It is estimated that approximately 12 million Americans use payday loans to cover their emergency cash needs between paychecks. However, several states do not allow local payday stores, which leaves residents living paycheck to paycheck with no local fast cash relief.
Those living in states such as Georgia, Massachusetts, Arizona and Ohio, are among those who cannot stop by a nearby cash advance lending store and receive a payday loan - and many in those state may note even know that such short term loans exist. Previously, they would have to travel to a neighboring state to get a quick payday cash advance to cover their expenses between paychecks, but with the onset of online payday lending, many may now quickly get the cash they need to meet ends meet without traveling out of state.
Through online payday loan sites such as USA payday, residents of states previously 'dark' can now apply for fast cash advances. Various states stipulate loan terminology and terms, location and registration of the lending company, and interest rates, but the new online portals allow residents of states such as New York, previously unfamiliar with payday loans or those in which these loans have been recently outlawed, online payday loans can help them meet emergency cash needs.
Payday loans are short term, small dollar loans ranging from $100 to $1000. These loans are meant to be used to cover unexpected or emergency expenses, and are not really long-term solutions for chronic debt problems. They are smaller loans than a bank would generally make and are approved in a shorter period of time since re-payment is secured against a paycheck. The cash advances carry higher fees than traditional loans, and are to be repaid on the borrower's next paycheck - ideally in two weeks.
Applying online is fast and easy, and can be done from the comfort of one's home. Once approved, the cash is deposited directly into the borrower's bank account. A steady source of income and a bank account are required.
Ideally, everyone should strive to have some sort of emergency cash fund available for when unexpected expenses arise, but for many Americans that live paycheck to paycheck, that will never be a reality. Faced with emergency expenses such as leaking roof, car repairs or a medical bill, finding a payday loan may be a more acceptable solution to the alternative - of not meeting monthly recurring expenses such as rent, child care or utilities. Now, even residents of states in which payday loans are not permitted, may use online money advances to get the quick emergency cash they need, when and where they need it.
Those living in states such as Georgia, Massachusetts, Arizona and Ohio, are among those who cannot stop by a nearby cash advance lending store and receive a payday loan - and many in those state may note even know that such short term loans exist. Previously, they would have to travel to a neighboring state to get a quick payday cash advance to cover their expenses between paychecks, but with the onset of online payday lending, many may now quickly get the cash they need to meet ends meet without traveling out of state.
Through online payday loan sites such as USA payday, residents of states previously 'dark' can now apply for fast cash advances. Various states stipulate loan terminology and terms, location and registration of the lending company, and interest rates, but the new online portals allow residents of states such as New York, previously unfamiliar with payday loans or those in which these loans have been recently outlawed, online payday loans can help them meet emergency cash needs.
Payday loans are short term, small dollar loans ranging from $100 to $1000. These loans are meant to be used to cover unexpected or emergency expenses, and are not really long-term solutions for chronic debt problems. They are smaller loans than a bank would generally make and are approved in a shorter period of time since re-payment is secured against a paycheck. The cash advances carry higher fees than traditional loans, and are to be repaid on the borrower's next paycheck - ideally in two weeks.
Applying online is fast and easy, and can be done from the comfort of one's home. Once approved, the cash is deposited directly into the borrower's bank account. A steady source of income and a bank account are required.
Ideally, everyone should strive to have some sort of emergency cash fund available for when unexpected expenses arise, but for many Americans that live paycheck to paycheck, that will never be a reality. Faced with emergency expenses such as leaking roof, car repairs or a medical bill, finding a payday loan may be a more acceptable solution to the alternative - of not meeting monthly recurring expenses such as rent, child care or utilities. Now, even residents of states in which payday loans are not permitted, may use online money advances to get the quick emergency cash they need, when and where they need it.
About the Author:
Bradley Hart is a communications manager for USA Payday, an online resource for consumers needing fast cash and cash advances to carry them over between paychecks. Bradley is a frequent contributor to magazines and blogs in the area of financial services, consumer credit, and payday lending. You can comment on this article on Bradley's blog at USA Payday.
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