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Monthly Archives: July 2018

Instant Decision Loans

Only last month, I was doing quite well. It looked like I’d be able to get through another month without resorting to going without food and might even be able to buy myself a new pair of shoes to replace the ones I was currently wearing which had a discreet, but embarrassing hole in the sole. And then my boiler stopped working. I made a few phone calls and the average quote was for around $300 for a repair. I had no hot water to clean myself and no heating. Fortunately my cooker is electric so I could still cook the food that I wasn’t going to be able to afford anyway.

Your situation might not be as drastic as mine was, or perhaps it is even worse, but the point is that your mind probably turned to the same idea of a solution as mine did. An instant payday loan.

We’ve all seen and heard the commercials right? What a fantastic way to get yourself out of a tight spot! But if you’re anything like me, you also heard a few alarm bells ringing in the back of your mind somewhere. And so, before jumping in to the nearest loan shark infested waters I took the time to do some research. I spent a whole day lurking on financial forums and discussion groups and eventually plucked up the courage to ask a few knowledgeable people about instant loans and what to look out for. Here are some of the words of wisdom I received from these financial ‘wise old men’…

An instant payday loan does what it says on the label. You get an instant decision loan. Pay it back on your next payday.

If under any circumstances you don’t think you would be able to pay back the full amount of the instant loan on your next payday, then run away as fast as you can in the opposite direction because guaranteed, you will end up in a far worse financial situation a little further down the road than you are right now.

If you are completely sure you will be able to pay the full amount of the instant loan back on your next payday then do your research. The internet has really opened up the market for instant loans and they are all competing against each other for you. Make them work to get you, not the other way around. Call a few of them up, tell them that “so and so company offered me a rate of…%. Can you do any better?”. Play them off each other to drive down the deal.

Read the small print. This is no joke. You are taking a big, big risk if you don’t absolutely understand every word of the arrangement. If you don’t understand the jargon then find someone who does. You have no idea how many people are facing complete and utter financial meltdown because they didn’t take this part seriously.

Cash Loans

Need a Personal Loan

You may need a personal loan for almost anything. You could be going on vacation, remodeling your home or just simply need some extra cash to consolidate bills. When applying for a personal loan you will be faced with a decision of rather you want a secured loan or an unsecured loan.

A personal loan will help you get the cash you need quickly. A personal loan will leave you with options such as how much money you want to borrow and how much time you want to pay back the money. These options will affect what your monthly payment is and will affect what the over-all interest will be, so make sure you know all terms and conditions.

Unlike other loans, a personal loan gives you freedom in how you spend your money. The bank has no say about how you spend your money, but these freedoms do make it harder to get a personal loan.

Payday Loan

A payday loan is a loan is a cash advance only until your next pay check. This loan is very useful if you need just enough money to get through the week until payday and the cash is usually in your hands in just a couple of minutes.

There are institutions that will pay usually around R500 and then could increase to R1,000 after a matter of time.

Much like a personal loan, there are secured and unsecured options. Although the majority of institutions will not require you to own a home, you could have other property you could put up for security. Also most banks do not offer a payday loan so beware you do not get scammed as the internet is filled with offers that are not real.

Most likely you will have to have a bank account and proven employment to get a cash advance. If you can produce proof of both employment and a bank account, you should have no problem getting a loan. In some rare cases a cash advance institution might do a credit background check on you.

If you decide you are going to take out a payday loan you should know that it can be very risky playing this game if you don’t intend to pay it right back when you get your pay check. The reason is if you default on any payments you will be looking at a 20% increase on interest and that interest will just increase more and more and could get you in a considerable amount of debt. If you know you can’t pay it back, you’re better off not taking out a cash advance.

Pay Off Struggles

This is because people are starting to discover how their lives can truly benefit from a payday loan. Before payday loans there was not a place for people to turn when they needed a small amount of cash and needed it quickly.

Banks and other financial institutions only offered long term loans so if you needed cash it would take you too long to pay it back. Plus, when considering whether or not to give you a loan those other financial institutions look to credit scores and thus if your credit is poor you could be denied.

In recognizing this lenders saw the need for a short term loan that would act as a cash advance of your next paycheck. This means when you know you will be getting paid in a week but you need the money now you can take out a quick loan and then when you get your paycheck pay off your loan the following week.

So you understand a little more about payday loans but you still want to know if they will actually save you money. This is when you have to compare them to your other options.

Imagine you have to pay off your rent at the end of the week but your car breaks down. You all of a sudden find yourself $100 short of paying both these debts.

You now have to figure out how to get that $100 right now so you can fix your car and be on your way. In this situation one thing you consider is not paying your rent on time.

If you could just wait one week for your next paycheck then you would have all the money you need. It would be nice if your landlord would let you but if you pay your rent late he will charge you a late fee.

This fee is a percentage of how much you pay each month and can become quite costly so you decide this is not a good option. Another idea you have is to simply write out a check for both bills in full and then hope one of the debtors is late in depositing your check.

If they are late then in one week when you get your paycheck you could quickly take it in and then the money would be there. Again you are facing some problems because businesses try to take in checks as soon as they get them for management and financial reasons.

When your landlord and the auto shop take in your checks they will discover you do not have enough funds because you check will bounce. Financial institutions have fees they apply to checks that bounce which range from $25 to $50.

It is now important to understand what a payday loan would cost you. On a $100 loan from a payday lender you will be paying just over a dollar day in fees.

This means if the loan was to last two weeks you would owe just $115. Looking at these numbers you can see that a payday loan can truly save you money.

Direct Lender PayDay Loans

Most financial services companies concern themselves only with the very rich. Huge firms greedily lend only to massive corporations. They have no concern for the little guy who is suffocating slightly behind inflation. However, there are champions of the people who are working hard and struggling to pay their bills. The providers of direct lender payday loans are just such champions. They understand that working people sometimes can’t wait for their check to pay bills. You have a job. Your check is coming. They will give you a loan to help cover the unexpected financial need that has fallen on you. They know you are working, have a check coming, and are good for it. They don’t require that you have perfect credit. Obviously, working people with bills can have their credit scores harmed by unfortunate events. It doesn’t mean you are an unreliable or untrustworthy person. You simply need a little advance payment.

This is the need that direct lender payday loans satisfy. They work very hard to ensure that working people are not punished by late payment penalties. They provide help when you are saddled with a sudden financial emergency that might affect your ability to get to work.

Typically, having a job is the major prerequisite for getting a direct lender payday loan. This is an ideal type of loan for someone with a job, regardless of credit history, who needs money for something quickly. They are typically provided by firms who are small businesses, rather than the massive Wall Street firms who just can’t relate to your life situation. This capital is coming from the community and is being reinvested in you. This is a vastly superior relationship for a working person than some huge firm that is shifting paper from entire industries. You can get lost in the shuffle.

Direct lender payday loans will involve an interest payment. This is your way of saying thanks for helping you out of a tough spot when no one else would. However, sometimes paying an interest payment would be much cheaper than penalties for late payment or defaults. With the confusing web of contracts that makes up modern life, the easy way to stay in good shape is to keep your payments up to date. In this way, often an interest payment would be less than the cost of penalties and fees. It is important to take this into consideration. Depending on the nature of your financial problem, there are a lot of factors that could make waiting for your next check more expensive and damaging than just taking a direct lender payday loan. You don’t want to wander down such a road blindly.