The Online Loan

What type of people own payday companies?

2009-06-04T15:51:00.001-04:00

There are over 22,000 payday loan stores in the United States and about 2/3 are independently owned (according to an article on paydayloanfacts.org). The people who own these stores are young couples. They are white, black, Hispanic and Asian. They are people just trying to support their families like everyone else. They are not the type of people who make millions of dollars every year from lending out cash advances. They have to put thousands of dollars of their own money into the store or even into an online company, to get it up and running and it could take years before they even break even. Before you make assumptions about the type of people that run these companies just remember that most of them are just like you and I. Of course you will have the corrupt ones who try and jack up prices and take advantage of you, but you get that in almost any business.

Are payday loan customers irrational and irresponsible?

2009-05-21T08:48:00.001-04:00

A study done at George Washington University in January of 2009 found that payday loan borrowers do make informed and responsible decisions. There were 1,173 borrowers surveyed and about half had considered getting bank or personal loan and credit cards. Over 80 percent did not have enough money in their bank accounts to cover their current expenses. By taking out a payday loan they avoided costly overdraft and bank fees. Almost 90 percent of these people said they were either very satisfied or somewhat satisfied with their payday loan transactions.

What the study suggests then is that people are looking for other alternative options before getting a payday loan and not just rushing into something. Payday loans can be costly if not used correctly or paid on time. But by being informed about the process and having the fee’s explained upfront, people are able to use these types of loans to help them with unexpected expenses. It is important to weigh all of your options and be rational about what you can and cannot afford. Payday loans can be a good option though, just be sure to check out all the terms and policies before applying.

Why payday loans sometimes get a bad rep

2009-05-14T08:21:00.004-04:00

An article posted in July of 2008 by STATS, a non-profit organization, explains how the payday loan industry sometimes get a reputation for sending its consumers into a downward spiral of bad debt. If you have done any research on the subject you may have read some misleading facts about payday loans. Some articles about payday companies proclaim that the borrower winds up paying back $793 for every $325. According to the STATS article:

“The notion that $793 is paid back for every $325 loaned is even more deceptive.
It suggests that an individual takes out a single loan of $325 and pays it off along
with an additional $468 interest. In fact this number is based on CRL’s assumption
that a borrower receives a $325 loan and pays a fee of $52 (16 percent of the
loan amount)nine consecutive times, piling up $468 in interest before the borrower
is able to pay off the principal. This is precisely the type of “rolling over”
that is widely limited or prohibited by law.”

Many of the articles you may read that portray payday loan companies as predators get their facts and statistics from a company called the Center for Responsible learning or CLR. A closer looks at their statistics may reveal more valuable information.

A study in 2007 by the government contractor group Veritec examined payday loan usage and the statement that the typical payback for a payday loan was $793 for $325 borrowed. They concluded that their data “simply does not support the CRL conclusion about fees paid.”
Of course if you don’t pay your loans back on time you could get into trouble, but make sure you look at all the facts before deciding payday loans are out to get you.

Before getting a Loan - Know the Law

2009-05-08T10:27:00.002-04:00

New bills get introduced into congress all the time. Have you heard of the Payday Loan Reform Act of 2009? It was introduced by Rep. Luis Gutierrez of Chicago. Under section 2d of the bill it states:

“It shall be unlawful for a payday lender to require a consumer to pay interest
and fees that, combined, total more than 15 cents for every dollar loaned in
connection with a payday loan.” (My Cash Now charges $18.62 per $100
or 18 cents per dollar)

If you get into an emergency situation and need to get some fast cash be smart and make sure you know the laws about payday lending. Did you know payday lending is not legal in all states? If you’re not sure about the law where you live, click this link to find out.
http://www.credit.com/credit_information/credit_law/PaydayLoanLaws.jsp.

What does APR mean for online loans?

2009-04-30T09:37:00.005-04:00

Online loan companies are now required to list the APR next to the rate they offer, whenever they mention their loan fees or rates. This number, because of the short term of the loan, looks huge when calculated out. The problem is that since the loan term is only two weeks, listing an annual percentage rate for an online loan is confusing for the consumer. Basically, an APR should only be used if the loan is taken out for a year…in my opinion.

