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.

Friday, December 27, 2013

Payday Loans: A Good Source of Emergency Cash, or a Trick to Get Your Cash?

Payday Loans: A Good Source of Emergency Cash, or a Trick to Get Your Cash?
Payday loans have been under debate as to whether or not they are ethical loans to provide. In fact, some states outlaw the practice of giving these types of loans. But what exactly are they and why is there a split consensus about them?

How Payday Loans Work

Payday loans are popular because anyone with a job and a bank account can get one. To apply for this type of loan, all you need are the following:

* An application filled out 
* Proof of identification 
* Social security card 
* Proof of address (electricity, gas, or phone bill) 
* Copy of last 1-2 pay stubs 
* Bank account statement 
* Checks with your name and address printed on them (temporary checks don't have this information printed on them and cannot be used)

The account number on your bank statement must correspond with the account number on the checks. Your address on your identification card does not necessarily have to be the same as the address on your utility bill or check; however the address on your bill and bank account must match and be current.

What An Application Entails

Applications for payday loans ask you how long you've been with your employer, their phone number and address, and a reference. It will also ask you for your bank account number, and any other assets you may have, such as a car or house. Most places that give payday loans ask for at least three references they can call if you default on payment.

Some check cashing places are stricter when it comes to payday loans than others. For instance, some will call your mobile phone while you are there to make sure the number is correct and works. They can even call your employer while you're there to make sure you are currently employed. Sometimes they will call your bank to make sure your account is still open, but this is extremely rare. 

If you have all of this documentation and provide honest answers, you will be approved for a loan. No credit check is needed. You will be asked to write a check made out to the check cashing place that is dated for your payday. The amount on the check will include interest, which is about 16% at most places. If you don't come in to the check cashing place on your payday to pay back the loan, the check will automatically be cashed, and the money will be taken from your bank account.

Pros of Payday Loans

* No credit check required like some loans 
* Easy to apply for (check cashing places are everywhere) 
* A good short-term means of cash for emergencies 
* If you can't pay the loan back by your next payday, you can extend the loan by just paying the interest every 2 weeks 
* Take out up to $600, depending on the state in which you apply for loan

Cons of Payday Loans

* Most states only let you borrow up to $300 
* 16% interest rate is much higher than traditional loans 
* Not a good source of a long-term loan (just to prolong paying back the full loan amount, you could have to pay $50 or more every two weeks)

The borrower should consider the interest rate charged on credits which should be reasonable. The legal compliance of the lender should also be considered to ensure that there is no exploitation.

The only reason why these loans are outlawed in some states is that people tend to borrow more than they can afford to pay back, placing them in a cycle of debt. In short, payday loans are a good source of cash only if you know you can afford to pay back the loan by your next pay day.

As a writer who specializes in financial advising, I am well aware of the pitfalls associated with taking out a payday loan. The quickest way to tell if a site has what you are looking for is to visit the site and check out their terms and conditions. I have been writing for over 6 years and have just retired from my business career in New Orleans.


Post a Comment