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Online Payday Loan
It’s happened to everyone at some point of life. You may be assured that you have enough money to cover your bills,but when you open your bank account, and you see less balance there than you thought you had.
We’ve all had a sudden fine or unexpected bill, and it’s normal to panic if you think you can’t cover the expense. You need cash desperately , So you consider taking out a payday loan. Unfortunately, you might not know just how costly taking out a Online Payday Loan can be until it’s too late.
In fact, the FDIC researched and survey figures shows that over 12 million Americans end up paying high-interest, short term payday loans each year.
We want to give you a quick explanation on how payday loans and payday loan centers work and how they aren’t in your favor. We’ll also show you what to look for as a payday loan alternative and how you can get an Instant cash advance from Motiveloan.
Don't waste your time. Get a loan online.
What are Online Payday Loan?
A payday loan is a short term loan for a small amount of money. Most people who take out payday loans do so when they need a quick cash to cover an emergency expense.
You can use your payday loan however you need to but some typical expenses include automobile repair bills followed by an accident, a parking ticket or fine, or a credit card payment, or even grocery bills and utilities. These are all reasons that can all drive consumers toward a payday loan.
The loan’s name comes from the idea that you should only take the loan out until your next “payday”, when you have the cash to repay what you owe.
There is no set definition of a payday loan, but most feature these common characteristics:
- Payday lender doesn’t care about your personal information or even you have steady income or not.
- Have a very short term (usually two weeks or less)
- When it comes time to repay the loan, the lender expects it in full
- Very high interest rates (Approx. 400% APR )
- Nondescript, high fees or service charges
- The option to “rollover” a loan by paying only the fees and interest you on the repayment due date
Payday loans get a bad rap because they often have very high interest rates. Payday loans often have interest rates of 400% per year or more. This means that your loan accumulates interest much faster than any other type of loan on the market.
Many people who take out payday loans underestimate exactly how much their loan will cost them and cannot pay them back on the due date. If you take out a payday loan and cannot repay it on the due date, you must “rollover” the loan, allowing the lender to continue collecting interest.
Data from the Consumer Financial Protection Bureau estimates that 80% of people who take out a payday loan roll their loan over at least one time. Default rates on payday loans are also high — about 20% of loan borrowers default. This number jumps to 50% for Online Payday Loan issued online.
What alternatives are available in market for Online Payday Loan and what should you consider looking for in it?
Payday loans are predatory in nature, Borrower took it in hurry and once they are in they stuck in almost never ending trap, paying more interest in cash and they are almost never able to pay a loan in full as its high APR, so they have to roll it over by just paying interest rate on their pay day, to cop up with monthly expenses they might consider another payday lender and they owe more and more and dragged deep below dept. they might never capable of clear.
Here are things you should consider
Low Interest
One of the worst things about payday loans is their high APR, You might pay approx 400% or above APR to borrow money when you take out a loan with a payday lender. Due to these high rates it’s very difficult to pay back your loan on time in full, causing many people who take out a payday loan to rollover. When you consider loan alternatives, look for one with a low interest rate. Like 5.99% to 35.99% APR Instant cash advances from Motiveloan.
Low Fees or Even No Fees
In addition to high interest rates, many payday loan providers also charge you a flat fee just to handle process of giving you a loan. Maximum flat-rate fees can vary by state but may cost you anywhere from $20 to $75.
Like high interest rates,these fees can make you more broke and likely to make you defaulter or rollover your loan. When you consider loan alternatives, look for banks and lenders who offer cash with low or no fees.
Quick Signups and Instant Deposits
One of the main reasons why people choose payday loans and don’t even bother to look for alternative is because they offer cash almost instantly. If you have an unexpected bill that you need to pay, first thing you should consider is just calm down your self then you should look for a bank or lender who offers quick signups. Thankfully, these payday lenders aren’t the only places where you can get money quickly. Ask banks and lenders how long the signup period is before you make a commitment or open an account.
You should also look for a bank or lender who offers direct deposits into your account. This allows you to get your money faster, as you won’t need to schedule in a trip to the bank. Motiveloan offers instant cash advance deposits directly to your checking account within a business day.
Credit Check and It’s Impact
There are two kind of Credit check.
(1). Soft Credit Check (2) Hard Credit Check
Soft Credit check is one where you check your own credit score or lender or Credit card company checks your credit score for a pre approved offer.
Hard Credit check is when you apply for a loan to banks or lenders , they need to check your payment reputation, they make credit inquiry which is considered hard credit check which temporarily set your credit score down for a while if you are in to maintaining your credit score then you should avoid such hard credit check, so when you are looking for cash then check for this factor as well that if lender is doing hard credit check or not.
Choose How Much Money You Need
Depending on how much money you have coming in, you can get up to $5000 in Instant cash advances — deposited directly into your account. Choose how much money you need and confirm your cash advance transaction.
Enjoy Your Cash
After you confirm the transaction, you’ll receive the cash in your checking account. There are no limits on how you can use this money. On your next payday, Motiveloan will get pay back what you borrow from your check. And you’ll good to clear your loan and not trapping your self in never ending loop of debt.
