Lenders of Charlotte, NC
Payday loans or cash loans are short-term cash advances that are given to you based on your paycheck. The payday loan service will require you to fax over documents that prove that you are currently receiving income from some form of income, such as a paycheck stub. The lenders that provide these loans do not check out your credit rating and they do not ask to see your bank account statements. They only want to know what kind of income you have coming in and that you are able to repay the cash advance on that income.
Once a borrower receives the cash advance, their next step will be to write a check to the payday loan lender who then debits the borrower’s checking account. When the check is written, the lender will immediately deduct the amount of the check from the borrower’s bank account. The banks charge a fee for these services, usually no more than $10 per check, and the repayment amount is due when the borrower receives his or her next paycheck. Fees for payday loans can be very steep, sometimes they can range from ten to thirty dollars for each cash advance that is taken out. In many cases, the fees for these loans are applied to the balance due on the borrower’s bank account and not the total amount of the cash advance that was taken out. Title loans Charlotte will discuss all of the fees with you.
Cash or title loans can be used for a number of reasons by most consumers. A typical reason people will borrow money like this is to buy a car or pay for medical bills. If you are having problems paying back a previous loan, it is possible that a cash or title loan will be your best option. Before you take out a payday loan, you should exhaust all of your options through other sources, like your bank.