Cash / Payday - Cash Loan

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Cash Loan Lender

There are many lenders out there who are willing to make cash loans to almost anyone. The reason there are so many cash lenders is obvious. Cash lending is a very lucrative business because of the high fees and interest rates that cash lenders charge.

A cash loan is a short term high interest loan made directly by a lender to a borrower. These loans are called cash loans because in the past cash loan lenders gave cash directly to borrowers. Today, many lenders still make cash loans directly to poor people who don’t have bank accounts.

Cash loan lenders operate every from the streets of your city to the internet. Finding a cash loan lender is very easy but be warned many cash loan lenders will hit borrowers with excessive interest rates and fees.

Types of Cash Loan Lenders

The best known cash loan lenders are the shop and storefront lenders found in almost every city. These lenders, which are often attached to pawn shops and check cashing establishments; can be found in cities and suburbs.

The storefront lenders specialize in making small cash loans to lower income people who may not have bank accounts. They also lend to people whose bad credit keeps them from opening bank accounts or getting credit cards.

Many of these storefront lenders are called payday lenders because they make small loans to working class people. The payday loans are designed to be paid off on the borrowers’ next payday, hence the term payday lender.

Another common loan from cash loan lenders is the check loan. In a check loan the borrower writes a check for the amount of the loan plus interest. The cash loan lender holds the check until a specified date and cashes it with the expectation that the borrower has cash in the bank account.

Online Cash Loan Lenders

Another class of cash loan lenders or hard money lenders specializes in making direct loans sometimes called cash advances to businesses and persons with higher incomes. These lenders are called hard money lenders because they only loan money to those who can pay it back.

Hard money lenders will lend money quickly to almost anyone including those with bad credit. Most hard money lenders will make the borrower submit to income verification. This means that the borrower has to present documents that prove he or she can pay off the loan. These documents include pay stubs and bank statements.

Most of the online cash lenders are actually hard money lenders. Modern hard money lenders use electronic funds transfer or direct deposit to put money directly into borrowers’ bank accounts.

An online cash loan works much like a check loan. The difference is that the lender uses EFT to take the money out of the account rather than a check.

Locating Cash Loan Lenders

Those in search of a cash loan will usually get a much better deal online than from a storefront lender. Online lenders are usually easier to deal with but they will be less willing to work with people with low incomes.