Short-Term Payday Advances: Here are the facts.

What are payday advances or loans?

Payday advances are small, short-term cash advances, typically of $500 or less. Payday advances have become an increasingly popular choice for American consumers in need of small dollar, short-term credit. Currently, 35 states have laws permitting these loans. Industry analysts estimate that there are more than 22,000 locations that offer payday advances nationwide extending at nearly $50 billion annually in short-term credit. Transparency is a key element to the payday advance product. All terms and fees are clearly disclosed in every contract.

Who uses payday advances?

The typical payday advance borrower is representative of the America’s working middle class. Customers are typically between the ages of 25-44 years old, with an average household income of more than $40,000 a year. The majority of customers are high school graduates with a some college education or a degree. All payday advance customers have a steady source of income and maintain active checking accounts.

Why do people choose a payday advance to borrow money for a short period of time?

Most people typically do a good job of managing their household budgets, but many of us need occasional help. Consumers choose a payday advance to cover unexpected expenses or bridge a short-term cash shortage between paydays. A payday advance provides a sensible alternative to overdraft protection, bounced checks, late payment charges on routine bills and credit card balances, some of which can tarnish a consumer’s credit rating.

Payday advances can be better than costly alternatives.

A payday advance is a good and practical form of credit if you are seeking a small dollar, short-term loan to cover expenses between paydays and want to avoid often more costly alternatives such as bounced-check fees, overdraft charges, late bill payment penalties, obtaining a credit card advance, and other less desirable short-term credit options.

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Lenders like EZCASHUSA.COM are an excellent source for payday advances.

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NOTICE: THIS IS AN EXPENSIVE FORM OF CREDIT. A SHORT TERM LOAN SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS ONLY, NOT AS A LONG-TERM FINANCIAL SOLUTION. CUSTOMERS WITH CREDIT DIFFICULTIES SHOULD SEEK CREDIT COUNSELING OR MEET WITH A NONPROFIT FINANCIAL COUNSELING SERVICE IN THEIR COMMUNITY.
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