WHY CHOOSE ICASHLOANS ? : When you need cash quickly you want to work with a service that is reliable and experienced in the payday loan industry - iCashLoans is both. We pride ourselves on connecting our customers with the best payday lenders to meet their needs. Why waste time visiting dozens of websites trying to figure out which lender will serve you best? iCashLoans is the only site that you need to visit when you’re looking for a fast, secure payday loan.

Cash Loans: "We Search 100+ Lenders Money in Your Account Next Day"

About Us:

Our services are designed to help you find a reputable payday lender to work with. iCashLoans has a large number of lenders in our network, and we are confident that we can assist you in obtaining the best payday loan to meet your needs. Everyone hits a rough patch financially at some point, and payday loans are a great solution for short-term cash flow problems. You don’t have to worry about how you are going to pay an unexpected bill, or cover an emergency expense, between pay checks - iCashLoans is your source for finding payday loans. Using iCashLoans is 100% free to you - we do not charge any fees for our services. When you use iCashLoans you will save time and money. All you have to do is provide us with basic information and we will instantly search our network of lenders to find you the loan that meets your needs. At iCashLoans we pride ourselves on working with lenders that are fair and honest in their lending practices. Our main goal is to provide you with a great experience when searching for a payday lender. All lenders in our network are required by law to follow all of the rules and regulations related to payday lending. Don’t drive around town to visit payday loan shops, and forget about looking at website after website trying to find a loan with fair terms. iCashLoans is the only place you need to go to find a payday loan. We will search our vast netowrk of lenders instantaneously to find you the loan that you are looking for.

Some lenders in our network may automatically roll over your existing loan for another two weeks if you don't pay back the loan on time. Fees for renewing the loan range from lender to lender. Most of the time these fees equal the fees you paid to get the initial payday loan. We ask lenders in our network to follow legal and ethical collection practices set by industry associations and government agencies. Non-payment of a payday loan might negatively effect your credit history.

Monday, November 11, 2013

Do Payday Loans Affect Your Credit Rating?

Do Payday Loans Affect Your Credit Rating?
Many people need a little extra cash sometimes, this can be obtained with a personal loan or a payday loan. The main difference between these two options is that a personal loan will have repayment terms over a long period of time with reasonable interest rates. A payday loan is a short term transaction with terms usually between two and four weeks long. The idea of a payday loan is to get a little extra cash and then pay it back when the monthly payment is made from an employer.

It is possible to get payday loans very easily over the internet. Payday loan websites do not check credit history before issuing one of these short term loans and this is why many people wonder whether payday loans affect your credit rating. Although the credit rating is not a deciding factor on whether the loan is issued, there are other implications to consider.

When a lender issues a payday loan they require only certain details from the borrower. This includes basic contact and personal information as well as details from the borrower's current account. The money is deposited into the borrower's account, it is then removed automatically once the salary has been paid into the current account for that month. If the borrower does not have sufficient funds in their bank account on the due date of the loan, there will be additional fees or penalty charges issued. If a borrower can not keep up with these additional payments then the lender may report the situation to the relevant authorities.

Payday loans have much higher interest rates than standard personal loans. They also carry heavy penalties for late payments which can be crippling to some people. Anybody who falls behind on repayments is at risk of being reported to credit agencies.

There are three main credit agencies and it is they who calculate everybody's credit rating. A loan which is not repaid at the agreed time is at risk of being reported, which would clearly have a negative impact on your credit rating, as well as your finances.

Anybody seeking to make use of a this type of loan should thoroughly read through all terms and conditions and understand fully the repayment agreement. If there is any doubt that the loan cannot be repaid in a timely fashion, it is vital to understand any late fees which may be applicable. Payday loans can be an excellent source of immediate cash as they are extremely easy to obtain. However there is the risk of damaging a person's credit rating if the repayments cannot be adhered to.

Some companies who provide short term loan services actually report positive results to the credit score companies. If a borrower pays back the loan in the allotted time frame, they may actually find their credit rating is boosted. Therefore anybody who is happy to pay the interest rate and is 100% sure that they can repay the loan within the given deadline, may actually find that their credit rating improves.


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