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

Understanding How a Payday Loan Works

Understanding How a Payday Loan Works
You may have driven past a payday loan store and wondered how the process works. Possibly you have struggled with finances and needed some quick cash to help ends meet before your next check arrives. Here's a quick breakdown of what a payday loan is, and why you should avoid them if you can.

Payday loans are basically short term loans that are often used to bridge the gap between one paycheck and the next. Anyone can walk into a payday loan stand. To obtain the loan, you simply fill out some information and write the lender a check for the amount you want to borrow, plus the anticipated interest on the loan. The payday lender will only cash your check when the loan comes due (usually within 7 to 30 days).

So what's the catch?

Here's the downside to the loans: the interest rates charged are exorbitant! They can range from 10 to 20%. That might not sound too bad (your credit card rate may be similar), but remember that those rates are for very short-term loans. If you were to keep carrying the loan forward, digging yourself into a deeper hole, you may end up owing interest that ranges anywhere from 500 to 2000% of your principal balance per year.

For example, if you need to borrow $400, you would write the payday lender a check for $400 plus the interest, say $80 assuming a 20% interest rate. If you can't pay the loan back within it's two-week due date though, you can take out another loan to cover the $80 finance charge from the first loan. And now, you owe the lender $576 in two weeks (the original $400, plus $80 in interest, plus $96 which is 20% of $480). The hole just gets deeper and deeper until no paycheck you receive is going to be able to cover everything you owe.

These loans very rarely do you any favors. The idea of instant cash may be tempting, but using a credit card is a smarter move than taking out a payday loan. Credit cards have lower APRs, and usually at least give you a grace period. The loans, on the other hand, start charging you interest on your loan from the moment you take it out.

Payday lenders charge such exorbitant rates because they are taking a huge risk by lending to you. They don't check your credit beforehand to see how creditworthy you are, so almost anyone can qualify for a loan. Also, the loans are unsecured, so there is no collateral the lender can collect from you if you skip out on the loan.

The average payday loan

The typical payday loan is usually for a small amount, somewhere between $50 and $1000 (usually around $300). This may seem like a harmless amount to borrow, and easy to pay back, but don't be fooled: the interest rates can be astronomical and can pile your debt much higher than you anticipated.

Beware payday loan identity theft

Identity thieves have been known to use someone else's identifying information to take out a payday loan. This can happen if a criminal gets a hold of one of your checks or sensitive identifying information. Because payday lenders do not run a credit check and because payday loans do not appear on your credit report, only checking your credit will not alert you if a payday loan has been taken out in your name. Consider protecting yourself by enrolling in an identity monitoring service that checks payday lending records for your identifying information.


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