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Welcome to Check Cash Loans
Are you experiencing money problems?
Do you just need a small advance against your pay to tide you over?
Do you need cash for an unexpected expense?
Then a payday loan can be the solution you are looking for.
We pride ourselves on our speed to connect you with a lender. In most cases, submitting your information through our site may only take a few minutes of your time. After your information is submitted, you will be redirected to the lender’s website to review the terms of the loan, and if accepted, the funds will be deposited directly into your bank account!
Representative APR 391%. Average APR for this type of loans is 391%. Let’s say you want to borrow $100 for two week. Lender can charge you $15 for borrowing $100 for two weeks. You will need to return $115 to the lender at the end of 2 weeks. The cost of the $100 loan is a $15 finance charge and an annual percentage rate of 391 percent. If you decide to roll over the loan for another two weeks, lender can charge you another $15. If you roll-over the loan three times, the finance charge would climb to $60 to borrow the $100.
Implications of Non-payment: Some lenders in our network may automatically roll over your existing loan for another two weeks if you don’t pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.
– An Overview of The Market’s Trends
There is no doubt payday loan has gained popularity over the recent years, mainly because they are easy and quick to get. Even though this is the case, they are short-term loans aimed at saving a person from difficult financial situations that cannot wait. Another thing is that they attract very high-interest rates.
Per market research, it shows that 98% of lenders today are offering the loan. Therefore, if a person is not careful, they will end up with debts that spiral out of control. Some people find themselves in more financial difficulties when they become hooked to the payday advances.
Payday Credit Extensions – The Improved Market (A 2016 CFPB Report)
Per the report, the High-Cost Short Term Credit Extension, commonly referred to as ‘Payday Loans’ have undergone noteworthy regulatory reforms over the recent years. For you to fully understand the impact these improvements bring, you should examine the changes in the market and what it means to its users.
The Important Findings
The original conclusions of the payday advances market revealed that it had experienced several important changes after regulatory interventions. It showed that:
- There is a massive cutback in the number of people with this type of short-term loan problems after the introduction of the cost capping regulation.
- The market has experienced a 45% reduction of individuals accessing assistance a payday loan. It is in dissimilarity to the current trend found with all debt advice t6hat has remained stable.
- 86% reduction of people who are unable to pay or acquire these loans.
- A 61% post cap reduction in unique users accessing these short-term loan services and content online.
- Liability for debt and dealing with repayments are still high. However, there has been a decline in comparison to the whole market trend.
- There has been a decrease in issues that relate to the use of continuous payment authorities as well as complaints.
- There has been a proportionate rise in problems regarding debt collection practices and court claims for debt or enforcement.
The Troubling Stats About These Short-Term Loans
Even though the analysis above shows improvements in the market, there are also few problems surrounding accessing a payday loan. In other words, a couple of factors remain the same despite the introduction of the regulations.
The CFPB data that might set the stage for new rules on lenders. The data showed that even though the loan can be accessed easily, more often people find themselves in trouble with the creditors. Below are few eye-opening facts and troubling stats about these short-term loans.
- Direct deposit advance users are more likely to get overdraft compared to non-users. The data showed that 65% of users’ experience at least one overdraft in one year, which is more compared to non-users, which was 14%.
- An average loan user will pay an equivalent or over $574 in fees for one year. Well, this is a lot of money, considering that more than 2/3 of people make $ 20,000 annually or less.
- Most individuals who complain or experience problems with these loans mainly revolve around the third party. It is a big problem and creates complex challenges.
- About 8% of people who seek advice before applying for a payday loan, experience the problem mentioned above as the only issue.
- Users who take this short-term loan are likely to have benefits and tax credit problems. The problem may extend up to housing issues.
- A significant percent of the users suffers from various long-term health concerns with the majority of those applying for the loans being disabled.
- Most borrowers pay more in fees compared to the initially received in credit.
The fact is that, like anything on earth, it must have its high points and limiting factors. With the above statistics and market trends, these short-term loans have the same trait. However, it is vital to look at the trends as well as statistics so that you can make correct and favorable financial choices.
What Does the Analysis Say About the Borrowers?
The data still proves or confirms what we all know about the users of payday loans. The average type of consumers remains to be:
- Single with or without children depending on them
- Younger people (aged between 20 to 35 years of ages)
- The employed (both full-time and part-time employed)
- Unemployed but seeking employment
- Tenants (either council, housing association or privately owned tenants)
- The low paid
There is no doubt that a payday loan offers a lot of advantages. Some of these benefits are:
- They are easy to apply
- The loans reform improves affordability, cost, and credit
- They are good in cases of emergencies
- It does not matter your credit score; you will still get it
- All terms of the loan, plus fees and period are all clearly stated before you get it
- It carries high-interest rates
- Most borrowers pay more that the credit they receive
- The loan is un-affordable for most borrowers
- Some of the reforms made are helpful, but they will need to be strengthened
Quick Facts: payday loans are an expensive way for people to borrow money. For this reason, per the trends, it is attracting more attraction not only to new consumers but also to regulators (the Government). Even though there are few regulations to the market, the market needs other new rules and regulations to be strengthened.
Education is necessary if people are to grasp its benefits, limitations, and control completely. All these responsibilities rely on lenders as well as the government.
The fact is that payday advances are here to stay. They aim at helping people where there is a need. Overall, these loans are meant to help people when they need immediate financial assistance or in emergency situations.
NOTE: Consumers need to be very careful when using the loan. If not, they could find themselves in a mountain of debts. Always try to know more about a product, especially when it comes to financial products before applying.
Consumer Notice: A payday loan, also known as cash advance is a short-term loan given to the borrower until his or her next payday. Purpose of the payday loan is to provide the borrower a short-term financial relief. Payday loan is not a long-term financial solution. Borrowers who face debt and credit difficulties should seek out professional financial advice. Borrowers are encouraged to review local laws and regulations governing payday loans.
Availability: This service is not available in all states. Please review local laws and regulations for availability in your particular state. The states this website services may change from time to time and without notice. All aspects and transactions on this site will be deemed to have taken place in the state of Nevada, regardless of where you may be accessing this site.
Disclaimer: This website does not constitute an offer or solicitation to lend. This website is not a lender and does not make loan or credit decisions. This website provides a matching service only and does not control and is not responsible for the actions or inactions of any lender. This website is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product.
You are under no obligation to use this website’s service to initiate contact, nor apply for credit or any loan product with any service provider or lender.
Participating lenders may verify your social security number, driver license number, national ID, or any other state or federal identifications and review your information against national databases to include but not limited to Equifax, Transunion, and Experian to determine credit worthiness, credit standing and/or credit capacity. Service providers or lenders will typically not perform credit checks with the three major credit reporting bureaus: Experian, Equifax, or Trans Union. However, credit checks or consumer reports through alternative providers such as Teletrack or DP Bureau, which typically will not affect your credit score, may be obtained by some service providers or lenders, in certain circumstances. By submitting your application and information on this website, you agree to allow any and all participating lenders to verify your information and check your credit.
Not all lenders can provide your requested loan. Cash transfer times may vary between lenders and may depend on your individual financial institution. Repayment terms vary by lenders and local laws, and not everyone will qualify for 90 day terms. In some circumstances faxing may be required. For details, questions or concerns regarding your cash advance, please contact your lender directly.
You will not be charged any fees for using this service. Learn more about Rates & Fees.