The Speedy Payday Cash Promise – we will do an exceptional job in providing you with access to the best payday loan lenders available. Some of our lenders are direct lenders and some are not, some of our lenders are popular and some are not, some of our lenders are bbb accredited and some are not, but one thing is paramount above all else and that is they are all honest and reputable and provide an express service that is second to none. Direct Online Payday loan lending is not a popularity contest but if it were we’ed be winning.
Payday loans or cash advance loans are a great way for those in need of fast cash to obtain the money necessary to meet emergency expenses that can’t wait. Direct payday loans have been in around for some time now and is a service that not only provides a life line for those in need of cash but can save people a lot of money in overdrawn fees or late payment charges, that may result when people don’t have the money to meet expenses right away and with the speed of services provided by direct online payday loan lenders.
Before you take out any sort of payday loan it is crucial that you look into a number of different companies that offer these loan products or simply come to Speedy Payday Cash where we have done the research for you and only allow the best and most reputable lenders into our network. The laws relating to direct payday loan lending varies significantly from state to state and gaining a good understanding of these laws will certainly assist you in making informed decisions when choosing a lender.
Some states set very strict limits on the amount of money people can borrow through any payday loan lender while others impose limits on the annual percentage rate that lenders can charge. Other states have taken more drastic measures by outlawing payday lending completely and some set very few restrictions on how the payday loan lenders operates. Regardless of the legislation that applies to the payday loan lender in your jurisdiction, you can be rest assured that this industry is governed by measures put in place to protect you, the borrower.
One thing you may wish to be aware of is the way in which the payday loan lender charges for these cash loans. Since these loans are short term loans, with the repayment period being anywhere from two weeks to one month, most lenders will charge a certain amount for every $100 borrowed. When you apply an annual percentage rate to these short term loans the rate seems like an inconceivably high amount. However, when an annual percentage rate is applied to these loans it is somewhat of a misrepresentation of the actual cost of the loan as the loans are short-term loans and not ment to be held for a year.
Some states have applied a cap to the annual percentage rate that payday loan lenders are allowed to charge. While this may seem like a positive step to protect the borrower, because the repayment term is so short it means that the payday loan lender is actually making next to nothing from the services they provide. In states where this legislation is applied these lending agencies are unable to continue to provide these short term cash loans to customers, as it is not worth the loss they would have to take.
Many states, however, have applied more sensible legislation to payday loan lending by setting limits on the amount of money that lending agencies are allowed to lend customers through a payday cash loan. Some states actually set a maximum amount while others stipulate that customers are only able to borrow up to fifty percent of their monthly income. This legislation not only provides some protection for the borrower but also allows payday loan lenders to continue operating in a competitive and sustainable market. We reccommend you never borrow more then 20% of your monthly income.
If you are interested in finding out more about direct payday loan lenders and what you need to know when considering a payday cash loan then read the many blog entries available at Speedy Payday Cash Blog. There are many lenders that offer these types of loans over the internet and they should always be able to provide you with information regarding their rates and lending terms and conditions up front before you are required to sign a loan agreement.
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