Payday Loan
Pay Day Loans Can Actually Protect Your Credit Rating
One of the easiest ways to get extra cash is to apply for pay day loans online. The money is easy to access. You are not borrowing a bank's money; you are accessing your future earnings. The money is part of your overall wealth, and capital that you have not accessed yet. One way to access this cash, is through cash advance payday loans.
Most bills arrive at the end of the month. It only takes one extra bill, or an increase in a utility bill, to throw off a budget. Paying bills, or managing an emergency with a credit card is short-sighted and financially dangerous. All many people need is to access their money, when they need it, to prevent financial disaster. This was the premise that became the foundation for the pay loan.
The easiest way to access your money is with a payday loans online through the internet. The entire process is automated. You never have to justify your financial decisions to a stranger when applying for loans through payday online services. The whole purpose of payday loans is to let you continue to manage your money, without having to answer to strangers.
Most people do not end up in financial difficulty through any fault of their own. Even a simple illness, or being forced into the position of caregiver for a family member, can throw a frugal budget into a tailspin.
Most households have enough money to pay their bills. They may just not have it in their bank account now. When you use a payday loan advance then you have your money, when you need it. A local payday service requires you to work with an agent, divulge personal information, and be forced to work face to face with someone who doesn't understand your situation.
A pay day loans online service can be a lifesaver in a time when you don't need any more stress in your life. It can take the pressure off, leaving you more time to think about important matters. You can find out whether you qualify for the amount of money you need within minutes. Just fill out the online form, and wait a couple minutes for your approval notice. It is that easy.
The best part is you stay in control of your money. The cash advance is in your account within one business day, giving you more options. It is cheaper to borrow a payday loan than take out an in-house small loan from an appliance store that charges high interest rate over several months. All this extra expense can be avoided by accessing your money when you need it.
A local payday loan service lacks many of the instant services that an online service does. They often require you submit a pay cheque to get your money, severely limiting how much you can borrow. This can leave you short. Applying for pay day loans online eliminates the intrusive factor, and doesn't require a copy of your private financial documents before you receive your money.
Avihenda loves to write interesting financial articles on Instant Payday Loans and the like. Be sure to drop by our site to learn more about payday advances, Pay day Loans and the like.
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Can You Get Approved For A Personal Loan With No Credit History?
By Susan Westbrook
Credit history is vital for one who intends to apply for a loan. It indicates how likely a borrower is, to repay the amount granted to them. The money lender, thus, considers the applicants history of payments to determine the value of money they can be trusted with. The higher the scores they have, the larger the loan they get. This does not, however, mean that all loans depend on the history. There are financial institutions that can give a type of advance called the no credit personal loan to a borrower, on conditional terms.
As their name designates, these cash advances are extended to a first-time borrower or one with bad history. They demand no collateral, and use a virtual guarantee. Being thus unsecured, they are granted in relatively small values, and with high interest rates. Their payment takes place in a short duration of time.
There are several reasons one may need a cash advance. Most reasons are emergencies, such as medical bills. They can also be for meeting mid-month financial crisis, such as car repairs, groceries shopping and paying school fees. In order for them to serve their purpose, the borrowers must use the quickest ways to have the funds in their wallets.
They can apply for the funds in many places, but online applications are the most convenient as they take the shortest time. There are plenty of offers, and it is up to the borrower to ensure they get the best lender. This is the one who allows them relatively lower rates, and offers friendly and flexible terms and conditions. The flexibility includes the allowance of a convenient repayment period. In order for the borrower to have a guaranteed security, they should seek out the legitimate lender, of good repute.
Before making the online application, one should compare the available offers. The comparisons are advisable because of the high interest rates. It enables one to acquire the lowest rates. One conducts the search under either personal loans with no credit, payday loans or cash advances.
One may also opt to do a quotation search. When the search results appear, the borrower must then examine the different quotations different online lenders offer. These include the principle amounts and interest rates. They should also check the qualifications. One of the vital qualifications is a checking account, in which to receive the funds. The borrower must, then, be an open checking account holder with a bank.
Once they have arrived at a decision on whose lenders services to employ, the borrower shall fill a provisioned form. Approval takes place in minutes. When the applicants eligibility is confirmed, the funds are instantly transferred into their checking accounts via electronic means.
All in all, a no credit personal loan is the best option for a novice at getting financed. It will build their credit in order to be able to apply for other types of loans, as well as solve their financial emergencies. Getting a good credit can also get the rates for these funds lowered. Therefore, one must be very cautious with their observance of the terms and conditions. They must meet the payment deadlines. They should always be aware that their lenders send monthly reports to the credit bureaus, who then build their rating.
Even if you have had, or are now faced with some worrisome or severe credit issues we have no credit personal loans to meet your needs. Visit us now for bad credit personal loans, an easy online application, and fast approval.
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Payday Loans With Bad Credit: How to Clear Them Fast
By Hilary Bowman
For any of us, the need to access cash quickly can pop up without warning. Often we have no time to go through the normal loan application process, and when poor credit ratings are a factor to consider, there is one option that provides at least some certainty. Getting a payday loan with bad credit is possible for practically anyone.
There are problems with this route, however. The promise of fast access to cash means lenders providing these loans are able to charge much higher interest rates than normal, some as high as 35%. So, while approval for emergency funds is almost assured, a hefty repayment sum is equally certain.
What is more, the repayment term is usually very short, in some cases as short as 14 days. It depends firstly on the terms of the payday loan, and secondly when the next paycheck is due to arrive (thus the loan name).
Avoiding a financial disaster can be tricky if the right attitude is not applied from the start, so here is a brief guide to taking control of the debt that can so easily build up.
Organize Your Budget
Most of the time, borrowers will only have one payday loan, with bad credit making it difficult to take on any more. But when the sum borrowed is high, the repayment schedule is usually stretched over three or more months. This can create a need for further loans, which then overlap to increase the repayment pressure.
It is important to make a careful study of the situation, and to accurately budget the repayments. Identify each loan and when repayments are due, as well as how much the repayments are. Draw up a timetable if necessary for easy reference. A major flaw amongst borrowers is that, after getting approval for emergency funds, they do not stay on top of the situation.
Once the timetable is clear, allocate the necessary amounts to pay off the payday loans. It may need some serious sacrifices to pull off, so maybe wait a while before booking that vacation to Florida.
Consider Debt Consolidation
If the debt is too difficult to manage, then there are a number of debt consolidation loan programs that can be considered. These ultimately clear in one go all of the troublesome payday loan, with bad credit often ignored by lenders. These programs are designed to help, primarily.
A debt consolidation program means that the debt is fully repaid using another loan that is structured to have much lower monthly repayments over a longer period. When a borrower gets approval for emergency funds, they rarely have the luxury of choosing the loan deal, but this sets the issue right.
There are also debt settlement programs available. These differ from consolidation programs in that they are used to clear perhaps 50% of the debt in one go. This makes a difference in terms of repayment sums, but part of the payday loan debt remains.
Consider Bankruptcy
The final option for clearing payday loans with bad credit is bankruptcy, and while this is not the most desirable solution, sometimes it is necessary. This option is reserved only for those borrowers who are clearly unable to meet repayments and are completely overwhelmed by the debt.
This means that the debt is erased, relieving the borrower of any need to repay the loans. But there are consequences to be aware of before finally lifting the pressure that approval for emergency funds brought.
Once the application for bankruptcy is approved, the chances of getting another payday loan (or any loan) approved can be rated as slim to nil for about 2 years.
Hilary Bowman is a Financial Expert who specializes in Loans for People with No Credit and Bad Credit Loans
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Facts Concerning Advance Payday Loans
By AD Davis
Once you've finished reading this article, you should know enough about cash loans to make the right decision about them, and also be able to explain them to others
Advances with payday loans help you get through to your next payday. These loans always come with strict fees attached. When you fall behind in your bills, you could ask for extensions and work closely with your utility service providers to pay your arrangers. Or you can go for a payday loan. A payday loans is designed for instant relief in emergency situations. Things like utilities about to be shut off, car repairs, overdrafts, tuition fees, or health costs can be good times to seek a payday loan.
Payday advance loans are generally extended for a two week period. Sometimes they may be lengthened to as much as 18 days. Whenever your fixed period of time is up, and you aren't able to repay the loan in full, you can pay the finance fees and then have the loan rolled over for the next available paycheck. This can get to be a vicious cycle.
After your cash advance gets approved, your lender will deposit your money directly to your checking account. When the due date arrives, then the funds will be transferred to your lender. Many lenders will transfer your money within 2 business days, some within 24 hours. Payday lenders approve their loans quickly and advance you the cash quickly. Most lenders aren't interested in your credit, so you don't have to worry about credit checks.
There are loads of online loan sites that have good security, so your transactions will be safe, confidential, and very secure. This is vitally important with identity theft being so prevalent online today.
At this point of the article, you should have obtained at least a small bit of knowledge of how advance payday loans work. The following may make things even clearer:
Payday advances are designed to work for the short term. They are unsecured loans meant to tide you over until your next paycheck. When you're between paychecks, and unforeseen expenses arise, they can be a big help. Most of these lenders make the process very simple and easy, not requiring you to fax any documents. They just verify your employment and banking information, and process the loan. But there are a few that will have you fax them documents with signatures.
The way payday advance help is in their flexibility. A borrower can be at ease knowing this transaction is private and discreet. Many advances are used for common things that can sneak up on us by our mishandling of our monthly budgets.
When you search on the Internet for a loan, you'll see there are many websites devoted to this industry. If you can find one closer to your area, it could serve you better. Some lenders of these loans are restricted to their own areas. There is a bit of controversy surrounding this industry in many places, and some states are trying to shut these resources down.
Many people and officials claim that these payday loans are preying on people who are down financially, and taking advantage. They feel these lenders are merciless, greedy, and gluttonous, making their profits off the misfortune of others. But others say you need to look at some of the traditional loan institutions before being so quick to judge.
In reality, a payday loan can be cheaper than having a bank overdraft. Overdrafts today are quite expensive. When you obtain a payday loan for paying off overdraft fees, it might cost you, but not as much as incurring another overdraft fee. If you any type of disconnection charges, you'll probably pay less for the payday loan for paying the bill, than your would to have that utility re-connected. This makes payday loans work to your advantage.
