Wells Fargo Enters Payday Loan Company
byon 06-29-2012 at 08:29 PM (165 Views)
"What is a payday loan?
A payday loan is a way of obtaining a short term cash advance, usually ranging in amount from a low of $300 to a high of $1,500 to cover unexpected bills when you run brief of money. A payday loan is an unse...
Wells Fargo has entered the payday loan business and the bank is now a single of many taking such action. Bank of America, Wachovia and JP Morgan Chase are a few of the other huge name banks to enter the payday loan organization along with Wells Fargo.
What is a payday loan?
A payday loan is a way of obtaining a short term cash advance, usually ranging in quantity from a low of $300 to a high of $1,500 to cover unexpected bills when you run short of money. A payday loan is an unsecured advance meaning that theres no need to put up your home or any other asset as collateral. Repayment is dependent upon the amount of the loan being automatically drawn from the recipients bank account on the date that it is due. They are referred to as payday loans because in order to get a single you need steady employment and have your paycheck directly deposited to your bank. They are brief-term loans because repayment generally occurs two weeks after the funds are advanced, coinciding with your payday schedule.
The application method is fast and handy and all transactions occur electronically and automatically. Thats why payday loans make sense for numerous circumstances. And simply because there are no restrictions on the way the funds can be utilized, people use the income for any cause. Some people need a payday loan to cover emergency automobile repairs or to make credit card payments to avoid paying a late fee. Other people use the funds to cover unexpected medical expenses and some even use the money to pay for trips that they need to have to take.
Wells Fargo entered into the payday loan enterprise because it understands the want for this type of short-term cash advance arrangement. The bank itself provides loans to its customers through its ATMs, on-line, and in their branches.
Payday loans werent even invented back in the days when Wells Fargo moved money across the Wild West in stagecoaches. Long the target of Jesse James and Frank Dalton and other bank robbers of the era, Wells Fargo has survived and flourished to turn out to be the finest known brand in consumers banking and, soon, in direct deposit money advances for consumers.
You dont have to worry when you borrow cash from an established payday loan provider. Most of the big payday loan businesses 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 need the funds, get in touch with a payday loan provider. Wells Fargo feels confident entering the payday loan enterprise and you should too! real estate productivity"