PAYDAY THE NEW WAVE
Posted on December 5, 2006
Filed Under Finance
Is payday the new wave?
With thousands rushing to get payday loans and as many people making the industry grow, by joining in the payday loan industry. Payday loans are creating jobs and income for hundreds. Then you could say that payday loans are the new wave of loaning. Fast and immediate cash on the spot and you don¢t even have to go to the bank, now that is a good deal, though an expensive one.
Payday loans are short-term cash loans based on the borrower’s personal check held for future deposit or electronic access to the borrower’s bank account. Borrowers write a personal check for the amount borrowed plus the finance charge and receive cash. In some cases, borrowers sign over electronic access to their bank accounts to receive and repay payday loans. Lenders hold the checks until the next payday when loans and the finance charge must be paid in one lump sum.
To pay a loan, borrowers can redeem the check for cash, allow the check to be deposited at the bank, or just pay the finance charge to roll the loan over for another pay period. All you need to get a payday loan is your identification proving that you are over eighteen and proof that you have been working at your current job for a year or more as well as earning at least one thousand dollars per month. You have to be a U.S citizen and other requirements may be applicable.
