People Should Only Use A Payday Loan As Their Last Resort

Posted on January 26, 2017 in Uncategorized

But sometimes there are unforeseen financial circumstances. Paydays loans are a good option to consider. Keep these tips in mind when thinking about getting a payday loan.

People should only use a payday loan as their last resort. Loans carry very high interest rates which actually have you paying close to 25 percent of the initial amount of the loan. Prior to securing a payday loan, investigate your options. A simple method to find reputable payday loan lenders to to look on websites that review them. You can get information on which companies are trustworthy and which ones have shady practices that you should avoid. If set on getting payday loans, review all information before signing a contract. There are scams that are set up to offer a subscription that you may or may not want, and take the money right out of your bank checks account without your knowledge. Do not get involved in a never ending vicious cycle. You should never get a payday loan to get the money to pay the note on another one. Do everything you can to get out of this cycle. It is very easy to fall into this trap if you don’t take steps to prevent it. The costs can spiral out of control quickly and leave you broke.

Be sure you have a clear understanding of payment due dates. Loans have high rates when it comes to their interest rates, and these companies often charge fees from late payments. It is imperative that these types of loans are paid on time. It’s even better to do so prior to the day they are due in full.Report any wrongdoings by your lender to a state agency. There are times in which payday companies act illegally that could mean that you do not have to pay the interest on your loan at all. Don’t allow yourself to be pushed around. The companies that offer payday and cash advance loans make tons of money in the business annually. They make so much money because the lender makes all profit. Before you take out a loan, spend some time researching the lender and make sure that you are receiving the lowest interest rate that you can. You should consider all fees associated with the loan. Be sure to only borrow what you need when taking out a loan. Borrowing the minimum amount of money necessary will help you minimize associated fees and interest. Avoid paying high fees by only borrowing exactly what you need. A lot of people find that they do not have another avenue when they have to get a payday loan. Look into other options first; you might be able to save money by avoiding payday debt.

If there is family or a close friend that will loan you money, talk to them before getting a payday loan. Be sure you have a clear understanding of payment due dates. Lenders typically charge extremely high interest as well as massive fees for those who pay late. Therefore, you need to be sure that you pay back your loan in full on, or before, the agreed payback date. Do not sign a payday debt that you do not understand according to your contract. If a company doesn’t give you this information, they may not be legitimate. The loan and cash advance business makes millions upon millions of dollars a year. They make so much money because the lender makes all profit. Research about each lender in order to get a good rate for your bank check.

Make sure you factor everything in, including interest as well as an other additional fees.Never refinance this type of loan if you can avoid it. The biggest problem with payday debt is that they’re addictive, in a sense, and people end up using loans to pay down loans, creating a vicious cycle of debt. Because these loans carry such high interest rates, small debts can easily turn into huge ones. If it’s not possible for you to pay off a payday loan, then you may want to apply for an inexpensive personal loan from the bank rather than pursuing a payday loan. Be careful when it comes to giving out your personal information when applying for payday loans. You will be required to give the lender personal information during the application process. Verify that the company has a legitimate privacy policy and is a reputable lender. When you are planning your payday loan needs, make the most of the advice you read here. You should be able to garner a better rate, as well as make smarter decisions. Make sure you take your time to choose the best loan for you.

How To Qualify For A Free Personal Payday Loan – Even If You Have Bad Credit

Posted on January 19, 2017 in Uncategorized

If you need money fast and you have bad credit, you’re about to learn one of the best ways to get approved for a personal payday loan.

You’ll also discover why applying for a payday loan online is safe and easy.

I’ll share two simple strategies you can use to pay zero interest or fees on your personal loan… and… Boost your chances of getting approved for a payday loan – even if you have bad credit or no credit.

Here’s how it works…

Until recently, if you needed a bad credit personal loan, you had to drive across town. Then – on top of that – wait in line forever to get a loan. If you have kids with you, that’s a huge hassle!

