WHY CHOOSE ICASHLOANS ? : When you need cash quickly you want to work with a service that is reliable and experienced in the payday loan industry - iCashLoans is both. We pride ourselves on connecting our customers with the best payday lenders to meet their needs. Why waste time visiting dozens of websites trying to figure out which lender will serve you best? iCashLoans is the only site that you need to visit when you’re looking for a fast, secure payday loan.

Cash Loans: "We Search 100+ Lenders Money in Your Account Next Day"

About Us:

Our services are designed to help you find a reputable payday lender to work with. iCashLoans has a large number of lenders in our network, and we are confident that we can assist you in obtaining the best payday loan to meet your needs. Everyone hits a rough patch financially at some point, and payday loans are a great solution for short-term cash flow problems. You don’t have to worry about how you are going to pay an unexpected bill, or cover an emergency expense, between pay checks - iCashLoans is your source for finding payday loans. Using iCashLoans is 100% free to you - we do not charge any fees for our services. When you use iCashLoans you will save time and money. All you have to do is provide us with basic information and we will instantly search our network of lenders to find you the loan that meets your needs. At iCashLoans we pride ourselves on working with lenders that are fair and honest in their lending practices. Our main goal is to provide you with a great experience when searching for a payday lender. All lenders in our network are required by law to follow all of the rules and regulations related to payday lending. Don’t drive around town to visit payday loan shops, and forget about looking at website after website trying to find a loan with fair terms. iCashLoans is the only place you need to go to find a payday loan. We will search our vast netowrk of lenders instantaneously to find you the loan that you are looking for.

Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

Tuesday, October 8, 2013

The Risks of Debit Card Payday Loans

The Risks of Debit Card Payday Loans
A debit card payday loan is a short term loan made against the guarantee of your debit card, with the agreement that the loan will be paid back on your next payday. If you're facing a temporary cash shortage, a debit card payday loan can be a tempting quick fix.

Your need may be as basic as suddenly being out of groceries, or as unique as needing a bit extra to fund an engagement ring or a big celebration. You may be confident that you can cover any debit card loans by your next payday, but there are many risks to these loans.

The loan period is usually about two weeks and finance charges on these payday loans are typically in the range of 15-30% for the two-week period. That may sound like not much more than credit card interest rates, but translated into an annual percentage rate (APR), that's a whopping 390 percent to 780 percent - far, far more than the most exorbitant credit card rates.

Despite the high interest rates, the convenience of payday loans is another part of what makes them tempting. There are many online loan companies that will extend debit card loans without you needing to do more than provide bank account, Social Security and employment information. It can be almost as easy as setting up an account with something like eBay - but the risks are much greater.

Debit card payday loans can be easy to get - making them attractive to people with poor credit and short term needs - but difficult to get out of in the long run.

Debit Card Payday Loans: The Danger of Getting Caught in a Cycle

If you reach the end of your loan period and don't have enough in your bank account to pay back the loan, you face several problems. The loan company will attempt to transfer the funds from your account - if the funds aren't there, your bank will charge you an overdraft fee. Then, the loan company will charge you a fee for not paying the loan, and flip the loan over to your next pay period. The high interest fees will continue to apply to the loan as well, further hiking up the amount you owe.

This triple threat - overdraft fee, loan default fee, and continuing high interest rates - can land you in a cycle in which you struggle to pay off the loan by the end of each pay period. If you can't pay it off in full, the loan will continue to flip and accrue interest. You'll be caught in a punishing cycle.

Debit Card Payday Loans: Surrounded by Controversy

This punishing cycle is one of the reasons debit card payday loans are so controversial and are even illegal in some states. Some legislators have campaigned vigorously against debit card loans companies, accusing them of trapping people in cycle of credit dependency, and of aggressive, misleading advertising and billing practices.

In 2008, the Illinois Department of Financial and Professional Regulation fined a company $234,000 for exceeding the $15.50 per $100 limit on charges for payday loans. A customer had not only been charged more than the company was entitled to collect under the Illinois Payday Loan Reform Act, but also received warnings that the account was 'seriously delinquent' and that the unpaid balance was hundreds of dollars more than the customer had legitimately borrowed and paid back.

Think Carefully Before Taking a Debit Card Payday Loan

So if you're facing an unexpected cash shortage, think carefully before taking debit card loans. Look closely at the interest rates and don't be fooled by low-sounding two week rates that translate into exorbitant annual percentages. Make sure the company you're borrowing from doesn't have a history of aggressive or misleading practices. And, if you do decide to take a debit card payday loan, make sure you really can pay it off in full at your next payday.


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