There are a variety of advantages with the advancement of technology in all aspects of business. Online payday loans are just one that equips struggling parties with that little extra money to get them to their next pay check. After filling out an application and faxing the necessary information - copy of a check and bank statement - if approved, the borrower will have the funds deposited directly into a checking account without ever having to stand in line or disrupting their schedules with unnecessary travel.
Online payday loans can help one to get on top of mortgage or rent payments and automobile loans with extra time to repay them. In some cases the time to repay the loan extend as long as months, but normally the term is in the range of a few weeks. The amount of the online payday loan is dependent upon the length of the term of the repayment agreement.
Bad credit payday loans, though high in annual percentage rates, can be the difference between a repossessed car, a foreclosure notice, or even a judgment from a credit card bank. The longer the duration of the loan the more one will be paying in APR interest. The online payday loan could protect one's credit and prevent future interest rates from being higher for that blemish. Also the loan could allow for debt to be repaid earlier, favorably adjusting the interest rate. Next day cash is an attractive offer and it is the responsibility of the borrower to read the fine print that suggests that interest rates will be dependent upon credit rating and the fees that will go along with the loan.
As efficient and convenient as online payday loans are, there is still some criticism from those who accuse institutions of taking advantage of those with financial hardships who may not realize that the higher interest rates can trap them in a debt cycle where they are required to repeatedly renew the loan and pay fees until they can save enough to pay off the principal amount.
Payday loans can aid those in need of quick money to maintain vital bills. Online pay day loans are easier to acquire and can be applied for from anywhere, at anytime. Borrowers can be made aware of the advantage while overlooking minimal disadvantages, blinded by the paper chase of a capitalist society, in an attempt to maintain financial stability for themselves or their family.
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No Matter Pay Day
Getting the Most out of Payday Loans
Payday loans often get a very bad rap, but they can be a valuable resource from time to time. You should only rely on them when absolutely necessary though. That way you aren't tossing money away due to their fees associated with lending you the money. With the economy how it is today, many of us are living paycheck to paycheck. The cost of food and gas continue to increase while our wages don't.
So when an unexpected expense comes up, it may be the only alternative. For example if you have to pay to get a new tire, you may not have money for gas that week. So a payday loan may be your best bet. Not everyone has credit cards or family they can turn to. You also don't want to rack up overdraft fees on your checking account.
There may be more than one payday loan location in your area so make sure you compare them Take the time to discover what their fees are. Some of the locations actually waive the fees on the first transaction or at least give you a discount. If so, then you may want to visit one you haven't done business with before to get this break.
With a payday loan, you can find out if you are approved in just a matter of minutes. Have all of the pertinent information ready when you walk into the door. They are going to want a picture ID, verification of income, and verification of your residence. You can take in any bill you have with your home address on it to complete that verification.
Have a realistic idea of how much money you need to get and stick to it. You may only need to borrow $150 but they will process your application and tell you that you are eligible for $300. It may be tempting but remember that the more you borrow the more you are required to pay back in the form of interest. So that $150 may cost you $175 but that $300 may cost you $350.
Payday loan services realize that people get paid at different intervals. You may only see a paycheck once a month while others see theirs once a week. Therefore the duration of the loan also influences that amount you will pay for the service. Try to wait until the last days before you have to have the funds to apply for it. That way you will be able to repay it sooner, thus less interest will accumulate on it.
Payday loans can definitely step in and help you out when you need it the most. If you go about it wisely though you will be able to get plenty in return. Avoid spending more each month than you can cover as payday loans aren't designed as an alternative for meeting your monthly obligations.
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So when an unexpected expense comes up, it may be the only alternative. For example if you have to pay to get a new tire, you may not have money for gas that week. So a payday loan may be your best bet. Not everyone has credit cards or family they can turn to. You also don't want to rack up overdraft fees on your checking account.
There may be more than one payday loan location in your area so make sure you compare them Take the time to discover what their fees are. Some of the locations actually waive the fees on the first transaction or at least give you a discount. If so, then you may want to visit one you haven't done business with before to get this break.
