When a Payday Loan Is the Right Choice for You

Payday loans exist today because they allow average people to borrow money without meeting some of the stringent requirements of larger lending institutions. Payday loans are really cash advances against future income. They are short-term loans that have helped many people to get through difficult financial times. These loans are not for everyone or for every situation. If your situation meets a few criteria, then a payday loan is likely the right choice for you.

You Need Money Quickly

One of the benefits of payday loans is that they are fast. Some people can receive money from the loan in as little as 24 to 48 hours. This is because the eligibility requirements are straightforward and simple. If you need money quickly, then a payday loan is one of the only valid options available. You can get the money fast in order to pay for emergency expenses, prevent repossession of a vehicle or stop an eviction.

You Have a Stable Income

Taking out a payday loan means you are borrowing against your next paycheck. You need to have a stable income in order to qualify for a payday loan. You usually must have held the same job for six months or more. The amount of your income needs to be relatively consistent on a monthly basis. You should be certain that your income is stable and will last for several months after the loan is repaid just to be safe. This will make repaying the loan much easier.

Your Financial Problems Are Temporary

Payday loans are intended to be for emergencies or short-term financial needs. They are not meant to make up for regular deficits due to low income or bills that are too high. A payday loan is often a good choice if your financial problems are temporary. This could mean your paycheck is late or you have a one-time expense you need to cover right away. You should not use payday loans as supplemental income every month.

You Need a Relatively Small Amount

The amount that you can borrow through a payday loan is limited by law in many areas. This limit could be a set dollar amount or a percentage of your earnings. You usually cannot get very large payday loans. Most are limited to a few hundred dollars. Payday loans could be the right solution for your financial problems if you need just a relatively small amount.

Short-term loans are emergency credit products of relatively small amounts designed for short-term financial issues only and can become an expensive product if used for long-term purposes.

The owner and operator of Nemocash.com is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designedonly for amatching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning short-term loan products and the industry is presented on the website for information purposes only. Nemocash.com does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. Nemocash.com does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Short-term loans are not available in all the states. Not all the lenders in the network can provide the loans up to $1,000. Nemocash.com cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a short-term loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually.

APR Representative
APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since Nemocash.com is not a lender and has no information regarding the terms and other details of short-term loan products offered by lenders individually, Nemocash.com cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with Nemocash.com, and Nemocash.com has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a short-term product.

Late Payment Implications
It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document.

Non-payment Implications
Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals,may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied.

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means.

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.