Tag Archives: Payday loans

Responsible Managing of Payday Loans

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Payday loans are timely sources of fast cash to meet emergency needs. More often than not, when faced with unexpected cash needs, such as sudden medical treatments, the car brakes down, major house repairs, or even piles of overdue household bills it is comforting to know there is a resource to meet these stressful situations.

Payday loans provide the most convenient means of getting fast cash. Most of the lenders are available online so you can apply anytime and anywhere. The qualifications and requirements are also easy to comply with. You must be at least 18 years of age, have a stable source of income and have an active checking account. Although some lenders ask for additional information, most online lenders do not require faxing of documents or conduct credit checks. Most of all, even with bad credit or poor credit scores you can still apply for payday loans.

However, most payday loans have high interest rates and short loan terms. This is the reason why payment defaults occur. Also, some lenders charge usurious rates and fees that put borrowers into the cycle of debt. It is therefore necessary that consumers be vigilant so that those lenders don’t take advantage of their emergency cash needs.

Here are some smart tips in dealing with your instant cash loan responsibly:

1.    In the initial stage of the application, show your lender at least two of your most recent pay stubs. Tell them honestly all your employment information, such as the name of your employer, the phone number and the name of your supervisor. Be sure to work with legitimate lenders to avoid being harassed at work if something happens with your loan.

2.    One common but smart tip, avoid borrowing more than your net income. This is the common mistake of many and they end up being trapped in the cycle of payday loan debts.

3.    Make sure that you strictly follow your payment schedule. Do not be too early or too late. Usually, lenders charge late payments, and surprisingly, even prepayments on the loan. It is therefore necessary to be sure to read the fine print of your loan agreement.

4.    Allocate your payday loan according to need and importance. Since these loans are associated with high fees, it is only practical that you allocate the loan for something valuable. If your cash need can be dealt with by saving, do not opt for an instant cash loan. But if you need to have fast cash immediately to prevent further wreckage of finances, go and get an instant cash loan.

5.    Research for reputable lenders who offer the lowest interest rates possible. Be sure you’re not paying for more than you need to.

6.    Review all fees involved in the instant cash loan. Read and understand all the underwriting of your loan agreement. Inquire with your lender about any details that you find hard to understand. Be sure to get a satisfied answer.

7.    Most of all, work with legal and registered payday loan lenders. Know the state laws and regulations regarding loan lending. This is important to keep yourself protected against abusive lenders and their fraudulent activities.

Effects of Banning Instant Money Loans with Bad Credit

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Fraudulent activities, predatory lending practices, abusive collection practices, and highly expensive interest rates are some of the common complaints against lenders of payday cash lenders. Supposedly, these instant money loans with bad credit are designed to be offered to people with poor credit scores to get hold of cash in times of urgent needs. However, in the long run, borrowers have found them to be predatory and inconvenient. This had led to banning payday cash advance lending in some states in the US.

Today there are 16 states in America that have banned lending practices associated with payday or cash advance loans. Among these are: Arizona, Arkansas, Connecticut, District Of Columbia, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Vermont, and West Virginia. However, there are still debates whether banning these short-term loans, such as payday cash advances, has been beneficial or not.

The various reasons cited by legislators in states who decided to ban payday cash advances and instant money loans with bad credit are the following:

1.    There are increasing numbers of consumers of payday cash advances who are going bankrupt. The short term repayment period and the expensive late charges have made it difficult for borrowers to repay on time. Hence, consumers end up filing for bankruptcy to solve their debt problems.

2.    Many consumers of instant money loans with bad credit have been victims of harassment and aggressive debt collections. They report that lenders threaten to be put them in jail or filed with a lawsuit in order to collect payment from them.

3.    Payday cash advances have very expensive fees, usually with triple digit APR from 150% to 600%, or even higher sometimes. Aside from that, additional charges apply, such as processing and verification fees, check bouncing fees, and late fees.

4.    Most consumers of money loans with bad credit are being trapped in the cycle of debt and these numbers are increasing every year. This is because when a borrower fails to pay on time, the loan is automatically renewed for one more month at an additional cost or fee.

