Category - Finance

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Have a Complete Overview of Payday Loans
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What is meant by the term Routing Number?

Have a Complete Overview of Payday Loans

Payday loan is a short term loan, of which term period is usually one to two weeks. The other names for payday loans are ‘cash advance’, ‘Paycheck loan’, ‘Check loans’, and ‘Payroll advance loans’. After receiving your payday loan, it has to be repaid. In case, if you are unable to repay the loan plus charges charged by lender on your payday, you can easily rollover the amount thereby paying the extra fees. Los Angeles payday loans are easy to get for fulfilling the emergency needs of fund.

Importance of Payday Loan

At the month end, you may face some problems to maintain few urgent family expenses just like medical bills, telephone bills, electricity bills, house rent etc. This situation can occur when you don’t maintain proper budget at time of receiving paychecks or not keeping expenses according to your income. Thus, in such situation, for meeting such financial crisis you can take payday loans.

Payday Loan Companies

There are several companies that are promoting online check cashing facility. There are also some banks and other sort of financial institutions that offers payday loan. You can easily apply online for payday loan or you can visit the institution to get payday loan.

Conditions to be Fulfilled for Getting Instant Payday Loan

A person needs to fulfil following conditions for getting payday loans-

  • You must have a regular job and should have fixed source of income.
  • You must possess a checking account in a bank
  • You must be a US citizen.
  • You must attain age of at least 18 years.
  • Your monthly income should be at least $1000 per month

Ideal Time for Applying to Payday Loan

If you apply for payday loan since Monday till Thursday, you will receive payday loan on next working day, i.e. Tuesday to Friday. But, if you apply for the payday loan on Friday, you will receive the loan on next Monday, and if you apply for the loan on Saturday or Sunday, you will get the payday loan on Tuesday.

Cost of the Payday Loan

Payday loan Company usually charges 15 to 30 USD for each $100 borrowed. Thus, if you borrow $100, you will need to pay 115 to 130 USD on the next payday. The APR of the payday loan interest boosts till 391%.

What is meant by the term Routing Number?

Bank routing Number otherwise called as Routing Transit Number (RTN) is nothing but a nine digit code that is specifically used in the United States in order to know the financial institution in a transaction. Now where do you find the Routing Number? Routing Number is found at the bottom of a cheque. This routing number is a must when the transaction is done through ACH or wire. RTN is a number that is given by the American Bankers Association.

Wells Fargo Will Help You Find Your Routing Number:

Wells Fargo and Company which has its headquarters located at San Francisco in California is an American International Banking and Financial services holding company. The company has its Banks and ATMs in all the fifty states of USA. The major services offered by Wells Fargo include Community Banking, Wholesale Banking and Wealth and Investment Management. Routing Numbers will differ from one state to another, so it is extremely important that you get to know the correct routing number before making your transaction.

Wells Fargo Routing Number of every state is unique and you will need to know the routing number to make direct deposits, electronic payments, check ordering, wire transfers and a lot more. Know what a SWIFT Code is? Well, in case a wire transaction is made from outside US, you would need a routing number which is known as a SWIFT Code. The SWIFT Code of Wells Fargo and Company is WFBIUS6S. If you are not able find your routing number of your bank, then you can get to know them through online banking sites of the respective financial institutions. All you have to do to find your Well Fargo routing number is to sign in to the Online Banking Service and then you have to choose the given account of yours. Now you have to click the link that will give you the routing number. Even after this you do not find your routing number you can make a call to the financial institution and get your routing number from them. Make sure you get the right Routing Number of your bank and then make the transaction.

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