Federal Cash Agency (Cash Loan Network) up to $1500 Cheap Payday Loans

Even as short-term loans from payday lenders and banks get greater scrutiny from federal regulators, online start-ups are introducing new versions of these loans that also carry significant fees.

The new offerings include BillFloat, which pays customers’ bills of up to $200 each, and ZestCash, which makes larger loans for longer periods of time.

Both companies insist that they are not payday lenders and that their loans are structured with protections that help customers avoid getting overwhelmed by debt. But fees and interest rates on their loans still can be quite high.

BillFloat, based in San Francisco, doesn’t pay any money directly to the customer. Rather, it pays its customers’ bills — say, a utility bill or cellphone bill — and then automatically deducts the amount of the bill, plus fees and interest, from the customer’s bank account within 30 days.

To use the service, customers don’t undergo a traditional credit check. Instead, they register on the Web site and provide their bank account number. BillFloat analyzes their financial information to determine whether they are eligible. “We look at their source of income and the consistency of income,” said Ryan Gilbert, BillFloat’s founder and chief executive. (more…)