Money Loans
By JACOB of Moneyvally.com
Cash crunches are not unusual. What do you do if you need money between paydays?
The answer is simple. Go in for a money loan, which is known by different names like payday
loan and post-dated check loan.
Anyone who is eighteen years old can avail of this facility, provided he has a bank account
that is active for at least three months and has a regular monthly pay in to that account.
In simple terms, the lender takes a post-dated check that includes his fees, advances the money
and recovers the from the next paycheck deposit.
Usually there is no credit verification. If the borrower needs to roll over the credit, he can
do so for up to three months. Within that time, the has to be repaid but a fresh can
be taken. For each extension, there would be additional fees.
Electronic processing is normally used. The application and the check have to be faxed to the
lender. There are no-fax advances as well. The money is posted in the borrower's bank account
electronically within twenty-four hours, provided no holiday intervenes.
A number of people are involved in this business. The fees, terms and maximum amount that can be
advanced differ from lender to lender.
The main negative aspect of money loans is the excessive cost. The annual percentage rate (APR)
is comparatively high. Then there is the risk of the borrower getting into a vicious circle unless
the need to avail of a money loan and the repayment capability are carefully assessed. Local on-profit
organizations often give free guidance. Money loans are for emergencies. Use them only if it is essential.
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