You can do your own research online, and find yourself a payday loan with terms and services that suit you. I hope this articles has enlightened you some as to how payday loans work, and what's involved with them. As long as you know you can repay these loans with your next paycheck, you don't have much to worry about.
But for those who try to roll these loans over until another payday, aside from the first one it was set up for, they can find themselves headed toward trouble. These loans are great, but only if you pay them off quickly. And never borrow more than just exactly what you need. Should you find you have enough money before your next paycheck to pay the loan off, it's a good idea to do so. You never know what circumstance will arise on any given day. If it's paid off, and you should need it again, then it's no problem. But once you ruin your credit with the payday loan lenders, you really have put yourself in a box.
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All That You Would Like to Know About Payday Loans
By Rock Watson
I am out of cash! I don't have any money! I am having bad credit. I need financial aid badly.
Have you ever said so in middle of a month? Have you ever faced financial crisis? I don't think any of my readers can answer "NO" bluntly to this question. Everyone faces financial crisis once in a lifetime and cannot tally his spending with his earnings. There are many uncertain expenses and events may occur. Your son broke his teeth while playing Baseball as he fell and now you have his dental expense which in no chance was planned by you. Your wife suddenly got some medical emergency and naturally that expense was not at all planned by you. Your car got damaged and needs repairs, you needed to buy any household appliances urgently as your oven, refrigerator, heater, etc. got damaged and you had to replace it or you became a victim of robbery in the mid journey. What will be your answer to such expenses? Yes the answer would be PAYDAY LOANS. Yes i.e. the loan given before your Payday (Salary day) to fulfill the expenses incurred and not manageable in the current month.
Payday loan is like a "Boon" for fixed income people. The procedure for obtaining such a loan is so simple, just like borrowing money from a friend. Cash Online Advance and Payday loans are one and the same.
The things required for borrowing a payday finance online is as follows:
1. Identity Proof
2. A bank account
3. Citizen of the United States over 18 years of age
4. Current employment
Except the above mentioned things nothing else is required not even credit rating. The loans are also called credit-check free loan. Thus, a person with bad credit can also apply as credit check is not mandatory for getting a payday financing.
The most important advantage of payday loan is that it is available with no fax whereby, there is no documentation or faxing and other tedious paperwork required to get a payday loan.
Types of Payday Loans:
* Direct Deposit Payday Loan.
* No Credit Check Payday Loan.
* Faxless or No Doc Payday Loan (No Documentation required).
* Bad Credit Payday Loans.
The payday advance is available ranging from $80 up to $3000 within the time limit of 1 hour to 24 hours, except few difficult cases. The availability and approval of the loans depends on the lender and there are no specified rules to be followed for its approval. Money is available in minutes without any hassles, but the biggest disadvantage of such loans is that the interest is charged at a very high rate.
The repayment of this loan can be done within 90 days of its procurement. There are different criteria for different financial institutions providing payday loans. You would be paying either monthly or weekly payments towards your cash advance.
The Do's for borrowers:
* Research for a good payday lender.
* Check the terms and condition with interest rate before signing for the loan.
* Use payday loans to pay credit card bills and maintain the credit in that aspect.
* Pay all the dues previously taken to avoid accepting high interest rate.
The Don'ts for the borrowers:
* Don't make this kind of loan borrowing a habit it will be an addictive habit which will lead you to bankruptcy. Learn to manage the expenses from your earnings without taking any loans.
* Try to repay the loans as fast as possible to increase your credit rating and save paying towards interest rate.
* Loan is available but repayment is equally difficult. Don't take more than 1 loan at a time if possible try to keep the loan amount low.
Payday loan is a boon but only if you can pay on time. Thus, the concluding statement would be "Take loans wherever required but be ready and willing to pay it back. Take loans and advances wisely - Payday loan is the boon with the same condition.
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The Fastest Payday Loan You'll Ever Get
By Tommy Green
One hour payday loans are a quick loan given against your next paycheck you receive, for a small fee. Just like the name implies, one hour payday loans are a type of Internet loan service that can process your loan application is as little as one hour.
After you fill out a loan application online on the website of the lender the lender will get in touch with you by either phone or e-mail. If the loan is approved you can withdraw the cash from your account the following business day. There are a few payday loan services that will wire your loan directly to your bank account for a small fee.
Amounts for One Hour Payday Loan
The payday advance companies will consider your income when making the decision to how much you will be eligible to borrow. You may be able to borrow up to $1,500 depending on your specific situation. Many lenders will often let you borrow larger amounts of money after you have established some history with the lender.
How soon can I expect funds to be in my checking account?
You can expect to see the funds from the lending service in your checking account on the following business day. You should know that these deposits can also be made on the very same day, but for a small fee. You should also know that the funds will be wired to your bank directly and your bank may charge a fee as well.
Do lenders for a one hour payday loan run credit checks?
Most lenders do not run credit checks. If you are an individual with bad credit it will not be an issue when you apply for a payday loan.
What is the period of time for paying off a one hour payday loan?
The usual time period for repaying a cash advance is 14 days or until your next paycheck if you are paid monthly. Just because this is the repayment period you will not be required to pay the full amount of the loan back in one payment.
There are many companies that will agree to take the fee out of your checking account and then renew the loan for one or more repayment periods. You should be aware that when you receive a loan extension there are new fees for every renewal you receive.
The Interest Rates
One hour payday loans charge a financial fee instead of an interest rate. The average fee for a loan is $25 for every $100 that is borrowed. However these figures can vary with different companies.
There are some companies that will charge you only $10 and other companies will charge $30. At the end of every loan period, which is generally every 14 days, the fee is renewed.
If it is the case where the fee is $30 for every $100 that is borrowed it is equal to an Annual Percentage Rate (APR) of 782.14%. If you find that the interest rate is too high for you and you will be able to wait longer for the funds than you may want to look into applying for a personal loan.
Restrictions
One advantage of using personal loans is that there are not any restrictions. You can use them for whatever you want. If you are in need of some extra money for rent, bills, or anything else than a payday advance may be exactly what you are looking for.
Multiple Loans
Payday lenders, for the most part, do not allow you to have multiple loans at one time, but policies vary with different companies. If you discover that you are using payday loans often you might want to look into other options.
Some other alternatives include credit counseling, a loan for debt consolidation, credit cards, or a personal loan. There are many alternative options, such as these, that anyone can take advantage of, even people with bad credit.
Tommy Green has been writing articles about the financial industry since 1983. He has served as editor of several money magazines and is now dedicated to helping the consumer. He recommends a Payday Advance Online for all your financial emergencies.
Contact Info:
Tommy Green
http://www.PaydayAdvanceTree.com
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Instant Payday Loan Lender
By Jessie Bowers
All of us have experienced a pile up of bills, a medical emergency, education costs, or home repairs that stretch us financially. We turn to our emergency funds to cover these expenses, but when the emergency cash runs out, we have to resort to our savings or we take on considerable debt. An instant payday loan is a cash advance that can help us out of some of these binds and prevent the accumulation of late fees and overdue accounts that incur interest rapidly. The option of an instant payday loan gives you access to cash within a few short hours when you need it most.
I need cash fast. Just how 'instant' is this instant payday loan?
The 'instant' label may sound too good to be true. Realistically, there is no lender than can get you cash in a matter of seconds or minutes. However, securing an instant payday loan in roughly an hour is feasible. The online application helps to dramatically shorten the approval process and funds will be released to you much faster than if you were to apply in person and fill paperwork out by hand. Upon submission, you application will be matched and forwarded to the lenders who are best suited to your needs. They will have access to all the contact information and financial history they need to approve your application within minutes and you will see the update in your instant payday loan application immediately.
What is the quickest approach to receiving a cash advance online?
To facilitate your instant payday loan online, it is important to know the requirements ahead of time. Despite the large number of online lenders nationwide, the requirements are fairly standard. You must be a US citizen of legal age, meaning 18 or older. You must be employed in a position that you've held for at least two months, and you need to have an active band account for the transfer of funds. Some instant payday loan businesses can only work with individuals who have checking accounts, but other companies have enough flexibility to make a savings account an acceptable alternative. It is critical that you identify lenders who can work within your means to meet the needs of your specific situation.
Another way to ensure the approval of your instant payday loan application is to limit your loan request to $500 or less. Loans are available in the range of $100 to $1500, but the smaller your loan, the more manageable your payments will be. Repaying a small loan will go much faster than a loan exceeding $1000, and it will keep your financial burden light over the few months following your cash advance.
With these tips in mind, the last thing to do is seek out lenders who advertise loans that get you money in an hour or less. You can find this information at the beginning of your application or on the frequently asked questions list on the lender's website. Wiring money tends to require one hour, so if you choose the right lender, it is possible to get your instant payday loan on this quick timescale.
When should I apply to increase my chances of getting the instant payday loan fast?
Online applications make it possible to submit your loan application anytime throughout the day; however, processing times are fastest during normal business hours. Keep in mind that instant payday loan disbursements are done via cash wiring, so if you apply earlier in the day, you can guarantee that the necessary banking institutions will be open and available to complete the loan process. You are not likely to find an instant payday loan that is available on the weekends or holidays, so try your best to plan ahead.
With all of this information on hand, you have all the tools you need to get a cash advance when you really need one. As with any loan, an instant payday loan is only a short-term financial solution and should not be accepted lightly. When your application is approved, review all the details with a representative from the lender who can help you understand the terms of your financial agreement. Know what your repayment responsibilities are, and have a plan in place to make those payments on time and in full. These online cash advance loans are the fastest way for anyone to get money, and you can expect to see the cash in as little as an hour after submitting your application.
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Securing Payday Loans With No Credit Checks Makes a Real Difference
By Donna N Hammond
Bad credit is never a good thing, but it's not the death-knell to funding so many of us believe it is either. There are loan options available to people with even the worst credit scores. The fact that it is possible to get approval on some loans, like payday loans, with no credit checks ensures this is the case.