Not anymore.

Now you can apply for a payday loan from the comfort of your home, know if you’re approved in minutes, and get fast cash wired into your bank account. No waiting in line. No driving across town.

But, be forewarned —

If You’re Not Careful, This Convenience Can Cost You

Online payday lenders fall into three categories:

Honest Lenders, Offering Honest Service – These companies don’t hide behind a web site. They give you their phone number and postal address, and they clearly disclose their loan terms. When you do business with them, you can rest assured your personal information is kept safe and you’re getting an honest deal.

Dishonest Lenders, Who Sometimes Break The Law – Some online lenders charge more interest than state laws allow. Others lend money to people living in states where payday loans are outlawed – or to military personnel. And worse… Some aren’t lenders at all!… Just scam artists out to steal your hard-earned money and personal information. Fortunately, there aren’t too many scammers, but you still have to protect yourself.

And, finally,

Brokers Who Don’t Fund Payday Loans – The majority of bad credit loan sites on the Internet don’t lend money. They accept your application and forward it to lenders they’re affiliated with. While this seems like a good thing (lenders “competing” for your business), you lose of control over the application process. Do you really want to get a loan from a company you don’t research yourself? I didn’t think so.

You may wonder…

Are Online Payday Loans Worth It?

Absolutely! Applying is fast and easy, and the money is zapped right into your account.

The good news is, you can protect yourself by following these three precautions: First, only apply for a loan if the application page is secure. You can verify this if you see a closed padlock in the top-right or bottom-right corner of your screen. Second, never apply for a loan from a company that charges more than your state allows (usually no more than $25 per $100 borrowed.) And, Third, always be sure you can find a postal address, phone number and clearly-disclosed loan terms on their site within 15 seconds of landing on their homepage. If that information is too hard to find, they may be hiding something.

When you follow these three simple rules, you’ll weed out 99% of the dishonest lenders and/or scam artists.

Now that you know how to protect yourself when you get a bad credit personal loan, here’s how to get a fee-free loan.

How to Get A Fee-Free Bad Credit Payday Loan

Just as I promised, you’re now about to learn how to borrow money for free, even if you have bad credit.

Because there are so many payday loan sites and only ten spots on Google’s first page for “payday loans”, lenders are working harder to attract your business.

And that’s good news for you!

In fact, there are a handful of honest companies that will give you your first loan free.

Here’s how it usually works:

  1. You apply for a loan online
  2. If approved, your first loan (usually between $100-$500) is wired to your bank account within 1 business day
  3. When you pay-off your loan, the loan fee is waived

What that means to you is…

If you take out a loan and pay it off the first time it comes due (instead of rolling it over), you pay no fees! You can’t beat a fee-free payday loan, can you?

If you take out a loan and roll it over (extend your loan when it comes due), you’ll pay a fee to roll-over your loan. However, when you finally pay-off your loan, your last loan fee will be waived.

So, no matter what, you save money!

And, bad credit is usually not a problem. That’s because most payday loan lenders don’t check your credit report. They may check with a company called TeleTrack to see if you have any other loans out – or – if you’ve defaulted on any payday loans in the past. But, recent bankruptcy and even some severe credit problems may not always get you turned down for a loan.

Plus, since you can apply online, you can safely apply without worrying about the embarrassment of getting turned down face-to-face if you don’t meet their guidelines.

You can apply for a fee-free payday loan today and find out fast if you’re approved.

Here are two ways to find companies offering first time borrowers fee-free payday loans.

Tip #1: Search Google for “Payday Loan First Loan Free” and see what comes up. Follow the advice I gave you above to protect yourself from scams or hassles.

Tip #2: Or, search Google for “Payday Loan Reviews” and see what people say about popular online lenders, so you can make an informed decision.

Online bad credit loans are a great option, and when you follow these simple rules, you can protect yourself and save money, too!

