Our society is constructed in the way which treats money as the most important thing. And our financial condition is often more important than our health condition. At least for those people who are not having problems with their health at the moment. Almost everyone is blindly running to get more and more money, working continuously to be able to spend on various things, even if they don’t really need...
Financial stability is something we all want to have, and our monthly income is often not enough to give us a life which we would want to. Unless you are born into a royal family or your parents are millionaires, chances are that you live your life from one paycheck to the other, while being able to save only small amounts. However, life sometimes throws a curve ball at us, i.e. it surprises us with...
The process of borrowing money from a bank or some other type of financial institution is something which is familiar to most people. Since a large majority of adults is forced, at least once in their lives, to seek help from those facilities. Money is something which we all constantly need. In certain occasions we need larger amounts and it often happens that we do not have enough at that particular...
There is a lot of bad talk about payday loans and parties that offer such services. And the number of those negative comments is increasing as the time flows. This is a normal occurrence due to high number of faulty payday loans service providers on the market.
I will not claim that this market is free from fraud and scam sites, because it is not, but there are still some shining examples of good payday loans businesses out there, and it would be immoral not to say a few words about them. So, as you might have guessed this article will have its focus centered on few shiny examples of good payday loans companies.
First company, and the best company if you ask me, I would like to mention is Check City. This company is located in Salt Lake City and they offer a range of services, main of course being payday lending. From 100 to 1 500 dollars is a range of payday loans, and only regular and trustworthy borrowers are able to loan higher sums of money. But payday lending is just one of the services Check City offers.
Other offers include title loans ( loans that are made in comparison to worth of your ride ), cash advances ( which are smaller and faster payday loans ), sell you gold to Check City and you will get more money for that gold there than any other business that handles gold. And they also provide a trustworthy money transfer network which will allow you to send your money around the world with only a small fee required. It is not strange that Check City Is the best in the business.
Next payday lending company worth mentioning is Advance America. S any other well-known and respected company Advance America will lay all terms and conditions of a contract clearly in from of your eyes.
You won’t have a need to research deeper intothe company to find out all little thing about the contract, because they are placed where you can see them.
This is quite an old company, dating back to 1997. They were among the first companies to start payday lending and other cash services online, and they survived this long due to their excellent offer.
Even though Check ‘n Go is online payday loans company that is only active in 6 or 7 states, they excel in their branch and they should be mentioned. Interest rates and all other loan requirements are in medium range on the market, but their services are in the top. Apart from usual payday loans, which can be gained on fair APR, Check ‘n Go offer other loan types. Most interesting loan they offer, apart from payday loan, is installment loan. This loan type has it repayment period a lot longer than payday loan has, and its loan size is much larger as well.
If you have any interest in one of these companies then go and check out their sites and dig for information about their services.
If you are in hurry for a cash, or you can’t find any other solution for your financial problems. Payday loans can seem the right choice for you. But don’t be fooled, this is possibly the last thing you can use to improve your financial situation, and it will make thing even worse. High interest rates and hidden expenses and fees are real danger of these loans. They should be reviewed with special attention. They may come as quick solution to your problems, but if you are worried about your bills and their dues, you should reconsider other options, because payday loan isn’t the only solution. Since you are already in debt, you can be sure that you won’t be able to repay payday loan on time. And for that default the lender company will impose you even bigger fees and interest rates.
This easy accessible loan in some way be considered as a trap, so you should try to avoid it by any means. There are always banks and credit unions who will offer you reasonable loans and interest rates than any payday lender. Interest range in this kind of institution goes from 5% up to a 36%. Looking around for best conditions is always a smart choice. Your budget will not be too loaded if you choose low-interest loan and after you repay it the next time you apply for the loan;you may get even lower interest rates.
Some of the options you may choose to use, is to ask your employer for an advance on your next paycheck. This may sometime be unpleasant, but if you are struggling with a money, don’t let this small awkwardness discourage you. Surely, this shouldn’t become your practice, but asking for once isn’t that bad. You should ask to speak with your employer, and try to explain him why do you need money. Any reasonable human being, who once was in these kind of trouble, will understand your situation.
If you have someone from your family serving in the army, you may be able to get loan with no interest. This refers to persons who serve in Army Emergency Relief, Air Force, Coast Guard, Marines, Navy. They have special programs for the loans, which close members of the family can use. You can’t use this loan just for anything, because their use is limited. They can enable you to cover rent, medical bill and groceries costs.
