paydayloanguidepost

 

Payday loans are referred to as short-term cash loans that is released in exchange of the borrower's personal check in which he writes the loan amount plus the interest charge.  The check is held by the lender until the borrower's next payday where he pays the loan amount and interest charge in lump sum.  The following are ways in which the borrower can pay his cash loan: borrower can redeem the check by paying the loan with cash or allow the check to be deposited at the bank or pay the interest charge to roll the loan over for another pay period.  Payday loans can range from $100 to $1,000, depending on each state legal policy.  The interest charge ranges from $15 to $30 if it is a $100 loan and for a two-week loan, the interest charge is computed from 390 to 780% annual interest.  In cases where the borrower applies for longer term of payday installment loans, the payday lender will require an authorization to electronically withdraw multiple payments, on each pay date, from the borrower's bank account.

 

The following requirements are asked from applicants of check into cash Kansas City loan: borrower must have an open bank account in good standing, a steady source of income, and identification. 

 

A person will resort to cash advances in situations where there is a budget problem.  A cash loan range from $100 to $500 can be availed in a cash advance loan and must be paid on the next payday and its interest rate is calculated depending on the amount of loan.

 

The unsecured personal loans Kansas City process of availing for a cash advance requires an agreement, which stipulates that the money lent will be paid back in full on the borrower's next paycheck date, which is within 2 weeks.  A charge of 15 to 30% of the amount borrowed will be charged to the borrower, of which a post-dated check will be issued by the borrower to the lender containing the full amount of money borrowed plus the interest charge.

 

 

For people who need a large sum of money and want the flexibility of paying it back over a longer period of time, an installment loan is appropriate for this case.  A minimum of $3000 to as large an amount of $50,000 can be borrowed in installment loans; however, there are requirement conditions for a borrower to avail of installment loans, and they are: a contract between you and the lender to secure both parties concerned against missed payments or misconduct of any type, borrower must be at least 18 years of age, a bank account, and proof of income as an assurance that the borrower has a means of paying the loan. Know more about loans in http://www.huffingtonpost.com/tag/payday-lending/