Getting overnight payday loans is one method some consumers use to get cash in their accounts quickly. It’s basically the same as getting a payday loan at a traditional, brick-and-mortar lender, but in this case you are dealing mostly online, and the cash will be in your account the next day. Other names for this kind of loan are 24 hour payday loans and next day cash advances. Overnight payday loans do not adhere to the laws and regulations of traditional payday loans that you will get in real world location, because they are not mandated by any state.
Overnight Payday Loans – Why to Avoid Them
You’ll want to avoid taking out overnight payday loans because while they might seem like a regular payday loan that you may be familiar with, these will not have the same terms and conditions in place, and you may be at greater risk and be required to provide more personal information and even bank account access to the lender. The way that overnight payday loans works is by putting the money directly into your checking account. In order to do that you’ll be required to hand over your checking account number and authorize the lending company to withdraw the amount of the payment from your account on agreed an agreed upon day or days.
The problem with this method is that you lose the ability to defer or delay your payment, and you could potentially get into more financial trouble if the overnight payday loans company takes out the money on the day you’ve agreed to repay the loan and your checking account doesn’t have enough to pay it. This will lead to overdraft fees and could cause other payments to be missed.
This differs from the procedure of getting a regular payday loan because in this instance you are giving the lender a check that they may cash if you don’t arrive with the cash to repay the loan. This at least gives you some wiggle room during the repayment process. You can put a stop payment on the check or you can use an account that does not have your important bills and payments come out of it. This will let you deal with the payday loan on your own terms and in your own time.
Also, when a payday lender is regulated by the state there is typically a repayment option that you can choose in order to not have to come up with the full amount of the loan just two weeks later. When you choose overnight payday loans there typically won’t be any provisions like this in place and you will be at the mercy of the lender as far as payments go. For many lenders there’s not much benefit in giving you any leniency or extra time and so often they will simply insist that you pay them immediately, with no grace period and no way to extend or defer the loan.
Since there’s not any governing body to file complaints to these overnight payday loans companies often don’t care about things like customer service or repeat business. They basically just want you to agree to their ridiculous percentages and finance charges, get your bank account information and keep trying to take money from your account.
There are many ways to keep yourself updated on overnight payday loans. The site is basically a social community of people looking for the best way to get money fast. If you have had a direct experience with overnight payday loans, please share it with the others here so everyone can benefit. If you have any questions about overnight payday loans one of our qualified staff will respond right away. This is also the place to voice your opinion on the site topic itself. You can say whether you feel getting money into your bank account the next day is worth paying exorbitant fees and charges or not. This will ensure that we have a lively and on point discussion on overnight payday loans.