For those who already have fallen for this trap, the only solution is to stay persistent and strong. If you have difficulties returning the loan you already borrowed from lander company, try to get another loan that will cover the debt, if that can be manageable. Then contact your financial adviser, he will help you choose best solution in order to repay loans. You should avoid agencies that will charge you in advance for their services. With everything mentioned, payday loan should be your last mean to help you in financial crisis. Even though they represent themselves as a very convenient and easy, they also carry great financial risk.
Our society is constructed in the way which treats money as the most important thing. And our financial condition is often more important than our health condition. At least for those people who are not having problems with their health at the moment. Almost everyone is blindly running to get more and more money, working continuously to be able to spend on various things, even if they don’t really need half of that stuff.
Consumer society and materialistic ways of thinking have led mankind to a situation where we have to work as much as we can to afford the basic elementary needs. However, occasionally we need to invest more money into some larger expense, such as a house or a new car, and these expenses often demand more money than we have at our disposal at that particular moment.
Types of long term loans
When, and if this happens, most people decide to take a loan and to ask a bank or some other kind of financial institution to provide them with enough cash money to be able to pay the expense at hand and to pay the money back to the bank through periodical installments later. If the amount of money is relatively large, people need a long time to pay the money bank, and this extends the maturity date of the loan, and in the same time it lowers the monthly installments, since the loan is stretched over a bigger time frame. If the duration of the loan is longer than 3 years, we speak of a long term loan. This number may slightly vary from bank to bank.
The usual period for long term loans is 5 to 25 years, or even 30. If the customers are buying a residential property, and this type of long term loans is generally known as mortgages. Mortgage is a loan used for buying a house or an apartment. In that manner the bank gives the money but it takes the house as a guarantee that the client will pay his debt in time.
The term used for this guarantee is called a collateral. If the clients defaults the payments, the property will be seized or repossessed. With this type of guarantee banks are sure that the money will be payed. It is why this type of loans is known as secured loans.
Other types of long term loans are similar. One of the most common types is a credit used for buying a car, which is called leasing. This method is widely used by people and companies who are in need of a new vehicle. Other types of long term loans include student loans and home improvement loans. They are based on the same principle, with small variations and differences.
The basic idea behind all of them is: people borrow the money from a bank or a credit union, and later they pay it back over a specified amount of time, and with interests as well.
Financial stability is something we all want to have, and our monthly income is often not enough to give us a life which we would want to. Unless you are born into a royal family or your parents are millionaires, chances are that you live your life from one paycheck to the other, while being able to save only small amounts.
However, life sometimes throws a curve ball at us, i.e. it surprises us with unexpected events, and in those moments we have to improvise and find additional money resources. Those people who were not able to save enough will have to borrow. This principle is inevitable and engraved into our culture and sociological systems.
Types of loans
Money can be borrowed from different sources. This completely depends on the situation and personal preferences of the person who is in need of that urgent financial boost. Most common locations where people go for money of this kind are family, friends, colleagues, banks, credit unions and perhaps some other forms of financial institutions. All of those sources will usually give the finds in exchange for a “promise” that the money will be returned within the agreed period, and some arrangements can also incorporate interests.
When it comes to loans taken with commercial banks, most experts divide loans into two basic types, according to the duration of the maturity period of the loan. Those two categories are short term loans and long term loans. These types have many similarities but they also have many points where they differentiate from each other. They are intended for different customers. Banks use this diversity to be able to satisfy as many clients as possible.
Short term loans
Loans which are taken for periods of under one year, or 3 years maximum, are considered short term loans. They are generally taken for smaller amounts. Some banks limit short term loans to $2.000, but this amount can be different depending on the bank in question. Short term loans have higher interest rates than long term loans. They also have much higher monthly installments, or they are payed in one piece. The most common type of short term loans is called payday loans. Payday loans means that the whole borrowed amount is taken of the next paycheck.
Long term loans
Long term loans are different from short term loans primarily because of their maturity date. Since these loans are taken for periods which range from 3 to 25 years, or even 30 in some cases. These loans are intended for those clients who urgently need larger amounts of money. Also they are perfect for customers who want more buying power.
