Charlotte NC Lending Service

Payday loans, also called cash advances, are small cash loans offered for a short period of time. Payday loans are payday cash advances based on borrowers’ post-dated check held for future repayment or on electronic access from their bank account to the cash advance lender. Borrowers write a check for the full amount borrowed plus finance charge to the cash advance lender and receive cash in their account in a few hours. Many lenders accept credit cards and debit cards, but some lenders do not.

Payday Loans

Payday loans provide the money to pay for bills and other expenses during the period the borrower receives the finance charges, usually two weeks to four weeks. The lender deducts the finance charge from the cash advance loan balance when the borrower receives his/her next payday. There is no grace period when paying back the payday loan; the borrower must repay it according to the terms agreed upon between the lender and the borrower. Payday loans Charlotte NC may require that the loan be repaid on the due date of the next payday, while others allow the borrower until the next payday to repay the loan. The cost of the loan to the lender is generally much more than the cost of the loan to the individual borrower, since the lender charges a fee for providing a loan, whereas the individual borrower only pays a fee for borrowing the cash.

Credit Checks

There are no credit checks for payday loans and virtually no formal paperwork to file with the lender. In most states, both the lender and the borrower must have a valid banking account. Most lenders are registered with the Better Business Bureau and with the Internal Revenue Service. To make an online payday loan, the prospective borrower fills out an online application, giving information about their bank account, name, address and Social Security number. The lender then determines whether the individual is eligible for an online payday loan and then processes the application.