Saturday, July 2, 2011

LAZERLOAN: Online Lending adn Borrowing in America

Payday Loans, Cash Advances, and Check Cashing

Payday loans are approved by cash advance lenders by the hundreds of thousands every day in North America, but there are some important factors to consider before every applying for one of these short term lending products. Before we discuss instant payday loans, or 24 hour payday loans, you need to understand the terminology a little bit.

Payday Loans, Paycheck Loans, and Cash Advances - The Terminology

Cash Advance loans are simply what they sound like - they're a quick advance that the borrower/applicant can get fast from the lender, and is meant to be paid off on your next coming employer paychecks. They may take their money back over the course of 1 week, 2 weeks, 3 weeks, or 1 month (30 days) - it's your choice to make when getting approved with them.

Payday loans are exactly as stated above. You pay the lender back with interest on the day of your paycheck. Sometimes these short-term loan products are called "Paycheck" loans as well.

So in a nutshell - A Payday Loan, Cash Advance, or Paycheck Loan are all one in the same. Don't mistake these for being anything different OK.

The Cost of a Payday Loan, Cash Advance, or Paycheck Loan

The cost of these lending products can vary, but there is another rule of thumb here to learn. The average payday loan or cash advance will cost you a fee of $10 - $23 dollars for every $100 dollars that you borrow. This cost of lending varies from State to State, and Country to Country, worldwide.

Store Front Payday Lenders

Paycheck lenders that have existing storefronts in your local community are bound by your State Legislation as to how much they can charge you for a loan. You can use the Internet to research the different laws on the books in your State regarding cash advance lenders. Usually these lenders charge around $10-$12 for every $100 you borrow.

Online and Storefront Cash Advance Lenders

Some bricks and mortar PDL (Payday Loan) providers have a storefront where you can walk in off the street and apply for a loan, and they also have a web site where you can apply online. What the will do is charge you the legal allowed amount for every $100 lent, depending on what State you are applying from and live in. So you get it right? What you pay for their loan depends on if you physically walk through their door, or use their web site for applying. Confused yet?

Online PDL Providers, Cash Advance Companies, and Paycheck Cashing Companies

Some PDL providers, cash advance companies, and paycheck loan companies do business purely online. They lend money via their web sites using online applications. Some verify your personal information using the Teletrack tracking system, and a method whereby you fax in your information to them.

100% Online No Teletrack Payday Loan Companies

Some of these cash advance lenders have NO TELETRACK checking system in place. These are generally high risk and high yield payday lenders. They charge the highest fees in the business. They charge the maximum rate they can charge legally in your State. Often the charge $30 dollars for every $100 you borrow. Ouch!

These 100% online check cashing store and shops don't require you to fax your information, and they have no Teletrack lending in place. They advertise their willingness to take a high risk on the money they lend you. Generally speaking these 100% online, No Teletrack, No Faxing, lenders will only lend out a maximum loan of $300. They usually lend out very small amount at a very HIGH APR (annual percentage rate), to maximize their profit. They risk losing their money gambling on the the vast majority of their customers will pay them back on time and in full.

What Not To Do When Getting a Payday Loan, Cash Advance or Paycheck Loan

Never ever let your PDL go default, go NSF (non sufficient funds), or roll over. This means that you must pay the cash advance lender back exactly as agreed in the first place. Do not ask for an extent ion on the loan - pay it back in full.

Never allow your checking or savings account, that is being used to pay back the cash advance store or shop, to be overdrawn, or not have enough money in it when they go to withdraw their principal and attached fees. This will cost you massive penalties, and interest on a loan that is already really expensive.

Where to Apply for a Payday Loan, Cash Advance or Paycheck Loan

We have selected three different payday lenders that we consider to be honest and fair with their lending practices. You can check them out for yourself. We have had many payday loan borrowers and cash advance customers use these companies with success. We have listed these lenders below;

Our Payday Cash Advance Lender List


  1. Cash Net USA



  2. Cash Central


  3. Get a $1500 Payday Loan or Cash Advance Today!We Give Cash

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