What Are Payday Loans?
What Are Payday Loans?
Your housing costs should be about 28 percent of your income - or so says a widely recognized banking website. But how realistic is that? As costs for food, transportation and housing increase, the majority of Americans haven't seen their wages rise as fast – leaving many people short on money when it comes time to pay for their housing or other essentials. In fact, many households are paying 30, 40 and even 50 percent of their income toward rent or a mortgage. Small wonder that few people need to ask, "What are payday loans?"
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Why do people ask "What are payday loans?" in an improving economy?
It's true that more people are going back to work, which is a very good thing. But some jobs pay less than they did in the past, while millions of hardworking Americans are working multiple jobs as a means to support their households and make good on their financial obligations. Despite cutting back on expenses, tight budgeting and careful planning, wage earners sometimes find themselves short on funds a week or two before payday.
The most difficult thing is for many bills, paying late is a poor option. Late fees add to the expense. And if it results in a service cutoff, such as a cell phone, cable/Internet or other utility, the inconvenience adds to costs.
Beyond "what are" – how do payday loans work?
Payday loans can be procured in two different ways:
- In-person cash advance shops - While still available, the bricks-and-mortar payday loan stores cease to make sense in an Internet era. Simply, few people have the 1-2 hours necessary for getting a paycheck loan in person.
- Online cash advances - Now, payday loans can be fully transacted online, with no phone calls or faxing required. Once an account is established (which might take ten minutes), the borrower can specify their preferred loan amount. That money is then deposited into their checking account. The available loan amount is determined by state lending laws and the borrower's total income. For the most part, online payday loans are very easy to transact and consume very little time.
Why should you use AAAPaydayCash.com?
This is a company that is based in the U.S. (in Missouri and Utah), which differs from many other payday lenders that operate offshore in foreign countries. As such, the firm operates with respect to American banking laws, providing the most fair loan terms required. If you have a question, loan specialists are available by email or phone to discuss how it works and whether or not you would qualify for a loan.
What are the payday loans eligibility requirements?
- Active bank account for 90 days or more.
- Active/current job with 90 days of employment.
- Direct Deposit is required.
- No Military personnel loans.
- Minimum net income of $1,000 per month for employed and $800 for SS or retired.
About the whats, the whys and the hows of payday loans
Payday loans are an advance on a future paycheck, repaid on the following payday. They can be used for any purpose, but in particular for necessities (housing, food, medicine, transportation). Online payday loans require no paperwork as they are 100% electronic and result in available cash in 1-2 business days.
AAAPaydayCash.com is based in the U.S.A. and provides 24/7 customer service via email and phone contact (1-866-606-LOAN/5626). The firm provides the highest level of security of information and financial transactions.