With a payday loan, you can find out if you are approved in just a matter of minutes. Have all of the pertinent information ready when you walk into the door. They are going to want a picture ID, verification of income, and verification of your residence. You can take in any bill you have with your home address on it to complete that verification.
Have a realistic idea of how much money you need to get and stick to it. You may only need to borrow $150 but they will process your application and tell you that you are eligible for $300. It may be tempting but remember that the more you borrow the more you are required to pay back in the form of interest. So that $150 may cost you $175 but that $300 may cost you $350.
Payday loan services realize that people get paid at different intervals. You may only see a paycheck once a month while others see theirs once a week. Therefore the duration of the loan also influences that amount you will pay for the service. Try to wait until the last days before you have to have the funds to apply for it. That way you will be able to repay it sooner, thus less interest will accumulate on it.
Payday loans can definitely step in and help you out when you need it the most. If you go about it wisely though you will be able to get plenty in return. Avoid spending more each month than you can cover as payday loans aren't designed as an alternative for meeting your monthly obligations.
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The Process of Payday Loans
When it comes to the payday loan process, most of the emphasis is geared toward how quickly and easily you can get the money and the fact that credit reports are often not even a consideration in the loan process. Behind this propaganda are the clear facts about payday loans; they are quick, they are convenient, and they are expensive.
The interest rate of the payday loan is often the toughest part of the loan process to handle. The highest interest rates can reach more than 500% of the original loan amount. The consumer looking to gather funds for an emergency often takes this high interest rate simply due to the quick nature of the payday loan. You literally walk into the "store" and walk out in just a few moments with the money you so dearly need.
When that first payment is due, things are still often calm, cool and collected. It is not until the number of payments is calculated a few weeks after the loan process has taken place that the repayment total shocks and stuns the loan party. Paying back double, triple or quadruple the original loan amount is not unheard of is the payments are made according to the weekly or monthly schedule.
Payday loans are there for people to gather emergency monies when there is clearly no other avenue for the funds needed at that precise moment. These loans should remain short term and a onetime deal. If a second payday loan is taken out to pay for the first, the process will eventually get out of hand and the loan amount will grow to an amount that is beyond the amount the loan party can repay.
To rectify this situation, the name of the loan needs to be taken literally. The Payday Loan was meant to tide over a person or family financially until the next payday. If these loans are repaid in a lump sum the outrageous interest rates do not have time to build and the loan will then be affordable in terms of repayment.
Many people enter into a payday loan contract in order to assure financial means in an emergency situation. As long as these funds are repaid promptly, the payday loans are affordable and convenient. It is the payday loans that are paid back over the installment process that cost hundreds more than the original amount by the end of the loan.
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The interest rate of the payday loan is often the toughest part of the loan process to handle. The highest interest rates can reach more than 500% of the original loan amount. The consumer looking to gather funds for an emergency often takes this high interest rate simply due to the quick nature of the payday loan. You literally walk into the "store" and walk out in just a few moments with the money you so dearly need.
When that first payment is due, things are still often calm, cool and collected. It is not until the number of payments is calculated a few weeks after the loan process has taken place that the repayment total shocks and stuns the loan party. Paying back double, triple or quadruple the original loan amount is not unheard of is the payments are made according to the weekly or monthly schedule.
Payday loans are there for people to gather emergency monies when there is clearly no other avenue for the funds needed at that precise moment. These loans should remain short term and a onetime deal. If a second payday loan is taken out to pay for the first, the process will eventually get out of hand and the loan amount will grow to an amount that is beyond the amount the loan party can repay.
To rectify this situation, the name of the loan needs to be taken literally. The Payday Loan was meant to tide over a person or family financially until the next payday. If these loans are repaid in a lump sum the outrageous interest rates do not have time to build and the loan will then be affordable in terms of repayment.
Many people enter into a payday loan contract in order to assure financial means in an emergency situation. As long as these funds are repaid promptly, the payday loans are affordable and convenient. It is the payday loans that are paid back over the installment process that cost hundreds more than the original amount by the end of the loan.
