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Payday Loan


Payday Loans - Using a Payday Loan to Finance Business Receivables

Unfortunately, sales cycles and purchasing cycles don't always run concurrently. Resellers know this all too well; many times they will need to pay for inventory before they have sold it. If you need a short-term loan to cover you until you can sell your inventory, apply for a payday loan to finance short term accounts receivable.

Most Payday loan interest is actually less than traditional short term accounts receivable financing. A payday loan is designed to be used for emergency financial situations. Payday loans are encouraged to be used for which they are intended, not as a permanent source for your financial funding.

The fee for advancing a payday loan is $25 per every $100 borrowed. For example, if you borrowed $300 the fees would total $75. Payday loans are intended to be used for quick cash in the case of a financial emergency. The loan period is most often 14 days long, but may be shorter in some cases. Depending on what time of day you apply and how quickly you complete the application process, you can be approved within minutes. Please take store operating hours into consideration when awaiting a response. When the loan is due you will be required to submit a payment request online at least 2 business days prior to your due date.

To begin the process simply fill out and digitally signing our online application. Once submitted, the payday lender will  review your application and notify you either by phone or email regarding your status. If your payday loan is approved, you will receive the funds the next business day (as long as you are approved by 5 pm EST, Monday through Friday). All applicants will receive their status via email.

Credit checks are easy and are verified by your check writing/loan history with national databases. Most payday loan lenders do not require a business plan or tax documents to make this type of loan. Also, payday loans can allow businesses to free up capital that is tied up in inventory.

Traditional business accounts receivable financing are commercial lenders, not banks. During the loan approval process, the lender will calculate a loan-to-value ratio. Tabulation methods vary from lender to lender; some may refuse to finance accounts that have aged beyond 90 days, or may assign a lower percentage to older accounts. Interest rates on accounts receivable loans are determined based on a daily percentage rate on outstanding receivables. If a loan goes into default, the lenders may seize the receivables used to secure the loan.

For a Payday loan the minimum amount due  is simply the fees associated with your current principal balance. For example, if you have borrowed $300, your amount due is $375. Assuming you submit a payment request on time, the minimum amount you would be required to pay on your due date would be $75.

You are allowed to extend your payday loan as many times as necessary, however, keep in mind these are short term loans and should be paid back quickly.

Payday loans is one way of solving short term cash emergencies that may arise from a slow business cycle. Apply here to see if you qualify.



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Consumer Credit Counseling Information, Debt Management Plan Information, Debt Settlement Plan information, Credit Counseling, Credit Score, Consumer Credit Counseling Service, CCCS, Bill Consolidation, Credit Repair, and Debt Consolidation is not advice, and we recommend you consult a licensed credit counseling agency, debt settlement attorney, and/or licensed debt management plan administrator in your state if you want professional assurance that our information, and your interpretation of it, is appropriate to your particular situation.

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