What is It?

Online loans are emergency payments which might also be called any of the following:

A cash advance, Payday advance, Internet loans, Paycheck advance, Quick cash loans, Bad Credit Loans Guaranteed Approval

All these names refer to very short-term borrowings, which are usually due on the date of the recipient’s next paycheck.

For this reason, they are generally not available to the unemployed. You might want to consider a pawnbroker or lodging an asset with a friend or colleague. This serves as security when borrowing from them for those unemployed.

We refer you to direct lenders who only need to assess borrowers’ ability to repay using factors such as income, address, age, bad credit history, and a few other factors.

However, these loans do carry a very high-interest rate because even small loans are potentially very risky for lenders and this risk must be built into the ultimate price of the debt.

In fact studies by the FDIC have shown that payday loan fees are not out of line taking account the operating costs and high default rates.

Other offer

Installment loans or title loans for customers who would like longer repayment periods.

A common misconception among borrowers is that no credit check (soft check performed) is generally required, but lenders may query various consumer databases, such as CL Verify, TeleTrack or DataX in order to verify your identity and review your personal loan history.

Why they are needed?

Imagine your car has broken down and you can’t get to work resulting in loss of income or even loss of your job. Now imagine you don’t have a bank overdraft facility. What should you do? Take a quick payday loan online.

And How?

Via cell phone or PC, fill our 5-minute easy request form. The form will be submitted to multiple lenders who make a fast decision. Generally speaking, lenders know within a minute or two if they will approve you.

If your request is accepted and you are approved for a loan, your funds will be transferred to your bank account in as little as one business day, allowing you to deal with your financial emergency.

What kind of people take out this type of credit before payday?

Often traditional lenders need security for a loan but payday lenders base their decisions more upon wages and as well as other factors. This is because your paycheck is their security, and whilst it won’t always be possible for them to debit the full amount this is considered sufficient collateral.

Whilst in some cases not it would not be entirely sensible to use funds for all the following cases, an online cash advance is used for medical emergencies, heating repair, vehicle repair, rent bills, utility bills, overdrawn checking accounts, travel costs, funeral costs, creditors, obtaining further funds after credit cards reach their limit, or even posting bail.

What does it cost?

The amounts borrowed for payday loans tend to be between $100 and $1000. If you need more, request a lower interest installment loan.

The duration of the debt determines the annual percentage rate. Whilst these rates seem prohibitive over a year, payday advance loans are intended to be made for less than 60 days.

If the credit is used responsibly and repaid on the due date, the interest charges can be reasonable. Considering the extra legwork and security one might have to put up to secure traditional credit and also considering the cost of due diligence for the lender.

The costs of the advance when used properly cover the risk of non-payment and also the administrative costs of maintaining the relationship with the customer.

Payday Loans in the United States?

Payday loans are allowed in 27 states with a further 9 allowing lending in one form or another. However, the remaining states have banned this kind of lending altogether. Whilst government regulations are made to protect unwitting borrowers from themselves, banning such activity simply reduces the options for borrowers.

Many Americans are living paycheck to paycheck and are literally one unexpected setback from financial disaster. While others say they have no savings at all and their main aim is keeping up with their current financial commitments.

Understandably with such statistics, easy payday loans have exploded to meet the demand as there is often no one else to turn to in a time of need.

As a form of cash advance payday loans serve as an important tool in the financial ecosystem when American borrowers have nowhere else to turn

At Green touch, we are proud that we can help out so many people by connecting them with lenders within our network of lenders that may help with a cash advance loan. We are a responsible service and we inform borrowers of the potential pitfalls when taking a cash loan online.

This means YOU can make your own choices. Green Touch is different from Green Line Loans nor Greenline Loans, Green Loans, or any similarly named payday loans companies.

Things you should know

Some people with malicious intent can take advantage of you and your need for instant cash. There are things that you should know and do to protect yourself. You should always ask for a license.

It’s important to check this license when you’re looking into a service. A licensed business must comply with state laws. You should also watch out for hidden fees and read the terms presented to you carefully before signing anything.

Make sure you’re in direct contact with your lender. It’s much easier to deal with a lending service if you can speak directly to representatives on the phone.

It’s important to know that though there are many dubious companies out there, direct lenders are the best service. You can find the right company with a track record of customer satisfaction and honest business conduct.

How to report a scam?

You can report instant online loan scams to the Department of Consumer Affairs in your state. You can also report offenders to the federal Department of Consumer Affairs.

Since the state sets lending laws, it makes the most sense to have the state department consider the violation. You should submit your report in writing and keep a copy of it for your personal record. You should have a response from the department verifying receipt of your report and an on-going investigation within a few weeks.