These days, one of the most common services the loan industry provides is payday loans. It is a kind of loan involving a small amount, usually up to $1,500, due to mature in a short time. This allows a person to get by during the cash flow gap between pay days.
Sometimes, payday loans are referred to as “cash advances.” However, while cash advances share a lot of the same characteristics with payday loans, they are different in that they often come from a prearranged line of credit, such as a credit card. Payday loans, on the other hand, is secured by a post-dated check from which is discounted the loan principal plus interest charged by the financing institution.
A savings account payday loan is a species of payday loan that allows you get your cash faster and in a more reliable manner. In fact, many consider a savings account payday loan as the safest medium through which you can take advantage of the benefits of payday loans.
Many online lenders provide savings account payday loans to consumers for speedy loan transactions. When you have a savings account to your name and you apply for a payday loan, the lender will consider know that you have the funds to pay for what you owe. This is important since in transacting payday loans, no credit check is performed.
Unlike in regular lines of credit, the lender does not need to look into your credit standing in order to determine whether or not your payday loan application should be approved. They only have to rely on the face of the pay check you present and your existing savings account in providing you with the loan principal.
For instance, you have a postdated check in the amount of $500. You are seeking a savings account payday loan of $100. Without performing a credit check, the financing institution will provide you with $100 and keep your postdated check of $500 minus the finance charge in the amount of, say, $15.
On the date your savings account payday loan matures and you have yet to repay the $100, the lender will deposit your check in a bank and withdraw $100, in payment of the loan principal, plus the finance charge of $15.
The borrower also has the option to redeem the check before maturity of the savings account payday loan. So let’s say, you made the loan on January 10. The date of maturity is January 20. On or before January 20, you have the option to pay your lender cash in the amount of $115 - that is the loan principal plus the finance charge. The lender will give you back the check for you to use as you please.
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