Payday Loans | Blog Income Life

5 Alarming Payday Loan Statistics

Posted on September 22, 2019 by Michael Hodges

Thousands look for payday loans near me as they believe that’s their best option. It’s easy to see why there are so many borrowers who look to payday loans and in a way they can offer so much. However, while they do have their good points there are also some alarming concerns coming to the table. So, what do you need to know about payday loans and what statistics should you learn about?

The 5 Statistics You Need To Know

Almost All Borrowers Spend 200 Days Per Year Drowning In Debt
14% Of All Borrowers Can’t Afford The Loan
Apr Can Run As High As 400%
80% Of Borrowers Roll Their Loans Over To The Following Month
More Than 69% Of Borrowers Use Loans To Pay For Everyday Expenses

Payday loans offer a lot of great advantages, but, that doesn’t mean to say there aren’t still some shocking facts about them. Yes, there are reasons to opt for these types of loans over many others, but at the same time, there are also reasons to be careful of them. What you have to remember is that a payday loan might not be suited for you at this time and you have to be very cautious before you delve into this lending stream. However, that doesn’t mean to say they can’t be suitable, but you need a great loan and a wonderful lender.

Think Before You Act

People often rush to get a loan for one reason or another and that’s perfectly reasonable. When you’re in a financial muddle you want to resolve the situation fast, but that doesn’t mean you should rush into a payday loan – or indeed any loan. Loans are a last resort or they should be in any case simply because they’re adding more pressure to your already stretched finances. When you’re thinking about payday loans near me you should ensure this is the route you absolutely want to take. You have to make sure the lender you choose has a great reputation and they offer a loan that suits your needs also.

Payday Loans Work – If You Can Afford Them!

Payday loans near me are great! You shouldn’t have too much trouble finding a loan that fits your requirements. However, what you need to know is that payday loans are only good if you can actually afford to repay them. Now, you might think you’re going to be able to, but, this is technically a short-term loan and while you can roll them over to the next month it’s not advisable. The reason why is simply because there are additional fees included and it’s best to pay them off as soon as you can. Think about whether or not the loan works for you and whether or not it’s something you can afford too.

Don’t Become a Statistic

Do you want to become another statistic? Do you want to fall into the category of being unable to pay the loan and defaulting? Do you want to be the one who has to use the loans to pay their bills every month? Sometimes, you have to take a step back and say, ‘is this for me? Can I afford a payday loan and will it help me or cause further financial problems?’ That is something you have to ask so that you don’t make a mistake with your finances. Payday loans are great, but they don’t work for everyone. Click here for more information: https://www.forbes.com/sites/donnafuscaldo/2019/02/07/new-payday-lending-rules-present-an-opportunity-for-fintechs/

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Title Loans vs. Payday Loans: Which Are Better?

Posted on April 18, 2019April 18, 2019 by Michael Hodges

People who have an emergency need for liquid funds generally do not have the time to go through the lengthy process needed to obtain a long-term loan from the main bank. Or, they may already have a bad credit rating, which prevents them from being approved. These people may be entitled to receive immediate assistance in the form of payday loans or title loans. Regardless of some overlapping characteristics, these types of loans have clear distinctions and borrowers must know all the details before signing their names on the dotted line.

Here is a fast overview that can help you decide if a payday loan or a title loan is the best for you:

What Are the Title Loans?

The defining feature of a title loan is that it should be backed by some type of guarantee, particularly by the title of a car. The maximum loan amount is generally based on a percentage of the estimated value of the car, but the title loans can be received for amounts as low as $ 100. Just depending on the amount and the correct agreement with the institution granting the loan, the Debt can be settled at once or in many installments over a period of time.

In order to qualify for this type of financial assistance, it is essential to have clear legal ownership of the vehicle, without any prior responsibility for the same auto title. The credit history is fully irrelevant in this case because the transaction is backed by tangible assets. Then, almost all owners of cars, trucks or recreational vehicles can count on this type of loan when the situation requires it.

What Are Payday Loans?

Payday loans do not require any kind of property as collateral, as they are linked to the regular income of the borrower and are reimbursed as soon as the next paycheck arrives. This method of financing is generally used to overcome a temporary cash shortage and make ends meet until you get your next paycheck. Payday loans can be issued very rapidly, despite credit rating or existing obligations, so they are popular with people who might not otherwise be able to get long-term credit or who are not willing to wait for the process of a bank loan is completed.

What Type of Loan Is Better?

Each type of loan has its own advantages and disadvantages. Regardless of their considerable similarities, title loans and payday loans are intended for various situations and lenders must know the exact conditions to properly estimate which one they really require. It would be a fault to compare these two types of loan and ignore the small but relevant differences that could have grave consequences when the loan expires.

