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, November 5, 2013

The Paradoxical Nature of Payday Loans

The Paradoxical Nature of Payday Loans
Try to imagine a mechanism that doesn't look at a consumer's credit history, gender, sex, religion, or income, awards them with money whenever they ask, and potentially serves as an individual's only means of acquiring emergency money. This non-discriminatory monetary mechanism comes with a catch though: it has an exorbitantly high interest rate and is built in such a way that some say they inherently trap their users in a never-ending downward spiral of financial hardship and debt. No, this isn't a hypothetical concept brought about for a philosophy class's ethics discussion. What we're talking about is a payday loan.

Payday loans are a type of financing that requires no more than a post-dated check in return for cold, hard cash. They're the preferred method of acquiring cash advances on one's paycheck, particularly for those with bad credit ratings or no credit scores at all, since collateral and history are foreign and useless concepts to payday lenders.

But the equal and opposite reaction to such light lending standards comes in the form of high-often called excessive-fees and very short terms. Most of these loans are granted at a rate of roughly a dollar a day and are expected to be paid off within a two-week time period. When such a fee is stretched out and measured by the same standard as other types of loans, the results are astounding.

Annual percentage rate (APR) is the Rosetta Stone of the lending world, and grants consumers a quick look at how much a particular loan costs when compared to other offers. The APR tells consumers how much a loan's interest would cost if the loan were held for one full year. Home loans, for instance, often come with an APR of below 10 percent. Auto loans can usually be found with APRs of between 5 and 12 percent. Payday loans, however, carry a 390 percent APR-and that's on the low-end of the scale. Some of these quick cash advance loans have been reported to breach 1,000 percent.

Isn't that Usury?

The word that pops into most peoples' minds upon hearing this is "usury." Usury, a word that has been wielded and used by consumer advocates since biblical times, refers to charging an excessive or unreasonable amount of interest on loans. While some states do prohibit or restrict payday loans based on the argument of usury, many allow this practice to continue by exempting it from usury laws. But why would any state subject their citizens to such high interest rates?

One void that payday loans fill is the demand for money regardless of financial history. The fact remains that most people need to borrow money at some point in their lives, but not everybody has pristine-or even moderately acceptable-credit scores. Historically, this void has been filled by private, often illegal, lenders. These lenders, usually referred to as loan sharks, rely not on extra fees for late or missed payments, but rather have been reported to enforce payment through the use of intimidation, injury, or even murder.

Many states realize that payday lending provides society with a service that is actually a necessity. For families with low-income or little savings, payday loans can deliver money for unexpected bills and expenses when paychecks are still days away. For others, these cash advances can grant financial relief when paychecks come sporadically, infrequently, or only once a month.

Whatever the reason, this type of borrowing is demanded, and thus many states allow its supply. But despite the necessity for short-term cash, the issue of trapping those who are already enduring financial hardship in an endless cycle of payday loan rollovers needs to be addressed. Then both consumers and lenders will be able to partake in a healthy business relationship.

After covering the world of home mortgage loans for three years, the writer of this article, Alex Gomory, is proud to have expanded his scope to the entire financing industry as a whole. To further learn about payday loans and read more of Alex's articles and news stories, visit


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