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Payday Loans Articles
Payday Loan Tip #8: Your Payment Rights
Both federal law and the loan industry give consumers the right to stop payday
lenders from using electronic means to take money from
a bank account for payment. However, this does not cause
the debts to be settled. This simply stops the repeated
finance charges and bounced check fees that consumers
face when they are working on a repayment plan.
Loans with renewals built-in: Some online payday loans
have loan renewals built in to the contract, but these
lenders are not allowed to require you to pay electronically
according to the Electronic Fund Transfer Act (EFTA
at 15 U.S.C. 1693a(9)). This law gives you the right
to stop payment on any withdrawal and also to revoke
authorization for withdrawals by a lender in the future.
This action allows the bank to impose a stop payment
fee.
In order to stop individual withdrawals on loans that
have built-in renewals, you need to tell your bank,
either orally or in writing, at least three business
days before the transfer is going to happen. You may
be required by your bank to give written notice of your
desire for stop payment within two weeks of giving oral
notice. If you do not give written notice, your stop
payment order will be canceled after the two-week period.
When you notify the bank that you no longer wish the
debt authorization to be valid, the bank will need to
block not only the next withdrawal by the payday lender,
but also all payments that the online lender may request
in the future.
To stop the withdrawals in the future, you will need
to notify the payday lender in writing that a debit
on your account is no longer authorized. Be sure to
copy the letter and give it to your bank.
Your bank may want you to confirm that you have sent
notification to the lender that the automatic debits
are no longer authorized. Notify your bank in writing
within fourteen days that you give them oral notice
so your bank will not honor any other withdrawals from
your account. Be careful when you get your bank statements
to check for any unauthorized withdrawals in your account.
One-time payment loans: Federal law does not give you
the right to stop payment when you make an agreement
that includes a one-time debit transaction. However,
your lender does have to comply with the rules of the
private organizations that give you that right.
Online payday lenders must disclose that consumers have
the right to revoke authorization to debit from their
bank accounts. To access this right, you must notify
both the bank and the lender three days before the debit
is supposed to happen. The lender is required to tell
you how to stop the authorization. Read all the fine
print of the agreement to find instructions on how to
stop the electronic access to your bank account.
The rules of the payday lending industry require you
to also contact the lender stating that you are revoking
the authorization, and then you must notify your bank.
You may find it difficult to contact your online lender
if you did not keep any copies of the documents about
your loan, or if your lender does not post its contact
information. The contracts on online payday loans usually
require three days' notice before the due date on the
loan if you are going to revoke this authorization.
Rights vs. Reality: While you do have the rights mentioned
above, you might find that exercising these rights is
difficult. Banks often set up their stop payment systems
so they can only identify the dollar amount and the
check number, but not the name of the person cashing
the check. Also, some contracts on online payday loans
allow the loan to be broken up into several separate
debits, so the bank may not be able to locate the transaction
that you want to have stopped. Also, if you have already
authorized other withdrawals in the same dollar amount,
the bank may stop the wrong one.
Online Payday Loans
Online Payday Loans are designed to provide fast funds
in the case of an emergency or unforeseen situation
and will come due on your next payday, or in about 14
days. You will need to provide proof of income and checking
account information when you apply for an Online Payday
Loan. Some lenders require applicants to have an income
of at least $1000 monthly, although lenders will usually
count multiple forms of income, such as child support
or alimony.
How Much Can I Borrow?
The amount you can expect to borrow from an Online Payday
Loan can range from $100 to $1500 or more, depending
upon the lender and your personal eligibility. Some
lenders will only lend a set amount for the first loan
and will increase that amount the next time you borrow
from them as long as the first loan was paid back in
a timely manner. Most of the time, however, the amount
for which you are eligible will depend upon the amount
of your income.
When Will the Funds Be Transmitted to my Checking
Account?
The typical time frame between the application process
and the time in which you receive the funds in your
checking account will be approximately 24 hours. Some
Payday lenders require 3-5 days before the money will
be available to you through your bank account. In addition,
some Payday lenders may be willing to wire the funds
to your bank account on the same day you are approved
for the loan. This service usually requires an additional
fee, however.
Will my Credit be Checked?
One of the reasons Online Payday Loans are so attractive
is that credit checks are usually not necessary as long
as you meet the basic requirements. If you are a US
citizen and are over the age of 18 with a checking account
and a steady income, you will most likely be approved
for an Online Payday Loan. Some lenders will specify
that the checking account must have been open for at
least a month with no bounced checks in order to qualify.
How long do I Have to Repay an Online Payday
Loan?
The typical repayment period for an Online Payday Loan
is 14 days, although some lenders are willing to extend
that period, if you don't typically get paid until 21
days, or sometimes even until 28 days have passed. Higher
fees may be assessed for loan periods that exceed 14
days, though. You may be able to renew your loan on
or before the due date by paying just the fee, or interest.
Some online Payday lenders will allow you to renew your
loan for a set period of time, whereby you only pay
the interest when the loan comes due until you are able
to pay the full amount. Other lenders have a specified
number of times you can renew the loan before the full
amount must be paid. Some lenders may also allow you
to gradually repay the loan, so each payday you will
be paying the interest due, plus a portion of the original
loan amount until the entire loan has been repaid.
