you with the lender who was able to provide the best interest rate on your pay day cash loan. These websites are free to the consumer and no initial commitment is required when you fill out an online application.

So if you need cash and are in the market to get a pay day cash loan then I highly recommend you go through a multiple lender website as this is the best way to find a legitimate payday lender.


Post a Comment