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Cash from the Boss to Replace Payday Loans

When Kendra Beasley and her husband separated last spring, her bank account was empty and she needed cash for a deposit on a new rental home. Instead of going to a payday lender as she had done once before, Beasley got a $500 loan through her employer, a Sonic Drive-In in Globe, Ariz. When her next paycheck came, the money, plus a $24 fee, was deducted. “If something comes up and I need it, I know it’s there,” she says of the program.

The Sonic franchisee offers the service through Symbius Financial, one of several startups trying to capture a piece of the $40 billion Americans borrow each year from payday lenders. These companies deliver small loans directly through employers with lots of low-wage workers, such as fast-food chains, big-box stores, and hospitals. The hard part is recruiting businesses, which often are reluctant to get involved in employees’ money troubles.

If Symbius and its rivals clear that hurdle, they see a vast market of borrowers. Payday lenders typically charge 15 percent for a two-week advance, a fee equivalent to an annual interest rate approaching 400 percent—and that quickly escalates when borrowers roll over loans and pile up new fees. Symbius and other companies say they can offer a cheaper alternative because they don’t have to operate storefronts; borrowers apply online or over the phone. And the lenders can tap into payroll systems to see how much workers earn and collect repayment automatically. “It’s a lower-risk loan, so we can drop our fees,” says Duke Fonner, chief executive officer of Scottsdale (Ariz.)-based Symbius. Through partnerships with companies that offer payroll services, Symbius reaches dozens of employers, with more than 4 million workers, Fonner says. The company has made more than 1,200 loans since opening its doors in January.

Where Symbius funds the loans itself, competitor FlexWage makes advances out of employers’ payroll accounts, based on hours workers have already put in. Clients get Visa cash cards to pay salaries, which FlexWage says cost half as much as paper checks. Workers pay $5 or less for each cash advance, and employers pay $1 to $2 monthly per employee for the cards. Companies can limit how much workers take in advances, because the goal “is to eliminate the need for an employee to go to a payday lender, not to give them daily pay,” says CEO Frank Dombroski, a former credit-card executive at JPMorgan Chase. FlexWage says it has signed up five employers since it started offering loans in July.

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Payday loans are short-term loans which might be quite easy to get as long as you can present the bank your earnings stub and issue a post-dated check ; usually dated a month following your date the money is released. A background check isn’t even required so as to get approval.Payday advances are engineered to become rapid and convenient and thus the process of procuring the first is reasonably easy.

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Cashcentral :: Secondly do not wait for an check to reach at the place. Usually the payday loan firms electronically deposit the mandatory money into your checking account in a few days. Therefore it is miles better that you care for your fiscal emergency swiftly.If you need urgent cash to correct vital need, you would like to consider that money advance is really a short duration loan and it is repayment date is your next pay day. – Cashcentral

A real figure can only be attained if the loan was rolled over for 26 weeks. That is certainly not possible. Most pay day loans services are licensed and regulated by the state by which they are operating. Some States would not allow a rollover whatsoever, or where they are allowed, at the most more than one is not permitted.

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