What Are E Transfer Payday Loans And How To Avail Them

What Are E Transfer Payday Loans And How To Avail Them

If you’re in the middle of a financial emergency, an e transfer or email money transfer payday loan may be what you need. It’s a short-term, unsecured loan wherein you can access the funds in just a matter of hours.  

Whether your income is from government benefits or employment, you have to repay payday loans on or before your next payday, hence the name. The good thing about this type of loan is that they’re available online 24/7. You can apply for one from within the comforts of your room and receive the loaned amount over the Internet. 

Read on to learn more about e transfer payday loans and how to avail yourself of one if you need some fast cash. 

How Do Email Money Transfer Payday Loans Work? 

Borrowers have to visit the lender’s website and fill out an online registration form. Primary documentation requirements include your identification, bank account number, and recent payslip.  

If approved, borrowers receive cash via money transfer. Loan amounts vary depending on your state or country’s law, but can reach up to a thousand dollars. 

Borrowers have to pay the loaned amount back after two weeks or on their next payday. They can give the e-transfer payday lender electronic access to their bank accounts. Another option is to post-date a personal check, making sure it coincides with their next paycheck. Other repayment methods may be available depending on the lender. 

Indeed, e transfer payday loans in Canada 24/7, or the US and other parts of the world, are a real quick-fix solution that consumers can opt for in a financial crisis. 

E Transfer Payday Loan Amounts

As already mentioned, most states or countries have laws establishing maximum amounts for payday loans. The qualifying policy of the payday lender and your net income also largely influence how much you can borrow. Loan amounts vary, and can be from $50 to $1000. There may also be limitations in your state or country when it comes to having multiple outstanding payday loans (more on the payday loan laws and rules below). 

Laws And Rules Of Email Money Transfer Payday Loans 

The CFPB or Consumer Financial Protection Bureau implements and enforces federal regulations, like the Payday Rule. They impose strict restrictions on both storefront and online payday lenders. 

The law limits rollovers and the number of times a bank account can be debited. It also requires payday loan offerings to undergo an affordability test. Payday lenders should disclose how much the finance charge will be and the corresponding annual percentage rate as required by the Truth in Lending Act. 

Payday lenders, both those that offer instant loans online or in a storefront, have to abide by both state and federal laws. 

E Transfer Payday Loans: How It Is Fast, Secure, And Easy? 

To make the processing of payday loans easier and quicker, e transfer payday loans were introduced. You’ll get the money in minutes after the approval of your loan application. 

What’s e transfer, also known as EMT or email money transfer?  It’s a convenient and fast way of directly sending and receiving money from one bank to another which is also known as wire transfer. Using EMT, you can get your loaned amount into your bank account even without sharing confidential financial information. You only need to access online or mobile banking through a trusted financial institution, and you’ll have the ability to receive or send money through a mobile number or email address. 

One thing that makes e transfer payday loans a good option for borrowers is that lenders don’t restrict your usage of the loaned amount once you get the funds. Email money transfer payday loans can be used to sort out unexpected emergencies or pay your monthly bills. Some people even opt for payday loans to pay for their expenses when visiting their next tropical vacation destination. You can basically do whatever you want with the money. 

Why Choose Email Money Transfer Payday Loans Over Traditional Loans? 

In most traditional bank loans, application approval takes too much time. Not to mention the fact that they need lots of paperwork. Aside from application review and approval, signing contracts and even getting funds also consume the time of borrowers. When urgent money is required, especially during emergencies, a traditional loan isn’t the best option.  

Most of the payday lenders today are already online because it’s convenient, fast, and secure. Nobody wants to still visit a brick-and-mortar store just to apply for a loan in this digital age. And, with the introduction of e transfer payday loans, the entire process has become more straightforward. You can complete it at the office or your home. All you need is to fill out an online application form. 

Most email money transfer payday loans are also available 24/7, which means you can get your funds anytime. Make sure, however, that you’re going to choose a reputable payday lender. Check for reviews about the payday loan company online. Customer testimonials are also worth checking out. 

How Are Interest Rates In E Transfer Payday Loans Calculated? 