Bad credit scores are not debilitating, and actually enjoy only a fraction of the significance traditional lenders would have us believe. Income and a suitably low debt-to-income ratio are far more influential factors, and while guaranteed loan approval never really exists, these loans are the closest to it.
Still, there is no such thing as free money, and there are clear compromises to accept before a payday loan can be secured. They may be the fastest and most accessible route to cash on the market, but they are also the most expensive.
What is a Payday Loan?
Getting a payday loan with no credit check is not the ground-breaking development it might seem. These loans have been available in one form or another for decades, and bad credit scores have never had any significance to them. This is because the loan is granted on the back of an upcoming paycheck.
The biggest advantage is that approval is very easy to attain. It is not exactly guaranteed loan approval, but all that is required is that the monthly income be sufficient to make the repayment in one lump sum. And the fact that credit histories are not checked out means that cash can be secured quickly in times of financial emergency.
However, the loan limit is set at $1,500 while the interest rate is very high (sometimes 35%). And since the term can be as short as just 2 weeks, the pressure to repay a payday loan can be extreme.
Why No Credit Check Works
Lenders never turn to bad credit ratings to decide the fate of a loan application. There are more pressing factors, and given that the recent economic developments have left many honest borrowers with poor ratings, they no longer give an accurate indication of the kind of risk involved in any loan deal. So, the approval of payday loans with no credit checks does make sense.
What is more, because these loans are so much more accessible, with practically guaranteed loan approval, a greater volume of loans is granted. So, ignoring credit histories makes good business sense.
With no credit checks, the focus of the approval process is correctly centered on the fairest criteria - income. So, despite the pressures involved in making repayments in such a short period of time, a payday loan is sometimes too good to be ignored by borrowers.
Other Points to Consider
Approval on payday loans with no credit checks rests on the income, not on their credit scores. Normally, debt-to-income ratios, which stipulate that no more than 40% of income be dedicated to repaying debts, would also play a significant part. But since these loans are typically repaid in one lump sum, they have little bearing here.
A practically guaranteed loan approval can be enjoyed if the income is large enough to cover the repayment in one go. For example, a $1,500 loan at 35% will require $2,025 to clear the debt. This is a large sum to take out of a paycheck, so it is essential that the paycheck is big enough to accommodate it.
However, a payday loan is still the fastest way to emergency funds, making them highly attractive despite the extremely high interest rates charged and the extremely short term of the loan. With that in mind, be sure to check out several options online before agreeing to take out a loan.
Donna Hammond is the author of this article. For more information about Bad Credit Unsecured Loan and Mortgages for Bad Credit please visit her website at QuickBadCreditLoans.com
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Payday Loans: No Credit Check No Fuss Loans
By Steve Cope
Payday loans are the fastest and most convenient option for getting a cash advance for emergencies before your next payday. However getting payday loans and their repayments involve certain important aspects. Herein we are attempting to answer all your general queries related to Payday loans and we hope it will serve as a tool to open up any mystery surrounding payday loans or cash advance.
What Is A Payday Loan Or Cash Advance Loan?
We daily come across many loan types like housing loan, personal loan, and education loan. However, the payday loans are a new buzz in the market, and it is very popular. This loan is known by many names like "Cash Advance", "Paycheck loan", "Check loans", and "Payday advance loans". Let us understand what is a payday loan or cash advance loan and how and when it should be used for your maximum advantage. Payday loans are unsecured loans, which can be used for meeting your emergency financial needs and is paid back out of your next paycheck on your payday. Thus, payday loans are the shortest tenure loans among the other loans available in the market.
Are there any limitations on payday loan or cash advance loan usage?
Many a times we face a situation when we need money badly but feel like our hands are tied as our payday is still several days away. In such a scenario, we either have to shelve or defer our plan of purchasing something or go for a heavy interest credit card loan to meet the obligation. The requirement could be to pay up unexpected medical bills, your kid's school fee, to avoid bouncing of your issued checks or any other financial obligation. In such trying times, payday loans or a cash advance comes in handy. Thus, you can use this cash advance for whatever purpose. There is no restriction on the usage of payday loans.
Am I eligible to receive a payday loan or cash advance loan?
The best thing about payday loans is that they can be had even if your credit rating is not very good. The second best thing about payday loans is that taking a cash advance does not affect your credit rating. All you need to be eligible to receive the payday loans is to have a running checking account and a regular job.
How should I apply for a payday loan?
To apply for the payday loans, we would say it is easier to do than to say. You can apply for payday loans online using Internet. You may be required to supply some basic information such as your Name, Address, and your employer details. Some companies offering payday loans may ask for your Bank Statement or pay stub over fax. The documents required by these companies for payday loans are minimum in comparison to other types of loans.
What is the fee charged for payday loans?
Before applying for payday loans, we suggest that you scan 5-6 companies for the fees they are charging. Some companies offer payday loans without any fee for the first week.
How much cash can I get with a payday loan?
The amount of payday loans ranges from $100 to $1000 depending upon the repaying capacity of the borrower.
What is the length of payday loans?
Normally a cash advance is supposed to be paid back on or before your coming payday. Therefore, the maximum length of payday loan could be up to 30 days. However, some companies are flexible with respect to the loan duration as well. Payday loans can be extended until the next payday. This extension of payday loans however comes at a price.
How long does it take to get a payday loan?
Payday loans are much easier to get and in less time than other loans. After applying for a payday loan online, you will get a telephone call from the payday lender. After completing the small formalities, the cash advance will be credited to your checking account the next business day.
Does this mean I can enjoy my pay without waiting for my payday?
Before you jump for a payday loan, please note that the rate of interest charged for these loans are higher than other loans. Extending the duration of payment will only increase the fees charged. The payday loans or cash advance loan should be used very prudently and only for meeting financial exigencies that cannot be avoided. Please remember that getting a payday loan or cash advance loan too frequently could upset your monthly budget and you may find it difficult to get out.
At the A1 Payday Advance website you can apply for a payday loan with us, read news or articles about the payday loan industry or find other payday lenders to meet your needs. Visit our online payday loans [http://www.a1paydayadvance.com] site when you need a little extra cash. To receive the article by email simply send a blank email to:[email protected].
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Steps For Taking Out a Payday Loan
By Christy Belden
We've all had those unexpected moments when we need fast cash, and a payday loan may be one of many options to keep in mind. When used properly and in the appropriate circumstance, a payday loan can be a responsible alternative to late payments, high-interest rate credit card debt, and causing overdrafts to your bank account.
One of the most positive aspects of the payday loan to consider-the process is quick, easy, and convenient. Below you'll find the application process broken down into a few easy to follow steps.
1. Take a look at your situation A payday advance loan can be a good option for short-term cash flow problems. Before applying for a loan, however, make sure that you'll have the funds available to repay the loan when it's time to pay it back to the lender. Also make sure that you understand what fees you'll be charged, as well as the terms of your loan agreement. Dealing with a reputable lender, whether you apply online or in a store, is also an important factor. The lender you choose can seriously affect your overall experience, including the fees you'll be charged and your repayment terms. Look for a Community Financial Services Association of America (CFSA) approved member to ensure that you're dealing with a reputable payday lender. If you decide, after taking a careful look at your lifestyle and budget, that a payday cash loan is a responsible choice for you, the steps for taking out a cash advance loan are straightforward and simple.
2. Apply online or in a store The first step is the simplest: decide if you want to apply for your payday loan online, or by visiting a retail location. Both have clear benefits, depending on your circumstances. First consider your schedule and location; you may not have time to visit a retail location, or there may not be one available within a convenient driving distance. In that instance, an online payday loan may be the simplest approach. Online applications typically take a short amount of time to fill out, and some payday lenders now even offer faxless payday loans to qualified applicants. Faxless loans can be a great option since this cuts back on the time it takes to get your fast cash. Once you're approved for an online payday advance loan, your funds will typically be deposited into your bank account the next business day. Applying for a cash loan in a store is also a simple process. Many payday loan stores also offer other services not available online, such as check cashing and pre-paid debit cards. By visiting a brick-and-mortar payday lender, you'll be able to interact with representatives able to answer questions and your funds will be available to you before leaving the store.
3. What you need to apply A qualified online loan applicant will have verifiable source of income (this also includes social security and disability), be 18 years old or older (19 for Alabama and Nebraska residents), have an open an active checking account with direct deposit in their name, and have a valid e-mail address and phone number. Some states have more specific guidelines. A reputable online payday lender should have your state's rates and terms readily available on their website. To qualify for a payday loan in a store, you'll need a verifiable source of income, working phone and an active checking account. When you go to the store to apply, bring your most recent pay stub, proper identification and checkbook. It's a good idea to confirm with the payday lender what sort of identification they accept prior to going to their location to apply for the loan.
4. Applying for and receiving your payday loan Meet all of those qualifications? It's time to apply. To apply online, simply fill out an online application. Your lender will determine the maximum amount you are eligible for, and you choose how much to borrow. Then you will find out if you qualify for a faxless online payday advance loan. If so, a representative should contact you to verify your provided information and complete the process. If you don't qualify for faxless lending, you'll need to provide certain documents before your loan can be finalized. These can be your most recent pay stub or most recent bank statement. In either case, once you're approved, your cash advance loan funds will typically be deposited directly into your bank account the following business day. To apply for a payday advance loan in a store, simply bring the documents detailed in Step 3 above, fill out the in-store application, and the representative will verify that you qualify and how much you qualify to receive while you wait. You then decide how much of the approved amount you'd like to borrow, and then leave with your money in hand. That's how quick and simple the fast cash loan process can be. Plan ahead, borrow responsibly, and always choose a reputable lender. Whether you choose an online provider or choose to apply for your instant cash loan in-store, a payday loan can be fast, effective solution for temporary cash flow problems.
Article Source: https://EzineArticles.com/expert/Christy_Belden/75508
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Keeping Your Car in Chapter 7 Bankruptcy
By Ryan Moultrup
For many people who have lost their jobs, taken the advice of banks offering shady loans, or simply gotten over their heads in debt, filing bankruptcy is the best decision. Most people choose a Chapter 7 bankruptcy, which can eliminate medical bills, credit cards, payday loans, parking fees, utility bills and some specific types of personal loans. Chapter 7 does come with some risks, however.
