Category Archive for: "payday loan"
It looks like Payday Loans are finally becoming legal again in North Carolina according to a recent story from news station WRAL. Payday Loans made a brief appearance in North Carolina from 1997 to 2001 before they were allowed to expire by lawmakers due to public pressure. But even then the smart payday loan lenders simply teamed up with local banks to legitimize their operations.
Now several banks have come out with their own version of a payday loan to tap into the incredibly lucrative payday loan business. One such bank is Alabama based Regions Bank. In fact, Regions Bank has been offering their own version of the pay day loan (known as Ready Advance) for a year and a half here in North Carolina at the low rate of 365% APR.
The only catch with Regions Bank payday loan is that you have to have been a bank account holder of Regions Bank for at least 9 months in order to qualify for their payday loan 🙁 So, looks like online payday lenders still have a viable market for those that don’t have a Regions Bank account. But now other local banks, like Suntrust Bank, are taking notice and considering bringing out their own version of the pay day loan. Everyone wants a piece of the pie and consumers apparently always need short-term loans in times of emergency.
So, which is better, getting a payday loan from your local bank or from an online lender? Well, unless you have a bank account with Regions Bank, then your only other choice is going with an online payday loan lender. Be sure to read the reviews on the payday lender you go with first though, so you know what you’re in for.
The FTC recently weighed in on Payday Loans\u00a0and I couldn’t agree more with their take on things. Payday loans are NOT loans that should be taken out for frivolous expenses like eating out or getting a new TV just because the sale ends before your paycheck arrives! Use common sense here people and ONLY get a payday loan in case you REALLY have no other choice.\n
To understand why you shouldn’t get a payday loan for these types of discretionary expenses (wants versus needs), you first need to understand what a payday loan is and how a payday loan works.\n
What is a Payday Loan?
\nA \u00a0small (usually under $1000), short-term (should be paid back at next paycheck: 2-4 weeks), high-rate loans (ranging from 7% if you have the most amazing credit score ever and don’t mind waiting a week or two to receive the money) to 450% if you have terrible credit and need the money in an hour) by check cashers, finance companies and private lenders.\n
How Do Payday Loans Work?
\nWhen you get a payday loan online, you agree to let the lender withdraw the loan amount on your next payday. The payday lender will usually deposit the loan you requested (minus their fees) within 1 to 24 hours. The fees on pay day loans can be a percentage of the amount you borrowed or they can be based on increments of money borrowed (i.e. you pay a set fee for every $100 you borrow). If you ever need to extend (aka “roll over”) your loan past the usual 2-4 weeks (one payday period), you will be charged new fees each and every time. These fees can really add up, so do your best to pay it off in the one pay period you originally agreed to.\n
Real Life Example of How A Payday Loan Works
\nLets say you need to borrow $200 to pay for an unexpected car expense. You signup online with a reputable\u00a0pay day lender\u00a0for a $300 loan. The fee per $100 borrowed is $15. So, instead of getting $300 deposited into your bank account in 1 hour, you only get $255 ($300 loan – $45 in loan fees = $255 deposited into your bank account0. When the loan comes due in 2 weeks, the payday lender will auto-withdraw the amount you borrowed ($300) from your bank account. If you need to extended the loan because you don’t have the $300 needed in your account, the lender will do it, but you’ll need to pay another $45 loan fee! That’s how the APR (Annual Percentage Rate) can climb all the way up to 450%+\n
The Federal Truth In Lending Act Is Here To Help
\nJust like when you’re getting a car loan or a mortgage, every payday lender MUST disclose the cost of the loan to you. They must give you the finance charge (a $ amount) and the APR (the cost of the loan on a yearly basis) in writing before you agree to the loan.\u00a0The APR is based on several different things, including the amount of money you borrow, the interest rate on the loan and credit costs you will be charged, and the expected length of your loan.\n
Cheaper Ways To Get a Short Term Loan
\nIf you don’t need the money in one hour or even a couple of day and you’ve got good a good credit score, then you should really consider getting a loan from a personal loan provider instead of a payday loan provider. Personal loans take longer to receive (up to a week or two) but are much, much cheaper than payday loans.\n
