This is a continuation of the second part of the glossary of terms related to payday loans. Hope you find it beneficial in understanding the subject and perhaps save money and avoid personal debt through awareness and knowledge of the jargon and technicalities involved in payday lending.

• Online payday loan: This sort of loan is obtainable on the internet at any time. No credit check is necessary for an online payday loan. It also makes it feasible for customers to effortlessly, rapidly and securely apply from the comfort of their residences. For qualifying an online payday loan, the applicants must meet the following requirements: You must be a citizen of the United States; you should have an occupation or being paid regular benefits of some type such as social security or a pension; you must have a legitimate checking or savings account (some lenders need the account to have been dynamic for no less than three months); you must have stable earnings (no less than $1,000 per month) and you have to be at least 18 years old.
• Over-the-limit fees: These are the fees that are charged for every month that their balance surpasses their loan maximum value, borrowers are charged an over the limit charge. It generally ranges from thirty to forty dollars.
• Payday loan quote: A payday loan quote can be defined as a complimentary and safe online site where you can evaluate payday loan rates from a number of lenders.
• Payday loans: (which are also referred to as fax-less, deferred deposit, fast cash, cash advance, payday advances, quick loans and online payday loans) These customer loans are unsecured, temporary (usually two weeks or less), loans ranging usually from a hundred to a thousand dollars. Payday loans can be acquired through the Internet, via fax or phone, or at a brick and mortar store. No credit check is required or done on such type of loans.
• Payday loan calculator: A Payday loan calculator is one which is an online calculator permits customers to compute the total interest, annual percentage rate (APR), and entire settlement quantity of a payday loan.
• Predatory lending: Predatory lending can be defined as lending practices where there is a failure to reveal loan terms and cost and/or the misleading persuasion of potential borrowers to approve to abusive and unfair loan terms, for instance unjustly high fees.

If you have any other comment or term to add to this glossary, please feel free to leave a comment.