Short-term loan borrowers have been having difficulty obtaining loans, especially payday loans from lenders such as CashNetUSA.  These borrowers have experienced being denied a second chance at getting a loan for seemingly insignificant reasons.   Therefore, these borrowers have had to seek loans elsewhere, such as at Pay1Day.com, a direct lender who offers payday loans online with more flexible terms.

Pay1Day.com is a direct payday lender that has helped thousands of people get a quick payday advance regardless of their loan approval history, bad credit, little credit, low income, or short employment history.  “@Pay1Day.com, we want to help!” – Pay1Day.com 

Pay1Day.com offers borrowers a second chance

“@ Pay1Day.com, we understand that everyone deserves another chance at getting a loan because everyone’s situation changes.  It’s OK If you have been turned down by other lenders such as CashNetUSA. A person may need cash more than ever and also be in a better situation to borrow the money and we are here to help. “ – Pay1Day.com

Pay1Day.com offers no fax payday loans, instant approvals, no credit score checks, and cash up to $800 by the very next business day and in some cases, on the very same day.

What Can I Do if I Can’t get a Payday Loan Anywhere?

If this question has ever entered your mind then Pay1Day advises that you try their services to see the difference.  Pay1Day.com is here to help you get the payday cash advance that you need with the most convenience, ease, and flexibility as possible.  So don’t worry if you have been denied by CashnetUSA for a payday advance or PaydayOne has said ‘no’ before – at Pay1Day.com, we want to say yes! Give us a shot and apply here now!

Due to our current economic crisis, college students all over the country are making several changes in order to stay afloat financially and continue their education according to loan blog of direct payday lender Pay1Day. Whether just beginning their post-high school educational journey or chasing down a graduates degree, students everywhere find themselves making adjustments and changing existing trends in order to stay afloat amidst these tight economic times.

Some of these changing trends are reflected in a recent annual survey by the Princeton Review entitled “College Hopes & Worries Survey” which surveys both college-bound high school grads and their parents. The study shows that 68% of students reporting high stress levels, and that the largest concern (37%) among parents and students alike is that they (the student) will be accepted to their first choice school but be unable to afford it especially when loans are difficult to obtain.

And for those already enrolled, the student housing situation at many colleges seems to be a changing concern as well. In the past many juniors and seniors move to off-campus housing, whereas this year many are staying on-campus to save money or taking out personal payday loans to make ends meet. This leaves many students scrambling with only weeks to find scarce and more expensive off-campus housing at a time when they need to save money on living expenses to make ends meet.

Understandably, the percentage of students employed while attending school has also increased recently as well. Although this seems like a viable and ultimately “honorable” option during an economic crunch, this may eventually become an issue for students from smaller community colleges. With more and more students entering the workplace while still in school, this could drastically affect the job market especially in these smaller colleges and communities.

Not only students are feeling the crunch. Faculty, administrators and many more are making the necessary changes to stay on top of these changing trends. Many schools are actually starting to get away from offering loans which would start most student careers off in a state of debt. Grants and work-study programs are some of the options replacing loans in financial aid packages.

Although the economy is certainly making it tougher for some students to pursue their higher education, it is comforting to see that most students aren’t giving up on their dreams. We can only hope that these struggles will only help to make our future workforce more resourceful and independent in the future.

Are you an internet marketer looking for a rewarding and lucrative new business to market? Here it is!

Pay1Day.com is the leading direct payday loan lender online. To learn more about our payday loan affiliate program, click here.

By: Gabriel Rodriguez

The newly proposed and widely debated creation of a Consumer Financial Protection Agency (CFPA) under house legislation (H.R. 4173) have critics questioning how its regulation could realistically help the current state of economic crisis and its potential for limiting consumer credit options.

In an article by South Carolina Senator Jim DeMint, the following was stated regarding Banking Committee Chairman Chris Dodd’s (D-Conn.) proposed legislation: “This is regulation without reform. The bill doesn’t contain any of the answers needed to solve the underlying problems that led to the 2008 banking collapse.”  Senator DeMint further explained that the office will have “sweeping authority” to regulate nearly anything considered to be financial activity, from car dealerships who offer financing, to the many retailers who offer credit cards.

