Getting a Loan in Charlotte NC
Payday loans are a relatively new type of lending where a lender usually will provide high-risk, short-term credit based on an individual borrower’s credit history and income level. Payday loans, also called cash advance loans, provide quick cash to individuals in need of cash between paydays. Payday loans typically charge high interest rates and don’t require any security, which makes them a form of unsecured, high-interest personal loan. These loans do have some requirements and limitations that borrowers must follow in order to qualify for a payday loan. For instance, a borrower needing immediate cash must be at least eighteen years old, currently employed in a position that they have held for six months or more, and have a checking or savings account with a balance above what the required loan amount is with the lender.
Cash loans can either be paid back on your next payday or rolled over into your next paycheck. Payday loan lenders usually recommend that you roll your loans over, as it is less expensive to repay a one-time payment in addition to your monthly installments. If you do decide to roll over your payday loan, be sure to notify the lender within thirty days of the date of each payment. Most lenders do not allow a loan extension with an existing deferred payment. In addition, most lenders like title loans Charlotte require that you maintain a direct deposit balance with your checking account, in order to determine whether or not your loan will be paid back on time.
Payday lending companies offer competitive rates and fees for their services. It is in an individual’s best interest to shop around for the best interest rate and fees that fit their individual circumstances. For additional information on payday loans, lending, and terms, you can go online and use a comparison site to help you compare various lending offers from multiple lenders.