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Important Facts about Payday Loans, Cash Advances, and Installment Loans A payday loan is a short-term cash loan where the borrower writes a personal check for the amount borrowed plus the interest charge and receive cash. The lender holds the check until the borrower’s next payday when the loan and the interest charge must be paid in one lump sum. The borrower can redeem the check by paying the loan with cash or allow the check to be deposited at the bank or pay the interest charge to roll the loan over for another pay period – these are measures which the borrower can pay his cash loan. Depending on each state law, the range of payday loans is from $100 to $1,000. A range of $15 to $30 is the interest charge if it is a $100 loan and for a two-week loan, interest charge can be higher at 390 to 780% computed annually. For longer term of payday installment loans, the payday lender will require an authorization to electronically withdraw multiple payments, on each pay date, from the borrower’s bank account. Requirements needed to avail of a payday cash loan are the following: borrower must have an open bank account in good standing, a steady source of income, and identification. A person will resort to cash advances in situations where there is a budget problem. Cash advances typically range from $100 to $500 or higher and will be due for payment when the next payday comes and the interest rates which the borrower will pay will depend on the amount of loan.
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Availing for a cash advance, an agreement between borrower and lender is made, stipulating that the money lent will be paid back in full on the borrower’s next paycheck date, which is within 2 weeks. A charge of 15 to 30% of the amount borrowed will be charged to the borrower, of which a post-dated check will be issued by the borrower to the lender containing the full amount of money borrowed plus the interest charge.
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An installment loan is a loan which can be paid over a number of months, such that when you take out the loan, you will be given the time period in which you must repay the money. The borrowed amount of loan in installment loans start at a minimum of $3,000 and can be as large as $50,000, but can be availed under certain terms, which are: a contract between you and the lender to secure both parties concerned against missed payments or misconduct of any type, borrower must be at least 18 years of age, a bank account, and proof of income as an assurance that the borrower has a means of paying the loan.