Understanding Payday Loans, Cash Advances, and Installment Loans
Payday loans are short-term cash loans in which the borrower issues a personal check for the amount borrowed plus the interest charge in exchange for cash. The lender holds the check until the borrower's next payday when the loan and the interest charge must be paid in one lump sum. The 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 - these are measures which the borrower can pay his cash loan. A range of $100 to $1,000 is allowed for payday loans depending on each state law. The typical interest charge ranges from $15 to $30 if it is a $100 loan and for a two-week loan, interest charge is 390 to 780% computed annually. 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.
Requirements needed to avail of payday loan Kansas City are the following: borrower must have an open bank account in good standing, a steady source of income, and identification.
When there is an emergency budget necessity, a person will be needing for cash and will resort to cash advances to solve his/her 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.
To avail of cash check kansas city, an agreement, which stipulates that the money lent will be paid back in full on the borrower's next paycheck date and that is within 2 weeks time, is written off by the borrower and lender. 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.
An installment loan is a loan which can be paid over a number of months, such that when you take out the loan, you will be given the time period in which you must repay the money. 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. To learn more about loans, visit http://en.wikipedia.org/wiki/Loan.