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Overview on Payday Loans, Cash Advances, and Installment Loans Payday loans are referred to as short-term cash loans that is released in exchange of the borrower’s personal check in which he writes the loan amount plus the interest charge. 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. A range of $100 to $1,000 is allowed for payday loans depending on each state law. The typical interest charge ranges from $15 to $30 if it is a $100 loan and for a two-week loan, interest charge is 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. When a person, who is in need of cash due to an unforeseen budget necessity will almost always turn to cash advances just to remedy his/her budget issues. Basically, the cash advances can range from $100 to $500 or higher and will be paid on the next payday and interest rates will be computed according to the amount of loan.
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The loan process of availing for a cash advance requires an agreement, which stipulates that the money lent will be paid back in full on the borrower’s next paycheck date, which is within 2 weeks. A range of 15 to 30% interest rate, based on the amount borrowed, will be charged to the borrower and 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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A loan which can be paid over a number of months is referred to as an installment loan. 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.