When trying to keep up with regular bills as well as payoff a payday loan account, any extra money will come in handy. Most lenders and creditors will be happy to take money from you at any time with no extra charge. You may find a few happy to take your money at an extra cost, so ask about early payoff fees while you shop for a good lender or creditor.

You may want to think twice before applying for a loan which will charge you for paying early. Most lenders will be happy to take your money anytime during the term of the loan. Because of the high risk factor involved with payday loans, early payoff or accepting an extra payment towards principle are most often welcome.

Credit card companies are similar in accepting extra payments or early balance payoffs. Since this credit is revolving, the creditor is always in hopes that the customer returns for future purchases. This steadfast buying power oftentimes tempts customers to continue using the card even after working so hard to pay it down or off.

Anytime you have the chance, and your lender supports it, send in extra money. It doesn't matter how much or how little. Payday loans which have been extended beyond the original due date sit and quickly accrue interest based on the remaining principle balance. The le the balance, the lower the interest cost. Instead of letting your budget go astray from a payday loan gone bad, take every opportunity you can to lower the principle.

*Find a second job

*Do some work on the side

*Hold a garage sale

*Sell items on an Internet venue

*Cut back on the extras

*Watch your grocery costs

*Return cans and bottles



There are various emergency situations when you can have a requirement of cash. With the introduction of payday loans online, it has become easier for the individuals to get instant cash advances to meet their requirements. Most of the business organizations use this facility in order to get over the instant requirement for cash. These loans can be received by the applicants in almost 24 hours. But there are certain requirements which need to be fulfilled by the person applying for the payday loans. Here are some basic requirements which should be fulfilled in order to qualify for instant payday loans.

Requirements of Payday Loan

There are various basic requirements for qualifying for a payday loan. The first important thing is that the individual seeking the loan should be of 18 years and a citizen of the country in which he is applying for the loan. The borrower should have a bank account, valid phone number and email address. The financial institutions also have a set standard for income. The individuals meeting the income requirements of the company can only qualify for the loan. The borrowers should have at least a monthly income of $1000. There are some other lenders who keep it low to $800. You do not need to worry about the credit check as most of the lenders do not perform this activity.

Application process

Cash advances online provide a convenient way of getting the loans as the individuals are only required to go online and visit the official websites of the companies offering the loans. Visiting a financial institution not only involves traveling to the office but also waiting for your turn to talk to the representatives. Sometimes, the company you visit offers limited options and you have to settle down to any one as you have less time in hand.

While applying for online payday loans, the individuals have to fill an online form. The form asks about some of your personal details which should be filled by you accurately. Providing right information will help you in getting the loan approved at a fast pace. With online payday loans, you also get an opportunity to browse various companies in order to find the one that offers instant payday loans at economical rates.



Payday loans have become extremely popular over the last twenty years or so. The Internet has made obtaining these types of loans easier than ever with simplistic applications and timely approval. The fact that there are no credit checks when borrowing this way is also a contributing factor to the popularity of these quick cash loans.

But like any other type of borrowing, knowing what you are getting yourself into means doing your homework and educating yourself on the process in which a payday loan is given out. Payday lender locations run the gamut all over the country and even offshore.

Thousands of payday loan lenders can be found online and hundreds servicing customers in brick-and-mortar locations. Consumers can also look to Tribal based companies as well as offshore lenders. How do you choose? Who can you trust? Are all lenders the same? Consider the following when looking for the right payday loan and payday lender:

*Make sure they are the lender- Finding a reputable lender starts with making sure they are the ones loaning you the money. Many online companies are "third-party" meaning they take your information and sell it to a lender who will actually fund your loan. Keep in mind, the lender who buys the loan nay not be licensed in your state. This can lead to higher interest rates, less customer support and the possibility of your personal information being sender sold to multiple parties.



Are you looking to negotiate your cash advance or credit card debt? You don't have to sign up to pay another company to do it for you. A creditor or lender will most often prefer to deal with the person one-on-one rather than discuss the case through a third party. Save some cash and work through your debt yourself.

Since short-term loan debt is not revolving debt, there is a small window of negotiations available. Before any lender will work with you, you will need to give a legitimate reason for not having paid your loan off. Know this information prior to the due date. In general, people are more receptive to problems before it affects them. You may not find a cash advance lender willing to work with you. All you can do is try. Be honest, be receptive and be willing to work with the lender's options. When you are in the vulnerable position, it is difficult to have the upper hand.

Credit card negotiations may be easier since the debt is long-term revolving debt. The creditor wants you to keep their card and continue spending. It doesn't hurt to try utility companies if you are behind on their payments.

