What is a cash advance or payday loan?

Discussion in 'Growing and Managing a Business' started by anissa34, Jan 14, 2010.

  1. anissa34

    anissa34
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    Hi

    My self Anissa from U.k. I want to What is a cash advance or payday loan? Keep sharing informative information.

    Will my cash advance or payday loan transaction be confidential?

    Thanks
     
    #1 anissa34, Jan 14, 2010
    Last edited by a moderator: Jan 15, 2010
  2. Fergal

    Fergal
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    A cash advance or payday loan is a small loan given to a borrower until they receive their next wage cheque, at which time the borrower is expected to pay back the loan. These types of loans have come in for some criticism that they exploit people who are less well off and lock them into a cycle of credit with high interest rates.

    You are entitled to strict confidentiality for any dealings you have with a financial services organisation. They should not disclose your details or discuss them with anyone else. You should ask the relevant provider about their level of confidentiality before you do any business with them.

    Have you been considering getting a loan like this?

    [Moving thread to Free Business Advice & New Business Ideas forum!]
     
  3. Bingo443

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    Hi Anissa, If you're not sure, I'd suggest doing a bit more research to see which option is better for you (i.e. what you need the loan for, how much, when, etc) maybe read some of the articles on http://www.paydayloans.org to help you learn more. Hope that helps! :)
     
  4. alexcross

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    Great question. It depends on the lender you choose but if you are dealing with a direct lender, especially online, then your information definitely stays safe and confidential. I have used the following site to get a payday loan 2 times over the last 6 months and am very pleased:
    http://www.loans-from-home.com

    It's a free resource, they show all the best direct payday lenders and compare them for the most important info.
    In my case, I got the cash deposited into my account by the next day with no credit checks and no faxing of any documents - super easy! So i personally recommend this one for same day direct payday lenders.
     
  5. firstchoicecar

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    It is a small loan that will be deducted in your next salary and it will appear in your payslip. I think this thing must be confidential.
     
  6. td2011

    td2011
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    Go in with caution Anissa. Do some research and read some articles
     
  7. chezkaN

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    Payday loans are short term loans that are usually due the next time that you get paid. A lender charges a fee in exchange for loaning you money until your next payday. There are many customers who choose payday advances to cover small or unexpected expenses while avoiding costly bounced-check fees and late payment penalties. It's great because it can provide easy and fast access to cash. Payday loans are only available to people who are able to afford to pay them back. It is a common misconception that payday loans prey on the poor since the majority of the poor cannot afford the loan in the first place. The loans are there for emergencies, such as a car breaking down or a hospital visit. Sadly, protestors in Boise, Idaho, are not aware of this. They have been protesting the payday lending laws in the state. Payday loans will probably not go anywhere, which is great news for most of us.
     

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