How Chapter 7 Bankruptcy Works
This form of bankruptcy requires you to liquidate your assets, including vehicles, and use any money from the liquidation to pay your creditors. This means that if you have a home with existing equity, a functional business, or any other asset you'd like to keep, you should look into other forms of bankruptcy filing. If you have few to no assets left and are struggling to meet your regular living expenses, this type of filing may be right for you.
Chapter 7 and Your Car
In most cases, filing Chapter 7 bankruptcy will cause you to lose your car, as it is considered an asset, but there are cases where this isn't true. If you are no longer making payments on your car and the value of the vehicle is lower than the exemption amount in your state, your car is not considered an asset for the purposes of liquidation. If you are still making payments or your car has a value higher than the exemption amount, things get more complex.
If you're still paying for your car, it's important to make sure you never fall behind on the payments. By skipping payments, you increase the risk of losing the vehicle. Just making all your payments as usual may not be enough, however. You will need to either purchase the car outright at its current value through a process called redemption or enter into a reaffirmation agreement with the lender for your vehicle.
This agreement allows you to keep your car under roughly the same terms as the original loan. Rarely, you may be able to get the lender to allow you to keep the car without a reaffirmation agreement by paying your car payments on time. This is referred to as a ride-through option and should be discussed with your Chapter 7 bankruptcy lawyer.
State Exemptions
The allowable value of your paid-for car varies significantly by state. For instance, in Alaska, you can choose an exemption for up to $3,900 of one vehicle as long as the total value of the vehicle is not more than $26,000. In California, your car is exempt only if it is worth less than $2,725. In Colorado, your car is exempt if you use it to get to work and it is worth $5,000 or less. If you are disabled or a senior citizen, this value rises to $10,000. The many variations of these laws are why it's so important to discuss your exemptions with a Chapter 7 bankruptcy lawyer.
Reaffirmation Agreements
If you do decide to use a reaffirmation agreement, you will need to negotiate with your lender. You or your Chapter 7 bankruptcy lawyer will need to call the lender and ask for the loss mitigation department. If the lender says you do not need a reaffirmation agreement, remember that they can repossess the car if you default on your payments. If the lender requires a reaffirmation agreement, you should remember that you may be able to get even better terms than your old agreement simply by asking for them. All agreements must be reviewed by a judge before they become legal.
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Payday Loan Initiatives For Arizona and Ohio
By Jackie B
With a presidential election that ended in a never-before seen way, it is almost impossible to focus on the underlying issues. However, the outcome of these issues represent state by state decisions that will ultimately affect thousands of Americans. Payday loan initiatives appear quite frequently on election ballots due to their strong controversial nature. Although debates and proposals have been given and displayed time and time again to help people understand the importance of the payday loan industry in America, it remains a negative part of our society.
What is the controversy? Simply put, payday loans are illegal in 15 states nationwide and it seems that many more states are following suit. While the majority of people say it is just another money hungry industry looking to trick consumers into paying unnecessary amounts of money, some people have come to understand the purpose of the lending business. Regrettably, the opposing side is composed of people who do not need and have never used the system and more unfortunately still, they are the vast majority of people who actually vote on these issues. Because most payday loan institutions are centered in low-income areas of the country, many view them as illegitimate businesses. The truth is they are there because they are needed. Most low-income consumers depend on payday loans to pay off their pending bills or simply to make ends meet on a day-to-day basis.
Arizona has become the most recent state to take charge against the payday loan industry. With annual percentage rates on loans reaching over 400%, many felt the need to step in. The truth is, the rate makes it profitable to the lender and affordable to the consumer. Problems arose only when the loans were used inappropriately. Many consumers misunderstood or did not follow the necessary steps to make an efficient and problem-free transaction. People who were opposed to the industry made the argument that their late-fees were unreasonable, when they are really the same as any other sort of loan, either from a bank or a credit union.
Since payday loans in Arizona face extermination in 2010, supporters of the industry took an opportunity to fight against this in the 2008 presidential election. Proposition 200, as it was called, offered a reasonable alternative. It included a substantial APR cut from $17.50 to $15 for every $100 borrowed. There would be repayment plans available and would eliminate roll-over charges if payments were not made on time. Lastly, it would only allow consumers to take out one loan at a time. While the plea was reasonable, the bill did not pass. 40.50% voted for it while 59.50% defeated it. Arizona's payday loan industry faces extermination in 2010.
Over the past few years, Ohio has seen a rise in the payday loan industry, with institutions appearing in every corner of the state capital. Earlier this year however, it became the most recent state to pass a law regarding payday loans. The law (or Issue 5) put a 28% cap on percentage rates which, up to that point, had reached about 391%. The law also limited the amount of loans to four per year and capped payday loan institutions in relativity to Cleveland's population. Although the initiative was said to be made with the intention to regulate the percentile rates, it has only made it impossible for the payday loan industry to exist. With a 28% limit, there is no room for profit and because of that payday loans have slowly diminished from the state of Ohio and over 6,000 people have been left without a job.
Ohioans for Financial Freedom, a payday loan representative group centered in Cleveland, Ohio, made it a priority to change the law. They spent over 16 million dollars and acquired 279,174 signatures to re-install Issue 5 on the 2008 presidential ballot. Their goal was to get enough voters against the proposition and therefore re-instate the 391% APR and unlimited access to payday loans every year. Alas, it did not pass. 64.55% of voters approved the issue, while only 35.45% defeated it. Without a doubt, the payday loan industry will not be around for much longer in the state of Ohio.
There is a general misunderstanding about the payday loan industry. Truthfully, the majority of state legislators prefer the regulation rather than the elimination of payday loans. Their argument is that if a profitable yet reasonable agreement can be made between the industry and the rest of the country, it can be a valuable part of our society.
Jackie B writes for MyCreditSearchSite where she reviews Credit Offers [http://offerstuff.net] and Payday Loans
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PayDay Loans Laws - Know Your Rights
By Aubrey Clark
Payday Lending Laws
Due to recent financial reform laws, payday lending laws have undergone a bit of a facelift lately. While lending businesses are mandated on a state level, the growing movement to crack down on predatory lending practices has affected the industry as a whole. A constant tug of war keeps restrictions tight: lenders appeal to lawmakers to allow their services to continue, while watchdog organizations argue the high cost of the loans is unfair and unscrupulous.Â
Payday loans are currently legal, although regulated in a total of thirty-five states. The remaining fifteen states do not allow payday loans under their current laws and statutes. The fifteen states that have banned the practice include: Arizona, Arkansas, Connecticut, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Vermont, and West Virginia. The states that allow this form of lending do impose certain usury limits, as well as place caps on annual percentage rates (APR).
While many states do have laws in place to protect consumers' interests when obtaining a payday loan, some payday lenders have found ways to skirt the usury laws by teaming up with "nationally chartered" banks that are based in a state that does not have a usury ceilings (Delaware and South Dakota are two such states). This is a similar principle that many credit card issuers use in order to justify charging high fees and interest rates.
Another common practice that skirts the laws on the books is that payday lenders keep their interest rates within the legal limits, however they add on multiple process and handling fees. New consumer protection laws put into effect by most states, as well as the United States federal government, have cracked down on this practice and stops lenders from charging any fees that are not expressly allowed by law. The Federal Truth In Lending Act further requires lenders to list all fees upfront, while requiring these fees to remain constant.
Due to the recent economic problems, some states are now placing limits on the number of loans (of any types) that a borrower can obtain at any one time. This is being enforced by statewide databases that are updated in real time. States such as Florida, Illinois, Indiana, Michigan, New Mexico, North Dakota, Oklahoma, South Carolina, and Virginia have set up these databases that provide all licensed lenders to verify the eligibility status of a customer prior to any paperwork being filed. This system is helping to reduce the risk to lenders, as well as helping to keep borrowers from getting in over their heads.
In addition to limiting the number of loans that can be obtained in a certain time period, some states are now setting restrictions on the number of times loans can be renewed. After this number has been reached, lenders must extend the loan to a longer term and lower the interest rate so the borrower can stop the debt cycle and pay off what is owed.Â
While many states have these laws on the books, many do not have the resources to enforce them, giving lenders and borrowers leeway to circumvent the restrictions. Both lenders and borrowers know how to work the system to their advantage. If you find yourself in need of a short term loan, such as a payday loan, it is extremely important to research the laws in your state and find a reputable lender who will abide by fair lending practices. Taking the time to do this will ensure both parties are fully protected.
Aubrey Clark is an Author and editor for Direct Banc, and Lendfast.com. Both websites feature Fast Online Payday Loan Services [http://www.lendfast.com/online_payday_loan/index.php] and Personal Loan Good Credit [http://www.directbanc.com/personal_loans/personal_good.php] Services.
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Payday Loans Help Purchase Gas In California
By Holly Petherbridge
Need an online payday loan to purchase gas? You may if you live in California. The prices have jumped up an average of close to one dollar per gallon in less than two weeks leaving many in the workforce struggling just to get to work.
Refinery and pipeline problems have put a squeeze on the fuel supply which created record high prices at the pump. Areas which are highly affected by unemployment are being hit with the highest prices. How can I get a payday loan when I have no job and cannot afford fuel to get there? Many areas in Southern California are shelling out close to $5.00 per gallon.
Californians may catch a break if the Governor's request for early release of the winter's blend of gas is approved. The winter blend is a gas which evaporates more readily into the environment during hot weather. The summer blend is less harmful to the environment. Usually, the winter blend does not hit the market until the end of October, but even if it does get released early, it will take several days for price relief to hit their tanks.
Is filling your gas tank an unexpected cost which would justify taking out an online payday loan? It could be for many. Knowing that the high gas prices will be around for a bit and the commute to work stay the same, it just may take a low cost payday loan to get by till prices begin to drop.
How do you handle a quick unexpected demand on your income? Do you have a savings account? How about a credit card with an open balance which could take the hit of filling your gas tank at almost $5 per gallon? Would you use an online payday loan in order to fill your tank up this week? What other options are there for people who live paycheck to paycheck?