*Look through your bills. Take note of all interest rates and the balances owed. If you have been in good standing with the company you may have some leverage, especially if your introductory rate is about to go up or as in a phone bill, your contract is due for renewal. They want your continued business. In this case, timing is of the utmost importance.

*Take a look at any service bill and make sure that whatever is listed on the bill is something you approved and are using. You would be surprised what might have been placed on your bill which you are unaware of. Don't let a credit card company talk you into a monthly service fee for credit card insurance. It is a waste of money since consumers are already protected by the FTC.



A direct online cash advance is a fast way to obtain much needed money. It is a convenient emergency cash option when other avenues are not accessible. Getting a loan is pretty easy as long as you meet the lender's criteria. The tough side of these loans is when the due date comes. The average term of a short-term loan averages two weeks. Borrowers often have problems with paying the expected full amount of the loan plus fees when their next paycheck is deposited. Oftentimes, that money is needed to pay rent or buy food or gas in order to keep the household functioning. How does a borrower keep from settling into a cycle of short-term loan debt?

1. Pay your loan in full

The best way to take care of the bill stemming from online cash advance lenders is to pay it all off in full on the original due date. Lenders will combine the interest charges along with the loan balance for that one scheduled payoff date. Do what you can to muster up the extra cash in the short time period. Whether you hold a garage sale, cut back on groceries or entertainment expenses limiting cash flow will help gather extra money get rid of the loan.

2. Buy down your loan

When you cannot afford to make the full payoff price, the next best option is to pay as much as you can. The online cash advance lender will expect a borrower to pay a minimum cost otherwise known as the fees. A buy down interprets to making a payment to cover the cost of the fees plus extra. Make the biggest buy down possible. The less principle attached to the loan, the less interest charge. Some companies will set up automatic buy downs to include the cost of the fees plus however much extra the borrower wants. This automatic payment will shrink as the principle lowers. For those who struggle to get rid of the short-term loan, it is a much better option than trying to apply for a new loan to pay for an old, the dreaded "cycle of debt."



It's interesting to read all the stories addressing how fast cash advance lenders should be curtailed from the lending industry while banks and credit unions provide similar short-term loans without regulations. Why are credit card companies allowed to prey on middle class and low income households with their purchase incentives? Direct lenders do not send out pre-approval notices as creditors do yet they are accused of targeting certain customers.

Because the short-term loan history has a greater customer market within low-income areas, many stores were set up in neighborhood strip malls. Demographics are used by many companies that are investing capital to set-up new stores. Why would a high end store use a location in a middle class area? They wouldn't do it. There is not enough profit to make that choice happen. Just like convenience stores would not open on a dead-end street, a cash advance loan lender will not open up next to the high-end mall. Why are some ridiculed for similar business practices while others are commended for smart business strategies?

The Internet has opened up businesses all around the world. The fast cash advance lender online has the ability to reach anyone with access. Services of all kinds from all around the world are now available at the click of a mouse. Why do these lenders continue to get a bad rap? We can put a lot of blame on the bad apples. Those business owners who have lots of hidden fees or fraudulent companies that pretend to be direct lenders ruin the reputation for the rest. The short-term loan industry is only one example of a service which fraudulent play has damaged credibility.



Another PEW study has found some interesting data on how fast cash advance loans are chosen and paid. PEW's Payday Lending in America series once again has studied the behaviors of short-term loan borrowers in order bring more light in how the industry affects the average person.

Most direct lenders would tell you that a person who applies for one of their direct cash advance loans is having financial troubles. It's an obvious answer, why else would someone be willing to pay the fees behind the loan? What the PEW study found was a more in depth answer. They calculated that 58% of the fast cash users were not just experiencing temporary emergencies but rather troubles keeping up with monthly expenses. This finding supports PEW's first report which touched upon how users would rather take out a short-term loan rather than have to work at cutting back on their lifestyle.

In order to redirect these findings, borrowers will need to work on their budgets and cutting back on monthly expenses. This could mean trading in a luxury car for something more affordable, downsizing their home or cutting out household luxuries like internet, cable and movie channels. The more money they can keep in their bank accounts the less chance they will need to use a short-term loan.

Cutbacks will also help correct PEW's second finding that only 14% of those borrowers studied can actually afford to pay the loan back in full. It is tough to repay a loan plus fees out of one paycheck. The remaining 76% need to be creative to find the extra money without leaving their budget unguarded. Some may have a family member or friend who could help while others may have to sell off household items.

The PEW study also touched upon the mindset of a person seeking out direct cash lenders. The majority of borrowers rely on the lenders to give them accurate information about the loans. If a borrower ends up choosing a lender who does not use best practices, there may be hidden costs which will create additional hardships. It takes many of these borrowers up to 5 months to pay off the loan. The $375 loan ends up costing more than $500 to repay.


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