Another concern that the proposed agency seems to overlook is directly related to that of the consumers that they are protecting: what about the raised costs and limited choices in products available for consumers once the legislation is approved?  In addition, the primary entities seemingly concerned about providing consumers with options for short-term or alternative forms of credit are those currently providing said services, and also, the same businesses that are under fire for the proposed CFPA – the Payday Loan Lending or Payday Cash Advance Industry.

Payday loans and other similar types of short-term loans have been on the rise since the early 1990’s, recently booming due in part to the current economic crisis.  This Industry could be one of many forms of alternative consumer credit that faces being “regulated” out of existing sustainability if the CFPA receives the support and authority some senators and congressman are currently seeking.   In addition, the industry will now face new federal laws, on top of existing regulations, in the name of “consumer protection,” while limiting consumer options in the process with no current proposal for alternative consumer credit options to these payday loans.

Because of the increasing difficulty of obtaining traditional loans, TopekaWika’s finance and research department has performed a series of tests to find the best payday lender on the internet, naming the winner “TopekaWika’s preferred Payday Lender.”  Many consumers have expressed frustration in finding the best payday lender. When asked, 90% of the consumers surveyed have preferred leaving the research and decision to the industry-leading search engine, TopekaWika.

Encouraged by the needs of the every day internet surfers in need of payday loans, TopekaWika has performed an in-depth search of the best payday loan lender online, basing the decision on a consumer-focused analysis of the top payday lenders online, concluding that the winner of of this research was Pay1Day.com, with CashLenderBonanza coming in second.  Yahoo and Bing are considering the same kind of research.

Which Payday Lenders Were Considered?

The payday lenders were chosen based on a 150 point system, including the requirement of the minimum number 50,000 of loans funded in the last two years, ease of application and receipt of funds, customer service support, online security, and user friendliness.  Of these criteria, the final 5 lenders chosen to be considered are:

1.CashLenderBonanza

2. Pay1Day.com

3. NatlPaycheckers

4. ChickWriterWOW

5. CheckCashingManiac

What factors affected TopekaWika’s decision?

1. User friendliness: TopekaWika considers user friendliness and relevance of a website to be of great importance – the way the site has been designed, how easy it is to find information on the website, site navigation, load speed time, and content.   TopekaWika has found that Pay1Day.com has the most user friendly website base on the above-mentioned criteria, awarding JC, the Website Developer of the year, and Al S., the Website Architect of the year.

2.  Use of Application Form:   Many of the payday loan applications that were considered were either too long or complicated, a common complaint among payday loans consumers.  Therefore, during TopekaWika’s research, the ability to easily fill out an application was an eminent criteria.  Pay1Day.com has been found to have the easiest application page: with a one page application that is easy to comprehend and fill out, taking about 3 minutes to complete.

3. Speed of Approval: The convenience of applying for a payday loan online needs to be coupled with quick loan approval to be effective.  Of all the payday lenders online considered, only 2 out of the 5 offered instant approvals, with Pay1Day.com being one of them, awarding Georgetta as the online lending underwriter of the year.

4. Ease of Qualification: Payday loans have become popular due to the difficulty of qualifying for a traditional bank loan, therefore, TopekaWika was in search of a payday lender that made qualifying for a loan as easy as possible. Pay1Day.com came up on top of this list for not requiring rigorous credit checks or credit score checks, and not requiring any faxing.  The income requirement was under $1500 a month. TopekaWika has attributed the meticulousness of qualifying criteria to Richard, awarding him the World-Wide-Web Business Analyst of the year.

5. Ease of Obtaining Funds: The ability to have access to the funds in the most convenient way was a definite factor in TopekaWika’s decision, namely time and method of cash receipt.  Many lenders have been found to take several days to transfer funds with delivery methods of paper checks. However, Pay1Day.com offers direct wire of cash overnight, or within 1 business day, the fastest time in the industry.

