Friday, September 23, 2011

Is a Small Payday Cash Advance Best?

Is a Small Payday Cash Advance Best?

small payday cash advancesBigger isn't always better, and this maxim holds true when it comes to payday cash advances. After all, if you take out a big cash advance, you're responsible for paying back interest on every dollar. On the other hand, with a small payday cash advance, you have to pay much less interest, as the principal is lower, even if the interest rates are the same, and they will often be lower for smaller loans than big ones. You can see why it's an advantage to borrow a smaller amount of money whenever possible.

The disadvantages of a big advance are numerous. It's harder to find them, as payday lenders are reluctant to give out large sums of cash and risk losing it all at once when they could give several smaller loans to others and lessen the impact of losing any one of those loans to a defaulting borrower. Because of this higher risk, the interest rates are also higher, and there's a good chance you will have to undergo a credit check to take out a larger loan.

A small payday cash advance is more readily available, more easily paid back, and costs less than a bigger one, since you are being charged interest on fewer overall dollars. When it comes time to repay the payday cash advance, it won't make such a big impact on your paycheck, so you'll have more money to live on until the following paycheck. It's clearly a good idea to opt for this choice if at all possible.

It's not always possible to take out a small payday cash advance, however. You can tell which option you need if you do some budgeting, as you should already be doing in preparation for taking out the advance. Plug in the numbers to see what the impact on your next two weeks or month will be when paying back the smaller amount versus a larger loan, and calculate just how much you will need in order to pay off crucial bills.

payday cash advancesFees and interest rates are two of the most important things to examine in detail before deciding which small payday cash advance offer to accept. Any extension options are worth noting, just in case it becomes necessary to delay your repayment of the advance. A small payday cash advance can grow bigger if you extend since you'll pay more for having the money longer!

Small payday cash advances might be just the right amount of help you need in order to get through to your next payday or beyond.

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Sunday, September 18, 2011

Payday Loans; the Good, the Bad and the Ugly

direct payday loan lenders

good businessThe Good

There is a small payday loan company out of Delaware named AmeriCash Advance that is not publicly traded. This company was one of the first online payday loan lenders back in 1999.

Through personal contact with this company I've come to learn that they treat their customers with respect and provide loans at honest rates. AmeriCash Advance has not grown as fast as many other companies simply because they refuse to reach so low as to do the despicable things that other companies have done and continue to do to consumers in the name of profit.

Most of those seeking an online loan just want a loan from a direct, honest, helpful lender that provides loans at or below industry standard rates, to get them to through an emergency situation.

Many in the media, state or federal government consider anyone that provides short term loans and is therefore in the payday cash advance industry to be bad by nature, but that could not be any further from the truth.

In our experience, AmeriCash Advance is honest and straight forward and does these things right as well; 1) While they make loan extensions (rollovers) available to their customers, they doesn't advertise them and in fact discourages their use and 2) Have for the past 10 years or more, zeroed out loan balances after the customers payments reach 150% of the original borrowed amount. Now I'd like to discuss this second point for a second. What this means is, if a customer, through extensions or other factors reaches a payback limit of 150% of the original borrowed loan amount gets their outstanding loan balance forgiven! This practice is in no way an industry standard practice, and in fact, I know of no other lender, in the short-term loan space or any other financial space for that matter, that does or would even consider doing this. Just to be clear, when AmeriCash Advance zero's the loan, the customer is free and clear of the loan!

good payday lendersThe Bad

The biggest payday loan firm is the Orwellian-named Advance America, a publicly traded firm listed on the New York Stock Exchange with over 2,500 outlets in 32 states. Wells Fargo, Bank of America and U.S. Bank provide a $75 to 300 million line of credit to the firm at interest rates ranging from four to eight percent on the loans. In recent months, Advance America's booming profits have been noticed and it has been touted as a “good investment” by Wall Street insiders.

One former employee of Advance America explains some tricks of the trade. Speaking on the condition on anonymity (because he and other employees were forced to sign a confidentiality agreement upon leaving the firm), this former shop employee says that many of his clients were on disability or U.S. Social Security: “They would come in for a small loan and write a check to the company dated the 3rd of the month, when their government checks would arrive. All the Advance America employees were required to come in early on that day, so we could quickly cash their checks and wipe out their checking accounts.”

A primary goal is to get customers to continually renew their loans. “We had to call in our numbers every night to Advance America’s corporate headquarters. They were not interested in numbers on who paid off their loans, but on who renewed their loans. They wanted folks to pay the interest rate and keep the loan going and going,” says the former employee.