5.    Many legislators believe that banning the industry of payday cash advances will stop misleading people into thinking there is a financial service available but with a costly price.
The abovementioned reasons for banning instant money loans with bad credit can be justifiable. However, there are lenders, and even consumers, who are against this legislation. Although it is a fact that payday cash advances are costly and risky, many consumers still believe that these are the timeliest financial solution they can get in times of emergency cash needs. They have also cited these reasons:

1.    Payday cash advances are easy to apply and qualify for. There is no credit check performed and there is no need to fax documents for verification. Consumers can also apply online 24-7, and get the cash they need within 24 hours.

2.    Applying for instant money loans with bad credit is a timely financial resource in times of emergencies when you have poor credit scores. You get the cash you need right at the very moment you need it the most.

3.    Getting payday cash advances is less costly than paying for credit card or bank overdraft fees. They are also less expensive compared to banks and other traditional loans because it can be paid off in a shorter time. Take note that the longer the loan term, the more you pay for the interest.

4.    Instant money loans with bad credit when handled and paid responsibly, will help you get out of debt easily because of its short loan term.

Is banning instant money loans with bad credit doing good or making things worse? A group called the UNC Center for Community Capital conducted a telephone survey of 400 low- and middle-income families in North Carolina where payday cash advances are banned. In the telephone survey, only 159 reported having financial troubles they couldn’t meet with their regular income. Also 9 out of 10 said they didn’t miss it.

However, a staff report from researchers of the Federal Reserve Bank of New York have revealed that since the banning of instant money loans with bad credit, consumers are more likely to file bankruptcy, bounce more checks, and complain about debt collectors. In fact, in the statistical analysis of the report, Georgia’s rate of increase of complaints against collectors was 64% and in North Carolina about 33% higher than those states who have not banned payday cash advances.

Remember that payday cash advances were designed originally to be offered as instant money loans for those with bad credit and for emergency needs as long as they are used wisely and responsibly.

What Is A Fast Cash Payday Loan?

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Payday loans are very convenient. You can fill out the necessary paperwork, provide the requirements for application and get approved quite quickly. But, these days, payday loans are even better! With many lenders now providing fast cash payday loans online, you can get an approval for a loan the very same day! Now, you can complete the entire loan process, from filling out the application to getting approved and receiving the money, all within the same day.

Visiting the lender’s physical location is no longer necessary to apply or to pick up the check. Having to wait for the check to come in the mail is also a thing of the past because most online fast cash payday loan lenders provide direct deposit to an approved borrower’s personal banking account. If you’re in a financial rut and don’t know how to get yourself out, applying for a fast cash payday loan may be just your ticket to get back on track.

However, to avoid any type of hassle during the loan application process, you need to make sure you meet the minimum requirements for a fast cash payday loan. One, you need to be at least 18 years old. Two, you must be a United States citizen. US federal law does not allow any lender to provide loans to minors or non-citizens so these first two requirements are essential. After that, a borrower is usually asked to provide very easy to meet requirements for a fast cash payday loan. The usual is that a borrower is earning a certain minimum monthly income, either from a job or an assistance program, and a direct deposit checking account.

The best thing about a fast cash payday loan is that, unlike most lenders, it is not necessary for a borrower to have a good credit rating to get approved. The credit bureaus are not contacted at all during the entire process. Why, you would ask? Well, a fast cash payday loan is strictly short-term, usually paid back when the next paycheck comes. And as an added convenience and to lower the risk of default, a fast cash payday loan is set up to be debited directly from the applicant’s bank account on the next payroll date by information provided on the filled out application form.

So, if you meet the requirements, and you are prepared for to accept the responsibility, there should be no stopping you from taking out a fast cash payday loan and making your financial worries go away!

Ways to Pay Off Payday Cash Advances

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Getting a payday cash advance is a good option if you are able to pay off the debt easily. Most borrowers can’t get out of debt because they are unable to pay off their loan on time. Because of this, many of them have regretted getting these loans.

Originally, payday cash advances were designed to provide convenience for borrowers and not burden. The problem comes when borrowers are unable to handle the loan responsibly. Usually, most consumers get payday cash advances impulsively without taking into consideration some important aspects, such as if they are able to pay off the loan or not, or whether this will help them get out of debt or not.