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The Cost of Payday Loans
Everyone's been there: it's three days until payday and you suddenly get a flat tire. Your spare is long gone and you can't afford to be sidelined for long - but you can't afford to fix your tire, either. What can you do? At first glance, a payday loan seems like the perfect solution: write a post-dated check for whatever amount you need and a payday loan store will give you that money for a fee, cashing your personal check on payday. However, you need to understand the dangers of borrowing cash against your paycheck.
First off, the most obvious problem with payday loans is that they almost always carry a much higher interest rate than traditional loans or even credit cards. The cost of borrowing money against your paycheck varies from company to company, but is usually in the form of a flat price. For example, if you take a loan for $100 for two weeks, the store might charge you $115. Fifteen dollars doesn't sound like a lot of money, but it is the equivalent of an interest rate of more than 350%, which is outrageous. In fact, because of the high price of payday loans, they are legally banned in several states.
Many payday loan stores allow clients to "rollover" their loans, in essence delaying paying off their first loan while taking out another. If you're constantly short on money, this might seem like a lifesaver. However, if you keep rolling over your loan, more and more interest will accrue and you dig yourself into a deeper and deeper hole. Besides, if you don't have the money to pay off your loan now, how can you be sure you will have that money (plus enough to pay off the interest and the rest of your bills) in the future?
It is understandable if the cause of your cash shortfall is a one-time emergency; perhaps an unexpected visit to the clinic set you back temporarily. But if you are constantly running of money before your paycheck arrives, rather than relying on payday loans, you should examine your household budget. Are you spending too much on trips to the mall while ignoring necessities like rent or utility bills? If your priorities are in check, is your job paying you enough to sustain your standard of living? Instead of seeking help at a payday loan store, try helping yourself by paying more attention to your personal finances.
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First off, the most obvious problem with payday loans is that they almost always carry a much higher interest rate than traditional loans or even credit cards. The cost of borrowing money against your paycheck varies from company to company, but is usually in the form of a flat price. For example, if you take a loan for $100 for two weeks, the store might charge you $115. Fifteen dollars doesn't sound like a lot of money, but it is the equivalent of an interest rate of more than 350%, which is outrageous. In fact, because of the high price of payday loans, they are legally banned in several states.
Many payday loan stores allow clients to "rollover" their loans, in essence delaying paying off their first loan while taking out another. If you're constantly short on money, this might seem like a lifesaver. However, if you keep rolling over your loan, more and more interest will accrue and you dig yourself into a deeper and deeper hole. Besides, if you don't have the money to pay off your loan now, how can you be sure you will have that money (plus enough to pay off the interest and the rest of your bills) in the future?
It is understandable if the cause of your cash shortfall is a one-time emergency; perhaps an unexpected visit to the clinic set you back temporarily. But if you are constantly running of money before your paycheck arrives, rather than relying on payday loans, you should examine your household budget. Are you spending too much on trips to the mall while ignoring necessities like rent or utility bills? If your priorities are in check, is your job paying you enough to sustain your standard of living? Instead of seeking help at a payday loan store, try helping yourself by paying more attention to your personal finances.
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Examine the Alternatives to Payday Loans
Payday loans can be useful, but there are some great alternatives to consider as well. If you find you rely on them often, you need to re-evaluate your family budget. Write down all of your fixed monthly expenses and your fixed income. Then take a look at where the rest of your money is going. Do you spend too much eating out? Do you spend all of your paycheck frivolously and then depend on a payday loan to get through the rest of the month?
If that is what you are doing right now then you need to make changes. Allocate a set amount of money for fun and for eating out. Once that money is gone, you are done for the rest of the month. This will teach you to budget for necessities and you won't be running out of money before the next payday.
If you find you have more expenses than income you need to make serious changes. If you can't cut out enough expenses it is time to make more income. You may need to get another job on the weekends or your days off to pay some of your debt. You can also do work for other people such as provide childcare, clean up their home, or even cleaning out their garage.
You can also consider consolidating your debt. This will mean lower monthly payments even though in the long run you will end up paying more in interest. You generally will need good credit in order to take advantage of this option though.
Borrowing money from friends or family members can be a great way to avoid payday loans. It can be embarrassing though to ask them. It can also put a strain on the relationship if the terms of the loan aren't clear. It is a good idea to write them a post dated check at the time of the loan too. This way they can be sure you will be repaying it as discussed.