This employee also worked for a time in the collection department where he was instructed not to visit people at home, but to go to people’s place of employment first. “We would not tell their bosses where we were from, but we would carry a clip board with our name on it in a prominent way. We would request that a person be pulled off the factory floor, not to collect, but to keep them on the hook. The key was embarrassment and intimidation.”

The above was reprinted from:

good loan ratesThe Ugly

There are many companies who advertise themselves as online payday lending sites but are in fact middle men in the loan industry. While that in itself is not a bad thing, some run the customers they receive on their pretense websites through many different lenders, each of whom run credit checks on the potential customers which can among other things seriously damage their credit rating.

Even worse, they put the least credit worthy through a never ending ring of middle men sites which in turn may at their worst place popups on the screen that are intentionally meant to confuse and defraud the customer. The popup offers a service that the customer most likely would not want but with one wrong click of the mouse authorises and is charged, something like $29.95, for this unwanted and useless service. What would you do if you applied for a short-term loan online and on the application, provided your bank account and routing number for the depositing of loan funds based on the perceived notion that you would be approved, and a popup appeared that stated something like; "You Qualify for our Credit Check Services which costs $29.95 and you authorize us to withdraw this amount from the checking account you provided. Click OK to Cancel or Click Cancel for Authorization"? How many people do you think would get confused and click Cancel, which is the wrong choice. The practice of confusion selling was encountered through clients of a lead seller we encountered by the name of Atomic Leads. Green Leaf Loan Group through its parent company, AtoZ Financials, LLC had a very short term business relationship with Atomic Leads which was severed immediately upon learning of this ugly practice.

Another Ugly practice we have identified is over-selling; whereby these middle men sites deny the potential customer for a loan, due to their current credit status, but then sell the customers loan application to multiple another companies, often times offshore or overseas. These third parties in turn send the potential customer emails offering them loans at rates that are multiple times the industry standard. If this were to happen to you, you should expect to be bombarded with texts, emails and calls from foriegn based robo callers for months on end. The emails and calls will continue even if you take out a loan or tell the callers to put you on their do not call lists.

The practice of over-selling was encountered while working with a lead seller we encounted called ** Leads. Green Leaf Loan Group through its parent company, AtoZ Financials, LLC worked with ** Leads on multiple products but immediately terminated advertising of products carried by ** Leads where it was identified that they or their affilaites engaged in this ugly practice.


In the spirit of full disclosure; is a payday loan lead provider. Green Leaf makes every effort to match those seeking payday loans with quality direct lenders such as AmeriCash Advance or provides their applications only to those companies it has evaluated and determined do not engage in the bad and ugly practices mentioned in this post.

Your comments, questions and concerns relating to this story would be greatly appriciated.

Sunday, September 11, 2011

Past Overdrafts? Then a No Telecheck Payday Loan is your Best Option!

No Telecheck Payday Loans

no telecheck payday loansIf you have found yourself short of cash and had a check that bounced because of lack of funds in your account, then the No Telecheck Payday Loans option may be exactly what you need. For those that have cash flow problems between paydays, the no telecheck payday loans option is a way to get the badly needed funds to cover emergencies that might have occured. Yes, there are some people that are unable to get payday loans, once they have bounced a check because a telecheck is ran. However, it is possible to find no telecheck payday loan lenders, if you know where to look.

In fact, those that have bad credit or no credit can find cash advances at no telecheck payday loan companies that don’t run credit checks, telecheck or income verifications. This is the way you can get the short-term loans you need to cover emergencies, without writing a check when you know you have insufficient funds, which might involve telechecking your credit and adding of fees that will surpass a low fee payday loan. When you consider that the payday loan no telecheck option might just save you money in the long run, then this option is much more attractive.

There is never a need to suffer the stress and anxiety of not having the funds you need for an emergency car repair or a forgotten utility bill that might require you to write checks that won’t clear your bank account. With the no telecheck payday loans options, you can get the money you need without incurring bad marks on your bank record or incurring those unnecessary fees. For those that have already written bad checks in the past, the no telecheck payday loans option is the best solution because bouncing checks may cause you to not even be able to write a check at the grocery store in the future, even when you have cash in your account!

no telecheck cash advancesWith the ease and convenience of the Internet and your personal computer, it is possible to find no telecheck payday loans that can put the cash in your bank account within a matter of hours. For those that have had past credit problems, including a bounced check, then the no telecheck payday loans and no telecheck cash advances can relieve the stress and anxiety associated with an emergency, when you haven’t got the cash to cover the expense. While other forms of short-term borrowing might involve running a telecheck, you can get the money you need with the no telecheck payday loans and no telecheck cash advances and not need to go through the embarrassment a bounced check can cause.

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