EZ Cash loans, much like their name, are a way to get a small amount of cash quickly and pay it off in a relatively short amount of time (typically a 6 month term). Some research backs that claim: A Federal Deposit Insurance Corporation study of payday lending's profitability concluded that high delinquency rates and the overhead of running retail stores justified the industry's interest rates. Critics say that governments at the federal and state levels are also to blame for allowing the payday practice to continue.
Payday lenders are able to charge excessive amounts in interest� because in reality, they aren't charging interest, they're charging a fee. The first choice for many business owners is a small business loan from the bank. Right now, few payday lenders run formal credit checks on their borrowers � a plus for customers who know their scores are too low for them to qualify for credit cards or bank loans.
Where you live, the types of loans you have, as well as who applied for them can determine what happens. If you are qualified for the loan, you will then discuss the loan details with the lender. These borrowers might need extra cash to meet their monthly expenses, but at the same time are not able to pay back the payday loans on time, which puts them into a growing debt with payday lenders.
With transactions completed over the internet or phone, often e-mail addresses and toll free telephone numbers are the only means of contacting these companies. They may have special offers for military applicants, and may help you start a savings account.
Depending on the lender, you might receive the loan amount in just a few minutes or the next business day through your bank account. We do not make credit decisions or recommend or endorse any specific loan product, lender, or service provider. Back in 2008, the FDIC began a two-year pilot program encouraging banks to make small-dollar loans with an annualized interest-rate cap of 36 percent.