Christian Paperless Payday Loans
Getting Christian paperless payday loans is as easy as filling out a short online form and if accepted, having the money in your checking account the same day or the next. Paperless payday loans are also called no fax payday advances and online payday advance loans. In the past, a borrower would have to go into a local cash advance lending establishment and fill out several forms before being approved but the advent of eCommerce has allowed the lending companies of this particular genre to qualify customers through a few short questions and approve a loan in a matter of minutes. Since there are no credit checks made on the borrower and no debt to income vetting like traditional banks and loan companies would do, these lending agreements have become very popular. Making the process even easier for customers by providing paperless payday loans online has also led many unsuspecting people deeper into the world of gnarly and never ending debt.
Paperless payday loans are based on a typical fourteen payday cycle for a typical borrower. While some people are paid each week and some once a month, the usual payback period for these types of lending agreements are fourteen days. For the once a month paycheck borrower and the every week borrower, the schedules for repayment can be adjusted. But typically if a person borrows on a Tuesday, in fourteen days the loan is due to be repaid. So this is how the process works. A person makes an online application with one of the many payday loan providers. Name, street address, email address, name of employer, payday cycle, name of bank, address of bank and size of loan request are submitted by the prospective borrower. If approved, the loan is directly deposited into the borrower's checking account within twenty four hours.
In fourteen days, the payback amount is expected to be in the checking account for withdrawal by the lending company. Paperless payday loans have very high interest rates in most states, so for the short amount of time the money is lent to a customer, the company makes a nice profit. However, as expected, these lending companies have a very high risk of non-payment for some customers. This means that money is gone and may be very unlikely to ever be collected. This scenario is one of the reasons given for the high interest rate charged to all customers. The amount a lending company of this nature may extend to a customer is regulated by state law, running from about eight hundred dollars in some states to one quarter of a person's monthly income in others. The real difficulty for a customer who gets one of the payday loans available online or down at the local cash advance store is when the loan cannot be paid back on time.
Suppose that a young single mother has a minimum wage job and is getting only a small amount of help from the government to help with her children's expenses. The young mom breaks her ankle while getting off the bus after work one evening and must be off work for two weeks. Immediately, the mother faces the prospect of half income for the coming month and panic sets in. Before we get too hard on the woman, keep in mind that seventy percent of all Americans by some estimates live pay check to pay check which means no savings. Her local church will help her with groceries, but the utility bills and some medical expenses from months past are due. The woman applies and gets one of the paperless payday loans available online. She only asks for two hundred dollars and it will be due on the day of the first paycheck two weeks after coming back to work.
But the medical bills, utility bills, the telephone bill and the rent are also due within three days after her paycheck arrives. The mother calls the provider of the paperless payday loans that extended her the two hundred dollars and tells them she must extend the lending agreement another two weeks. They agree, but The young woman must immediately pay the interest and the costs related to the original loan, amounting to about fifty dollars. The mom must then pay the loan at the next arrivl of her paycheck with new interest on a new loan plus costs related to the first loan. The young mother will owe about three hundred dollars at the next payday. What if she cannot pay that back? Some state laws allow eleven hundred percent APR on loans not repaid, meaning she could owe twenty two hundred dollars on that loan if not repaid within the year.
Because so many Americans live paycheck to paycheck, the idea of getting easy, online paperless payday loans will become more and more popular. Rather than resort to these kinds of abusive usury, God wants His children to turn to Him for help. "Then ye shall call upon me and ye shall go and pray unto me, and I will hearken unto you." (Isaiah 29:12) But sadly, many people do not learn spiritual lessons well and feel compelled to abuse credit in such a way as to further increase their servitude to lending entities. With the personal debt of all Americans reaching into the tens of trillions of dollars, the danger of being unable to have any freedom to have discretionary money grows dimmer and dimmer. Perhaps the proverbial chickens are getting ready to roost.
Christian Payday Check AdvanceA payday check advance is like a rich uncle who is there to supply any and all financial needs with dough that is green and quite spendable once out of the lender's oven. For many Americans who live paycheck to paycheck, the payday check advance lending agreement is a very convenient way to get out of sudden financial emergencies. Whether the need is for a new rebuilt transmission for the car or the washer, dental work for a child, a new furnace or a trip to the emergency with that requires a large co pay, these lending instruments can be fairly painless to secure as long as someone has a job and an active checking account. But this payday lending agreement has some painful and in some cases deadly financial barbs attached at the other end of the payback period. Understanding how these loans work is an import factor in not allowing them to gain a permanent foothold in a person's financial life.
In order to understand the danger of such loans, it is helpful to realize that that over seventy percent of Americans are already living paycheck to paycheck. This sobering fact means that the majority of Americans has no viable savings and is unprepared for the common emergencies that seemingly arise almost every month. Oftentimes parents or family or friends are able to help, sometimes even churches can rise to emergency situations, usually for members that they know. If the emergency arises in a homeowner's family, that owner may be fortunate to have enough equity in the home to secure a home equity loan for these unanticipated circumstances. But for many, especially those who make less than a livable wage, just a bill for three or four hundred dollars can be a money nightmare. And those who provide a payday check advance to these meager wage earners may be unwillingly participating in further debt enslavement for these borrowers.
There are no questions asked about the use of the borrowed money which can lead to frivolous or even self destructive use of a e fourteen day payday check advance loan. And since there are also no credit checks or investigations into debt to income ratios, those with already poor track records in handling borrowed money are the most likely to use such a lending agreement. While the proponents of such lending practices point out that they are perhaps the only place that a low income person can turn for emergency funding with a modicum of dignity, the reality remains that once the payback date is missed, or the loan must be extended, the borrower can be caught in an awful undercurrent of ever increasing interest and obligation. The Christian, while making a living, must not be caught in the practice of profiting over lending money at very high interest rates. Jesus said, "Give to him that ask of thee and from him that would borrow from thee turn not away." (Matthew 5:42)
If a local lending company is used and not an online lender, a payday check advance lending agreement happens like this typical scenario: first, the borrower comes into the office and must show some sort of picture ID issued by a government authority. A piece of first class mail from a business or a utility with the borrower's names and address must be shown. Thirdly, proof of a working checking account must be available as well as a paystub from the borrower's place of employment. This last requirement may be in the form of a check stub and the borrower will be asked if he is paid weekly, bi-weekly or monthly. The borrower then signs a personal check made out to the loan company for the amount of the loan plus the interest and fees associated with the payday check advance agreement. The check is post dated for the date of the next payday and on that date the lender cashes the check and the agreement is over.
The problem with the payday check advance culture is the high interest rates that borrowers must repay very quickly. So exorbitant are some of the rates that many states have regulated many of them out of business. Annual percentage rates still allowed in some states are over one thousand percent. These would be applicable in the case that a loan would go into default and not be repaid after a year's time. In some states, these high interest loans are not allowed to be extended beyond a fourteen day period. But for the loans that are extended when a borrower cannot repay, new interest and fees are brought to the agreement increasing week by week in large doses the debt the borrower will owe.
For the Christian who can afford a hundred or two hundred dollar loan and there is enough money in the paycheck to pay back the loan quickly, the payday check advance lending agreement is a handy alternative to consider. In some states, a hundred dollar payday advance for two weeks will only cost about thirty dollars. Two hundred dollars will cost about sixty dollars plus the principle in the payback check. But for the desperate man or woman that has to think about food on the table or pay the heating bill, this kind of lending agreement can seem like an answer to prayer until the fourteenth day arrives. For the lender, it's just business, but for the debtor it's another crisis that has to be faced.