In a normal year the payday loan industry generates about $27 billions of dollars in loans. The payday industry operates in 35 states with about 20,000 plus brick and mortar locations. About 76 percent of their loans are where a another loan is made during the same two week period after the previous payday loan is paid off.

The legalized Payday loan started in the 1990′s. The Idea was to allow anyone to take out a small unsecured loan and charge the customer a flat fee for the loan. The payback was due back in a short period of time. The consumer would make a check out for the loan with fees and post dated to the due date of the loan. Lender will hold the check until the original loan is paid off. Lenders will deposit the check on due date but most want cash brought to them in replacement of the check. Millions of consumers, even consumers with bad credit have utilized these vital financial services to provide a money resource until the next payday.

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The banks would have you believe that bank loans are better than payday loans. The facts of matter is they the are just different sources of Credit. Now most bank loans are good for long-term cash assistance, this includes purchasing a car, truck, motorcycle, boat or a house.

The use of payday loans are short-term cash advances, usually for about two weeks, which can help you meet all your immediate cash needs. Most of the time something breaks down like your car or central air and need to get them fixed today.

The bank loans will take sometime to get, sometimes as long as 2-3 days.

The Payday loan is less than an hour, you have the cash in your hand or money deposited into your bank account.

Banks usually have lower rates than a Payday Loan companies. Banks are geared for long term loans, usually more than six months.

Payday loans are designed to get you cash quick, without much of a requirement and no assets for them to hold until you payback the loan. Most of time just a check made out for the principal and interest.

Payday loans are short-term cash loans based on the borrower’s personal check which is held for future deposit or on electronic access to the borrower’s bank account. Borrowers write a personal check for the amount loaned plus the finance charge and then they give the cash amount of the loan. With Online payday loans borrowers have to sign over electronic access to their bank accounts to receive and repay back their payday loans. I have done both and find the internet one is more convenient to do.

Next the Payday Lenders will hold your check until the next payday when loan is due, along with finance charges must be paid in one lump sum. To pay off the loan you will need to bring cash to pick up your check, some will allow the check to be deposited.

Some will just pay the interest, and take out another loan, try not to do this if you can help it, one time before I had to flip it four times before I caught up.

All regulation of lending institutions is handled primarily by individual states. Payday lending is legal and regulated in 37 states. Being regulated is a good thing, everyone then knows where they stand in relation to the law of the land.
There are 15 states where payday loans are not legal or not feasible due to state law.

States where PayDay loans are not legal:

Arkansas
Connecticut
Georgia
Maine
Maryland
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Ohio
Oregon
Pennsylvania
Vermont
West Virginia

When it comes to paperwork, most of us do not like it. Whenever we have the chance to avoid it we do. This come true with business transactions also. When you get a payday loan from a brick and mortar payday cash loan lender there is mountains of paperwork involved when acquiring a payday loan and more paper work if you will be renewing a payday cash advance before you receive your money from the payday loan lender. This is good for a paper trail in case there are ever issues that come up and the local governments require certain documents that are required when making payday loans.

Payday loans online is a little different in that the payday lender still requires some paper work to a certain degree, but you can scan them and email them to the online payday lender. When I did one of my online payday loans, I had to fax in the pay stub and copy of drivers license to get the cash advance loan. That was fine with me, very little paperwork compared to anything else. I am all for less paper work but there will be legal reasons that payday lenders still require when giving out a payday loan. You have to know who this person is. As more people have access to technology like scanners the dependence on paper will shrink.

In the near future or now whichever comes sooner,    we will have a id card with an electronic chip in it with all our information we want loaded on it and maybe the payday loan industry would all allow you to swipe it like in a credit card machine and they could pull the information about you that they would need. You can pull data from your drivers license now.

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It has been a while, a few years to be exact when I needed a payday loan. The experience was interesting. You had to bring in a bank statement, a pay stub, drivers license, I believe I had to bring a power or water bill. Once you hang out for thirty minutes while manager checked your payday loan application, called the phone numbers like your cell phone, home phone and work phone. This was to make sure your information was correct. All this was done before you could get money from the cash payday loan company. You make out a check for the borrowed amount including the interest they are charging you, a little high, but quickness is what matters here, to get a cash loan quickly. Once they take the check you sign three or four pieces of paper, the clerk will make sure you understand when the loan is due back and must bring in cash. Quick request, fast payday loan. The one thing you need to make sure is the money that you borrow needs to be repaid in cash money of the full balance by your next paycheck. Simple.

Well….almost when your realize that money on your next check to say pay bills or your house loan. What happens to some is they keep, what I call rolling over and getting another payday cash loan, you are just paying interest and you get the loan money back. This the last thing you want to, due to the very high interest rate. If you do the payday cash loan roll over for a few times then it might become of a weekly routine to going and get some more cash.

I was glad to get out of that cycle. I did have to go back and get another cash payday loan several months after, when I need it. It is great to have $200 dollars up to $1500 quick cash payday loan ready when I need it.

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