Confused By The Cash Advance Payday Loan Acronyms, Terms and Definitions? Get The Answers Here!
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ACORN - Short for Association of Community Organizations for Reform Now.
Age of Majority - It is considered mostly in USA, UK, Australia or othres that you must be over 18 to apply for a payday loan. But in Canada You must be over nineteen (19) if resident of British Columbia, New Brunswick, Nova Scotia, Newfoundland, Yukon Territory, Nunavut or Northwest Territories and over eighteen (18) if resident in other provinces and territories.
APR - An abbriviation for annual percentage rate, that represent yearly rate that include application fees and all the other costs associated with the payday loans.
Bad Credit - Having a bad credit loan does not affect your payday loan application, most of the pay day loan applicants have a bad or no credit. Payday loan companies are seen as solid options by consumers with credit issues, as emergency cash loans can be obtained in very short time and there is no such formality adopted which make delaying your payments, like a waiting for your credit score from a credit reporting agency.
Cash Advance - Similar to a payday loan. A lender issues you cash in exchange for a post-dated check that will clear after your next paycheque, or a similar online agreement.
Consumer - Consumer is a customer, borrower, or who takes out the payday loan for any purpose. where the lender, who issues the loan is the payday loan or cash advance company.
Consumer Advocate - This is a special class of consumer advocate groups, usually non-profit organizations, are opposed to payday loans and urge action from law-makers and courts. The loans are so egregious, they believe that the states must act to protect consumers from themselves.
Credit Check - Generally loans are associated with the credit check and approval of an application depends on your credit report. But payday loan lenders dont get into this process which banks and other traditional lenders do, because cash advance or payday loan companies want to get consumers the cash they need as quickly and easily as possible in exchange of a very high rates of interest for doing so.
Deferred Deposit - Deferred deposit or a or post dated check / cheque advance is a short-term money advance provided until your next payday or benefit payment.
Extension - It is another name for a rollover, allows the consumer who receives a payday advance to extend the deadline for the loan's repayment. Many states already limit, or are trying to pass legislation to limit, the number of times a person can do this, as it also results in more debt than they can bear.
Faxless - This is like a digital service, you enter your data into an application online and you get the result without sending any hard copies via post or fax or personal appearance before the lenders in his office or a store. Faxless payday loans are cash advances that can be obtained over the Internet, instantly.
FDIC - The Federal Deposit Insurance Corporation is one of the agency that preserves and promotes the U.S. financial market by insuring deposits in banks and thrift institutions. The FDIC identifies, monitors and addresses risks to the deposit insurance funds and is therefore occasionally at odds with payday advance lenders.
Interest - It may be a profit over an investment or an additional charge on your debts or over drefts which is assessed in percentage (%) on an annual basis. Here in payday loan interest is charged from the day you take the loan out untill the day the loan, including all the fees, is paid back in full.
Late Fee - Like other late fee issus, a fee assessed to a payday loan when it is not repaid in full by the agreed-upon date.
Lender - The company that issues a payday loans to consumers. Please check with your state or province in relation to varying laws governing issues.
Paycheck - Most payday loans are contingent upon the borrower's next paycheck. A company will require a post-dated check, which is due after the borrower's next payday, in exchange for a cash advance loan on that day. Payday advance loan's popularity results from this convenience, as borrowers are not required to have credit checks run on them.
Payday Advance - It is another term and name for a payday loan, for more information please see Payday Loan.
Payday Loan - A payday loan is a short-term cash loan (usually in two weeks or less), issued to the consumers, that the borrower will repay the loan after receiving his/her next paycheck. Payday Loans are usually issued in less than 24 hours, and are approximately 30 percent of your regular income or i may be from $100 to $1500 accordingly. Payday loans can be obtained in person, via fax, or online.
Post Dated Cheque - Cheque for the future payment to lenders written and presented at the time of loan approval which bears payback date, it covers all the payments which include application fees, service charges and interest associated with the loan.
Rregular Income - Your job remuneration, pension, profit on investment, or any kind of fixed income
Rollover Loan - Briefly it is a loan repitation, when a borrower files for an extension on their payday advance loan, effectively rolling it over to a future repayment date. Certain states allow unlimited rollovers, others limit the amount of times a consumer can extend the payday cash advance. Either way, additional fees are likely to apply.
Security - There is no such way in which real or personal property that a borrower pledges for the term of a loan in Payday Loans, your post dated cheque is an instrument which could play a roll or cash advance lenders as a security at all.
Subprime Lending - Majority of payday loan companies cater to consumers with bad credit, and who are thus not considered "prime" candidates for loan eligibility as far as traditional banks are concerned. This is the point of contention for many payday advance critics and the reason the loans are so popular with consumers in their urgent financial need.
Teletrack Canada - A newly adopted service designed to help lenders in granting of loans to consumers, similar to the credit-reporting agency which holds and maintaines database for payday loan lenders, rent to buy or other consumer finance companies which reflects your payment history and personal information record.