Same Day Payroll Advance Loans

Same day payroll advance loans are a business boon in America where over seventy percent of all its citizens live pay check to pay check with little or no savings to aid them in times of financial emergency. These small same day payroll advance loans are usually for amounts between one hundred and fifteen hundred dollars and are transacted without a credit check and without the need for collateral to secure the lending agreement. Now the two factors that make up this type of lending agreement are telling when it comes to the reason why they are often deadly forms of debt enslavement. First, the loans are unsecured meaning that there is no collateral needed to back up the promise to repay. Secondly, the agreements are given to anyone with a job and an active checking account, regardless of a flawed borrowing history.

A study has not been made on the reasons many people use same day payroll advance loans, but with the fact that the majority of Americans do not have a substantial savings account, the implication would be that unexpected emergencies are probably the prime reason for using these potentially very expensive lending agreements. Additionally, already high debt enslavement is probably the second primary reason for using same day payroll advance loans. If Americans are living above their means by using credit cards and high interest loans for providing such a lifestyle, then it makes sense that there is little discretionary spending money available for savings. So if a furnace goes bad or termites are discovered or a roof begins to leak, this kind of lending agreement can be of assistance, although within two weeks all the money is due to be paid back. This means that taking money out of the next paycheck will be the only option for payback and once again the borrower is hurting very quickly.

For many same day payroll advance loans providers, the charge for lending is between fifteen and thirty dollars per each hundred borrowed. For a five hundred dollar advance, within two weeks the borrower might have to repay with a six hundred and fifty dollar check. How does it all work? A borrower goes into the office of the lending company and shows a picture ID and a checking account number. The checking account is verified as being current and then the borrower writes a check for the entire amount of the loan that will be due in fourteen days including the interest and originations fees. The lending company then gives the borrower a post dated check cashable in fourteen days for the principle amount of the loan and off the borrower goes. There are never any questions about how the same day payroll advance loans will be used.

While the providers of same day payroll advance loans do not make a credit check for these types of lending agreements, they do have the ability to track a borrower's history with other lending companies that provide these types of payroll advances. Unpaid checks, late paying checks and other forms of delinquency are very much a part of a decision to provide or not provide the advance service to the borrower. Even with the promise of no credit checks, some credit offerings may be denied to those who have most egregiously violated the system. So even if someone believes that this is a fast way to get some easy money and have no responsibility in repaying it, there is still a day of reckoning, even if it means a bill collector calls at one minute after midnight.

If a person must resort to using same day payroll advance loans to get by, it is a sure sign that he or she needs help to break the borrowed money cycle. Since abusing the privilege of borrowing can very much be like an addiction of sorts, expert help needs to be sought in order to eventually find freedom from debt's awful scourge. There are many nonprofit organizations and agencies that are set up to help those who are drowning in a sea of borrowed money. In many cases, credit counselors can help those who really want a way out by negotiating lower interest rates on various loans so that more money is available to the borrower each month. Plans would then encourage the borrowers to place that extra money left over on the principle of other loan accounts. Within three to seven years, most borrowers can be free of the over powering grip of debt slavery. "But if ye do not forgive, neither will your Father which is in heaven forgive your trespasses." (Mark 11:26)

There may be only a handful of experiences more liberating than to finally pay off a large loan account. To feel the burden of that oppressive weight off the shoulders can be nothing short of exhilarating for the long suffering debtor. Every man, woman, boy and girl ever born from a mother's womb carries the weight of sin's burden on his or her back because if a person has ever broken just one of the well known Ten Commandments, as far as God is concerned all ten have been broken and many times over. God gave those Ten Commandments not expecting us to obey them perfectly, but to show just how unfit for heaven we all are. Our guilt makes us all unable to even think consider getting into heaven, but God has a plan to relieve us all of that oppressive weight of sin we carry. One Bible verse says that when we become new persons in Jesus Christ our past is forgotten by God, we become new creatures and the debt of sin is forever lifted. That is genuine liberation and exhilaration!

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