It is a good thing that California is a state which allows low cost loans. There are certain regulations which lenders will have to follow, but the availability of quick cash when your budget cannot handle the overload is a good option to have. Think about if California was one of the states which banned all payday loans, how would someone with no other credit options find the cash to fill the tank and pay the normal bills? It would be disastrous financially as people go without paying their bills in order to get to work.
Let's hope there will be quick relief at the pumps. Those in a panic for money may learn to start a savings for situations just like this. When you have no personal resource, depend on a responsible lender who will offer lower fees. It is good to know your lender prior to landing at the gas tank, so a quick application is all it takes. If you have never used a payday loan online or do not know anyone who did, you will not want to comparative shop for one who uses best practices.
Spotya! Payday Loans does not advocate using a payday loan for just any type of spending. Our loans are meant to be short-term being paid off with the borrower's next paycheck. Visit http://www.spotya.com for more information on payday loans.
Article Source: https://EzineArticles.com/expert/Holly_Petherbridge/1351286
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Can Payday Lenders Sue, Arrest, Or Put You In Jail For A Payday Loan?
By Iris Marinas
Many payday loan consumers live in fear everyday because of unpaid payday loans. �The reason why is payday lenders sometimes threaten customers to pay back their payday loan debt within a short deadline or they could face serious consequences if they do not come up with the money on time.
We have heard several threats and here are some of the most commonly used ones:
- We will sue you for check fraud.
- We will have someone arrest you.
- We will make sure you go to jail.
Are these true? �Can a payday lender really sue, arrest, or put you in jail for a payday loan? �The answer is no. �Defaulting on a payday loan is not a crime and cannot result in criminal charges. �This means that you cannot be prosecuted, arrested, or put in jail check fraud, breach of contract, or anything else that your payday lender might threaten you with.
Making false threats to collect on a debt is illegal in every state. �If your payday lender has threatened you with the statements above, or something similar, it is likely that your payday lender is conducting business illegally and is unlicensed. �This is usually the case if you received your payday loan from a company online. �90% of internet payday lenders are unlicensed, which means that they do not have the legal ability to take civil action against you. �For this reason, they threaten customers into paying them because they know that if they are not successful on collecting the debt themselves, then there is no other way for them to get their money back. �They also cannot take you to court if �you live in a state where payday lending is prohibited. �The states in which payday lending is not allowed are:
- Connecticut
- Georgia
- Maine
- Maryland
- Massachusetts
- New Jersey
- New York
- North Carolina
- Pennsylvania
- Vermont
- Washington DC
- West Virginia
Storefront payday lenders are a different case. �Storefront payday lenders are legal and licensed, which means that they can file a civil lawsuit against you. �
The purpose of a civil lawsuit is to simply obtain a judgment for a wage garnishment so that they can be repaid.
To avoid civil action, you need to keep communication lines open between you and your licensed payday lender. �Taking you to small claims court for a payday loan is the last thing that your payday lenders want to do. �Suing you will take a lot of paperwork, money, and time out of your payday lender. �The only reason your payday lender will resort to civil action is if they are hopeless about getting their money back. �The best thing for you to do is to talk to them about your situation and try to work out an arrangement that you can both agree on so that you can both avoid the legal battle.
In some cases, your storefront payday lender may not cooperate with you for a payment arrangement. �If this is the case, try to contact their corporate office instead. �They are usually more lenient to work with and have power over the specific store that you borrowed the payday loan from. �If the corporate office accepts the payment arrangement you are proposing, the store cannot disapprove it.
To avoid encountering these problems in the future, keep in mind that payday loans are short-term loans that should be avoided at all costs. �Do not take out a payday loan unless you are 100% sure that you will be able to pay the full amount back in time. �Never take out more than one payday loan at a time because doing so will set you up for a trap that will be very difficult to get out of.
If you find yourself drowning in payday loan debt, do not be afraid to seek professional help. �Getting out debt is easier with the right payday loan consolidation company on your side. �Do not lose another night's sleep worrying about your finances anymore. �Do everything you can to help yourself gain the financial freedom you truly deserve.
Article Source: https://EzineArticles.com/expert/Iris_Marinas/868923
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Dos and Don'ts for Use of Paydayloans to Keep You Financially Safe
By Mario G. Churchill
Paydayloans won't be a threat to your financial safety just as long as you adhere to the following tips.
Dos and Don'ts for Use of Paydayloans to Keep You Financially Safe
Don't transact with any provider of paydayloans who made an unsolicited overture. More often than not, these loan providers or companies are fake and only intent on swindling you from your money. Always transact with a paydayloan company that you have personally chosen, recommended by a trusted family member or friend, and approved by the necessary authorities like the Federal Trade of Commission (FTC) and the Better Business Bureau (BBB).
Do compare rates, features, and services offered by each paydayloan website to know which one is the ideal for you.
Do know what you're getting into. When you've finally found a website you feel credible and trustworthy in providing you with paydayloans, don't sign anything without reading its terms and conditions. Granted, its appearance and length makes it somewhat difficult and tedious to read, but this must be done, and who better to do it than you?
Do be aware that where you live matters a lot. If you reside in New York or Delaware, you'll have a hard time getting any paydayloan company to transact with you because of certain legalities. In this case, speaking personally with a customer representative of any paydayloan company might help your case.
Don't bother applying for paydayloans if you are not employed or with a steady source of income. Paydayloans are easy to apply for because they rely on the fact that you've got a steady source of income and which they could use as guarantee to get their money back. Even if you do have money in the bank but you don't have a steady source of income and you've no known employment status, there will be only a few - if any - companies who will be willing to take you up.
Do not borrow if you really don't need to. It's okay to use paydayloans to cover occasional expenditures, but if you do this every month, that isn't a good sign at all. At the rate you're going, you're turning paydayloans into your credit card!
Do borrow only the exact amount you need. This will prevent you from misusing the cash and again ending up indebted. If you're planning to borrow slightly more than you need just in cases of emergency then go ahead and do so, but make sure that you increase the amount only slightly. Anything more than that and it's not really emergencies you're thinking of, is it?
Do have a plan beforehand on how much you wish to borrow and how you're going to pay for it. Paying off paydayloans is never easy, and it's time you accepted that. Accepting will allow your mind to stop with self-denial and simply search for a way to pay off your loan. Create a Plan B but having a Plan C will also work.
Do stick with your plan once it has been established. What's the point of creating it if you won't use it? Paydayloans, as mentioned, are headaches but don't let yourself get tempted into simply paying off the interest because you just can't afford to pay the principal. Follow your plan in a slow but steady manner until you can finally pay off your loan.
Mario Churchill is a freelance author and has written over 200 articles on various subjects. For information on a paydayloan [http://www.paydayloansinfo.org/?source=article] or to get a payday advance [http://www.paydayloansinfo.org/?source=article] checkout his website.
Article Source: https://EzineArticles.com/expert/Mario_G._Churchill/80220
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Are Online Payday Loans Right for You?
By Sarah Simmons
Online payday loans are incredibly useful for when payday is still far away, but you need cash immediately. However, most people don't know what payday loans are or if they're the right financial option for their needs. Read on to learn about online payday loans and how to determine if they're right for you.
What exactly is a payday loan?
Also known as a short term loan, cash advance, fast cash, cash loan, bad credit loan or deferred deposit, a payday loan is an unsecured loan, usually for a small amount ranging from $100 to $1,500, that is intended to be a temporary solution to meet your financial needs until your next payday. Another way to look at a payday loan is that you are making out an electronic check for the amount of the advance, plus a fee, to be held until your next payday.
Payday loans are designed to get you through a financial crisis or to help pay unexpected expenses, such as medical bills or car repair costs, until you receive your next paycheck. They are an invaluable financial tool that can help nearly anyone in a tough financial situation.
What are the requirements?
There are very few restrictions to receive a fast cash advance, but the minimum requirements are:
- You must be at least 18 years of age.
- You must have a job (or be able to prove you have another regular source of income).
- You must have an active open bank account (this can be a checking or savings account).
There also might be additional requirements depending on the lender that you choose. Other factors such as income, past payday loan history, direct deposit of your pay, and the state you live in, can also affect whether you are eligible.
The more up-to-date, honest and verifiable information you put on your loan application, the more likely you are to be approved. For instance, entering a cell phone number instead of a home phone number makes it more difficult to verify your information and many lenders will not accept applications that cannot be verified.
How quickly can I get cash?
While some lenders can wire the money to your bank account immediately, most will typically process the advance so that it will be available in your account the following business day after the loan is approved. If you apply on a weekend or holiday, the money will be sent to you by your lender the next business day.
How do I receive my cash?
Typically the money from your advance will be electronically deposited into your bank account by the lender, but you can choose the payment option that works best for you. All payments are processed by your lender by electronic transfer from your bank account.
How much money can I have advanced to me?
Based upon the information that you provide on your application, your lender may offer you anywhere from $100 to $1,500. You may be eligible for larger amounts of money once you have established some payment history with them.
How long do I have to pay back the loan?
Payday loans are typically due on your next pay date; however, most lenders will allow you to extend your loan by paying a fee. Depending on your lender, you may have the following options as to what happens on the due date:
- Pay off the entire amount.
- Renew the loan and pay interest and fees only.
- Renew the loan and pay interest and part of the principal.
How can I apply for a payday loan?
There are many different websites that offer online cash advances, but one of the easiest ways to get one is to apply with a lender matching service. With a lender matching service you simply fill out a short application and their network will identify lenders that can provide you with the cash that you need in a matter of seconds. Because they work with so many different lenders with all sorts of different terms and options, they can find the best match for your requirements in a lot shorter time than it would take you to apply to a bunch of different websites.
Once you are matched with a lender, you may be a required to electronically sign and agree to the terms of the loan. However, there is no obligation to accept the loan when working with a lender matching service. If you are not satisfied with the terms, simply do not sign it, and apply with the service again to find a different lender.
