How to get Quick payday loans in California
Most financial experts will tell you that having an emergency fund of $500 to $1,000 or more in the bank makes good financial sense. Most people would even agree with this. However, many people don’t have an emergency fund because they haven’t had the opportunity to save all the money they need to fund one. That’s not a problem, until an emergency strikes. In those cases, people will turn to alternative funding sources, like payday loans. These short-term loans get people through their financial emergencies by providing them with some quick cash. If you’ve landed on this page because you want to know more about payday loans, including how to get one, then continue reading. You’ll learn what payday loans are and how they work; how to apply for one; how they’re used; and about other useful payday loan facts.
How Do Payday Loans Work?
Getting a payday loan is pretty straight forward. The payday loan lender will sometimes ask the would-be borrower to write a post-dated check. That check will cover the amount the borrower gets from the lender, plus the interest on the loan. For example, let’s say that you wanted to borrow $500 from a payday loan lender. Let’s also say for simplicity’s sake that the lender charges 10% interest on the loan. Therefore, you’d write a check to the lender for $550. That’s $500 for the loan and $50 for the interest. Once payday rolls around, the lender simply cashes your check. The act of cashing your check completes the transaction between you and the lender and in the process, pays off the loan. In some cases, you may extend the payback time by a couple of weeks. Each time, you’d pay a bit on the loan plus its interest rate, a fee again to be determined by the lender in adherence with California State lending laws. It’s also important to note that most payday lenders will not require a credit check. Your check plus a conversation with your employer confirming your employment/ income is usually all it takes to get the loan.
How to Get a Payday Loan
In times past, most payday loan lenders had an office somewhere in their local community. The would-be borrower would bring in all the necessary items to the office - ID, pay stubs, blank checks, etc. - and then complete the loan paperwork in the local office. Nowadays, online banking and the Internet have changed that. It’s now possible to get a California cash advance online, which allows you to skip a trip to the lender’s office. You provide the lender with your bank routing information when you fill out the lender’s online application. Most of the time, the money goes directly into your bank account via automatic deposit. That said, if the lender also has a local office, you usually have the option to stop by there to pick up your cash.
How People Use Payday Loans
Payday loans are basically cash advance loans. As such, most people use a payday loan in the same way they would use money that they earned on their paycheck. That is to say that if they need groceries or have a pressing bill to pay that can’t wait until payday, and then payday loan borrowers will use the money that way. Other Payday Loan Information
Not all lenders call payday loans by that name. Some will refer to them as check advance loans, post-dated check loans, or deferred deposit loans. If the lender also has an online lending option, you might see them advertised as online payday loans, California cash advance online, or some other variation of the previous terms with the words “online” or “Internet” added on.
Final Thoughts
Payday loans give borrowers access to quick cash. They’re an easy way to get cash if you don’t have great credit or if you haven’t yet built up your emergency fund. You simply write a post-dated check for the money you want. The lender gives you cash with the understanding that come payday, your check will be cashed and your bill will be paid in full at that time.
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