In fact, a hearing on March 19, 2009 in the U.S. House of Representatives, Committee on Financial Services, Subcommittee on Financial Institutions and Consumer Credit, addressed this legislation. Here’s a quote from Kenneth Clayton of the ABA:
"Any time an annual percentage rate is calculated for a term less than a year, the inclusion of a fixed fee, even a modest one, will distort and overstate the APR. The shorter the repayment period, the greater the APR will appear in instances where there is a fixed fee. This means that the sooner the consumer repays, the greater the calculated APR -- a difficult concept to explain to consumers, as it appears that paying earlier actually increases the cost of credit.

Given the nature of overdraft fees, the APR will be greatly inflated to the point of distortion. In these cases, the fee is fixed, the overdraft often small, and the term of repayment short (as the banking agencies encourage banks to request prompt repayment). It is easy to see how triple digit APRs would result. However, it is not at all clear how this would assist consumers. Rather, the inflated and distorted APR will confuse consumers as they attempt to reconcile this APR with other APRs with which they are familiar, such as the APRs for credit card, home, auto, and personal loans.

The result will be to dilute the effectiveness of the APR generally, rather than enlighten them with regard to overdrafts. In the overdraft fee context, consumers understand a dollar amount far better than an inflated and meaningless APR."

I agree with him. Including this APR does, in fact, confuse consumers when the term is shorter than a year. I think it should be left out. What do you think?

Online Loans help to serve the Unbanked and Underbanked

2009-04-16T08:58:00.000-04:00

A study by the FDIC on unbanked and underbanked consumers found that for these customers, banks do very little in the way of programs to help them. The study found that 73% of banks are aware that there are many underbanked and unbanked people in their market, however only 18% of banks incorporate programs to serve these people into their business plan.

In addition to these consumers not being a priority, these banks also offer very few advance or credit options to these people. In fact, the study found that less than 6% of banks provide an advance on funds due to arrive by direct deposit or check. And furthermore, these banks do not have credit options available to people with little or no credit. The survey found that 94% of banks require a review of credit history, 76% look at proof of income, and 50% have a minimum credit score requirement.

These findings show that payday loans are one of the only ways left for low income individuals to gain access to much needed credit. This is great news for the online payday loan industry, and great news for the underserved individuals who needs access to credit.

Federal Reserve Board Survey Mentions Online Loans

2009-04-09T10:59:00.000-04:00

For the first time the survey mentions and collected information on whether or not a family member had taken out a payday loan in the past year.

Here are some of the specific highlights to payday lending:

A very small percentage of U.S. families have used a payday loan

"Overall, 2.4 percent of families reported having taken out a so-called payday loan."

Younger families are more likely to use payday loans

"The fraction of families that had taken out a payday loan declined with age, falling from 4.9 percent of families headed by a person younger than age 35 to essentially 0 percent for families headed by a person aged 65 or older."

Families use payday loans for emergencies or other urgent needs

"The data indicate that families tend to take out payday loans to finance immediate expenses."

"The most common reason given for choosing a payday loan for families that had taken out such a loan was ''emergencies'' and similar urgent needs or a lack of other options (35.9 percent)."

"Roughly equal shares of families cited convenience in obtaining the loan (21.0 percent) or the need to pay for living expenses, including food, gas, vehicle expenses, medical payments, utility costs, or rent (20.6 percent)."

"A smaller fraction, 10.8 percent, of these families reported a need to pay other bills and loans..."The remaining 12.6 percent of families with a payday loan in the past year cited other needs, including ''Christmas'' or the need to ''help family.''"
Payday loans are used most often by low and middle income families

"Across income groups, the share of families that reported such a loan was between 3.5 percent and 4.0 percent for the bottom three quintiles, but families in the top two quintiles reported virtually no use of this type of short-term loan."

Study on overdraft protection proves that payday loans are not bad for consumers

2009-04-02T08:26:00.002-04:00

The FDIC released a report that proves what we have known for years…payday loans, if used correctly, actually benefit the customer.

The November 2008 report talks about overdraft fees that banks charge and how much money banks have made off of overdrafts. The numbers are astounding. In 2008 alone, banks and credit unions collected over $35 billion dollars in overdraft fees. Counter that with the $6.8 billion in fees that payday lenders collected and you can see the inequities.

Also, NSF rates were higher in states that banned payday lending.

A short synopsis of the report is located here, as well as some more information on payday lending versus overdraft fees. Check out the article and let me know what you think.

Spring cleaning!