Therefore, people use long term loans when they want to buy a house or a car, or when they are planning a large business investment. Most common types of these loans are car leasing, mortgage loans and student loans. But there are many other sub-types and different purposes of these loans. Long term loans have lower interest rates and lower monthly payments. That fact attracts a lot of clients to this type of financial assistance.
Payday loans are unsecured loans, which means that they are not dependent on any collateral. It in terms of you owning a car or a house. Generally speaking, payday loans are dependent on the amount of money you make every month.
However, the less you borrow, the more the chances of you getting approved are. Once your repayment has been successful, the company can trust you with a higher amount the next time. Payday loans are great cash flow issues in the short term.
How to get a payday loan
In the majority of the cases, payday loans are available to consumers online. This means that they will not have to suffer through any delays in terms of posting or faxing their documents. The application process itself is quite easy and quick. The details that the loan company will require are your address, name, the amount you would like to borrow, details regarding your employment and monthly income, as well as your upcoming payday.
Once the application is submitted, either directly with a lender or with a comparison site like Quiddi Compare. You would most likely hear from the company within a few minutes. They will be sending you an email detailing the decision that they have made on the address that you have provided to them.
Payday loan providers
In part, the payday loan providers will be making a decision of whether they should be providing you with the loan or not based on the amount that you wish to borrow. They also compare this to your monthly salary. Therefore, it is important that you only borrow the amount that you require at the time. So that the chances of approval are increased further.
Upon the success of your application, you will be sent a loan agreement through email that will show you how much you will be lent.
Along with this, you will also find out about the interest amount and the repayment date. You will also receive the loan conditions, which should outline the rights of the consumer and the details regarding use of personal information and cancelling and repayment of the loan.
If you are satisfied with all the terms and conditions, you can go ahead and place your signature on the online document. The money will then come into your account on the very day that you sent in your application.
Repayment of the loan
The loan amount will have to be repaid along with the interest in the date that has been mentioned in the agreement. In most of the instances, the repayment date will be your payday. And which is primarily the reason for the name of this loan.
Your loan provider will collect your repayment. This will be done by debiting the amount from the bank account that you submitted at the time of the application.
If you cannot repay the amount on the due date, then you can most definitely get this date extended. However, be sure that you contact your loan provider beforehand to ask what their policies are in such situations. Most good payday loan companies will try to help you out in the respect, so its always worth asking
The process of borrowing money from a bank or some other type of financial institution is something which is familiar to most people. Since a large majority of adults is forced, at least once in their lives, to seek help from those facilities. Money is something which we all constantly need. In certain occasions we need larger amounts and it often happens that we do not have enough at that particular moment.
Some people try to predict those expenses and they use savings accounts and other methods of saving to accumulate large quantities of cash. This can be a risky activity and some lack the basic discipline for this process to be successful. Those who are not capable of save enough money are forced to borrow it, whether from a bank or from friends and family.
Types of loans
Banks offer different types of loans. They are designed to suit various needs of the customers and to satisfy every requirement that they may have. Experts often divide loans in two general categories based on the duration of the loan. Those two groups are called short term and long term loans.
Short term loan
Every loan which is taken for a period of under 1 year is usually considered short term loan, but this can sometimes be extended up to 2 or even 3 years. Everything over 3 years falls into the category of long term loans, and they can have maturity date of 25 or 30 years, while some can last even longer. Payback dates are a flexible category, and clients can usually arrange personal specifications of the loan.
Long term loan
When it comes to clients who need large amounts of money in a short period, most experts will advise them to take a long term loan. Since this type of loans has various benefits and advantages over other types. For example, long term loans have lower interest rates. Because banks take some form of guarantee, which they call a collateral. This guarantee reassures them that they will have a return with their loan, even if the client defaults on the payments.
This method is present in mortgage loans, where the house you wish to buy will serve as a collateral. If you are unable to follow on your monthly payments – the property will be seized by the bank.
Another advantage of long term loans is the fact that this type of loans includes lower monthly installments. Simply because the total amount has to be re-payed over a longer period. More months means less money per an individual payment, and this appeals to a lot of people. Since they are left with more money for their everyday expenses and needs.
Therefore, long term loans are a great option for people who need large amounts urgently. But they are unable to return the money in a short period. Long term loans allow them to have larger buying power. To invest in bigger projects and expenses, without disrupting their daily or monthly budget a lot.