Who can use Payday Loans?
Anyone who meets the basic eligibility requirements
can apply for an Online Payday Loan. Sometimes, people
who never thought they would apply for an Online Payday
Loan find themselves in an emergency situation where
they need money fast, and this is one solution that
has become quite popular. The popularity of Online Payday
Loans is most attributable to the ease and convenience
of being able to apply for a loan without having to
leave one's home or office and take the time to fill
out lengthy paper applications, along with the fact
that borrowers usually receive the funds within 24 hours.
What Rate of Interest can I expect to pay for
an Online Payday Loan?
Online Payday lenders charge a fee for the money they
loan you, which is usually referred to as interest.
It's important to look at the rate of interest being
charged, as these fees can range from $10 to $30 per
$100 that you borrow. In addition, these fees are usually
assessed every 14 days, which is the typical time frame
for the loan.
Do Online Payday Loans Have Any Restrictions?
Online Payday Loans work the same way as those Payday
Loans you can get in brick and mortar establishments.
They carry no restrictions in that you are free to use
the money however you wish. There are some online loans,
however, that may be restricted; for example, such as
the kind you may take out for the express purpose of
buying a car. If you were to borrow money for that reason,
the car would be considered as security, and the borrowed
funds would need to be used strictly for that purpose.
Can I Take Out Multiple Online Payday Loans?
Not usually, although some lenders may approve multiple
loans, especially after you have built up a solid relationship
with the lender. However, some Online Payday Loan companies
won't approve an Online Payday Loan if you already have
such a loan with another lender. Check the website for
the Terms and Conditions of the Online Payday Loan lender
to determine their specific policies regarding multiple
Online Payday Loans.
When you require money as soon as possible, and payday seems a world away, an Instant Payday loan may be what you need. Instant Payday Loans can be done through online loan services that will review your criteria quickly, and contact you via e-mail or by telephone to complete the loan process. For those that become eligible for an Instant Payday Loan, your money should be deposited into your checking account that day, and you should have access to your money the next business day. For an additional fee, many Payday Loan companies may wire the money you are borrowing to your personal bank. If this is the case, make sure you know your bank's policies regarding receiving a wire transaction. The fees for doing so may be higher than you expect to pay.
One advantage of obtaining an Instant Payday loan is that there are many amounts you can opt for. Most lenders offer amounts between $100 and $1,500. The amount you receive will depend on how much you make in your current employment, and other requirements the loan company will have.
When will the money be in my checking account?
You can expect most Instant Payday loan companies to have the money you borrow in your account within 24 hours, usually on the following business day. If you require the money sooner than that, many lending companies may offer to wire transfer your money into your checking account so you can get it within hours. Be sure to check into all the fees, as this can become a very expensive procedure. Not only will you be charged the original lending fee, you will also incur a wire transfer fee from the loan company, and possibly a fee from your bank for receiving the wire money transfer. If you have a money emergency, however, the higher fee could be worth paying.
Will the Instant Payday lender run a credit check?
This is one huge advantage that causes many people to turn to an Instant Payday company. Very few lenders will run a credit check on the individual borrowing the money. As long as you meet their other requirements, it should be simple to obtain an Instant Payday loan. Requirements include being 18 years of age and older, having a job, a checking account, proof of income, a government-issued ID, and a certain amount of money per month in income.
When will an Instant Payday loan need to be paid off?
The timeframe for paying an Instant Payday loan may vary, but it is generally 14 days. An Instant Payday loan is technically an advance on your upcoming paycheck. Some companies allow 14, 21, or 28 days. After the time is up, you are required to pay the loan amount and the fee in full. If this is not possible, many lending companies will agree to take the fee only as a payment and extend your loan into a new time period. Check with your lender, as many will automatically do this. You will then incur new lending fees until your whole loan is paid off and taken directly from your account.
Who can get an Instant Payday Loan?
Most people who meet the minimum requirements are eligible for an Instant Payday loan. Since receiving this type of loan is fast and relatively easy, many people will try to get an instant loan when they are in need of quick cash. When the guarantee of a very quick payment is offered, the higher fee does not present a problem for many individuals. When an emergency arises and you are out of cash, an Instant Payday loan may be the right solution.
Instant Payday Loan Interest Rates
When you receive an Instant Payday loan, you repay the company with a financial fee instead of the typical interest rate that a bank may use. Different companies offer various financial fees, so it is always best to shop around for the best lender to fit your specific needs. The fees are for a specific time limit, which is usually 14 days. However, depending on the needs of the individual lender, this time limit may be extended. One basic rule of thumb is this: The longer you borrow money, the higher the fee will be. When the time period ends and the loan rolls over, a new fee is incurred. Fees become high when looked at as an APR - if you borrow $100, and the fee is $15, your APR will equal 391.07%.
Restrictions for Instant Payday Loans
Another reason to consider an Instant Payday loan is that there is no restriction, in most cases, on how you plan to use the money.
Multiple Instant Payday Loans
Many borrowers wonder if it is possible to have multiple loans through the same company. It is entirely up to the lender whether they want to provide more than one Payday Loan to the same individual at any given time. Many companies will permit it, while others may not. Check with the company to understand their policy on multiple Payday Loans.
