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{9310e7fd1e1630367066d609eb0d44a095b9109b6869d289b4a4f2d3c8c95f98} 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.

When Applying for Payday Loan

Paying back

If you don’t have enough funds in your account to pay back the loan, you may try other options. For instance, you may renew the loan amount or consider taking out another payday loan. But keep in mind that this new loan will have its own financial charges and extra fees. And the extra fees are actually incur because of late payment of the amount of loan.

State Regulations

In each state, regulations are different for payday loans. Usually, the term limit is not more than 30 days. The problem is that lenders often issue loans that feature a longer term limit. In this case, you are at the lender’s mercy, which is a situation you may not be willing to go through.

Cash crunches

As said earlier, the purpose of a payday loan is to deal with a temporary financial crisis, and we have to pay back the loan as soon as we are out of the financial trouble to avoid high interest and fees.

So, it is not a good idea to be tempted by the “roll over” trend or you may have to pay a huge sum at the end.

Financial position

Usually, these loans are for borrowers with lower incomes as they can’t afford to borrow from other sources. Here, it is important to keep in mind that lenders don’t usually take into account the financial position of those who are applying for the loan. So, you have to think harder before opting for this option.

Automatic rollover

You need to be aware that there are some loan sites that tend to rollover the loan amount automatically. And then there are sites that have some contractual agreements that state that you, the borrower, do not have any right to file for bankruptcy or file a lawsuit against the lender.

Approval

A great characteristic of payday loans is that they are easy to get, meaning the approval process is quite easier than other types of loans. So, most borrowers find them quite tempting, but you should be careful and only opt for this option if you have no other choice left.

Instant Approval Payday Loan

As an immigrant to the United States with no family support or long term friends to turn to for such an intimate issue as finances, it was, to put it mildly, a gut-wrenching moment that needed urgent attention.

Add to the mix the fact that I did not have any credit at all, not even bad credit, and you’ll understand the predicament I found myself in.

Sleeping in a fetal position whilst sucking on my thumb was not an option. I had a wife and new baby relying on me.

There’s a saying out there that, if you think your bank does not care about you, try missing a couple of payments, and you’ll see how really concerned they are about you!

Sadly, that concern does not transcend into help of any sorts, but more like an urgent nudge to produce some cash or else.

What I’ve never really been able to understand is, Banks charge you more for having insufficient funds in your account or for having no money to pay your bills as if you’ve just hit the jackpot!

I digress.

If you’re unfortunate enough to find yourself in a similar situation as I once was, take heart, perhaps this article will assist you avoid all the minefields of searching for credible instant approval payday loan companies that will empathize, listen and work with you until you’re out of your predicament.

You see, when you have no credit or have bad credit, financial institutions do not want to have anything to do with you, you’re as good as dead in their eyes, so there’s no love lost there.

However, you have the option of seeking out alternative sources of finances, or the parallel market, as it’s called, and this is where Instant approval payday loan companies come in.

In a nutshell, Instant approval payday loan companies advance you some cash, usually up to between 1000 – 1500, on the understanding that you’ll repay all of the money, or a fraction of it based on your terms and conditions, by your next pay date.

In most cases, the Instant approval payday loan company will not even check your credit history. All they require is that you’re gainfully employed, that you earn between $800 – $1000 per month, and that you have a checking account.