Cash Loan Center Charlotte NC

Charlotte Lending Service

Payday loans often seem like a save-the-date sort of gift from heaven when you need cash fast, but then the exorbitant fees and incredibly short payoff terms can soon turn into a never-ending cycle of financial debt. While there is no clear definition of what a payday loan is, it’s commonly understood to be a short term loan, usually for a small sum, usually up to $ 500 or so, which is usually due on the date that you next pay your credit card bill. Payday lenders know that many people find themselves strapped for cash between paychecks, and they make borrowing from them very easy. In fact, the process of borrowing from a payday lender may be easier than borrowing from a bank! You don’t have to fax through paperwork, prove your income or account numbers, or even have good credit to qualify for payday loans from Charlotte title loans.

Loan Approval

The lender typically just requires proof of income and some sort of bank account. Your application is free and quick, and most websites boast no – due dates or finance charges. The repayment terms for payday loans vary depending on the lender, but typically the loan amount is relatively small and repayment terms are fairly short. Often, the finance charge on payday loans is only a few dollars, but since they are so quick and easy to receive, they are typically used by people who have some access to cash, such as college students or the elderly.

Payday Loan Financing

When it comes to payday loans, it’s important to remember that the interest rate is generally much higher than would be charged if you were to obtain conventional financing from a bank or other lending service. Because this is a cash advance, you must pay it back within one year, in most cases. The amount owed also varies from one lender to another, so it’s important to shop around to find the best APR for your needs. If you find the APR to be too high, consider looking for a lender who offers a shorter term with a lower finance charge. If you use payday loans responsibly and pay them back within one year, they can save you hundreds of dollars over the course of year – however, if you don’t repay them on time, the money you borrowed could get rolled into the higher interest rate loan.