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Tag: Loans Online

Payday Loans vs. Bank Loans –What’s the Right Choice When You Need Cash Now?

Posted on July 23, 2020August 23, 2020 by Michael Hodges

If you need extra cash to cover expenses, you’re probably trying to figure out the best way to borrow money. There are several options to consider, including borrowing money from friends or family, getting a cash advance with your credit card, taking out a traditional bank loan and applying for a payday loan. This article will cover the last two options—bankloans and payday loans—andcompare the requirements and advantages of each. After reading more, perhaps you’ll have a better idea of which is the right choice for you.

There are several important factors to consider when deciding which type of loan you need. Do you need a large amount? What is your credit history? When will you be able to pay back the loan? Let’s look at a few key points that can help you decide if you if you should apply for a bank loan or a payday loan:

When do you need the money?

A bank’s loan approval process takes time—typicallyweeks (or even months in the current economy). So, if you need cash fast, a bank loan is not for you. Bank loans work better for planned expenses than for unforeseen financial emergencies. A payday loan, on the other hand, means the loan will be approved quickly and you can have cash in your checking account in as little as 24 hours.

What is your credit score?

First of all, you should know your credit score. The bank certainly does. Your credit score will play a large role in any bank’s decision about your loan application. If you have bad credit, it may be impossible to obtain a loan through your bank. On the other hand, payday lenders don’t look at your credit score. They only verify that you have a steady, reliable source of income to determine whether or not to lend you money. If your credit isn’t great but you have a steady job, a payday loan might be right for you. See more!

How much do you need to borrow?

Payday loans tend to be for smaller amounts, usually a few hundred dollars up to around a thousand dollars. The amount you can borrow certainly won’t exceed the amount of your next paycheck, because this is the money that the payday lender is counting on for repayment. If you have an unexpected car repair and don’t have cash on hand to cover the mechanic’s bill, a payday loan could cover the costs until your next paycheck comes in. If you need a new car, however, you’ll have to apply for a bank loan. When are you able to repay the loan?

If you can get approved for a bank loan, you’ll typically have years to repay the loan and have the option of making very low monthly payments. This is convenient because you know you have time to repay your debt. With a payday loan, you usually have a couple of weeks or at most a month to repay the full amount of the loan, plus the interest charged. You have to keep in mind that a large part of your next paycheck will go to pay back your loan, so be prepared to cover your normal monthly expenses and settle your debt in a tight timeframe.

Finally, a note about interest rates…

Remember that a payday loan is a SHORT-TERM credit option. Payday lenders charge high interest rates for the convenience of obtaining a quick and simple loan, so these types of loans should be used for emergency expenses only. Rolling over a payday loan can be costly, so plan on repaying it in full with your next paycheck. After answering these questions, you should have a better idea of which type of loan best fits your needs. Consider all your options carefully before deciding if a bank loan or a payday loan is right for your financial situation. Click here for more information: http://www.blogincomelife.com/the-4-types-of-short-term-loans-every-business-owner-should-know/

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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

  1. Almost All Borrowers Spend 200 Days Per Year Drowning In Debt
  2. 14% Of All Borrowers Can’t Afford The Loan
  3. Apr Can Run As High As 400%
  4. 80% Of Borrowers Roll Their Loans Over To The Following Month
  5. 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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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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  • Payday Loans vs. Bank Loans –What’s the Right Choice When You Need Cash Now?
  • The 4 Types of Short-Term Loans Every Business Owner Should Know
  • 5 Alarming Payday Loan Statistics
  • Title Loans vs. Payday Loans: Which Are Better?
  • How to Get a Personal Loan without a Credit Check

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