2009-03-26T16:01:00.002-04:00

This year, you don’t need to take out a loan to do your spring cleaning or house repairs. There is an amazing amount of information on the internet for cost effective home repairs and cleaning supplies…no matter what your budget.

Home repairs can be done cheaply by doing the work yourself. Using gently used materials will save you a huge amount of money on everything from counter tops to bath tubs. Have a family member that is handy with carpentry, plumbing, or some other trade? Offer to cook them dinner in exchange for help and teaching.

Cleaning supplies are another huge cost. Did you know that vinegar can be used in exchange for many cleaning supplies? Baking soda is another low cost alternative. For example, to make homemade window class cleaner you can take ½ cup vinegar and mix with one gallon of water, and use this to clean your windows. To clean crusted on food particles off of pans, you can boil one quart of water and 2 tbsp of baking soda in a pan, let stand until the particles are loosened, and then wash as usual.

There are many other tricks out there that are a quick Google search away. Be good to the environment and your budget and try some today!

Why I feel online payday loans are necessary.

2009-03-20T09:16:00.000-04:00

Online payday loans are a necessary fixture in today’s society. People are busier than ever these days between work, home, the kids’ soccer, ballet, football, etc. practice, and just general errands. Americans spend more time than ever in their cars, and less time at home relaxing. In today’s “get up and go” society, Americans need a way to take care of emergencies with swiftness and ease…from the comfort of home.

Enter, online payday lending. This is a great way to get the money you need, without having to run around town to get it. In the past you had to drive to a store and fill out the paperwork. Now all you have to do is fill out the online application and then wait to have your money deposited to your checking account. I can’t think of a better way to get the cash you need, fast and with no hassles.

In today’s society, getting money like this is becoming necessary.

Another Perk

2009-03-13T08:21:00.000-04:00

Getting your money in hand as quick as possible is another perk that is given by online loan companies. When you are stuck, and cash is what you need to get out of financial trouble, turning to an online loan is one of the fastest ways to get “unstuck” so to speak.

So, last week I talked about overnight deposits. This week I will tell you about some of the ways you can get your cash faster than overnight. Unfortunately you have to be a returning customer to take advantage of these programs, but having the ability to get your second loan even faster is something that is worth coming back for.

I found two main ways companies get you your online loan faster. One is money wiring services, where you can have your money sent to a place like WesternUnion and then just pick it up at your convenience. The other is a pre-paid debit card, where you can have your funds loaded directly to the card and then withdraw at an ATM or just use it like a debit or credit card at the store.

In both of these cases you can have your money almost instantaneously after getting approved. This is something that I could really get into!

Can you really get your online loan money overnight?

2009-03-05T14:15:00.001-05:00

Payday lenders tout “overnight deposits” in a lot of their ads, but can you really get your money overnight? The short answer is yes, you actually can.

I applied with a company a while back that touted overnight deposits. I was skeptical at first, but it turns out that I actually did get my money the next day. There were a few things that had to happen for me to get it overnight, but it really wasn’t a problem to deal with them.

Here are a few things to remember.

Make sure to check what the lender’s approval cut off time is listed as. Apply in the morning and you are usually approved well before that cut off time.
If you have to fax, don’t delay. I needed to fax in a bank statement, so I just ran down to the local convenience store and sent it in. I was approved within an hour of faxing.
Make sure you meet all the minimum qualifications and have no unpaid online loans with other companies.

Online Loan Perks

2009-02-26T14:15:00.001-05:00

So a few weeks ago I talked about how you can profit from being an online loan customer. In my search for referral programs I came across an idea for another blog topic that I thought you guys might find interesting…Other perks of online loans.

Online loan companies pull out all kinds of ideas when it comes to ensuring repeat business.

One is referral programs…that I talked about a few weeks ago, but there are tons of other perks they use to keep people coming back. I found coupons that offer up to 30% off loans, member reward programs that give you 10 to 30% off loans, pre-paid debit cards, and money wiring programs like MoneyGram and Western Union…to name a few.

So go out and search and make sure you aren’t settling for a loan company that only offers you 50% off your first loan. There are so many other companies out there that can offer you so much more.

Economic crisis

2009-02-19T13:02:00.001-05:00

The economy is in crisis. The jobless rate is going up. Foreclosures are going up. Home prices are at a 30 year low. In fact, according to this article on CNN.com, Ft. Myers, Florida, saw home prices drop over 50% for the year, down from $225,000 to $110,000.