This is why it is important that you consider all the options that can help you pay off your payday cash advance easily. Remember that these loans are short term and unsecured, therefore they come with expensive fees and high interest rates. Here are some practical ways to help you pay off your loan easily:

Pay off Your Payday Cash Advances Weekly

If you are paid on a weekly basis, whether it is a paycheck or a benefit check, inquire if the lender is offering a payment option per week. Look for lenders that allow bad credit loans with weekly payments. Today, many lenders are offering bad credit loans with weekly payments because aside from helping consumers pay off their payday cash advance easily, they can prevent loss of income from payment defaults and late payments.

As a consumer, choosing bad credit loans with weekly payments is a direct advantage because it allows you to take control of your finances and not the other way around.

However, there are things you need to know before you actually sign any papers or loan agreements. When you apply for bad credit loans with weekly payments, the lender will provide you with a set amount of money and inform you of the interest rate you will pay. A finance fee is also added to the total loan amount and your payment will depend on how long you intend to take to repay the loan. Read all the associated terms, even pre-payment terms. The safest way not to become a victim of predatory lending practices is to be well-informed.

Get a Payday Installment Loan

If in case a borrower is not be able to pay off their payday cash advances in a single payment, some lenders are now offering payday installment loans. With a payday installment loan, the loan is made affordable by giving options to pay off the debt in equal monthly payments. So, borrowers will be able to pay off their loan and can get out of debt in no time.

However, borrowers must check with their state laws concerning provisions regarding this option. Also, they must ensure that the lender or the payday loan company offering such options are duly licensed by the state with no filed complaints against them.

Develop Personal Repayment Plan

If you are eager to pay off your payday cash advance, try developing your own personal repayment plan. How does this work? A personal repayment plan is a sort of action plan of how you are going to pay off your loan. You may need to develop strategies, such as establishing a tight budget by cutting down your expenses, finding means to have extra cash for the repayment, working overtime or getting another job to earn extra money that may help pay off the loan.

There are many things you can do to pay off your payday cash advance. However, you need to be very careful in your approach. One wrong move can put you into a viscous cycle of debt.

Reasons why People Apply for 24 Hour Payday Loans

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When unexpected financial emergencies occur and you need to get cash instantly, a timely solution is to apply for 24 hour payday loans. Approximately 12 million US citizens take advantage of this financial resource to cope with daily cash problems and financial difficulties.

The 24 hour payday loan offers consumers the option to get cash and repay it with their next paycheck. However, this financial arrangement is available for only a short term. Anyone can apply for a payday cash advance and once the application is approved, you get cash instantly because the money is wired directly to your bank account within 24 hours.

Applying for 24 hour payday loans can be done online. You will need to fill out the online application form which includes your personal identification, current employment, residence, salary, and banking information (bank account number and the branch where you bank). Many consumers are attracted to these short-term payday cash advances because applying and qualifying is fast, simple, and you get cash easily.

Consumers apply for 24 hour payday loans because:

·    You get cash in your bank account within 24 hours because it can be electronically transferred.

·    Bad credit borrowers can apply because there is no credit documentation required to qualify.

·    No collateral is needed that makes the loan process easy to obtain with quick approval.

·    Online application allows you to get a cash loan in the comfort of your home. No driving hassles and a great time saver.

Convenience is the utmost reason for applying for 24 hour payday loans. You can have access to the loan anytime and from anywhere as long as you have an internet connection available. The online application also provides you the option to get the best offer available in the market without having to go from one payday cash advance office to another. This will not only save you time, but the cost of gas as well. Also, online applications have little or no paperwork. This means less hassle and stress.

Since the loan process is simple, the speed for applying 24 hour payday loans is satisfactory. It only takes about half an hour to complete the entire application process. Minimal approval conditions are easy to comply with: being a U.S. citizen or resident, being at least 18-years old, having an email address, a bank account and a job for at least 90 days with $1000 earnings a month after taxes. Most of all, good credit is not a requirement.

Everyone has had the experience of an emergency or unforeseen expense. Friends or your family cannot always help you because they are in the same situation as yours. This is when 24 hour payday loans become useful and handy. These payday cash advances will not only help you cover your daily expenses, but can also save you from debts with high late fee penalties. However, care should be taken when applying for these loans because along with the convenience is the high cost associated with the loan when not handled responsibly.

