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What is a payday loan?

A payday loan is a way of acquiring a short term money advance, typically ranging in amount from a low of $300 to a high of $1,500 to cover unexpected bills when you run short of cash. A payday loan is an unse...

Wells Fargo has entered the payday loan company and the bank is now a single of numerous taking such action. Bank of America, Wachovia and JP Morgan Chase are a handful of of the other large name banks to enter the payday loan business along with Wells Fargo.

What is a payday loan?

A payday loan is a way of obtaining a short term money advance, normally ranging in amount from a low of $300 to a high of $1,500 to cover unexpected bills when you run short of cash. A payday loan is an unsecured advance meaning that theres no want to put up your house or any other asset as collateral. Repayment is dependent upon the quantity of the loan being automatically drawn from the recipients bank account on the date that it is due. They are named payday loans due to the fact in order to get one particular you need steady employment and have your paycheck straight deposited to your bank. They are short-term loans simply because repayment usually phil pustejovsky takes place two weeks after the funds are advanced, coinciding with your payday schedule.

The application method is quick and convenient and all transactions happen electronically and automatically. Thats why payday loans make sense for many scenarios. And since there are no restrictions on the way the funds can be utilized, individuals use the funds for any reason. Some men and women need a payday loan to cover emergency automobile repairs or to make credit card payments to stay away from paying a late fee. Other individuals use the funds to cover unexpected medical costs and some even use the cash to pay for trips that they require to take.

Wells Fargo entered into the payday loan company simply because it understands the need for this kind of short-term cash advance arrangement. The bank itself offers loans to its clients through its ATMs, on the internet, and in their branches.

Payday loans werent even invented back in the days when Wells Fargo moved cash across the Wild West in stagecoaches. Extended the target of Jesse James and Frank Dalton and other bank robbers of the era, Wells Fargo has survived and flourished to become the best recognized brand in buyers banking and, soon, in direct deposit cash advances for buyers.

You dont have to worry when you borrow cash from an established payday loan provider. Most of the large payday loan organizations are licensed by the government agency that regulates the payday loan industry in the state in which the lender is licensed to operate. So go ahead if you want the income, speak to a payday loan provider. Wells Fargo feels confident entering the payday loan organization and you should too!