With all of this going on, what is this doing to consumers’ credit scores? If you declare bankruptcy, you can pretty much kiss the idea of getting a bank loan goodbye. What happens if you need money for an emergency? Do you borrow from friends or family? What if they are hurting too? Your best bet in this situation is to get a payday loan. While it might not always be the best solution, if used responsibly these can be a great way to get help when your credit is hurting and you run into a financial emergency.

Can you profit from being an online loan customer?

2009-02-13T09:14:00.003-05:00

The short answer…yes! Most online loan companies have a referral program in place that pays you for referring your friends and family members to their company. I have found two different types of referral programs. One pays you for each friend or family member you refer. It is usually a small amount per referral, but it can add up to a substantial amount.

The other referral program I found pays you money for each approved referral. One of the companies I found, MyCashNow, pays you $100 per approved referral. You refer a few friends, and if they get approved, this can add up to a huge amount of money. The nice part about the one I found with MyCashNow is the fact that there is no limit to the amount of money you can make. There are a ton of other referral programs out there ranging from $20 to $100 per approved referral, so the best advice I can give you is just to go out and find one yourself. You can’t believe how much money you can make!

Interesting article

2009-02-05T14:02:00.001-05:00

I saw this article on MSN the other day and had to share. I really think that this is what payday loan companies have been saying from the get go. They actually are a better option that bouncing a check or paying a late fee. Now the article is not all pro-payday loans, but it does point out an interesting truth that when payday loans are used correctly, they can actually help out your financial situation rather than harm it like all the critics say. I was also shocked to see how expensive bounced check fees have become over the years. It has been awhile since I bounced a check or even looked at my bank’s fees for that, but I was astounded to see that the average fee is almost $29!

Check out the article here to get the whole story: http://blogs.moneycentral.msn.com/smartspending/archive/2009/01/28/is-a-payday-loan-ever-the-best-option.aspx

When your bank loan is Denied, Turn to an Online Loan for Cash Help?

2009-01-29T14:08:00.001-05:00

Conventional bank loans are harder than ever to get – even people with amazing credit are having a hard time getting approved for bank loan funding. But applying for a cash advance loan from an online lender is possible at anytime and under any economic conditions. All you need is a checking account and a small monthly income. Of course, you must be at least 18 years old and a resident of the United States. Cash advance loans are even available to people with bad credit. Many online cash advance lenders don’t even check a customer’s credit.

Financial emergencies are unavoidable at times. When used properly, a cash advance loan is the perfect short term solution to an emergency cash crisis until the next payday. A cash emergency may be necessary car repairs or someone needing to buy groceries when they just realized that they won’t be getting paid for another week. Maybe an extra $100 is needed to pay an electric bill or get a tank of gas for the week. All of these examples are necessities and are vital to having the ability to even get to work!

When you apply for a bank loan, it may take days to find out if you’re approved. When someone is low on cash during an emergency, they may not have DAYS to wait! A financial situation like that may leave someone feeling hopeless when they need cash - and need it FAST. Most online lenders will give a decision in minutes and it’s an easy application process. When you apply for a bank loan, you have to actually get in your car and drive to a store front location. And while you have the option to get a cash advance loan from a cash advance store, you’ll also enjoy the freedom and privacy of applying for a cash advance loan online from any home computer.

It’s a new year. Can you benefit from an online loan this year?

2009-01-22T10:01:00.000-05:00

Has the holiday spending finally caught up with you? Between Christmas presents, holiday parties, and holiday travel, the holiday season can be a huge drain on your finances.

I know for me, after New Years I find myself looking at the credit card bills, looking at my bank account, and just shaking my head in disbelief. How did I spend THAT much money on gifts this year? It didn’t even seem like I bought that much! So during the month of January, I take a huge look at my budget, and try to determine where I can cut costs in order to pay off these huge bills. Generally I can pay off everything just by eating out less and changing some of the things I buy from the grocery store, but if it starts to get really rough, I turn to online loans to get me through.

They come in especially handy if I run into an emergency while I am cutting corners to pay off credit card bills. And, they can work for you too. Just try it the next time you get into a jam, and I’m sure you will find them to be a safe and easy way to help you get by while paying off debts.

