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What is a payday loan? A payday loan is a way of obtaining a short term cash advance, generally ranging in amount from a low of $300 to a high of $1,500 to cover unexpected bills when you run brief of money. A payday loan is an unse... Wells Fargo has entered the payday loan business and the bank is now 1 of numerous taking such action. Bank of America, Wachovia and JP Morgan Chase are a few of the other huge name banks to enter the payday loan company along with Wells Fargo. What is a payday loan? A payday loan is a way of acquiring a brief term cash advance, generally ranging in quantity from a low of $300 to a high of $1,500 to cover unexpected bills when you run brief of cash. A payday loan is an unsecured advance meaning that theres no need to put up your residence or any other asset as collateral. Repayment is dependent upon the quantity of the loan becoming automatically drawn from the recipients bank account on the date that it is due. They are named payday loans because in order to get one you require steady employment and have your paycheck straight deposited to your bank. They are short-term loans since repayment usually takes place two weeks after the funds are advanced, coinciding with your payday schedule. The application procedure is rapidly and handy and all transactions take place electronically and automatically. Thats why payday loans make sense for numerous circumstances. And since there are no restrictions on the way the funds can be utilized, men and women use the funds for any reason. Some people need to have a payday loan to cover emergency automobile repairs or to make credit card payments to steer clear of paying a late fee. Other folks use the funds to cover unexpected medical expenses and some even use the income to pay for trips that they want to take. Wells Fargo entered into the payday loan business because it understands the need for this sort of short-term money advance arrangement. The bank itself delivers loans to its consumers by way of its ATMs, on the web, and in their branches. Payday loans werent even invented back in the days when Wells Fargo moved income across the Wild West in stagecoaches. Long the target of Jesse James and Frank Dalton and other bank robbers of the era, Wells Fargo has survived and flourished to turn out to be the greatest recognized brand in shoppers banking and, soon, in direct deposit cash advances for shoppers. You dont have to be concerned when you borrow funds from an established payday loan provider. Most of the large payday loan organizations are licensed by the government agency that regulates the payday loan business in the state in which the lender is licensed to operate. So go ahead if you require the income, make contact with a payday loan provider. Wells Fargo feels confident entering the payday loan company and you should too! preconstruction real estate investing