Tips On Getting Low Interest Payday Loans

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Low interest payday loans are very mush in demand nowadays, especially with the financial crunch everyone is experiencing. When considering taking out any form of cash advance, getting the best deal available should be anyone’s first step. Information on the different types and styles of funding available is abundant so it shouldn’t be a problem to find out how to be better prepared to make an important decision that will affect your financial future. The internet is always the best place to start looking. With the click of a button, all the information you need can be at your fingertips so you can begin searching for the right company to choose to help you get the funding you need in the shortest period of time and for the most advantageous deal.

Because of the growing demand for payday loan lenders, there are now a great number of companies to choose from. And, as many as their numbers are, the number of available and differing fees and interest rates are just as numerous. Applying for a payday loan or cash advance is actually a very simple process. Borrowers should keep in mind that these types of short-term financial “crutches” are a very serious matter. That is why getting as much information as possible to guide you in choosing a low interest payday loan can be of invaluable help to any potential borrower.

Now, cash advance loans are approved by basing the decision on what source of income the borrower provides proof of. Any steady source is acceptable, something that has been regular for anywhere between three to six months. The borrower is also required to have a checking account that shows recent activity, proof of deposits and withdrawals are also usually asked to be presented. The borrower is then asked to write a post-dated check and give the lender permission to withdraw money from your checking account, in the amount of the loan plus an additional ten to twenty-five percent interest fee. The borrower provides information about the payday schedule and the amount for the cash advance is withdrawn by the lender on the next payday.

Research can be a powerful tool to make sure you get a low interest payday loan with terms that work best for you. It is advisable to compare several companies before choosing a lender and make sure to check that you have the requirements and qualifications needed for that particular company.

As with any financial decision, it is always wise to elicit advice from people who have had experience in the specific fiscal matter at hand. Asking friends and loved ones about their take and/or experiences with payday loans can be a tremendous help when obtaining a low interest payday loan. Determining the best course of action to take that fits your financial situation is essential to ensuring fiscal satisfaction in the long run.

Ask for advice, educate yourself, inquire industriously to get the facts straight and plan accordingly before signing on the dotted line. Then, and only then, can you sleep soundly without worrying about complications in the future.

How Do Payday Loans Work?

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How do payday loans work, you ask? Well, let’s first start with a simple definition: Payday loans are small credit lines that are quickly becoming the most available and preferred alternative to traditional personal bank loans for people with low income or bad credit. Loan amounts can range anywhere from $100 to $1,000.

What Do You Need To Apply For A Payday Loan?

Qualifying for a payday loan is easy.  A typical lender will ask for three things: (1) proof of a steady source of income at least $1,000 or higher that has lasted for at least three to six months. Income source is not really specific. It may come from employment, from state or federal financing such as disability or even from a pension. (2) A checking account that has been active for the past three to six months which means you must provide a bank statement that shows withdrawals and deposits. Finally, (3) You must be at least 18 years old.

What Is The Process To Follow?

So, how do payday loans work? Most Payday loan companies nowadays have online services to allow for faster processing of applications but there are also check-cashing centers that still cater to cash advance applicants.

Most people apply for payday loans to get by until their next salary date, hence the origin of the name of the loan. So, let’s say you needed about $500 for your every day financial needs until your next payday which will be in two weeks. The usual process is writing a post dated check to the payday lender for $500+ ($500 cash advance amount plus the calculated fee per $100) for the day after you are to get paid to make sure you will have money in your account. If everything is in order, the lender deposits the loan amount directly into your checking account via electronic banking and collects the amount due the same way. One or two weeks is the usual time period for a payday loan lender to allow for repayment.

What Happens When You Are Unable To Pay?

Now if, for whatever reason, you are unable to pay back the loan or the expected funds do not come into your account in the allotted time, how do payday loans work when it comes to late payments? Most lending companies allow you to do one of two things: One is opting to renew the original $500 cash advance by repaying the fee or, two, you can sign another postdated check to cover the original check you provided. Both of these options involve paying new fees. That is why it is vital for you to make sure that, once you enter into this sort of agreement, you will be able to meet the requirements of the contract.

How Often Can I Apply For A Payday Loan?