Fast Cash Payday Loans

2008-11-21T09:30:00.001-05:00

When you’re looking for fast cash, one of the best resources available is the online payday loan. There are lenders who are willing and available to help you, when you just can’t wait for your next payday to roll around.

With a fast cash payday loan, you can get the money you need overnight. In some cases, the money is available within minutes. Despite what the critics say, it is one of the best alternatives to a bank. A bank will make you wait for days before you find out if you’re approved.

That is not the case with fast cash payday loans. Not only is the approval process significantly shorter, but in some cases no paperwork is needed.

Customer Satisfaction v. Customer Complaints

With everything, there are ups and downs. Fast cash payday loans are no exception to the rule. For every complaint you read about, there is a satisfied customer who is singing the praises of the payday loan industry.
"This is great when I need some extra cash."

“This is so convenient and easy to use.”

Those are just two of thousands of positive responses from people who have taken out fast cash payday loans with much success.

Why Get a Fast Cash Payday Loan?

There are a number of reasons people turn to fast cash payday loans. This includes medical emergencies, unforeseen car repairs, and overdue bills. There’s a convenience that comes with fast cash payday loans as well. You can apply from the privacy of your home. And, once you’re approved, you could have the money in your bank account overnight.

So, do the research and find the payday loan lender that’s right for you. Getting the fast cash you need is just a click away!

Lending that Benefits the Borrower

2008-11-14T09:11:00.000-05:00

Gaining access to fast cash may not be the easiest thing to do, especially if you have credit problems. As we mentioned in the Benefits of an Advance Loan for Bad Credit post, we outlined just a few of the ways in which an advance loan could help you get the money you need, right away.

But, there is much more to it than that. One study shows that expanding credit access to people actually lessens their chances of living in poverty. As a matter of fact, the borrowers in this particular study were said to have significantly improved their well-being.

This is the type of borrowing that keeps families together when times are tough. There are so many ways that fast cash loans have saved people when they were going under. Whether it’s a medical emergency, overdue bill, or just one of those unexpected expenses, fast cash providers are now even more accessible than ever before.

With the click of a mouse, you too can benefit from a fast cash online loan. Getting a fast and affordable online loan only requires a trip to your home computer and an application. Once you’ve done that, your fast cash could be available to you overnight. Other benefits include:

Privacy - Sometimes it is embarrassing to have someone run your credit, while you stand there and wait. If you are rejected, that makes the face-to-face process even more humiliating. You do not have to worry about humiliation when you apply online. And, only the people who need to know your information will actually see it.
Disclosure – The reputable payday loan companies will let you know how they operate. They will provide detailed information regarding fees, terms, and conditions. If you run into an online loan lending company that does not offer any information about its’ process, then let your fingers do the walking…the other way.
Contact – Access to online lending customers is a must and it’s probably one of the more popular features. As convenient as it is to work online, sometimes there may be a time when you just have to call and speak to someone for help.

Online cash loans were never meant to be long term financial solutions. Instead, they have and always will be the short term fix to some of life’s problems. It’s a quick online lending solution to borrowers’ who need it the most.

Borrowing with Bad Credit

2008-11-07T14:18:00.001-05:00

A good credit rating is often associated with a positive financial standing. A bad credit rating, however, has the opposite effect that could affect your ability to get a loan and possibly even a job.

A negative credit rating does not mean a person is banned from borrowing money. It simply means people have to be more selective in who they borrow from, so they don’t do any more damage to their credit.

With payday loans, you don’t have to worry about your credit score. There are online lending companies that shy away from credit checks. There are also ways to get your money overnight with personal bad credit loans.

So, regardless of your financial state or credit standing, it is possible to get an online loan and get ahead. The benefits of applying for a cash advance loan online include easy access and convenience. If you have a home computer or laptop with internet access, all you have to do is log on and apply.

In the process of getting your payday loan, you should look for ways to strengthen your credit.

Check Your Credit – Getting a copy of your credit report is a good idea. Each year, the three major credit reporting agencies provide a free copy of it. Once you obtain each one, look it over so that you can see what potential lenders see.

Pay Regularly – Making regular monthly payments is a great way to boost your credit rating. It will not raise your score overnight, but it will make a difference to lenders when they see that you are consistently paying your bills.

Get Advice – If you feel you are unable to handle your credit on your own. There are a number of credit counseling agencies out there that offer free advice.

Remember, having bad credit is not the end of the world. It’s just the beginning if you know what to do and how to do it.

