Due to favorable wages and low tax rates Greenville which is well known for its textile manufacturing is now the center of investment and business opportunities for the foreign companies. In 2010 Bloomberg called Greenville as “the 3rd strongest job markets”. This trend has been on the rise and the job opportunities in Greenville are immense but where do these young professional look for when they need advance cash? The most popular and reliable solution are payday loans as banks do not approve instant loans to such young professionals due to bad credit limit. These are short term loans that are repaid in full within the next paycheck of the borrower which are usually taken in situations like: – urgent car repair, purchase of some electrical appliance, urgent medical emergency etc.
1. Why are payday loans so popular in Greenville ?
Payday loans are also popularly called Bad credit loans in Greenville as they do not require a perfect credit score which would otherwise result in loan rejection in case of other type of loans.
Even the borrower does not have to explain the purpose of their loan This is not possible with other loan options where the borrower has to satisfy the agent first with his reasons for getting the loan approved.
There is no monopoly in the payday loan business Many different agencies approve payday loans regularly and the user has a lot of options to choose from. There is a list of 30 best loan companies in Greenville available on yellow pages.
Quick loans with quick return policy Usually the loan process is simple, quick and hassles free. Borrower does not have to run around for his loan approval and loans are instantly approved/
NO collateral/credit/asset required The borrower is not required to have a guarantee asset or collateral. These are no credit loans hence the borrower just needs a driving license and an income proof/bank record.
State rules for such payday loans The state of South Carolina has strict rules and policies for the lenders to undermine any exploitation of the borrower. This makes these loans comparatively cheaper than illegal and unregulated ones.
Tennessee State rule and requirements for cash advances in Greenville SC
Bad credit loans are completely legal in the state of South Carolina under the law: – S.C. Code Ann. 34-39-110 et seq.
- The maximum amount of a payday loan in South Carolina is $550 with a restricted loan time period of 31 days.
- Lender can charge the borrowers with a maximum 15% interest for every $100 and the annual percentage rate is of 390%.
- It is forbidden to take any criminal action against the borrower in the case of defaulter and there are no specific policies for roll-overs or the number of outstanding loans allowed.
- The borrower has to be a U.S. citizen over 18 years of age and a valid proof of income through bank records/income statements. The borrower must return the loan within the specified period failing to do so will result in the lender filling a case against him the court of law
- Advance cash services in Greenville
The borrowers can select from a number of payday loan agencies both offline and online. Borrowers usually select the lending agency that is close to their work/office or go for online options which are more convenient comparatively. It is advised that the borrower should compare the interest rates of various agencies and their track record before selecting their lenders. Lender should ask for identification documents and should follow the zoning laws of the state. The borrower should also check that the lender should have a permanent postal address.
- Caution before applying for such loans
- Just because they are easily available doesn’t mean they are to be taken without any reason. The borrower should have a clear purpose
- The borrower should get their loan from a licensed lender and should look for the lowest interest rates.
- Cash advances should be avoided as much as possible and these services should be availed only in the case of an emergency.
- How to avoid payday loans Greenville South Carolina ?
- Young professionals working in the textile industry in Greenville and elsewhere should start saving money for emergency situations. Insurances and small investments too help in improving the backup options when in need.
- Not spending the paycheck too early during the month and judiciously spending it according to a defined budget should be the aim of young professionals in Greenville.
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