Paydaysonline.org – About US
Paydays Online is one of the easiest ways to attain Paydays loans or cash advances. The process on which the Payday Loans work is very simple and easy. This speeds up the entire process and so one gets the applied amount within hours. Read Further to know About Us and about the financial services that we provide online to our customers.
Many cases do not demand faxing of any documents. Once you get through the approval procedure, you are going to be credited the applied amount. Through electronic money transfer methods we will directly deposit the amount into savings account.
PaydaysOnline.com offers flexible payment options and entirely distinct services that fetch you the needed money right now. It’s as easy as that then so why should you hold your fire to get cash advance?
More Information about Payday Loans
Payday Loans are short term oriented loans with comparatively smaller amounts. Payday Loans are paid in cash and received back through direct withdrawal from the checking account of the debtor.
Interest Rates
Payday Loans are hiring a higher rate of interest. However considering the troubles in processing such minimal amounted loans, the interest rate is not rather high.
Though the interest is high the amount is small. So the Payday Loan providers never gain a bigger amount as interest. For example if a Payday Loan provider charges 20% for each $100, the interest rate for one week will be 38 cents. So considering the short term and small amount the interest rate is affordable.
Comparing to the higher rate of interest of bounced checks or late credit card payments, Payday Loans are far better. Moreover the banks do not provide such small amounts to the people as loans.
Payday Loan Laws in California
In California many financial business people offer small amounts of money as loans to the people. Insecurity, higher rate of interest, short tenure or maturity, etc. are the peculiar characteristics of these loans. Such loans carry different names like cash advance loans, Payday Loans, deferred deposits or post-dated check loans.
For getting such a Payday Loan the borrower has to provide the lender securities like a paycheck stub, a recent bank statement and photo identification. The borrower submits a postdated check of an amount which includes principal amount along with interest.
California laws limit the fee to 15% for all such Payday Loans. Further it states that the total face value of the check shall not be more than $300. The lender consents to keep the check till the borrower’s next payday or up to a maximum of 30 days. Meanwhile the customer is free to buy back the check with cash. The borrower can permit the lender to deposit the check or roll over the loan by paying another fee.
Payday loan providers publicize their services as a means to shield unexpected expenses. They advertise such loans as options to get rid of bounced check fees and late payment penalties.
An Example for Payday Loan
Let’s infer the required amount for two weeks’ time is $400. You pen a postdated check of $460 (60% of $100 = $15 lender’s fee + $ 400 loan amount = $460) and get $400 cash in return.
The $60 you pay as interest is calculated to an (APR) Annual Percentage Rate of 391%. If you remain unable to pay the amount by the next payday then you can extend the period by adding another $60. If you continue to do so for six months then you will have paid $720 to the lender yet your principle amount is still remain at $400.
A one-time fee of $10 may also be charged by the lender to set up your account.