In these financially trying times, the number of people who use cash advance or payday loan to get by is growing by the day. Most are blue collar workers that struggle with day-to-day expenses and are eager to find any means to lighten their load. Applications you take out for payday loans can be as many and as often as you need but make sure that every loan is paid off in full before taking out another one so as to avoid getting buried under a mountain of debt.

Who Regulates Payday Cash Advance Lending?

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Storefronts and online websites offering payday cash advances are not like banks, credit unions, and mortgage companies where you have a line of credit and repay for a longer duration. The difference between the two types of lending are the short amount of time for which a payday cash advance is issued, the interest rates which are significantly higher than traditional lenders and the processing and other standard administrative fees.

The biggest concern is the amount of profit that many payday cash advance lenders are permitted to earn and whether these lenders are practicing legally or not. Many complaints from consumers are related to abusive lending practices. Because of these, many consumer rights advocate groups are urging the government to implement laws that will really protect consumers and regulate lending practices of payday cash advance lenders.

In the US, both the Congress and the individual states have the authority to regulate lending practices of payday cash advance lenders.  They have the right to ban payday cash advances, regulate their use, and limit interest rates and processing charges. In fact, in September 2006 when payday cash advance lenders focused their business heavily around military bases, the Congress put caps on the interest rate at 36%. Furthermore, on October 2007, the Military Lending Act, under the Department of Defense, regulated lending practices and put bans on roll-overs and refinancing unless the new rates were favorable to borrowers. This ban focused on charging penalties for early repayment and on the use of postdated checks and authorized debit transactions to secure payday cash advances.

This law was only to protect consumers in the military and their spouses. What about the rest of the country? There has also been massive regulations imposed by each state to protect consumers or have them banned entirely. An example is in the state of Georgia, Maryland and North Carolina where short-term loans under $3000 dollars are not permitted. Some of the states that have banned payday cash advance lending are: Arizona, Arkansas, Connecticut, District Of Columbia, Maine, Massachusetts, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Vermont, and West Virginia. In addition, the state Attorney General can be contacted to express concerns related to lending of payday cash advance loans to residents where such loan services are banned.

In some states, payday cash advance are not totally banned but with limitations on the activities of the business. For example, in New Mexico, the Governor along with the Legislature enacted a law in 2007 to regulate lending practices of payday cash advances by making roll-overs and consolidations illegal with the term for a loan no longer than 35 days. Loans are capped at not more than 25% of the monthly income of the borrower and service and verification fees are capped as well. The bill even includes provisions for non-payment of loans to protect consumers.

The Washington State Department of Financial Institutions has also made changes to its laws recently concerning payday cash advances. Consumers are not allowed to borrow more than $700 or 30% of their monthly income or whatever is less, to protect consumers from being trapped in the cycle of debt. Also, only 8 loans per year are permitted and consumers who cannot repay are permitted to request with a no-fee repayment plan. The consumers of payday cash advance in Washington have their information stored in a state-wide database to serve as their protection from lenders who are abusive, especially in issuance of new loans.

Finally, the Federal Deposit Insurance Corporation also oversees payday cash advances. The organization considers this type of consumer borrowing as part of the sub-prime lending market and refers the industry as “deferred deposit advances”. The FDIC deals with insured depository institutions such as banks and credit unions but is also involved in payday cash advances.

The regulatory bodies that regulate lending practices of payday cash advance lenders to protect consumers are the federal government, the FDIC, Congress, Governors of states, State Legislatures, Attorneys General, the Department of Defense, and any other state organizations that are in control of financial institutions and check cashing businesses.

Ways to Make Extra Cash to Help Repay Payday Cash Advances

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Payment defaults can be minimized when there is some extra cash to pay off payday cash advance loans aside from a paycheck. During payment defaults, you not only pay for late penalty charges but also damage your credit score. Finding ways to earn some extra cash is an answer.

There are several practical ways to earn some extra cash to pay off payday cash advances.

·    Garage or Yard Sales

Old clothes, bulky items, or even those things that are no longer being used at home can be sold in a garage sale. Things that you don’t need can be a good source of extra cash. Also, the money earn from a garage sale can be an alternative financial resource to lessen your dependence on payday cash advances.

·    Online Auctions

You can have an online auction of the items you don’t need but can be profit-earning. You can have online auctions on social media sites and on websites (such as eBay). You will not only earn some extra cash; you can also eliminate your house from clutter.

