Where do you turn to when payday is just around the corner yet your situation calls for immediate financial solution and it cannot wait until Sunday? This is the dilemma that befalls many of us and it is simply unavoidable. There are situations when you simply cannot avoid seeking for another option to get financial assistance with the promise of paying it back come payday. And these situations include death of an immediate member of the family, sudden illness, unplanned car or house maintenance issues, taxes, et cetera.
A Sunday payday loan is also called a paycheck advance is a short-term loan applied for with the intention of paying something up front and paying back the said loan when the nearest payday arrives. The amount of this loan is usually small. Generally, the waiting process is a maximum of two weeks, the regular time for the salary to be released. Borrowers have to go to a lending shop of their choice and apply for the Sunday payday loan, where a form has to be filled up an approved before the loan is released.
Usury laws pegs the finance charged on these payday loans to interest rates ranging from fifteen to thirty percent in a two week period. Annually, the interest rates amount to between three hundred ninety percent to a whopping seven hundred eighty percent. The borrower id required to issue a check dated on the day of the maturity or the agreed date of payment to the amount of the money owed plus other charges the borrower agrees to upon signing the loan agreement. Based on the contract, the borrower returns to the lender store on the date he promises to return the money he borrowed and if he or she does not, the lender may deposit the check issued by the borrower or process an electronic withdrawal through the borrower’s bank account.
If the check falls short of the amount written on it, the borrower’s troubles are now brewing because aside from the amount he owed and the interest rates put on top of it, there would be an additional bouncing check fee which has to be paid to the bank, plus there would certainly be additional charges because of late payment. In some states, there are laws that are lenient to people who cannot pay on time and the stature allows them an extended period of time to come up with the amount owed without being charged extra fees.
One important requirement in the application to Sunday payday loans is a copy of the most recent pay stubs in proof of being gainfully employed and the capacity to pay back what he or she is borrowing.