It provides payaday loans at very competitive APR. Refer to the comparison page in the website.

Additionally it also offers short term installment loans on small sums as alternatives to payday loans.

They are offering first time customers interest free loans of up to $300.

Refer to the website for more details.

http://www.elitecashservices.com/main.php

The form of security in the case of savings account payday loans is thorugh accesss to the savings account from the payday lender.

This is helpful if the applicant do not own a checking account. This form of payday loan offers the same benefits as a checking account payday loan.

What are the advantages?
The advantages to the borrower is that lenders that offer this service will often provide this facility at lower cost than compared to the penalties that are incurred if the borrower actually require more time to repay the loan. This multi payment facility is especially advantageous if the borrower is aware at outset that they will have difficulty paying the loan in full at the repayment date. Lenders will also often pro rata the fees if the loan was paid in full earlier than the period of installment plan that was originally put in place.

Problems solved…

Until the you fall into debt trap, loan extension, penalty fees, recycle etc

Before jumping into payday loans it is worth considering the alternatives to payday loans. Have you considered the following:

Cash Advances on Credit Cards
Credit card cash advance is probably the first place to try with APR that are much more reasonable compared to payday loans. There are credit card companies out there that can help those with credit issues obtain a credit card. Don’t assume that this is a dead end.

Negotiate with creditors
Don’t be afraid to talk to your creditors to sort a reasonable plan for paying back what they are owed. The chance of paying back existing debt is not going to increase if you get yourself into a debt trap.

Credit Unions Loans
Credit unions often offers loans to its members with reasonable interest rates.

Overdraft protection
Although not a loan, signing up for overdraft facility will prevent checks bouncing from your account when not sufficient funds are in there to cover the cheque. This will prevent costly check bounce fees from incurring.

Microloans
This is something new and worth a try. This is a website platform for matching borrowers and individual lenders together. Borrowers bid for loans while lenders lend money according to the interest rates offered by the borrowers and their cause.

At end of the day, don’t be afraid to talk to your family and friends, they are going to think you are even more foolish for getting yourself into a trap that cannot not recover from than lending a few hundred dollars to you.

Some disadvantages of this service include not knowing which lender your details will be forwarded to, in effect they are lead generators, these information are on sold to direct lenders.
Also the application forms tend to automatically sign up applicant to email and sms lists. This should be noted and look for the option to opt out. Some websites seem to sign up the applicant to mailing lists once they submit the form without giving applicant a chance to opt out.
However matching services in theory should have some advantages in that it should increase the chance of approval as the borrower will be matched to the lender.

Paydayloans matching service

The average cost of 14 day term payday loans ranges between 400%–800% with shorter term loans having higher APR. Although APR measure is a useful measure for comparison purposes it is also important to note the dollar costs associated with the loan.
In comparison other forms of cash advances like credit card cash advances incur an APR cost of approximately 60%.

Loan Features
How fast does the loan get approved? Some with urgent needs will be interested in the speed at which the payday loan is approved.
Is the lender flexible with the loan amounts?

Customer Service and Ease of Navigation
What are the customer service like, are emails and phone queries answer promptly?
Is the website user friendly?

Application Process
Is the application process straight forward or is it onerous?
Is it truly fax free and hence does not require bank statements, phone bills etc to be faxed?

Automatic renewals
Look out for payday loans that automatically renew every payday hence withdrawing the finance charge at every pay date.

Debt Trap
Don’t get caught in the debt trap cycle. The short term and high costs of payday loans may trap borrowers causing the loan to be extended at every payday in order to keep up.

Credit History and Bounced Checks
Unpaid loans usually mean bounced checks which incurs bank fees. If a history of bounced checks develop the borrowers credit rating will be negatively affected.

Legal Risk
Some lenders may use strong arm tactics to coerce repayment, eg threat of criminal charges, legal action

Payday loans are repaid on the next pay date with the original amount borrowed plus any finance charge.

Payday loans size are range typically between $250-$1500 with terms of 14 days or 30 days.

Payday loans are usually required for emergency needs, often thus requiring funds on short notice are typically of low credit standings, hence why the lender has to charge equivalent interests that are a few times the normal range of APRs of alternative forms of lendings.