·    Online Freelance Jobs

The internet has a lot of jobs to offer. Online freelance jobs can be a good source of extra cash. If you have a talent in designing web pages, proofreading technical documents, writing articles, or doing virtual assisting jobs, you can use these to earn extra cash. There are a lot of freelancing websites that post jobs daily. All you need is to be patience and find jobs suitable for you.

·    Part-time Jobs

If you cannot find an online job, you can apply for part-time jobs within your locality. You can work in an office in the morning and do part-time work after office hours. However, you be careful not to exhaust your physical strength with this strategy. Be sure that the part-time job won’t affect your regular job. If possible, find part-time jobs with flexible hours to avoid scheduling conflicts. Your regular job should still be your top priority.

·    Overtime

The most practical way of earning extra cash to pay off your payday cash advances is to ask for overtime and extra hours from your current job. The extra hours you will earn can be should be added to your next paycheck. So, you will have enough to pay off your payday cash advance loan.

·    Online Selling

You can also sell online items you enjoy making to earn extra cash. Or you can do online direct sales as your additional income. Using Facebook is one of the most popular and trendy ways of online selling, not only for used items but also for direct selling.

It isn’t difficult to find extra cash to pay off payday cash advances or to save for something you need. All you need is diligence, patience, and hard work.

How to Get Out of Payday Cash Advance Debt

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Oftentimes, borrowers get into trouble after getting a payday cash advance. The trouble they get into is usually associated with payment defaults. They go through repayment options, like rolling over the loan and applying for debt consolidation loans because they are unable to get out of debt.

Payday cash advances are supposed to be a great way to get instant cash with less hassle. All types of borrowers can qualify since there are no credit checks. However, the only pitfall in getting payday cash advances is the high interest rates charged and the very short repayment time. This is why they are considered in the market as sub-prime loans or loans with high risk.

So how do payday cash advances make their borrowers unable to get out of debt? These short-term loans trap a borrower into a cycle of multiple and repeated debt. Since the rate of interest is expensive and the repayment schedule is abrupt, many of these borrowers incur late fees which are charged with additional interest and fines. Moreover, since the terms and approval time of most payday cash advances are not strict compared to banks and credit unions, many borrowers are tempted to borrow more than they can repay.

Getting out of debt is a difficult thing to do especially if the borrower owes a large amount of money. There are many experts and even forums that discuss the issues about payday cash advances. They recommend borrowers seek help from debt consolidation and settlement companies. However, the truth is that most of these companies just want their commission and won’t help you get out of debt. There are other practical and affordable ways to help borrowers get out of debt easily. Here are some helpful hints on how to do it:

1.    The best way to get out of debt is doing it on your own. In order to ensure that you are doing it the right way, you may consult your accountant or a lawyer. Initially, make a list of all your debts and calculate your current expenses. Find out how much you owe, how much you have, how much your expected paycheck covers along with how the late fees are charged by your lender.

2.    Next, make a repayment schedule where the oldest and those debts with the highest rate of fines and fees are paid off first. To do this, you need to make a table with 3 columns, where the first column indicates the name of the lender and the account number, the second column indicates the term of your loan debt (in months), and the third one the fines charged. Arrange each of your unpaid loans in descending order with the highest interest rate ranked first.

3.    Then, start repaying the unpaid loans. At the same time, send a letter to your lenders and inform them that you can repay the loan partially and give them a specific date when you will be able to repay the entire loan. As soon as the lender grants your request, do what you promised. This shows that you will abide to your promise and gain the trust of the lender with your honesty.

4.    If after listing your debts you find that you will have difficulty repaying the loan, you may bargain for a low settlement amount with your lender. Lenders will work with you as long as you communicate and cooperate with them.

5.    When your paycheck isn’t enough to sustain the expenses incurred for your loan repayment, you might consider getting an extra income, like doing overtime, applying for part-time jobs, making money online or have a garage sale. Also, tighten your budget a little bit more and get rid of anything that drains your finances.

To pay off your payday cash advance loans and get out of debt is not impossible as long as you have the determination to do so. Avoiding payday cash advances may not be a good option since these are great resources for immediate needs. So be careful to keep you income to debt ratio within your repayment power.