Selling items you don't need is a good option as well. You can easily post items on the various online auction sites. You can also have a yard sale to get rid of items you no longer use. If you need the money right away, visiting your local pawn shop may be a good alternative as well.
A payday loan doesn't have to be the first resource you turn to when you need money. By evaluating what your financial needs are and looking at some of these other areas you just might find you can do without them.
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If that is what you are doing right now then you need to make changes. Allocate a set amount of money for fun and for eating out. Once that money is gone, you are done for the rest of the month. This will teach you to budget for necessities and you won't be running out of money before the next payday.
If you find you have more expenses than income you need to make serious changes. If you can't cut out enough expenses it is time to make more income. You may need to get another job on the weekends or your days off to pay some of your debt. You can also do work for other people such as provide childcare, clean up their home, or even cleaning out their garage.
You can also consider consolidating your debt. This will mean lower monthly payments even though in the long run you will end up paying more in interest. You generally will need good credit in order to take advantage of this option though.
Borrowing money from friends or family members can be a great way to avoid payday loans. It can be embarrassing though to ask them. It can also put a strain on the relationship if the terms of the loan aren't clear. It is a good idea to write them a post dated check at the time of the loan too. This way they can be sure you will be repaying it as discussed.
Selling items you don't need is a good option as well. You can easily post items on the various online auction sites. You can also have a yard sale to get rid of items you no longer use. If you need the money right away, visiting your local pawn shop may be a good alternative as well.
A payday loan doesn't have to be the first resource you turn to when you need money. By evaluating what your financial needs are and looking at some of these other areas you just might find you can do without them.
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How an Online Payday Loan Can Bridge the Financial Gap
Although it may not provide you with a large sum of money, an online payday loan can bridge the financial gap as a "lucrative lifesaver" to help you survive until your next payday or intake of income. For, while the amount of funding it brings most likely won't buy you a week's vacation in Paris, a new sail boat or a car, it can save the day when all your major bills come due on the 15th of the month, and your job's next payday is on the 30th. It can prevent cancellation of your gas and electric utilities or cable TV service, or avoid credit card charge-offs. And what a relief it can be to realize you can make that mortgage or car insurance payment, after all.
Sometimes, even after budgeting carefully, you find youself without enough money in your bank account to cover basic expenses due each month with anything left for unexpected expenditures. What if your car's gas tank springs a leak, or it's badly in need of new tires and a tune-up? What if your house needs new storm windows, or your new apartment needs book shelves or a bed? Or your cat or canary has the flu and must see the vet for urgently needed treatment?
Or, suppose you're on vacation with just enought money and credit card balance to enjoy the week at your favorite beach haven or mountain ski lodge without over-spending. Then, all of a sudden, you realize you've carelessly dropped your wallet in the surge of high tide, or one of many huge and indistinguishable snow banks. What's a meagerly-funded vacationer to do? Well, an easy, reliable, fast and easily accessible source of funding in such distressing situations is that of an online payday loan. Just perform a Web search on your laptop, or on the hotel or ski lodge guest's computer - and select a payday loan of your choice. You'll find, in most cases, the only requirement is that you're currently employed or have a good source of regular funding - and before you can even begin to worry, you're qualfied with the loan funds on the way to your bank account. So, even if the loan amount is small, just imagine the extent of time, worry and inconvenience obtaining a payday loan can save you from.
And, remember those occasional necessary gifts - for your best friend's birthday, or your cousin's graduation - the ones you often forget, but can't overlook or purchase later without unhappy results? Just call on your favorite payday loan company, and everybody - including you - will enjoy the celebration. So, don't delay - locate your choice of payday loan sources today, your "lucrative lifesaver," and be prepared for any unforeseen expense or lack of funding that may be lurking somewhere between your work's scheduled paydays.
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Sometimes, even after budgeting carefully, you find youself without enough money in your bank account to cover basic expenses due each month with anything left for unexpected expenditures. What if your car's gas tank springs a leak, or it's badly in need of new tires and a tune-up? What if your house needs new storm windows, or your new apartment needs book shelves or a bed? Or your cat or canary has the flu and must see the vet for urgently needed treatment?