If you’re not under a serious time crunch and you’ve got excellent credit, then you should really get a short-term loan from someone on Prosper.com where rates start as low as 6.59%. Learn more at www.prosper.com
\n\n”Raw 2017 live streaming film online
As you start your loan application they have this stopwatch that starts counting down from 10 minutes. Here’s what it looks like…\\n\n
As you get going with the application (which should only take you 7 minutes), you can check back up and see how much time you have left…\\n\n
You get the feeling like you really need to hurry things along or else you’re going to lose the opportunity to get $1000 delivered to your bank account in the next hour. Well, let me put your fears at ease…that stopwatch is just to encourage you to complete your loan application sooner rather than later. How do I know? Because I accidentally ran out of time myself…\\n\n
I clicked “OK” for more time and was magically given an extra 10 minutes to complete my application. YEAH!!! But this got me thinking…what happens if I click “CANCEL” the next time I run out of time? So, I let the clock run down again, clicked the cancel button and was instantly given a new message with no countdown…\\n\n
So, the lesson here is to not worry about those unnecessary stopwatches you may find on payday loan sites like 1 Hour Direct. They may be there to help you along with your application, but as far as I’m concerned, they are totally unnecessary.\\n”download movie Sherlock: The Final Problem 2017\n”Sleepless movie
We just added our 100 Day Loans Review and I must say that I was pretty impressed with their service. They are not a payday loan provider themselves, but they do match you up with 1 of 122 lenders in their payday loan network. Because they aren’t the payday loan provider themselves, they can’t guarantee every lender will offer you a 100 day repayment period, but when I got my payday loan through them, I was given 100 days to repay the loan versus the usual 14 to 30 days. A very nice bonus as far as I’m concerned. After all, having to repay the loan in 14 days is sometimes a tough deal.
So, here are the pros and cons I found when getting a payday loan from 100 Day Loans:
100 Day Loans Pros:
– Get up to $1000 in cash within hours 🙂
– Even people with bad credit can get a loan 🙂
– You may get up to 100 days to repay your loan 🙂
– There is usually no faxing of documents required! 🙂
– Your information is ALWAYS safe thanks to them using Verisign SSL Encryption 🙂
100 Day Loans Cons:
– 24 hour customer support is only by phone and email, which means you can’t physically go visit them to get your payday loan 🙁
– Not all the payday loan lenders featured in their network offer the 100 day loan repayment option 🙁
Learn More @ http://www.100dayloans.com
You can read our entire 100 Day Loans Review at http://www.payday-loan.org/reviews/100-day-loans-review/
According to a recent BBC article, payday loans are hitting people in UK just as hard as they are in the US. So popular are payday loans in the UK that they have increased 400% since 2009. Payday loans are relatively new in the UK and consumers are just starting to learn how they can get these short term loans. Unemployment is the biggest single driver of debt problems in the UK, and people who have lost their job after taking out extremely expensive payday loans are finding it particularly difficult to cope.
Of course, that doesn’t mean that everyone SHOULD get a payday loan. Payday loans are great for paying bills between paychecks, but if you know that you will be unemployed soon, you should NOT take out a payday loan. After all, how are you going to pay back the loan if you don’t have a paycheck anymore? Payday loans are like any other type of loan, you shouldn’t take the loan out if you truly have no way to pay it back. Common sense, right? Unfortunately, not so for everyone.
Many people harp on about how payday loans have no regulations, but payday loan lenders in the UK have just as stringent rules as they do in the US. To prove my point, payday lenders in the UK MUST check to make sure someone that wants a loan really does have a job and is thus able to repay it. With that said though, the Office of Fair Trading, which regulates the industry in the UK, said that lenders could offer payday loans to the unemployed. But the payday loan lenders in the UK, refuse to do so. Bravo!
No one can predict the future though, so if you do run into any problems repaying your payday loan, be sure to talk to your lender before you run into problems repaying your loan. Responsible lenders will always work with you to ensure your debt doesn’t spiral out of control. In fact, if you do reach out to your payday lender, they will typically freeze charges and interest for you, no later than 60 days after you stop making payments. You can also have the charges frozen as soon as you manage to agree an acceptable repayment plan.