Payday loans have long been touted as a convenient way to get a few hundred dollars if you need money to tide you over until your next paycheck, but as many borrowers have come to find, these loans aren’t all they’re cracked up to be. High fees, exorbitant interest rates and a reputation for predatory lending practices are all reasons that the decision to get a payday loan is seldom a wise one, financially speaking. Loans for up to $25,000. Some Cash Biz customers who accused the payday lender in a lawsuit of illegally using the criminal justice system to pursue unpaid loans were dealt a blow this week. Companies such as Yellowstone stepped in. They got around lending regulations by calling what they did merchant cash advances,” not loans—a distinction judges recognize though there’s little practical difference.
Bigger businesses need to borrow more money when they choose to expand, meaning they need larger credit scores. Things will reflect badly on them if it’s found out that they’re financing gamblers with payday loans. Payday loans are listed on your credit file for six years, even if you pay them off on time.
If you took out a payday loan, it was probably because you needed a quick influx of cash, perhaps to pay a bill or take care of a repair. That said, Cash Depot believes that your history shouldn’t affect your ability to take out a loan today. According to Pew’s research, 12 million people a year take payday loans.
These loans are there for those moments where you need a little cash now, but your credit score is preventing you from taking out a personal loan from your bank or another credit provider. You can find short-term personal loan agreement templates at websites like RocketLawyer and Legal Zoom.
These are short-term loans in amounts between $200-$1000 with terms of one to six months and application fees no higher than $20. The decision to take out a payday loan is ultimately up to you. However, in Tillman’s case and others in Texas, some payday lenders have found an even more direct way to harness the power of the criminal-justice system.
Whether your credit is poor or fair, we perform efficient credit checks to determine loan qualifying options. This program offers aid in a variety of forms, including help advance payday loans with mortgage payments and ways to lower your loan principal. Get money deposited directly into your bank account as soon as the next business day.
Taking out a payday loan today could make it harder to get out of debt down the road. You may be able to enter into a repayment plan to avoid having your loan send to collections and needing to appear in court. Our application systems and processes are built to ensure our customers get the fastest possible lending decision from our panel of lenders.