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Monthly Archives: March 2017

Online Cash Advance Loans

The key concept to remember about cash advance loans is that they work great for emergencies. Since the loan amounts are regulated by state laws or by a person’s monthly take home income, the small amount of the loan is not enough to cover long-term debt problems. When income does not suppot the full payoff plus the rest of life’s expectations, the money becomes an expensive and financially dangerous route to take in order to keep up with the cost of living.

What emergencies are these short-term loans good for?

*an unplanned doctor’s visit, co-pay or prescription cost

*car repairs

*unexpected home repair

*budget error

There are many times we come across unexpected bills which will cost us more than we have in the bank. These short-term loans help support the cost, keep bank accounts out of trouble and support costs until the next payday. They are used more like a safety net. No one really wants to have to fall into one, but knowing it is there provides comfort.

Not everybody can say that they have a financial security net. Some people count on direct online cash advance loans to save them when problems occur. There are others who have family or friends which come to their aide when emergency costs sneak in. Savings accounts will also help those who can help themselves. It must be very comforting to know that there is money in the bank just in case.

Like with any safety net, there needs to be routine maintenance to keep it in perfect shape. Who wants to be hanging above a net with fringed ropes or unpatched tears? Not me.

When it comes to direct lenders for these fast cash loans, their loan terms and conditions should help to support the security. Best practices will keep a customer safe from a predatory lender or harassing collector. This is a perfect example of why a person should comparative shop before signing for the money. Not only will you find better prices, but also a lender looking to keep your information safe and secure.

If you are going to borrow money to make payments to other budgeted areas, these short-term loans can help but are not budget friendly when used too often. In order to keep your financial safety net intact, don’t abuse it when it really is not needed.

Typical Payday Loan Customer

Break the Cycle

If you are a user of payday loans or military payday loans we want to encourage you to think about breaking the cycle of debt. Credit Facts Free is always going to provide tips on personal finance and budgeting. We hope by providing budget plan free tips and information about credit that we can help.

Some families in the world have a poor attitude to money for generations. The good news is that you can choose to break that cycle and by research and planning you can do it.

Budget planner free is our section of this website that provides some tips about where to look for financial planning tools. If you are in a great deal of personal debt it can feel like you a climbing Mt Everest but with small changes a lot can happen.

Payday loans can be useful when you need to pay an emergency bill or debt and do not have cash funds. You must aim to repay that loan as quickly as possible to avoid additional large interest charges though.

Don’t Spiral into a pit of debt

There is a lot of evidence that shows many who use payday loan companies become very dependent on these types of loans. If you get caught in a cycle of relying on a payday style loans every few weeks or months you may have trouble breaking the pattern. In that situation consumers will often find themselves paying one loan with another and that can only end badly.

Payday lending is growing in popularity

Evidence shows that short term loans are growing in popularity. Wherever there is a profitable niche market business people will fill it. When financiers can get a large percentage return on their capital a business niche will typically grow. The story is as old as time and all about the haves and the have nots.

When sometime who has money can lend to someone who needs it at a premium they will. Other lenders that offer these services include pawn shop and outlets that cash check for a fee.

Credit Rating

Sometimes, even if you have a bad credit rating, you can still apply for a short-term loan, such as the loan. This is because the loan lenders will not check your credit rating. A payday loan is meant to assist those who need fast money in between their paychecks. The payday loan ranges, on average, anywhere from $100-$1500. Once your application is accepted, you will receive the payday loan in your checking account usually within 24 hours. Repayment for the payday loan is expected on your following paycheck; generally up to 30 days after the loan has been received. It is important that you pay off this loan promptly, and not let it sit there. Like any loan, the longer it takes for you to pay it off, the higher the interest will continue to grow.

If you do not have a credit rating, you may find that because you don’t need one to obtain a payday loan, that this is very convenient way for you to borrow money. However, by not having a credit rating, you are cut off from various other privileges. Without a credit rating, for example, you may have difficulty being accepted for bigger and more important loans from your bank, such as a mortgage loan. If you manage your money well, and you wish to gain good credit, apply for a credit card, instead of choosing a payday loan. You would be surprised to learn that the interest rates differ between the various credit cards that you can apply for, and that these rate are often much cheaper than a payday loan.

There is no questing that cash advance loans are a convenient way to borrow money, especially because it can be done in as quickly as 2 minutes online, in the comfort of your own home. You will want to make sure that you do not excessively apply for one payday loan, just like a credit card, if you apply too many times the lenders will become suspicious and are more prone to objecting your request. You will also want to always be truthful in your application. Do not embellish on your answers, because if the lender discovers that you are lying, your application will be automatically rejected. With this in mind, before you choose to apply for a payday loan, you will want to make sure that the site you choose has high security and is professional. They should have an email address where you can reach those who run the site, and they should be able to answer all of your questions clearly and professionally. Find out their license agreements, as by law they are required to have one, and make sure that the state you live in allows the license of short-term payday loans.

Instant Cash Payday Loans

A payday loan is designed to help people overcome short-term problems; as such they are only available for small amounts up to £750. However some lenders will actually restrict the amount that you can borrow the first time that you apply. Once the loan is repaid in its entirety on your next payday, they will then allow you to borrow more the next time you need any money. The lenders fees are simple and straight forward with a simple percentage added to the amount that you borrow. This means that you know exactly what the loan will cost you to repay, even before you apply, because there are no other hidden costs or admin fees.

On successful completion of your loan the money is normally paid into your bank account on the same day that you apply, quite often without the need of any faxes or post. However in some cases where the lender is unable to confirm your details automatically they will request that you fax in some simple documentation to prove you are who you say you are.

The lenders do what they can to make sure that they will only lend money to people who they think are able to repay them on their next payday. They do this because if you repay the loan on full at the end of the month then a payday loan is a viable option. However if you roll the loan over to another month or more, then you may as well have taken out a more long-term loan in the first place as that would then become a more cost effective alternative.

So why do payday loans get so much bad publicity?

The main reason that payday loans get as much bad publicity is because most people only look as far as the advertised APR (Annual Percentage Rate). What they should be doing is looking at what the loan is going to cost them in real terms, by looking at the total interest that is charged.

So what is APR?

The APR is the interest rate and any other charges expressed as an annual interest rate charge. The use of an APR is a useful way of comparing loans that are alike i.e. paid back over a longer period of time. But when you are comparing products which are miles apart such like payday loans with only one repayment or any other loan type that is repaid over numerous monthly repayments.