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Month: December 2016

Payday Loan – Remember, They Are Short Term Loans

Posted on December 27, 2016 in Uncategorized

Payday Loans are other wise called cash advances or paycheck advance loans. The amount is small ranging from $50 to $500, and the term is about two weeks. The interest rate is high for a payday loan. People who are in urgent need of money turn to the loan as the last resort, when they cannot trust the credit card or friends to raise some money.

You need not have a good credit history for being eligible for this loan, and the processing is very quick. You can procure the loan on telephone or Internet, and within 24 hours the money gets deposited in your account. It is hassle free and has no up-front cost, and no third person is involved.

The disadvantage of the loan is the high rate of interest, and it is important that you repay the loan by due date. The loan can be renewed, but you have to keep in mind that by the third renewal the renewal charges and APR is more than half of the loan amount, and by this rolling over the position of your finances further deteriorates. The US government too is concerned about these borrowers belonging to the lower and lower middle class, who run out of cash by the middle of the month once their bills are paid, and who are pulled into this cycle of debt due to some sudden expenditure incurred on account of a hospital visit or unplanned travel.

However, for someone with bad credit history and who cannot manage any other kind of loan, the payday loan is the only solution. It is only wise to use the money to meet the requirement and pay back the loan on time, and if possible set aside some money every month, and put together a crisis fund.

You can get a payday loan at any loan outlet and in case you do not find one in your neighborhood there is always the Internet, where the loan is just a click away. Generally such lending agencies stay open beyond the normal working hours, keeping in view the situations that force people to look for emergency funds. Therefore such agencies provide service to even those, whose money being in the form of term deposits, certificates or gold is not readily accessible.

Due to the speed in service, convenient locations and operating hours these loan companies are the favorite choice of the average working man who decides to go for the deal anyway. Because even after weighing the pros and cons, the decision of the borrower depends ultimately the gravity of the situation and his need.

Such cash advances are sometimes given against checks dated for the subsequent payday or sometimes against collateral like furniture. It is not advisable to jump for such an offer without paying attention to the other costs associated with it. When a friend or relative does not come to your aid with a hand loan and help you tide over, borrowing money from a loan company is the next available option, though the legitimacy of the company has to be checked. If possible browse the net for information regarding the company and cross verify the details provided like phone numbers, to avoid being cheated. The best way however is to consult those who already have used the services of the company.

Beware of companies that demand an advance fee, and also be discreet about your bank details. Though the interest of the payday loan is much higher than that of a credit card, the fact remains that those who bank on this kind of loan might have been refused credit cards in the first place, and the unemployed are not easily trusted with loans. If you have decided to get yourself a payday loan, be resolved that you shall avoid rolling over, and that you will manage your finances better in future.

A payday loan is cash advance offered sometimes against the next paycheck to help you tide over until the next pay day, and is a small, short term, high interest loan.

Online Payday Loan Companies: Things to Consider Before Taking Out a Payday Loan

Posted on December 19, 2016 in Uncategorized

If you’re looking for a Payday Loan Review, then it’s safe to say you’re financial trouble.

In other words… you need fast money. You need help. Perhaps you’ve got a car payment due, and you feel the only solution is to get a payday loan. Or maybe it’s your mortgage. Whatever it is, it’s no fun.

I know because I’ve been there before. Listen, I’m a single mother, so I know what it’s like having to look under rocks for money, wondering who I can ask for a loan.

But more than anything, I know that desperate feeling of having a bill or payment due, and knowing that I don’t have the money to pay it. That feeling was always my biggest fear… not having enough. Of whatever.

I also know that you have to be very careful when it comes to short-term, or payday loans.

So, what you need is to know that you’re making the right decision and using the right loan service.

Here’s the deal…

You’ve got to do your homework before going this route.

Consider the following:

Is the site you’re borrowing from reputable?

What is the minimum amount you need to get out of your current financial bind?

Do you have a clear understanding of the lender’s terms and conditions for repayment?

Have you created a plan to prevent getting into financial trouble in the future?

A few simple steps on the front end can save you a world of hassle on the back end. Yes, many can vouch for payday loans having “saved” them from unexpected financial emergencies. The key is, however, that you must be prudent when actually considering them as a solution.

Is the site you’re borrowing from reputable?

In order to obtain the loan, you’ve got to provide some very sensitive information about yourself. You need to be sure that the company you’re dealing with will treat your name, address, social security number, and bank account information with the utmost concern for security. Make sure that the lender uses encryption when your application is transmitted. The online business world is just like the brick and mortar business world. There are reputable companies, and there are shady ones, as well. At the very least, however, you want to make sure you know who is running the business. Also, do not use payday loan providers that don’t readily display their contact information, and a brief summary of the company. The most reputable payday loan providers will have a toll-free customer service number. Call the number and find out the name of the company you’re borrowing from (it may not be the same as the name of the website); and find out where their offices are located. Are they registered with the Better Business Bureau? Do a Google search for any complaints that dissatisfied customers may have posted about their experience with the lender. Keep in mind, of course, that someone having had a bad experience doesn’t guarantee the same for you… but it’s good to know what you’re dealing with from the very beginning.

What is the minimum amount you need to get out of this situation? Although it’s tempting, consider whether or not you really need to borrow the full amount the payday loan provider is offering you. Remember, you’re going to be paying an extremely high interest rate. You need to be conservative here. Make sure that whatever amount you borrow, you’ll be able to pay it back – with interest. Making a quick decision to get some quick money, can throw you into a vicious cycle that can take months to recover from.

Do you have a complete understanding of the lender’s terms and conditions for repayment?

This part is simple… you need to actually READ the fine print. Period.

Have you created a plan to prevent getting into financial trouble in the future?

Listen, I live in the real world, too. As a single mother, I know it can be hard to prevent financial problems, but you’ve got to try. There are inexpensive resources for helping people with financial planning. Consider a credit counseling service; or even something like meetup.com, where you can find groups of people with common interests. Having a support system and getting wise counsel from someone who knows more than you can help you develop skills you never knew you needed. Let’s face it – your current skill set got you into this bind in the first place, right? But that’s OK… we’ve all been there… and that’s why good help really is easy to find.

Bottom line, the goal is to have complete control over your financial situation. If you must take out a payday loan, be sure you get the facts and weigh your options before doing so. Remember that every problem presents an opportunity for growth. Get creative, and brainstorm for solutions. The fact that you need more money could be an opportunity to create new methods for managing your money, or learning how you can actually generate more. Financial emergencies happen for everyone at one point or another. Being prepared is the only way to insure you will whether your financial storm successfully.