The High Cost of a Tax Refund Anticipation Loan

2008-10-31T09:35:00.002-04:00

The tax refund anticipation loan has become very popular over the years. It is often described as a quick way to get your expected tax refund, but it can also be expensive.

A refund anticipation loan is, simply put, a loan. That means you will be borrowing from a bank and the tax refund you're anticipating will be used to pay the loan off.

Here’s how it works. When a tax preparer files someone’s taxes, the Internal Revenue Service has to sign off on it. If for some reason a person does not get the money they were expecting, the refund anticipation loan still has to be paid off.

Instead of paying the high costs associated with a refund anticipation loan, why not try an advance loan. It is one of the most convenient ways to get cash fast.

The benefits of getting an advance loan include:

Low Fees – There are some online loan companies that offer new customer rates of $9.31 for every $100 (APR) borrowed. They even provide an advance loan calculator, to help you understand exactly how much your fees and rates will be.
Cash Rewards – Some programs offer $100 bonuses to customers who refer friends and family members. Those friends and family members have to be approved first. But either way, it is unlikely you will get the same offer from a bank.
Bad Credit Okay – Unlike refund anticipation loans, you may qualify for an advance loan even if you have bad credit. Just meet a few basic requirements and you’re approved!

Don’t let the high cost of a refund anticipation loan stop you from getting the cash you need. Try the advance loan, so that you won’t run the risk of falling deeper in debt.

Benefits of an Advance Loan for Bad Credit

2008-10-23T13:53:00.001-04:00

Bad credit is a problem thousands of people are struggling with. Whether it’s because of stolen identity or poor choices, it can ruin your chances of getting a loan.

There are very few people with credit problems, who actually want to borrow money, knowing they will have to pay an extremely high interest rate. But several years ago, that is exactly what a lot of people felt they needed to do just to get by.

Well, that was then and this is now. People with credit problems are no longer turning to the big financial institutions in their time of need. Now, they are turning to smaller loan companies that can help them out in a short period of time.

The advance loan for bad credit is one option that’s available. Not only is it easy to get, but information about this type of cash transaction is available online. In some cases, customers are allowed to borrow as much as $1500.

Other benefits include privacy, less hassle, and clear terms. By applying for an advance loan online, there’s no risk of running into friends or neighbors while walking in or out of a cash advance store. Less hassle equals better service, because you get the cash you need with little to no wait. And, there is no need to worry about legal jargon. Some online loan companies get straight to the point by clearly explaining what you need for the application process, what steps you need to take, and offering customer support.

So, if your credit isn’t perfect, that does not mean you are a less than perfect person. Seek financial help, if you need it. Stay tuned for more posts regarding the benefits of advance loans for those with bad credit.

The Payday Loan Industry

2008-10-16T09:11:00.002-04:00

Laws and Lending

The payday loan industry has become one of the most controversial lending institutions around, but it continues to be one of the most sought after lending methods of choice for millions of people.

Payday loan companies have somehow been caught in the middle of years of legislation. Laws have been passed to protect customers. But, not all payday lenders are out to defraud hard-working people in need of help.

All too often, we hear how the payday loan industry is ruining lives. But, you never hear about the people who have been helped. You never hear the personal stories of how cash advances made the difference. These are real stories from those who have experienced firsthand, the benefits of a payday loan.

Benefits of Payday Loans

There are many positive things about payday loans, including convenience. As the world wide web continues to grow, it brings with it the added convenience of transacting personal business in private.

You can literally apply, be approved, and receive your payday loan, without ever having to leave your home. But, that’s not all.

Payday loans are also fast. If you need money right now, it’s possible your loan could be approved the same day that you apply. And, your loan amount could be in your bank account in one business day.

Rights and Responsibilities

You see, borrowers have the right to seek help from financial institutions they trust. Trustworthy lenders have a responsibility to act in the consumers’ best interest.

When you put the two together, you create a win-win situation. The borrower walks away with the payday loan they need. The company takes comfort in knowing they’ve provided a service to help.

Just remember, laws are in place to protect. Payday loan lenders are in place to provide.

Cash Advances: Quick Cash for Unexpected Debt

2008-10-08T17:08:00.003-04:00

A cash advance is exactly what the term implies. It can best be described as money a person borrows until their next payday. A cash advance is simply a convenient way to get quick cash for unexpected debt. In some cases, the money is made available to the borrower the very next day.

