More Than WE Know

In a recent post I mentioned that I have been researching some companies that offer short term loans.  I wanted to give some additional information about a company that offers personal loans in most U.S. states - PayDayOne.

Before I tell you what I’ve learned about this company, I want to underscore that short term loans, just like any other debt, should not be entered into lightly.  Only you know whether the challenge with your cash flow is truly a temporary, unusual circumstance, or an indication that things are beginning to spiral out of control. 

If you do need some quick cash, consider whether there are other means to obtain it - through investors, friends, family, by re-negotiating payment terms, cutting back on other expenses or bartering a service.

If all of those options fail, then it is worth considering a PayDay Cash Advance through PayDayOne, a US based cash advance company which offers an online application and a next day deposit of funds.

PayDayOne is licensed in most of the fifty states to offer loans ranging from $100 to $1000.

The terms of these State Licensed PayDay Loans vary, so be sure to check out what the options are in your particular state.  For example  in Ohio, where I grew up, 31 day loans range from $100 (with a $15 fee)  to $800 (with a $112.50 fee). But in Arizona, where I have lived most of my adult life, 31 day loans range from $100 (with a $17.50 fee) to $500 (with an $87.50 fee).

The fees might be high, or they might actually be reasonable depending on your reason for borrowing the money.  The alternative fee for a bounced check, late rent payment or past-due fine, could actually be higher and and have more damaging long-term consequences.

Additionally, PayDayOne offers a rate guarantee, so that if you find another lender offering a lower rate, they will match it.

Tell me what you think - when do you think it is appropriate for a small business to get a short-term loan?

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