CashWire.com is a lender matching service providing customers with access to fast, secure online payday loans up to $2500 all over the country, including Florida payday loans. With a convenient online application, a quick response, and accommodating payment options, borrowers get the cash they need when they need it. Read more: Online Payday Loans Article
Article Source: https://EzineArticles.com/expert/Sarah_Simmons/349885
http://EzineArticles.com/?Are-Online-Payday-Loans-Right-for-You?&id=5240200
Getting Money Today With a Payday Loan
By Jon Arnold
A payday loan, also sometimes known as a cash advance loan is a short-term loan that is borrowed until the person's next payday. Normally on a payday loan, a person can borrow from $100.00 to $2000.00, which is due on/ in two weeks. The fees usually run approximately $15.00 for every $100.00 that is borrowed but this can vary significantly.
Payday loans are unsecured loans, so there is no long wait for money, you can get your money in just a short time, and there are no credit checks. The only thing that is usually required is a few check stubs to show the lender that they do have a steady and secure source of income. They are great for those urgent past due bills that need to be paid before one of your utilities are turned off. They are also good for a small loan for a down payment for something that you really want or need right now.
The lending company may want you to leave a post-dated check for the amount of the loan plus the fees and finance charges. On the day that the loan is due, the borrower is expected to be at the lending facility in person to pick up the post-dated check, and pay back the loan in cash. However, when people do not get to the loan office in time the lending company can then deposit the post-dated check into the bank, or by electronic withdrawal. If the borrower does not have the money in the bank to cover the amount of the post-dated check they end up having a bounced check fee, plus the amount of the check that they have to still pick up with an additional late fee. This turns out to add up to much more money than the original agreement called for.
Many internet lenders offer more money and cheaper finance rates if you borrow from them. The reason for this is that the money lending market is extremely competitive, and doing business online can be done with much lower overhead. But as with any company you do business with, either online or offline, you should check into the company to make sure they are legitimate.
In countries such as Canada, the regulations are strict, and if any lender charges above 60%, it is a criminal offence. In the United States, the regulations are left to each state as to how payday loans are handled. For instance, in the state of Georgia, payday loans have been banned for over 100 years. But in 2004, the Georgia Legislation has made it a felony for anyone who offers a payday loan. New Mexico and North Carolina are two other states that have very strict regulations on payday loans.
Payday loans in the UK have been on the rise, because there is no law against payday lending, and there is now pretty much an limited amount that you can borrow. However, the interest rates are drastically higher.
Be very careful as some loan companies have been known to charge up to 400% interest and even more in certain countries. So be sure to read the fine print. Never be late on your payment, so that it will keep your rates down to a minimum. Payday loans are good in their own way, but when it is abused people start having trouble paying it back. If you can afford to wait a few days to get approvals, a personal loan with an extended payback period may be better for you, but if you need the money right now, a payday loan is the way to go since you can usually get your money in a few hours instead of a few days.
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Buy Now Pay Later No Credit Check Loans
By Adam Walls
We all find ourselves, from time to time, at a point where we need quick access to additional funds. Perhaps the a utility bill was unexpectedly high this month, or we need to replace the refrigerator that just died on us, or maybe it's just that we really, really, need to go on that vacation to Hawaii. Whatever the reason, the monetary need (as we see it) is real, and we need the money now to satisfy that need. Unfortunately, as many people quickly learn, getting a small personal loan from your neighborhood bank or credit union is not easy. Traditional lenders want to see an established payment record that reflects a pattern of on-time payments - otherwise they are simply not willing to lend you the money. If you have a poor credit record, or a limited credit history, the options for borrowing money (especially personal loans) are few.
The good news is that there is another option available to people with either a lack of credit or a poor credit history: the buy now pay later no credit check loan. This loan product offers quick and easy access to funds for anyone who receives a steady paycheck. Consumers beware, however, as there can be significant drawbacks in terms of cost that you must weigh in your decision on whether to take out this type of loan.
What are buy now pay later no credit check loans?
Buy now pay later no credit check loans, also referred to as Payday loans, are short-term and relatively small advances on your paycheck. Usually in amounts ranging from $100 to $1,500, this type of loan is available to anyone who has a steady job and regular paycheck, but does not possess the credit or time to obtain a credit card or other type of loan. Since the lender is basing repayment of the loan solely on a future paycheck, no credit background check is required. The result is fast, easy access to short-term loans that allow consumers to buy (or make a purchase) now, and re-pay the loan at a later date, without having to worry about passing a credit check.
The ease and convenience of a buy now pay later loan does come with a high cost, however. For example: to borrow money for a 14 day period, expect to be charged 10-30% of the loan as a loan fee. The standard 15% charge for a one-week buy now pay later loan equates to about an 800% annual interest rate. In the U.S., some municipalities have set limits on the loan amount or maximum interest that can be charged. Some locales have even abolished this type of loan product in an effort to protect consumers from paying exorbitant interest fees.
Lending institutions that make buy now pay later no credit check loans normally require security in the form of a post-dated check. In such a case, the check would cover the amount of the loan plus interest and postdated for the day when you expect to receive your next paycheck.
Who uses buy now pay later no credit check loans?
These types of loans are often thought of as a last resort lending product. Yet, while commonly used to pay unexpected expenses like medical bills or car repairs, they are also often utilized to fund normal everyday expenses until the next paycheck arrives. Financial experts categorize buy now pay later loans as "emergency loans", cautioning that it's wise to only use this type of loan in a financial crisis.
Though these loans come with a high cost, they can also serve as a valuable resource for people who do not have a credit card or access to other types of lending. Those with poor credit or no credit history at all can easily qualify for a buy now pay later no credit check loan if they show proof of employment, prove they have the income to pay back the loan, and have a checking account in order to write a postdated check as security.
The downside of buy now pay later no credit check loans
As already mentioned, these loans are indeed an expensive way to borrow money. Interest rates on the loans, when compared to conventional personal loan products, are typically much, much higher. Some states have enacted laws that limit the loan amount of a buy now pay later loan, in a bid to protect consumers' and minimize their exposure to the high cost products. Not surprisingly, people who are experiencing credit problems and also in need of a short-term loan tend to be those that are most adversely affected by the products high cost.
Clearly, a buy now pay later loan can get help out in a tight financial spot if you do not have any other ways to borrow money. Consumers, when deciding whether to borrow should always weigh the high loan cost vs. the monetary need. Unless it''s a true financial emergency, most financial experts would agree that these types of loans should be avoided.
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The Pit Of Payday Loans
By Phil Pellerin
Payday Loans Are Like The Poor Mans Crack.
You rationalize, "Just one hit won't hurt", "Lot's of people do it", "It's not illegal", "I'm a responsible person", "I just really need some relief and this seems to be the only answer." Then you go into denial and think, 'I won't get hooked, besides this is the last time.'
I fell into this bottomless pit of hell about 7 years ago. I can't even remember why I needed the money. It may have been something like a shut off notice or Christmas or whatever. Anyway, the thought of getting cash in hand was just too good to pass up. It may have been just a couple of hundred dollars due on my next payday. No problem. I will get paid and just pay it back in two weeks. At the time of the loan, they make it very clear there is a 400% interest rate on these kind of loans. (That is if there is an outstanding loan with their establishment.) Otherwise, for $200.00 there is a $50.00 interest fee on the loan due on the next payday. I thought, 'Okay $250.00 in two weeks. I can handle that.'
This is the problem. Anyone who needs to resort to a Payday loan is not making enough money or spending too much. My credit was shot so I couldn't get a loan any other way. It wasn't really reckless spending. It was a low-income versus high expenses. It didn't matter. I had one foot in the grave as soon as I saw that cash counted out to me over the counter. I was in serious denial. I thought "I'm in control here", "It won't be a problem."
These Payday Loan companies make it just too easy to get hundreds of dollars right away. No credit check, no hassle, and nice attractive people at the counter. When that $250 loan is due in two weeks, it became another strain on my already busted budget. That cash relieved my problem a couple of weeks ago, but when the loan is due there are new problems and the bills keep coming in. I thought, 'Well, this loan helped me get out of trouble a couple of weeks, so I will pay this one off and get another one.' But this time it will be for 350.00 plus interest and due in two weeks. So the cycle begins.
One indication of a serious problem is when you don't want to tell anyone about what you are doing. If there is embarrassment or shame with an activity then there is a problem with what you are doing. So I didn't tell anyone about these loans. Until it got out of f-king control. In a short time, I had loans out all over the place. At one time I had 7 loans out at different payday loan companies spread out between Idaho and Washington. Well over half my paycheck would go to pay off these loans. I probably had over $3,000 owing at one time with an interest rate of 400%! They didn't call each other and so it appeared like I was only active with one company.
"Sure, Mr. Pellerin. You are qualified to take out $700.00" The nice clerk would say.
"Well, all I need is $500.00," I said knowing that there was no way in hell I would be able to pay that loan off in 2 weeks.
"Sure, here you go Mr. Pellerin. Just bring in $650.00 cash in two weeks."
"Okay. No problem," I lied.
This is when it got real crazy. These guys would try to cash my check at my bank. Usually it didn't clear. So my bank would charge me $20.00 and the Payday loan company would charge another $20.00 on top of the loan. Soon my bank account was overdrawn $900. Then the bank shut down my account. I had to change banks 3 or 4 times because these checks would try and process. These payday checks would be returned or else they would clear and drain my bank account. It got to the point I would use cash I got from one payday loan to pay off another.
Then these checks went into collections. Holy crap. What a damn mess! Collection calls all the damn time. One good thing is not one of these payday loan companies would loan to me any more. My supply was shut down. Then I went into financial withdrawals trying to pay off these loans. I was forced to go off cold turkey. It was no fun to watch 50% of my income being garnished before I got my check. But that was the price I had to pay for the dependence I had on Payday Loan cash.
I have been clean for over a year and a half from these loan companies. I also got straight with my bank. I am still paying on a couple of outstanding loans, but little by little I am digging out of the Payday Loan Pit. I hope to never fall into that abyss again.
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The Risks of Debit Card Payday Loans
By Melissa Rubin
A debit card payday loan is a short term loan made against the guarantee of your debit card, with the agreement that the loan will be paid back on your next payday. If you're facing a temporary cash shortage, a debit card payday loan can be a tempting quick fix.
Your need may be as basic as suddenly being out of groceries, or as unique as needing a bit extra to fund an engagement ring or a big celebration. You may be confident that you can cover any debit card loans by your next payday, but there are many risks to these loans.