6. Customer Support: Contrary to popular belief, customers should not have to sacrifice the live human help offered from a caring customer support representative.  A popular concern is that customer are unable to reach a live human when they have urgent questions.  4 of the top 5 lenders have been found to have live support, with Pay1Day.com’s “world-class customer support” excelling in performance.  With glorious medallions bestowing on KC, the Online Master of Ceremonies and the Founding Leaders of World-Class Service Support and Operations to Jay.

7. Online Security: Transferring personal information online can be risky without the right kind of security technology. Many online payday loan lenders do not safeguard their online applications, leaving gaps for hackers to obtain and manipulate data. Pay1Day.com’s online application has been found to be the safest, utilizing Verisign’s security technology, awarding Ken the Business Security Keyholder of the year.

This extensive research, courtesy of TopekaWika has helped hundreds of thousands of people in search for a fast and effective alternative payday loan lender. We hope the readers will see the benefit of using Pay1Day.com.

This is an April Fool's Blog Posting

Written by contribution author: Gabriel Rodriguez

According to a Press Release from the United States Federal Reserve Board, big banks are in for some big changes this summer. Regulation E, in summary, is a new regulation that will go into effect July 1st, 2010. This regulation prohibits banking institutions from charging “Overdraft” or “NSF” fees to a customer without receiving consent from the customer to “Opt-In” to the bank’s “Overdraft Services”.

What this means for customers is they now have a choice in whether or not they would like to have the option to overdraft on their checking or savings account, or rather to simply be “declined” on the transaction that would overdraft the customer’s account.

What this means for big banks is a little more complex, and certainly unsure. A national payday Industry. Opponents to short-term lending often cite “outrageous” APR percentages and predatory practices as the primary factors in the push for regulation, when in reality the same calculations applied to overdraft/NSF fees would prove the APR percentages to be higher than the cash advance loan products that they criticize.

For example (from the ABC News Associated Press) when looking at fees for $100, the typical $15 fee associated with a payday loan equates to 391% APR, whereas a $29 NSF charge would figure out to be 755% APR. But no matter how you look at it, banks are constantly gathering support against any threats to their NSF income, and in some cases they are beginning to offer small loans with terms very similar to the short-term loan product in order to ensure the minimization of potential NSF losses over the upcoming years.

If you need some quick cash and are unsure whether you should take out a payday loan, consider a few tips that may help you through the process smoothly and avoiding common mistakes.  Payday loans are short term, small amount cash loans ranging from $100 – $1000 and are  meant to be taken out in between pay dates as a temporary means to fulfilling immediate cash needs and are utilized best when they are repaid within the immediate next pay period.

Before you take out a payday loan

Ask Yourself What You Need the Loan For: Why do you need to take out an immediate cash loan? Are you in a tough situation or are you looking for some extra spending cash? Although payday loans are easier and faster to obtain than most other lending options, remember that they are meant to be taken out for a short period of time and repaid during your next pay check, which usually is for 7 – 14 days. Because interest rate fees can increase quite quickly, they may soon exceed the amount of the loan itself if they aren’t repaid quickly.  Therefore, just make sure that your reason for taking out a loan is worth the repayment criteria.

Do you have other options? Do you have any other means of borrowing cash like from friends or family?  With the right agreement in place, you can successfully borrow from a loved one and pay them back on your agreed upon date.

Understand the Terms: Again, payday advance loans are short term loans.  Because their loan amount is small, most lenders have to charge a proportionately higher interest rate and require a faster repayment period than other types of loans. Learn what the fees and interest rates are and when you should pay your loan back to best suit your needs.  In general, the faster you can repay the loan back, the better.

After You Take Out a Loan

Now that you have taken out the cash loan, remember the terms and conditions and follow them! It’s that easy. Put it on your calendar, daily planner, or send alerts to yourself to pay back the loan on time to decrease fees.  The better you are at handling your finance the more credit worthy you become, making it easier to obtain other types of credit.

