Payday loans are very common these days. With over 10,000 payday loan companies in the US alone, they are a convenient way to get "quick cash". Many people have heard of these. Some have seen them advertised on TV or on the radio. Maybe they came across an ad in the paper or on the internet. Either way there are a lot out there "to help assist those who need it". Many call themselves banking alternatives. This, in some cases, is true. There are many that offer other things like longer hours than a bank so that you can cash your check later or pay bills. The government has been taking an increasingly deeper look at these payday loan centers. They are concerned that they are taking advantage of low-income families. These companies respond by saying that they are just helping where there is a need. There are a lot of FAQs related to this topic, so let's get to it.

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FAQsWhat is a payday loan? It is a high interest short term loan usually between the amounts of $50 and $500. What else can it be called? It can be called a check advance loan, cash advance loan, deferred deposit check loan, or a post dated check loan. Why would I need one? If you have a financial emergency like an unexpected car repair or an emergency hospital bill, or an emergency utilities bill, or even regular expenses like food, gas, or travel costs. What is the interest rate? This can vary from company to company, usually above 100% APR. Will they check my credit? No. There is no credit check for most payday loans. Where can I apply for one? You can apply in person at a branch or over the phone, and many allow you to apply online. How long is the application process? Usually less than 20 minutes. When will I receive the money? It will usually be direct deposited to your bank account within 24 hours. Is there a down payment? There are no upfront costs for a payday loan. Will they share my information? No. This is a private transaction, they will not share your financial information with anyone. How long do I have to pay it back? This varies from company to company. You usually will have to pay it back the next week, but if you cannot pay for the whole amount the next week some companies will allow you to extend or roll-over your loan. This will usually mean more interest and more cost for you. Is there other options? You could borrow from a family member or friend. You could use a credit card, or you could try to take out a conventional loan or apply for a/another credit card.

Make sure to look into the company too. There are many people out there to scam you. If you are unsure of the company check with your local BBB or community business review board. They will often tell you if this company is for real. Also be aware of the interest. What you will be paying back on the loan. Make sure you check the fees associated with it and ALWAYS make sure you have the money to pay it back. To avoid having to use a payday loan try to set some aside every week to build an emergency cushion. This will help in those times of need. If you set aside $25/week for 20 weeks you will have $500. My mom always says if you do not see it you will not spend it. Some banks will automatically take a designated amount from your checking account on a certain day and deposit it into a savings for you. Hence, if you do not see it, you will not spend it.

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