Or, suppose you're on vacation with just enought money and credit card balance to enjoy the week at your favorite beach haven or mountain ski lodge without over-spending. Then, all of a sudden, you realize you've carelessly dropped your wallet in the surge of high tide, or one of many huge and indistinguishable snow banks. What's a meagerly-funded vacationer to do? Well, an easy, reliable, fast and easily accessible source of funding in such distressing situations is that of an online payday loan. Just perform a Web search on your laptop, or on the hotel or ski lodge guest's computer - and select a payday loan of your choice. You'll find, in most cases, the only requirement is that you're currently employed or have a good source of regular funding - and before you can even begin to worry, you're qualfied with the loan funds on the way to your bank account. So, even if the loan amount is small, just imagine the extent of time, worry and inconvenience obtaining a payday loan can save you from.
And, remember those occasional necessary gifts - for your best friend's birthday, or your cousin's graduation - the ones you often forget, but can't overlook or purchase later without unhappy results? Just call on your favorite payday loan company, and everybody - including you - will enjoy the celebration. So, don't delay - locate your choice of payday loan sources today, your "lucrative lifesaver," and be prepared for any unforeseen expense or lack of funding that may be lurking somewhere between your work's scheduled paydays.
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Breaking The Payday Loan Cycle
Are you addicted to payday loans? Do you continue to rely upon them in order to get you through from one payday to the next? Doing so isn't healthy for your finances in any way. You need to work to wean yourself from the cycle so that you can have the funds you need in place. A payday loan should be something you only need to rely on when an unexpected bill comes up.
In order to develop a strategy to wean yourself from a payday loan you will need to devise a plan. It needs to be realistic and it needs to be something you are committed to sticking to. First, identify why you need to access those funds on a regular basis. Does it have to do with poor money management or with not enough money coming in to cover expenses?
Both of these problems are serious but you can get them under control. If you don't manage money well then get some help with it. There are plenty of free or low cost budgeting classes offered in most communities. There are also non profit groups that have great programs.
By identifying your spending habits you can start to get them under control. You need to have a monthly budget in place too. This way you know exactly how much of your money will have to be allocated for each expense. You want to be in the habit of placing a percentage of your take home pay into savings each month as well. That way you will have money in place when an emergency does arise.
You can ask to borrow money from a friend or family member to cover what you owe the payday loan business as well. Then work out a plan to repay them in small increments each month. If that is difficult for you to do, then see if you can barter. Maybe you can give their home a new coat of paint or do various chores to work off that money. This way you won't be short on your budget for the month either.
Learning to live within your means is very important. If you buy things because you want to with the money in your pocket it can mean you don't have enough left over during that stretch of time between pay dates. Devise a plan to have enough money for the number of days in that stretch so you won't need to rush out for a payday loan to get by.
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In order to develop a strategy to wean yourself from a payday loan you will need to devise a plan. It needs to be realistic and it needs to be something you are committed to sticking to. First, identify why you need to access those funds on a regular basis. Does it have to do with poor money management or with not enough money coming in to cover expenses?
Both of these problems are serious but you can get them under control. If you don't manage money well then get some help with it. There are plenty of free or low cost budgeting classes offered in most communities. There are also non profit groups that have great programs.
By identifying your spending habits you can start to get them under control. You need to have a monthly budget in place too. This way you know exactly how much of your money will have to be allocated for each expense. You want to be in the habit of placing a percentage of your take home pay into savings each month as well. That way you will have money in place when an emergency does arise.
You can ask to borrow money from a friend or family member to cover what you owe the payday loan business as well. Then work out a plan to repay them in small increments each month. If that is difficult for you to do, then see if you can barter. Maybe you can give their home a new coat of paint or do various chores to work off that money. This way you won't be short on your budget for the month either.
Learning to live within your means is very important. If you buy things because you want to with the money in your pocket it can mean you don't have enough left over during that stretch of time between pay dates. Devise a plan to have enough money for the number of days in that stretch so you won't need to rush out for a payday loan to get by.
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