The loan period is usually about two weeks and finance charges on these payday loans are typically in the range of 15-30% for the two-week period. That may sound like not much more than credit card interest rates, but translated into an annual percentage rate (APR), that's a whopping 390 percent to 780 percent - far, far more than the most exorbitant credit card rates.
Despite the high interest rates, the convenience of payday loans is another part of what makes them tempting. There are many online loan companies that will extend debit card loans without you needing to do more than provide bank account, Social Security and employment information. It can be almost as easy as setting up an account with something like eBay - but the risks are much greater.
Debit card payday loans can be easy to get - making them attractive to people with poor credit and short term needs - but difficult to get out of in the long run.
Debit Card Payday Loans: The Danger of Getting Caught in a Cycle
If you reach the end of your loan period and don't have enough in your bank account to pay back the loan, you face several problems. The loan company will attempt to transfer the funds from your account - if the funds aren't there, your bank will charge you an overdraft fee. Then, the loan company will charge you a fee for not paying the loan, and flip the loan over to your next pay period. The high interest fees will continue to apply to the loan as well, further hiking up the amount you owe.
This triple threat - overdraft fee, loan default fee, and continuing high interest rates - can land you in a cycle in which you struggle to pay off the loan by the end of each pay period. If you can't pay it off in full, the loan will continue to flip and accrue interest. You'll be caught in a punishing cycle.
Debit Card Payday Loans: Surrounded by Controversy
This punishing cycle is one of the reasons debit card payday loans are so controversial and are even illegal in some states. Some legislators have campaigned vigorously against debit card loans companies, accusing them of trapping people in cycle of credit dependency, and of aggressive, misleading advertising and billing practices.
In 2008, the Illinois Department of Financial and Professional Regulation fined a company $234,000 for exceeding the $15.50 per $100 limit on charges for payday loans. A customer had not only been charged more than the company was entitled to collect under the Illinois Payday Loan Reform Act, but also received warnings that the account was 'seriously delinquent' and that the unpaid balance was hundreds of dollars more than the customer had legitimately borrowed and paid back.
Think Carefully Before Taking a Debit Card Payday Loan
So if you're facing an unexpected cash shortage, think carefully before taking debit card loans. Look closely at the interest rates and don't be fooled by low-sounding two week rates that translate into exorbitant annual percentages. Make sure the company you're borrowing from doesn't have a history of aggressive or misleading practices. And, if you do decide to take a debit card payday loan, make sure you really can pay it off in full at your next payday.
Melissa Rubin is a senior copywriter and Web developer at OTO Networks, a digital marketing company located in Baltimore, Maryland. Her primary responsibilities include SEO, link building and creating content for multiple sites. A preview of a site on which she has worked, http://www.DebitRewards.com, is available with this article.
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Things You Should Know Before Going For Refinance
By Owais Siddiqui
There is no doubt that loads of loan and paying large interest makes your financial and psychological condition worse. Whenever you need money for home improvement or want to buy something important, the monthly installment of loan comes in the way and you regret the day you claimed such loan. Many people in Indiana are inclined towards using credit cards or payday loans but fail to pay off on time and this leads them to roll over their loan but refinance is the best way to lower the interest and make the life easier and paying off the entire loan possible.
It is true that refinancing is a good option for reducing the interest rate and getting rid of the loan completely but there are certain things you need to know before getting refinance.
1. First thing before getting the refinance is to know about your requirement completely. Ask your self that do you really require this loan. Think about how long you have had your loan, how much you have paid up till now, what is the size of your loan, how long you plan to keep your house. Know about your credit rating and how much amount you will save by refinancing.
2. Find the loan to lock into the lowest interest rate. Well, this is the priority for everyone while refinancing because this is the main key to get out of the loan. Explore properly about different lenders and compare the interest rates. Some loan officers might trap you so they will be able to make more commission.
3. Investigate completely about the loan fees; inquire which are necessary, which are negotiable and how much is reasonable. You would be surprised to see the fee for refinance at times but that entire fee might not be necessary; some lenders may charge more than others. You can ask them to reduce the fee if is too much.
4. Learn how to compare loans; at times companies purposely make it hard for you to compare loans for their own good as they don't want to lose their client especially losing to their competitor. So before asking the lending company, get proper information about different loan programs on the internet.
5. Do not blindly have faith in your loan officers when they explain good points about their loan because many loan officers gouge their clients for getting more amount than they would want to know about so it's better to learn the truth about the points.
6. You must have read or heard about The No Cost Refinance, why would a lending company give you money without any fees or charges? Of course there is no cost free loan so find out about the charges they may be low and good to take.
7. Try to quit paying private mortgage insurance as soon as possible because it is for the lender not borrower.
8. Choose the loan program that suits you; there are different low rate refinance programs for different time duration so find out which is right for you.
Keep these points in mind before getting refinance and beware of equity strippers and liars and looters and of course prepayment penalties.
Owais Siddiqui is an article contributor to Lender411.com. Lender411.com will locate the best Indiana refinance rates options in your area by connecting you instantly with up to four qualified lenders. Visit Lender411.com today.
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Little Habits Can Cost Big Money
By Jim Corkern
Saving money every month is harder than most people realize when they finally decide that they want to optimize their budget. There are lots of things that you can do to shave dollars off of your monthly expenses, but do you really have the strength to cut out that $4 coffee shop or $2 snack food habit every day?
If you think about how much money you are throwing away every day by little habits like these, it can really open your eyes. Four dollars a day for the coffee shop? Two dollars a day at the gas station on the way to work for a snack or a drink? Those habits add up to around $120 and $60 per month, respectively. In many cases, that $2 snack food habit could pay for your internet connection or even your cell phone bill! And let's not even talk about that coffee shop habit.
Unless you're able to put at least that much money in the bank every month for savings, that's one habit that you could definitely get rid of. We all have little habits like this and they really do a number on our finances every month. Track your expenses and find out just what you are spending all this extra money on, since most people don't realize that these little purchases add up the way that they do. If you smoke, think about how much you're spending on cigarettes!
Also consider how much eating processed foods is costing you on groceries. Dinners that you get in the freezer section are, ounce for ounce, the most expensive items in the grocery store you will purchase. Most people already know this, but when you purchase these, you are paying for the convenience of only having to put them in the microwave. There are three bad things about this: these items are expensive, unhealthy, and generally taste like microwaved cardboard.
If you learn how to do a little cooking (or a lot, preferably), you can save quite a bit every month on groceries. Learn how to make your own snack food and your own "TV dinners" and you'd be surprised how far you can make your pantry go and what you can do with just a few staples.
You should also think about how much money you spend on entertainment every month. Depending on your lifestyle, your definition may be different. Do you go to bars or clubs? Rent movies? Go to sports events, like football or basketball games? Consider how much time you invest in these activities. Bar or club hopping by itself can be an expensive habit and the cover charges alone can cost you some serious money every night, not to mention the drinking that you may do once inside.
Drinking is an expensive habit, no matter where you do it. If you find yourself spending a significant amount of money each month on alcohol, you might want to step back from it a bit, not only for the sake of your wallet, but your health, as well.
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Use Your Gold to Get Some Cash
By Andrew Stratton
Finding the extra cash to pay your bills or to pay for some unexpected expense can be a challenge. You may already work full time and may not necessarily have the time or means to look for a second or even third job. And even if you did have the time, you may need to get your hands on some extra money fast. It seems like times like these where there is no family or friend that you can turn to in order to help you through this situation. If that is the case, don't despair. You can still get the money you need without having to take out a second or third mortgage or sell any blood. You can always sell some gold instead.
You may think that you don't really have anything that is of value, but if you take a little time and start looking around, you may be surprised at all of the jewelry and trinkets you find. Even if you don't have much gold, you can also sell some silver if you need some money. Even if some of the items you find are things that you value and hold dear, you don't have to sell them if you don't want to. You could always get a loan on them. You can still get the money you need and pay off the loan to gain back possessions of your treasured items later.
Even if this is your first time trying to sell gold, there are a few things you should keep in mind. You want to get the best price for what you are selling and in order to do that, you have to go to a place that values its customers and strives to give them the best price possible. You can't look at the building and be able to tell how well you will be treated. You also can't look at a business and be able to tell whether or not you are going to get the most money for your gold. You need to do some research and find out for yourself what company you should establish a relationship with. Go online and start looking for reviews and complaints about the places you can sell your things for money too. By learning which businesses you should avoid doing business with, you can save yourself a great deal of time and prevent yourself from being misled and taken advantage of.
The next time you find yourself faced with an unexpected bill or in need of some cash to hold you over until your next payday, consider using your gold as collateral. You don't have to worry about any interest, you have more control over how much you get and you will be more motivated to pay it back if you take out a loan. This can be a good source of backup cash for the future.
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Typical Payday Loan Process
By Chadwick Davis
WHAT CAN I EXPECT FROM THE TYPICAL ONLINE PAYDAY LOAN PROCESS?
The world of online payday loans can be an intimidating and controversial one for consumers. With all of the negative hype and confusing misconceptions circulating, consumers often don't know whether an online payday loan is the right financial alternative for them and their situation.
The truth is that an online payday loan might just be the answer you're looking for! At the very least, the option of a payday loan is always something worth looking into, especially if you find yourself in need of immediate financial relief.
This article is intended to clear up some of the confusion and illustrate the typical payday loan process. Obviously, different companies will have different ways of conducting business.
In no way does this article represent the full and exact process for each and every payday loan company that you find online. It is only intended as a general guide for the process and what you can expect from a typical, respectable payday loan company.
Always fully research any company you plan to do business with prior to completing any transactions.
WHERE DO I GO?
First you will need to access the payday loan website. Typically, there are two kinds of payday loan sites on the internet.
1. A Payday Loan Lead Site.
o Normally a customer will search for a payday loan site and come across a "Lead Site" thinking it is a payday loan company. "Lead sites" are hosted by companies whose main goal is to gather information from several potential customers, and then sell that information to companies that will further review it and potentially lend you the funds you are requesting. Lead sites are normally identified because they do not have a member log-in section on their homepage. Also look for a disclaimer somewhere on the website which states that their main purpose is to generate name leads for financial loan companies.
