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Cheaper than alternatives: Workers don?t want to bounce checks or pay any late penalties.

By Darrin Andersen

Like most successful businesses in America, the payday advance industry exists because we offer our customers a product that is more desirable than the alternatives. Although 100% of payday advance customers have a checking account at a bank or credit union, they turn to payday lenders for their short-term credit needs. Traditional lenders simply do not meet the demand for small, short-term loans. USA TODAY's call for interest rate caps and other restrictions would result in the elimination of an affordable credit choice. Policymakers in 37 states and the District of Columbia have debated the issue and passed strong consumer protections. They recognize that eliminating a choice does not eliminate the need for short-term credit.

Customers choose payday advance because it costs less than bouncing a check or paying overdraft fees, late bill penalties or credit card late fees, and it is more desirable than asking family for money or pledging personal possessions. Payday advance customers are the heart of America's middle class ? educated, hard-working adults who often need access to short-term credit. They understand the fees and are capable of comparing the cost of a payday advance with alternatives. For each $100 advanced, customers pay a typical fee of $15. On average, bounced check fees are $27.04, credit card late fees are $32.61 and merchant-returned check fees are $26.64. Is a payday advance the right choice in every situation? Not necessarily. Just as a taxi cab is not the right choice for a cross-country trip but a good choice for a ride across town, a payday advance can be the best choice for someone short of cash before payday. Instead of limiting options, a better solution is to keep freedom of choice for consumers.

As USA TODAY recently reported, credit unions and banks are already attempting to develop their own short-term credit products. We welcome their entry and believe competition is good for consumers. Americans are best served when they have access to a variety of regulated options and are trusted to make financial decisions based on what's best for them and their families in different situations. Darrin Andersen is president of the Community Financial Services Association of America.

Posted at 12:20 AM/ET, October 01, 2006 in Pay/Income issues - Editorial, USA TODAY editorial | Permalink

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Why Payday Cash Advances are Beneficial   


Submitted by Adrian Dunbaker on September 26, 2006 - 8:10pm.

Do you need extra money? If so, you may be a good candidate for a no faxing payday loan. Payday or cash advance loans are convenient, and the perfect solution when you need extra cash. While some people are hesitant to obtain a quick personal loan, there is no reason to be ashamed. We all experience financial slumps.

Why Payday Cash Advances are Beneficial?

Again, payday cash advance loans are beneficial for getting a quick loan for a few hundred dollars. In most cases, you may obtain a loan for up to $1000. Some companies offer loans up to $500. No faxing personal loans are more convenient than receiving a loan through a financial institution such as a bank. For starters, the bank loan process is lengthy. Besides, banks are required to review your credit. Moreover, you need collateral to get a personal loan. With payday cash advance loans, the loans are unsecured and require no credit check.

The Process of Getting a Personal Loan

Getting a no faxing cash advance online is becoming popular. Various reputable cash advance lenders operate online. To begin the loan process, you simply submit an online application for review. Answer all required questions, and include pertinent information such as employment, income, bank account information, etc.

Some online cash advance companies require you to fax in documents. These may include a copy of your driver's license, pay stubs, etc. With a faxless personal loan, no faxing is required. However, the company will verify all information. When your application is approved, the cash advance company will direct deposit the funds into your bank account.

Requirements for Getting a Payday Cash Advance

Although no faxing payday loans involve no credit checks, you must meet certain criteria's. For example, you must have a current job, verifiable checking account, and be at least 18. Furthermore, some companies require a monthly income of at least $1000. Before signing and agreeing to a personal loan, read the document carefully. Understand the interest rate, fees, and due date. Moreover, do not default on the loan. Consequences consist of gained interests and late fees.

By Carrie Reeder

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