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Payday Loans Vs Bank Loans: Who’s the Real Villain?

Posted on January 12, 2017 in Uncategorized

Payday loans have been getting a bad rap lately for what some argue are outrageously high interest rates and predatory lending practices, however when payday loans and their costs are stacked up against the fees of traditional banks, a different villain begins to appear.

The majority of payday lenders offer short-term personal loans that carry an average cost of between $12 and $22 per $100 borrowed. (a simple interest rate of 12% – 22%) The payback term is typically two to four weeks and the payments are automatically debited from the same consumer bank account that the funds were deposited into at the time of the loan. Opponents of payday loans argue that if the percentage rate on one of these loans is amortized over a full one year period, the annual percentage rate (APR) can reach or exceed 200%. Certainly an APR of 200% does seem outrageous, but that also begs the question of, “Why would opponents of payday loans- or anyone for that matter, attach an annual percentage rate to a loan that only covers a two to four week period?” We begin to see the self-serving purposes of the real villain when this question is answered.

Most groups that are vehemently opposed to short term personal loans and the payday lenders who offer them are made up of large banks and other traditional lenders. They claim that they oppose payday loans in the interest of protecting American consumers. In reality, if we look at a typical scenario involving these so called “protectors” a different story takes shape.

Let’s say for example that a consumer who has the average bank checking account runs short on cash and needs an extra $200 until the next payday in order to pay a couple of small bills or buy groceries for their family.

The odds of getting a loan from the bank in less than 24 hours for even a small amount are slim to none, especially if the consumer in need has anything less than perfect credit. Without the option of getting a fast payday loan, the consumer may be forced to go ahead and write checks for those bills knowing that there won’t be enough money in the bank to cover them. Overdraft fees at most banks come in at around $35 per bad check and are automatically debited from the consumers account as soon as the next deposit is made. If that deposit is made after the end of the billing month, additional late fees may be added – further increasing the amount owed to the bank!

Now let’s say the consumer had to write 3 small overdraft checks that total $100 to pay those bills, the $35 fee is a per check fee so if the consumer writes three overdraft checks that total $100, the fees the bank charges to the consumer would be $105 or $35 for each bad check written. (a simple interest rate of 105%) If we amortize that amount into an annual percentage rate – as the banks do – when they argue against payday lenders, the bank interest rate on overdrafts exceeds 1,000% annually before late fees are added.

To make matters worse in this hypothetical bank account overdraft situation, the consumer will most likely be charged between $20 – $45 by the three vendors to whom the bad checks were written, therefore the cost for NOT having access to a payday loan climbs even higher. Additionally, knowingly writing a bad check is against the law and punishable by jail time in most states. Despite what the big corporate banks and their lobbyists might wish for you to believe, when we take an objective look at the real world it starts to become very clear that payday lenders actually offer a valuable service to middle and low-income consumers who otherwise have limited options with a standard bank account.

American consumers need payday lenders. If there wasn’t a need for payday loans and it wasn’t a viable solution to an existing problem, the business would not be flourishing throughout the country. “Traditional banking institutions just don’t offer the flexibility and distribution of short-term cash loans the way payday lenders do… so it is an industry that has actually filled a void for many Americans – most of whom use the service wisely and effectively.” says William Janus, owner of three payday loan stores in Missouri.

The argument for and against payday loans promises to continue and grow throughout the coming year and at the head of the pack opposing payday loans will most likely be those villains disguised as bank presidents who view the payday loan industry as encroaching upon their gluttonous profit margins that are conveniently hidden in overdraft and late fees. All the while they charge these outrageous fees in the name of “protecting” the American consumer.

To protect yourself, make sure you are aware of any and all bank fees that you may be subjected to and if those fees are subject to being compounded or augmented by late fees and added interest. You can find payday lenders who are clear of any complaints with the Better Business Bureau or Federal Trade Commission by performing an Internet search for “best online payday loan reviews”.

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