There will always be traditional services you can turn to, like banks and credit unions. But, how many of those institutions are willing to let you borrow money on a two week term? And, how many of them would be willing to let you borrow that money without filling out or faxing in a lot of paperwork?

That’s one of the main reasons cash advances have become so popular. People have used them for medical bills, car expenses, and in some cases just to get caught up. In no way was the cash advance designed to be a long term financial solution.

Unfortunately, the service has been abused over the years by people who borrowed more than they could afford to pay back. Some companies are also to blame for charging exorbitant fees no one could realistically afford.

That’s why it is so important to research the company you choose to do business with, before applying for a cash advance loan. Fortunately, laws are in place to protect customers. But, as we mentioned in our first post Small Personal Loan: The Reasonable Bailout, the customer plays a role in this too.

Below is a list of things you might want to consider before applying for a cash advance:

· Determine how much you need to borrow. As we mentioned earlier, it is not in the customers’ best interest to borrow more money than they can afford to pay back. This usually only leads to bigger financial problems.
· Do business with reputable companies. There are dozens of companies out there and not all of them have your best interest in mind. Make sure the company you choose is reliable and reputable.
· Look for incentives. Check around for low APR rates and discounts for new customers.

These offers can help you get over that financial hump. Once you’ve applied for and received your cash advance, the rest is up to you. So, go ahead and use the money for that unexpected debt, so that you can get on with your life.

Online Loans for Debt Consolidation

2008-09-30T10:43:00.005-04:00

It seems consumers may not be the only ones taking on more and more debt. As mentioned in our last post, more and more major companies are now finding themselves in need of help.

Global brokerage firm Lehman Brothers is filing for bankruptcy protection. Insurance giant AIG is borrowing $85 billion from the federal government. Merrill Lynch, a financial services firm, is being bought by Bank of America.

These were once multi-billion dollar corporations that have now found themselves in debt. Just like Wall Street, those on Main Street can learn a few lessons from these tumultuous economic events.

If you’re facing a financial crisis of your own, why not consider consolidating your debt with an online loan. This may be one of the only ways for you to get a handle on your bills. Below is a list of things an online loan can help you achieve:

· Lower Fees. If you’re paying 24% in finance charges for your credit cards, there’s a way to drastically reduce your rates. By taking out a small personal loan online, you can pay off those credit cards and pay a lower APR, which will save you money.
· Bad Credit Accepted. There aren’t too many credit card companies out there that will let you open up an account with bad credit. But, there are online loans with bad credit available to those who’ve had problems in the past.
· Peace of Mind. There is nothing like coming home after a hard day at work and not worrying about how you’re going to pay the bills. Online loans can help you get what you need in a timely and positive fashion.

Debt consolidation can help if you find yourself falling behind. There are hundreds of thousands of people who have chosen to take control of their life and finances. Don’t let life’s ups and downs keep you in a financial whirlwind. Try getting a loan online for the immediate help you’ve been looking for.

Small Personal Loan: The Reasonable Bailout

2008-09-15T13:11:00.005-04:00

Just recently, the U.S. government announced plans to take over two of the country’s leading housing lenders, Freddie Mac and Fannie Mae. The unprecedented move is being considered the biggest government bailout in U.S. history.

Now, wouldn’t it be nice if the government bailed you out when you hit rock bottom? Unfortunately, that is not how things work. When you’re in a bind, there are usually only a few options on the table. You can either get a second job, ask a friend or family member to borrow the money, or in some cases take out a bank loan.

But, there is another option you may want to consider. It’s called a small personal loan and you can get it online. This type of loan is not like a traditional bank loan, because collateral is not required. Not only that, but there are no bad credit restrictions. That means any one, with any type of credit, can reap the benefits of a small personal loan.

In the past, you’ve probably heard a lot about small personal loans and the payday loan industry. Some of it may have been positive and some of it negative. Over the past few years, laws have been passed to protect consumers. But, it is up to the consumer to avoid digging an even bigger financial hole.

Below are a few things to remember when looking for a small personal loan:

1. Borrow only what you can afford to pay back
2. Take advantage of new customer discounts
3. Pay the small personal loan off, when it’s due

Don’t wait on someone else to bail you out, when everything you need is right at your fingertips. Apply for a small personal loan, get the money you need, and experience the reasonable bailout solution.