What is a Payday Loan?
Payday cash loans are popular, especially among those who have an emergency need to cover expenses that normally come during a sudden financial crunch. Although there are many lenders offering such services in the market, the interest rates and fees charged by them vary from lender to lender. It is, therefore, important for one to do his/her homework before applying for any payday loan service so as to avoid being duped.
Picking a Loan Service
The first thing that you should look out for is whether the payday loan service provider is a member of the National Foundation for Credit Counseling (NFCC) / Association of Independent Consumer Credit Counseling Agencies (AICCA) which are the regulatory bodies of the payday industry. You can check this information out online, or at your local library. If the company is not affiliated with any association, you can proceed to ask other questions about the service. Some payday lenders also operate online, which makes it easy for the customer to apply for the payday cash loans from anywhere across the world. There are payday loan service providers who offer online applications, so you may choose one that suits your needs.
Cash Advance
Since most lenders provide cash advances as a short term solution to cover an unforeseen gap, the payday cash advance is often a very desirable service for the lenders. However, you should note that there are some lenders who are providing cash loans as a long term solution. For example, some lenders such as payday loans Charlotte provide cash advances for a month, while others provide them as a permanent solution to meet a gap, or even as a source of a regular income for their family. In case you are considering such a payday loan, it is advisable to discuss the options with a financial advisor, since each case is unique.