Approximately 12 million Americans turn to payday loans to meet their short-term cash needs every year. After all, things happen. Your car breaks down, your child needs school supplies, or maybe you just spent too much at the mall and the utility bill is due. We’ve all been there. Many consumers today are able to turn to a credit card to pick up the slack, but what if your credit isn’t so good?
Payday loans are short-terms loans typically due on your next payday. The length of the loan, otherwise known as the “term”, is usually anywhere from 10 to 31 days (7 to 31 days in Florida). And the finance charge is surprisingly reasonable, given the alternatives. If you have ever bounced a check, you know that the fees banks charge for an overdraft far exceed the cost of a payday loan.
In Florida and Alabama, where LendingBear operates, the states closely regulate the payday loan product. You can be certain that the fees you pay are allowed by state law and that your loan performs exactly as agreed. No fine print. No hidden fees. In fact, LendingBear goes the extra mile to make sure you understand all of the terms and conditions of your loan—before you sign. We like to call it “know before you owe.”
Despite all of the reports in the media about the “dangers” of payday lending, the payday loan product can be a lifesaver for those who need cash right away and do not have a credit card to fall back on. Do your research and be sure the lender you are working with is licensed in the state where you live. Also look for the Community Financial Services Association of America (CFSA) seal.