2. A Genuine Payday Loan Company Website
o You can usually recognize genuine online payday loan sites by searching for a member's log-in area. These sites are direct lenders for customers who apply for a loan via the company's website. These companies are responsible for processing the applications in-house and depositing the funds into customer accounts once the loan is approved.
GENERAL REQUIREMENTS:
Customers should always research any company they are planning to do business with. After identifying the company you would like to use you will likely need to fill out a loan application. Online payday loan companies will have their own general pre-designated requirements in place that must be met in order to qualify for a loan. Examples of this may include the following:
o Active Direct Deposit
o An established checking and/or savings account that allows unlimited ACH deposits and withdrawals (Established for three months or more as a general rule)
o A minimum monthly take-home pay amount (Generally around $1000)
o An established employment history of 3 months or more
o US citizenship
o Applicant age of 18 years or older
Online payday loan companies tend to be very specific and forthright about all of the requirements in the loan application. Be sure to fully read and understand all of the terms prior to signing the agreement.
After you have fully and truthfully answered all of the questions on the application a determination will be made regarding the approval or denial for the loan. Different companies rely on different systems when researching applicants. Reasons for denial may include the following:
o Active "write-offs" or a bad payment history with other payday loan companies
o Non matching information on the application (i.e. - Social security number does not match name given on application)
o Lying on an application
o Applicants, spouses of applicants, or dependants of applicants who are on current active duty with any branch of the military (Federal law prohibits these individuals from doing business with payday loan organizations)
o Excessive loan inquiries with multiple payday loan organizations
o Recent poor checking or savings account history
o Excessive amount of current payday loans still outstanding
o False reference or employment contact information
TYPICAL FEES:
Once the loan is approved, the funds will be scheduled to transfer into the customer's account. The customer will be notified of the date in which the loan will need to be paid in full. In the event that the customer is unable to pay off the payday loan debt on the agreed upon date, "extensions" can be requested. These extensions usually have a fee associated with them. The fee and a full explanation of the extension process should be explained in the original loan agreement. The purpose of an extension is to extend the amount of time before the full loan payment is due again. Customers are generally allotted a specific number of extensions that can be used during the life of a loan. Once this number is reached no further extensions can be requested and the full loan payment amount will be due.
Another fee which may occur, and should also be explained in the original loan agreement, is what is normally referred to as an "NSF Fee". This fee is charged when attempts to retrieve scheduled payments are made and the customer's bank rejects the attempted withdrawal due to Non-Sufficient Funds. Typical NSF Fees are around $20.
Note: Customers living in specific states may or may not be able to utilize the extension process, depending on state laws that govern acceptable payday loan processes. Other related state laws may exist and dictate different aspects of the payday loan service. Customers should always research their specific state payday loan laws and regulations before entering into an agreement online.
THE BOTTOM LINE
Online Payday Loans don't have to be an intimidating or confusing subject. Responsible customers often find them to be the perfect solution for a tough financial situation. The ball is often in the customer's court when utilizing this option since all of the terms, fees, and guidelines of the payday loan process are readily available prior to accepting any agreement. The key to any successful payday loan transaction is the customer's grasp in understanding the process and anticipating the way it will play out.
In addition, when doing business with an online payday loan company, customers should also look for an in-house Customer Service Department line. This service can act as a life-line for customers who become confused about any aspect of the process or who may have general questions.
Article Source: https://EzineArticles.com/expert/Chadwick_Davis/230068
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Be Debt Free in 3-10 Years, Guaranteed
By Michelle Walker
Debt...credit cards, loans, mortgages, vehicles, THE LIST GOES ON...this is the number one cause of marriage dissolution, family disfunctionality, stress plus so much more.
Why?? Money and credit. Can't do anything without it. The high demands of living these days takes a toll on everyone. Credit Card debt rises, just to enjoy life, but it sucks the life out of you when it's time to pay the bills or the creditors or bill collectors start calling.
Instead of using consumer credit counseling agencies, filing bankruptcy or borrowing money, use your own money to rid all the debt problems that haunt you. It can and does work for anyone.
PLEASE, DON'T BE A VICTIM..DON'T GIVE YOUR MONEY away to someone else to help pay off your debts for you. This can be done by you with the proper information and understanding of how to succeed with positive results.
Save "YOUR" money and invest it into your own personal debt and be debt free in as little as 3-10 years-GUARANTEED!!
The only thing keeping you from being "DEBT FREE" is you. A few minutes of your time to learn and understand how this process can help, may be the ticket to a debt free life and there are NO STRINGS attached, THIS IS ABOUT YOU AND YOUR FAMILY.
STOP LETTING CREDITOR's run your life. Stop paying those ridiculous interest rates and being ripped off by credit card companies, who raise your rate or charge you for your credit line even if you don't use it or are late even just one time. This is where they get all of us into the downward spiral of massive credit card debt that most have a difficult time getting out of, if they get out of it at all.
For example: Under a provision known as "universal default," a cardholder who pays a credit card company faithfully can still be hit with a high penalty interest rate for missing payments with another creditor. In another despicable tactic known as "double cycle billing," a cardholder who pays $450 of a $500 balance is charged interest on the entire amount as opposed to the unpaid balance.
The scope of the problem was laid out in Congressional hearings this spring held by Senator Carl Levin, the Democrat from Michigan. According to testimony, one witness exceeded his charge card's $3,000 limit by $200 -- triggering what eventually amounted to $7,500 in penalties and interest. After paying an average of $1,000 a year for six years, the man still owed $4,400.
That experience has become all too common as the credit card industry has stealthily adopted methods designed to maximize burdensome penalties and fees, while ratcheting up interest rates as high as 30 percent. Companies bombard unwary consumers with teaser packages that promise very low interest rates to start, WHILE RESERVING FOR THEMSELVES the right to raise rates whenever they choose. The details are buried in deliberately secretive, obscure contracts that run 30 pages long and that even lawyers have trouble understanding.
Seriously, STOP THESE CROOKS and "Invest In Your Debt" what a simple and effective solution to becoming debt free from these liars, stealers and crooks. LIFE IS TOO PRECIOUS to live in debt, don't let your debt run your life. Take charge and control and live life like it should be, debt and stress free.
The key is to double/triple the payment amount on only 1 debt, usually the smallest amount owed first. Instead of the minimum payment, pay $200/$300 each payday or each month, whichever is affordable, until it's paid. Then do the same with the next smallest debt and so forth.
Prioritize debts, create a schedule/list of all debts, including mortgage(s), car payment(s), student loans, general loans, etc. Start with either with the lowest amount owed or the higher interest rate debts first. This will ensure saving money on the interest fees that accrue and getting the return back into the household income.
Pay each debt in your priority schedule one at a time from the top of your schedule. While paying on the major debt at the top of your schedule with a minimum of at least $200 each payday or each month, this gets it paid off much faster. ONLY PAY the minimum payments required on the rest of the debts, so there is cashflow for the other household needs.
If you feel you will save more money in interest fees, etc, by paying a different debt, re-arrange your payoff schedule to suit your needs and then move down the schedule, before you know it.....debts paid out and life is a lot less stressful and more cash flow is generated into the household for fun and exciting things and even starting a family 401K plan with the money saved from paying off the debts.
Now you are in total control of your money, your future and a debt and stress free life.
Article Source: https://EzineArticles.com/expert/Michelle_Walker/64912
http://EzineArticles.com/?Be-Debt-Free-in-3-10-Years,-Guaranteed&id=676991
Signs - We Buy Houses - Should the Seller Beware?
By Muhammad Siddique
There is no shortage of companies or other investors looking to make an offer to buy a house, fast. Of course, the string attached is a discounted rate. Why would anyone want to sell a house for less than the fair market value? It turns out; there can be a great number of reasons.
As we mentioned in a different article, Tcat and his siblings simply wanted to make the house go away quickly, when their father died. This got Gudrun thinking about other situations and came up with a number of possibilities. Consider:
A foreclosure threat. It's really a "no-brainer" for a homeowner looking at the double whammy of getting zero dollars AND having their credit rating ruined by a foreclosure. So, sure, at first glance, we buy houses, looks like a miracle. However, this has led to some unscrupulous tactics sometimes referred to as: equity stripping, predatory lending, or "foreclosure reconveyance."
This is not to say, all forms of "mortgage rescue" are bad deals or worse, illegal. Some states, for example, Minnesota and Maryland have passed laws dealing with "foreclosure reconveyance practices." At the federal level, a 186-page document published March 24, 2006 titled Subprime Lending: An Alternative Financial Service Providers: a Literature Review, and Empirical Analysis [http://www.huduser.org/publications/hsgfin/sublending.html] was released by the US Department of Housing and Urban Development.
It is available as a 2.17 MB PDF (http://www.huduser.org/Publications/pdf/sublending.pdf) with the study broken into two parts. The former part reviews literature related to subprime lending from AFSPs (Alternative Financial Service Providers) such as check cashers, payday lenders, pawnshops, and other businesses that make short-term consumer loans.
The latter section is an empirical analysis of association of subprime lending and neighborhood characteristics including race, income, and credit risk measures.
Of course when dealing with a topic as complex as real estate, there is "no one-size-fits-all" solutions nor is there any "silver bullet" for dealing with the current mortgage meltdown in the United States. Even the solution cooked up in December 2007 has a number of limitations. For example, interest rate relief to a homeowner is not available, if they have been behind on the mortgage payments.
Gudrun and Tcat have been studying several approaches that while are admittedly creative; they represent real win/win options, avoiding the game of somebody winning at the expense of someone else losing. The "Secret Sauce" depends on the use of time and US tax code. We'll cover this in a separate series of articles.
Yo! It's dark, stuffy and hot inside this little box of electronics. Not only that, we cannot hear you when you talk to us. Send either of us an e-mail to tell us what topics you would like to hear about. [email protected]
Siddique is real estate investor for over 22 years and President of [http://www.butterflylister.com] . Download Free How to sell your Home for Full Price in any market.
Article Source: https://EzineArticles.com/expert/Muhammad_Siddique/144260
http://EzineArticles.com/?Signs---We-Buy-Houses---Should-the-Seller-Beware?&id=881245