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No Brokers Payday Loans

Emergencies happen without any warning. These come unexpectedly like accidents involving family members where immediate medical attention is needed. A neglected phone bill could deny you a vital communication link to your customers or the ability to charge your laptop. During these financial urgencies where your budget is lacking, credit is always your retreat for help. There may be help coming from the family and friends but, in most instances, it is limited and not immediately available. So your only reliable solutions are personal emergency loans like payday loans. Those are short term loans extended to the borrower after presenting proof of employment or other source of steady income. The loan proceed is credited to the bank account of the applicant. Most lenders or brokers of payday loans are operating online. The online application form is normally short and easy to fill up which can be done in a few minutes. The processing is similarly faster that normally takes an hour only. With this kind of service, the borrower can settle his emergencies within hours after submitting his application for payday loans even without leaving his home.

What are the requirements of a payday loan?

Payday loans have become popular because of the ease and convenient processes they offer. These emergency personal loans actually started in the United States. Later, their favorable acceptance spread to the United Kingdom also. Today, they are widely used by most borrowers in both countries in dealing with their various urgent financial needs. Anyone who is a citizen and resident of the country mentioned with proof of gainful employment or other sources of income can apply for cash advance loans. Another requirements are their social security number and that the applicants should not be less than 18 years old. This credit facility is offered by a direct lender or broker. The broker operates on behalf of the payday loan lender for a commission. There are times when the broker charges the borrower for a fee corresponding to the service rendered for the processing of the payday loan.

Why use a broker in applying for a payday loan?

There are several reasons why a broker is needed by a payday loan applicant. One is the lack of available time on the part of the debtor-applicant. Since his needs for cash is urgent, somebody must handle the work of sourcing the fund at the shortest time possible even at a considerable cost. Another is the avoidance of the hassles of making follow ups of documents as well as the status of the loan when applying directly with the lender. As the common perception goes, the broker is more knowledgeable about the ins and outs of the payday loan business. Since the broker knew the lenders of fast cash advance loans, some borrowers believe that he could get the best bargain when dealing with the broker. While he is prepared to pay the broker’s fee for services rendered, he feels confident that what he gets is the perfect deal in the market.

Of course there are disadvantages in availing the services of a broker in working out a payday loan. One is the uncertainty that what he referred to you as lender is the best creditor in town that offers favorable terms. Since the broker is working for the lenders, it is natural that he will promote the business of the one who pays him bigger commissions. You will also spend money to pay his services; and this will increase the cost of the payday loan he has secured for you. Another disadvantage of dealing with a broker instead of transacting directly with the lender is the time spent on passing information to accomplish the application form or documents to the former. If the filing up of the application form is done directly by the borrower, the process is shortened. This will assure a faster way to process the application. It is more prudent to deal directly with the lender of payday loans than negotiate through a broker.

Interest rate and a fee is charged for payday loans

Similar to all kinds of traditional loans, payday loans operate and earn income by charging interest. Their interest rates are quite high, since these personal loans are unsecured and payable in a short period of time. In addition to the interest charges, the lender also bills the applicant a certain amount for processing fee. Payday loans have duration of at least two weeks to a month. The due dates also coincide with the date of release of the paycheck for payment purposes. One of the common requirements of a payday loan is that the borrower has no outstanding payday loan.

In summary, at the end of the term of the personal loan your total payment is composed of the principal loan plus interest and fees. This amount will increase if your personal loan passed through a broker. Choose which approach you will use when applying for an online loan!

Rules in the USA

Payday loans are illegal in: Arizona (AZ), Arkansas (AR), Connecticut (CT), Georgia (GA), Maine (ME), Maryland (MD), Massachusetts (MA), New Jersey (NJ) New York (NY), North Carolina (NC), Pennsylvania (PA), Vermont (VT), West Virginia (WV), the District of Columbia (DC). Amounts: $100, $200, $300, $400, $500, $600, $700, $800, $900, $1000

Rules in Canada:

British Columbia – capped at 23% of the principal (including interests and fees) Alberta – up to 23% Saskatchewan – an interest rate cap of 23% of the principal, a cap of 30% on a defaulted loan Manitoba – at 17% per two weeks Ontario – $21 per $100 borrowed for a period of two weeks New Brunswick – illegal at any rate over 60% per annum Nova Scotia – the maximum rate to 25% Prince Edward Island – $25 per $100 borrowed for a period of two weeks Newfoundland and Labrador – no legislation