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A society is filled with different people with various needs and desires. Humans get to desire in various things that would grant them comfort and pleasure. Money is needed for the acquisition of various things in the society. However, it is not every time that one would have sufficient amount of money to acquire the things needed. The things needed could during emergency periods; periods that could change the course of a person’s life. When things are needed to be acquired and there is no sufficient money to acquire them, one could apply for loans. Loans are of various kinds as they possess different features and attributes. Loans have different terms, requirements and eligibility criteria. A particular type of loan is the payday loan
Payday loan, which is also referred to as cash advance loan, short term loan, small dollar loan, payroll loan, salary loan or payday advance loan, is a small, short term and unsecured loan irrespective of the fact that repaying the loans is connected to the payday of a borrower. Payday loan is also called cash advances loan, though cash advances loan could also mean cash provided prearranged line of credit like credit card. Payday loan is a kind of loan that relies on the previous roll of a consumer and also his records of employment. There are various laws pertaining to payday loans. These laws vary from one country to another and also in different federal systems, states and provinces.
To ensure that usury is prevented, some jurisdictions reduces the annual percentage rate (APR) that lenders such as payday lenders can charge. There are some jurisdictions that ban payday lending, while some have tough restrictions on payday lending. There are various ways by which annual percentage rate of loans are calculated. The rate calculated might be different from one another as a result of the methods used in calculating them. Although it has been noted by some people that the loans seem to possess substantial risks to lenders, it has been revealed that the loans do not possess long term risks to lenders than other kinds of credit.
Payday loan process
The process of payday loan involves a lender making provision of short term unsecured loan which is to be paid back at the next payday of a borrower. Payday loan process involves some verification of income or employment. This is not always the case as some lenders do not verify borrower’s employment status or income. Franchises and individual companies possess their own criteria. In the traditional setting, a borrower would visit a payday lending store and acquire small cash loan, with payment to be made with the next paycheck. The borrower would write a postdated check to the lender in the total amount borrowed and other fees. On the date of payment, the borrower is required to pay back the money borrowed in person. If a borrower doesn’t pay back the loan in person, the lender might redeem the check.