With Pay1Day.com, you can get cash wired directly into your account next day.  With an safe and secure online application, instant approval with no credit score checks or faxing, we are the leading direct payday lender dedicated to helping you out.  As part of our service, we advise you on whether a payday loan is right for you.

Recent papers written by Kansas City Feds suggest that payday lending deregulation might result in positive side effects, including decreased interest rates and better options for customers, summarized below.

By removing regulations such as caps on interest rates, barring of local banks, thrifts, and credit unions from providing payday loans, the marketplace will result in a competitive environment amongst payday lenders that will give customers more options to choose from.

Reducing the number of entities offering payday loans means reducing payday lending competition.  If borrowers have the option to borrow short term small cash loans from their own banks or credit unions, they may be less likely to use the services of payday lenders, unless they can get a better deal there, which will encourage payday lenders to do just that – give customers a better deal, breeding competition amongst banks and lenders.

The paper continues to suggest that putting caps on interest rates could mean setting an interest rate standard across all payday lenders.  Without an interest rate cap, lenders aren’t able to specify a “stable equilibrium price point to settle on.”  However, by setting an interest cap, lenders will all have the ability to agree upon a standard.

Traditional Banks Offering Alternative Payday Loans

The Consumer Overdraft Protection Fair Practices Act and the Credit Card Accountability, Responsibility and Disclosure Act may have encouraged banks to offer alternative loans, such as payday loans, causing competition among payday loans direct lenders and national banks observes Solomon Finance.

Because these enactments have muffled bank’s major sources of revenue, marked with Bank of America’s recent declaration that the overdraft fee legislation will be put into effect this coming summer, banks are reducing risks and pursuing other sources of income.  These changes include raising interest rates on credit cards, offering less free checking accounts, limiting student loans, requiring more spending to engage in credit card perks and competing against payday lenders by increasingly marketing payday loan type products under different names such as Direct Deposit Advance, branded by Wells Fargo.

As lending options continue to narrow in availability, national banks are not the only institutions competing for payday loan customers: credit unions such as Kinecta Federal Credit Union are also offering these types of services.

Short term cash loans are not the only thing that payday lenders and national banks have in common:  Both have been the largest contributing efforts to challenge federal financial regulations.  However, national banks may have an unfair advantage, argues Steven Schlein, spokesperson for the CFSA, as he mentions that national banks are exempt from state laws limiting interest rates. He adds, “banks caused the financial meltdown, and they’re spending millions and millions to spare themselves from tighter regulation while throwing the consumer lending industry under the bus,” he said. “They’re trying to divert attention to us.”

Although extra attention has been given to payday loan lenders during these financial reforms, it is unlikely that they will be significantly impacted in comparison to 2006, when Congress passed a bill that capped interest rates to 36% for active military members.  An interest rate cap at 36% on small loans ranging from a payday loan amount of $500, on a typical two week pay period term would yield insufficient profits to sustain business operations.

The industry is constantly changing: by subscribing to finance newsletters or reading industry payday loans blogs, one can stay informed and educated about traditional and untraditional lending options.

At Pay1Day.com, we are a direct payday lender committed to providing fast, simple, and convenient payday loans for our customers who need immediate cash assistance.

When does Pay1Day deposit funds?

Our loans are typically funded within one business day.

How does Pay1Day deposit funds?

Through an ACH transaction, the money can be wired into your bank account, typically in one day. What happens is that if you apply for a loan on Monday thru Thursday and are approved on the same day (typical if all information is received and verified within the same day), then we will send the money to your bank account at midnight.   However, it is then up to your bank to deposit the funds into your bank account – this usually happens on the same day as when Pay1Day initiates the wire transfer. Therefore, through an ACH transaction, your funds will typically be available within one working day.

In most cases, you can expect to receive your payday loan funds within one business day at Pay1day.com and the exact time that you receive your funds depends on your bank’s depositing activity.

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