Lenders calculate the APR or annual percentage rate for email money transfer payday loans by dividing the interest amount paid by the borrowed amount. The result will be multiplied by 365, divided by the repayment term length, and multiplied by 100. 

So, if you have a $375 loan, the APR calculations in mathematical terms will look like this: 56.25 ÷ 375 = .15 x 365 = 54.75 ÷ 14 = 3.91 x 100 = 391%. 

If the rate is 20% per $100 borrowed and you’ve loaned $375, the annual percentage rate calculator will look like this: 75 ÷ 375 = .2 x 365 = 73 ÷ 14 = 5.21 x 100 = 521%.

What Happens If The Borrower Can’t Repay The Loan? 

A borrower can ask the payday lender to roll over their loan if they can’t pay it back by the deadline. What happens in a rollover loan is that you must pay the original amount you have borrowed and the finance charge, including the additional finance charge that comes with the new deal. 

Using the lowest available finance charge, for example, which is $15 for every $100 borrowed,  if your payday loan is $375, you owe a finance charge of $56.25. That means your loan amount total is $431.25. The $432.25 actual amount borrowed becomes $495.94 if you factor in the finance charge of $64.69 for rolling over the payday loan. 

Who Are Eligible For An Email Money Transfer Payday Loan? 

Generally, a consumer isn’t eligible for payday loans if they’re in default on another loan or have already taken eight loans out in the last twelve months. If you have an existing installment plan to pay a previous payday loan off, you can’t avail of a new payday loan, too. It also holds for those who have at least one outstanding loan equal to 30% of their gross monthly income or totaling $700, whichever is less. All of these eligibility restrictions may vary depending on your state or country. 

How Does An E Transfer Payday Lender Decide If A Potential Borrower Is Eligible?

When you apply for a payday loan, you’ll be required to submit an ID number or your Social Security number. You also have to give any proof of your gross monthly income. Lenders will, then, put your information into their statewide database to see if you’re eligible for an e transfer payday loan. How much you can borrow will also be based on the info you’ve submitted. They will check in the database whether you have payday loans from other lenders or existing debts, as described above. If the database says you’re not eligible, you’ll receive a toll-free number from the lender for you to call for more information. 

How To Avail An Email Money Transfer Payday Loan? 

The application and qualification process for an e transfer payday loan can be as fast as fifteen minutes if the borrower can quickly show they meet all of the requirements. Most payday lenders will only demand an active checking account, some proof of income, and valid identification. Of course, you also have to be at least 18 when applying for one. 

Another good thing about email money transfer payday loans is that they’re accessible even to consumers with poor credit. Most payday lenders don’t require a credit check. Many Americans use payday loans, and most don’t have access to a savings account or credit card.  

What If  You’re In The Military? 

The Military Lending Act (MLA) places protections for service members who are in active duty. This law also protects the dependents of individuals who are in the military. The protections set by the MLA include a 36% MAPR or Military Annual Percentage Rate cap to a wide range of credit products. Installment loans, deposit advance loans, refund application loans, vehicle title loans, and, of course, payday loans are covered by the MAPR cap. The cap also applies to fees associated with credit-related ancillary products, including participation, application fees, and finance charges. 

Are There Options Available That Help Pay Off An E Transfer Payday Loan? 

One option you can take to help you pay back your payday loan is debt consolidation. It’s available even for consumers with bad credit. They typically charge lower fees and interest rates than payday lenders. Bad credit debt consolidation loans, however, have stricter approval requirements. The good thing about debt consolidation loans is that they give borrowers more breathing room by offering longer repayment terms. Additionally, a debt consolidation loan shows up on your credit history, helping you work on building or increasing your credit score as long as you’re making payments on time. 

Conclusion

E transfer payday loans can solve any urgent need for money, especially in an emergency situation. They’re fast and secure. It’s also easy to avail of one as long as you meet all the requirements. Be careful, however, as the high APR that comes with these loans could get you caught in one vicious cycle of debt if you can’t repay it on time. Thus, you must consider all your options before taking out one.