Payday loans are generally a better option when you immediately need to spend some cash, there are still a few days left until your next paycheck and you are willing to pay the full loan with your next paycheck. But if the required amount is greater than your weekly income or you cannot sensibly pay what you owe with your next paycheck, title loans become the smartest option. Individual circumstances can vary and the final decision just depends on a number of factors, such as people who do not own a vehicle obviously would not qualify for a title loan.

see more:
https://www.get.com/guide/personal-bank-loans-vs-payday-loans /

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How to Get a Personal Loan without a Credit Check

Posted on November 2, 2018November 2, 2018 by Michael Hodges

Have you thought about payday loans near me? In all honesty, payday loans aren’t always thought about when it comes to a personal loan as most people believe, it’s best to get a loan from a bank or other lending institute. However, payday loans can be some of the most versatile loan options for any borrower today. The one thing which is bringing concern to a lot of borrowers is whether or not the lender they choose to get a personal loan will carry out a credit check? So, how can you get a personal loan without having a credit check done?

Choose a Payday Loan

Have you thought about payday loans online? If you want to get a persona loan without having to undertake a credit check, a payday loan might be the only option available for that. It might sound strange but most lenders that offer payday loans really don’t offer credit checks too. What does that mean? It essentially means that no matter the state of your credit, it won’t affect the outcome in terms of being approved or rejected for a loan. That can be ideal to say the least and it can certainly help most people who have issues with credit.

Credit Can Cause Trouble for Borrowers

A lot of people want to be able to get a personal loan but avoid the credit checks and it’s down to their credit. Most people have had some form of trouble with their credit over the years and it has resulted in them having less than perfect credit now. It’s not ideal and it’s certainly causing a lot of continuous problems. However, with payday loans near me, you might be able to find a good loan. Personal loans come in all forms and payday loans can be one option as well. You have to ensure you get a great loan and in reality there are not many ways around credit checks when borrowing money.

Loans Can Damage Your Credit So Be Careful

What you do have to be wary of is, believing since you have chosen a payday loan you don’t have to repay that money back. However, that could not be farther from the truth. When you agree to borrow money from a lender, whether it’s from a bank or a payday lender, you are agreeing to the terms they have set. You also agree to make the payments to the lender. A lot of people seem to think if they go online and get payday loans online they can skip out on payment but again, it doesn’t work like that. Lenders can go after you for a judgment in order to get their money back. It’s important you are careful with a loan so that you don’t damage your credit further.

Avoid the Credit Checks

It’s not easy to get a personal loan without having to go through a lot of credit checks. Remember, lenders are being cautious today with their money and you can’t really blame them. However, with payday loans, they are really supposed to be a short term loan and that means fewer checks are needed. That’s why these have become one of the more popular loans of today; and they can be useful in many ways. Payday loans near me have never been more popular.

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Advantages of Applying for an Online Payday Loans

Posted on May 27, 2018October 3, 2019 by Dorothy Clark

Who isn’t looking for payday loans near me? Over the last decade or so, more are searching for a payday loan and they can actually be far better than you think. Recently, they have had a lot of bad press over some unscrupulous lenders but if you take the time to find a suitable one, you shouldn’t have too much trouble. Not convinced? You aren’t alone in this as a lot of people aren’t sure over a payday loan. What are the advantages of applying for an online payday loan? Click here if you like to know more about payday loan essentials.

You Get an Answer within 24 Hours

Traditional loans have a very simple application system but the actual processing time is somewhat lengthy. For most people, if they need a loan, they need it in a timely manner and in truth they can’t always afford to wait two or three weeks to be approved. However, with payday loans, they don’t offer a lengthy waiting time; within twenty four hours, approval can be given. That is really quite interesting and very unique as a lot of lenders would never offer such a quick acceptance time. It’s really one of the advantages of the online payday lenders.

Your Credit Isn’t a Problem

Another factor which isn’t given much thought is your credit. Now, that is very strange to say because most lenders would absolutely take a very in-depth look at your credit but payday lenders are different. Yes, they like to see creditors with perfect credit but as long as they are able to repay the loan, they are not really overly bothered! In truth, payday loans near me are popular with more people searching for them. However, lenders are able to offer them because they are short-term loans so people more often than not, repay within the next pay period. Learn more about the CFPB’s long-awaited rule on payday loans.

You Can Get a Small or Large Loan

Payday loans vary considerably. The loan amount can range from one hundred to one thousand and that’s fantastic. These loans are designed really for borrowers who need quick cash but who also want to repay within a few weeks. With many banks they don’t have that option as usually banks give out larger loans and have a six or twelve month repayment time. However, being able to get a smaller loan as and when it’s needed can be useful for those who need quick cash until the next pay day. It’s useful in a variety ways. Visit http://www.blogincomelife.com/are-online-payday-loans-right-for-you/ for online payday loans information.

A Payday Loan Offers Some Excellent Advantages

While you might not have given much thought over the use of payday loans, they can actually offer a great deal of benefits over many other loans. Yes, they have had some bad press recently but if you know what you’re getting into and choose a good lender then you really shouldn’t have too much trouble with them. A payday loan can offer many great advantages that enable you to get far more for your money and a simple way to repay too. Payday loans shouldn’t be feared as long as you know what you’re getting into.

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