Payday loans - Good or bad?

Payday loans have been the "talk of the town" since their establishment. The FTC calls it "costly cash," but let's examine, what makes a payday loan unique.

Loan qualifications.

Your neighborhood bank will never hand you $500, $1000 or $1500 cash in 1 hour or the same day with the minimal qualifications that payday loan lenders require. Banks need solid proof that you can pay back your loans. They get the proof by having you fill out long application forms and submit hardcopy paper documents as evidence of your financial stability.

Payday loans lenders on the other hand, will wire you cash, sometimes based on a loan application that takes 30 seconds. Companies like Cash Advance Network, don't even require hardcopy paperwork. Everything is done online.

Credit history

When you apply for a loan or any line of credit, your potential lender examines your credit history file. Your credit history file will tell them what your FICO score is.

What is a FICO score? It's a number between 450 and 850 that tells your potential creditor how good you are with your finances. Do you pay your bills on time? How much debt do you currently have? In other words, your "credit-worthiness" is prejudged based on your credit score.

If your credit score is considered "poor" - usually a score of 600 or below, lenders are hesistant to take a risk by offering you a loan. Payday loan lenders take this risk. Some payday loan lenders, process loans with no credit check and no faxing required

Paperwork

Everyone knows that banks love paper. They are more than happy to have you complete their four page paper application, when you appy for a loan. Paperwork takes time to process. Payday loans lenders have instituted a system called faxless payday loans or no fax payday loans, which allows consumers to apply for personal loans with the hassle of faxing in their loan application. Everything is done online. You complete the application request online, usually in about 30 to 60 seconds and then receive the funds electronically in about 24 hours. Some payday loan lenders can process your loan in as fast as 1 hour. For a list of faxless payday loan lenders click here.

In short, payday loans offers fast cash at a great risk. These lenders compensate for this risk by charging consumers loan fees and also high interest rates. The key to beating the payday loan game, is to get the loan that you need and pay it off immediately, when your check comes in. This ensures that your loan fees don't accrue.

No credit check, no fax, no teletrack payday cash advance loans offered in 1 hour to 24 hours in all 50 states (except where indicated) including Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming New York Los Angeles Chicago Baltimore Washington D.C. Los Vegas Philadelphia Boston New Orleans Los Angeles Seattle Miami Tampa Arizona Memphis Charlotte Dallas Minneapolis Tulsa Cincinatti Las Vegas Detriot Pittsburgh Charlotte Oakland