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.

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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, December 23, 2013

The PayDay Loan Crunch - Why Not to Get a PayDay Loan

The PayDay Loan Crunch - Why Not to Get a PayDay Loan
PayDay Loans are a growing trend in this present day economy, and Oh how evil they are. The state in which I reside allows Payday Lenders to register and operate legally. Not all States do, but in my State, there are as many Payday Loan stores in any given city as there are StarBucks or McDonalds. It is a crying shame because they do a very thriving business at the expense of people like me, the consumer.

Here is an eye opener for anyone who has not had a Payday Loan, the inner workings that lead to a cycle of debt. The maximum limit for a Payday loan differs from state to state as does the fees/percentage rate that can be charged. But here, where I reside, you can go to one lender and get the limit in my state, a loan of $1,000. This is a pay day loan, a draw against your next check. Keep that in mind, because you can then go to the next lender three doors down, and get another max loan of $1,000! Against that very same pay check! Yep, that is right. These stores have license to lend the max amount without checking your credit and on your good word alone that you can pay them back. I'm sure you can imagine what a mess this could turn out to be. An average consumer can pretty much get a draw way over and beyond what they actually bring home in their net pay. Hey, it really happens too. Sadly enough.

So, ok, you now have two $1,000 loans with terms of a finance fee averaging around $200 each, so payback due for a whopping total amount of $2,400 by next pay day. Yikes, what a mess you are in now. So, what happens if you don't have that much to pay back the lender and still have money to eat and pay bills? Your option? Roll-over. Yes, these companies are allowed to extend you the courtesy of paying the finance fee only, instead of paying back the loan in full. On top of that, you can do this up to three times in my state. Therefore, by re-financing these loans three times, and then paying them off on the fourth month, you would end up paying in total: $3,600!!! Now, if that isn't a fantastic business deal for the Payday Lenders! And for the consumer, well, they have really taken one in the shorts!

Now, one other option you have when re-financing these loans is to pay additional money toward the principal to buy down the final pay-off. So, say you put $300 toward the loan with the first re-finance. $200 goes to finance fees, $100 reduces the loan. You then owe $900 and have a reduced finance fee the next time, lets say $180. With your next payment, you can pay $280, reduce the principal to $800 with a re-finance fee of $160. Again, the next time, you pay $260, reducing principal to $700 and finance fee of $140. Then when your final payment is due, you owe $840 to pay it off. With this option you end up paying a total of $3,360 for the two loans, you saved a whole $240 overall. Whew.

I think you get the idea of how bad an idea it is to take a payday loan, or two, to get you through a financial crisis. Its a really bad idea! Believe me, and the sad thing is that consumers are getting caught in this trap over and over with very little hope of getting out. To actually get out of the mess, you have to have one lump sum of cash to pay them all off in full at one time. Its hard to see end to it in the near future for most consumers, they just keep plugging away, re-financing, re-loaning, getting deeper and deeper into the crunch.


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