Showing posts with label Payday. Show all posts
Showing posts with label Payday. Show all posts

Sunday, November 9, 2014

Why Bad Credit History Is Not A Problem For Title Loans?

Getting into a fix while applying for a loan, especially when you have a bad credit history, can turn out to be pretty unimpressive. If you decide to contact a bank, surely you will be turned down when they look into your financial history.There might be some lenders who will be willing to lend you a loan. However, you need to provide them with a proof that you have sufficient balance for paying off your loans. If you are unable to do that then in all probability, that road too is blocked. 


During emergencies, such situations turn out to be tenseful, specially if you are in dire need of cash to start a new business or maybe you need loan to fill up a college application. These things have a fixed deadline and can’t wait for you till the time you can gather up a loan. Let’s consider some other options which can help you get over the bad credit boundary:

Other Suitable Options To Get A Loan For Bad Credit History

Getting Hold of a Co-signer

A co-signer is one who agrees to sign a contract, promising to repay a loan incase you are not able to pay back the lender on time. This provides the lender, a sense of assurance that if you are unabe to pay, then he will be receiving payment from your partner. 

This can sound like a good idea, specially that your credit rate could be lesser(by 10% to 15%), when you have a partner who turns out to be credit worthy. Nevertheless, the dark side is, you and your cosigner could be in trouble, if you are unable to get back with your payment. He/she has to repay even if he/she had not used your loan and if there is any late payment, then that means sabotaging both of your and your friend’s credit score and profile.

Borrowing From Your Peers

You can try borrowing from your peers. This can be a suitable and safer option but wait, surely your peers won’t excuse you, if you are unable to pay them the money back just like you have promised them to. That is a matter of your own reputation right?

Go To The Lending Sites

There are some sites that can find some stranger, willing to lend you a loan. However, if your credit is extremely bad, then these may not be a good option.

Making Use of Collaterals

Making use of collaterals mean you can put your property on lien and get a loan. If you are unable to pay back the loan on time, then the lender will secure your property to make up for the money lent to you. While putting up your house may seem like a dangerous thing, if you own a car, you can easily opt for title loans. Title loans can solve your problem as a bad credit title loan . But first, how much do you know about a bad credit loan?

Know What Is A Bad Credit Loan

These are a specialized kind of loan, which is offered to help out people with a poor credit history. All loans are emergency ones but title loan can be a true buster for beating out your obstacle. Such loans are great when you need to make some bigger purchase or for paying off some other debt. If you decide to use this loan for paying off some other kind of debt, then it can help you build an impression that you are responsible enough to handle your loans. 

Though bad credit loan is great, a lot of people are worried about its interest rates. Well, what more do you expect other than getting a loan when your other options are close?

Why Title Loans Is A Suitable Option?

I am going to focus on title loans here, so firstly, loan title loan lending companies offer you a loan within a short period of time(you can get an instant loan within 24 hours). On the other hand, a traditionally bank loan will take days to pay you the loan. For providing such a quick service, an auto title loan company offers you an instant service and therefore it is logical when they charge you an interest rate of 25% to 75%. 

Other Benefits? - Though you have to put you car on a lien, you get to drive your car and also how long would you like the loan for. If you are unable to pay back on time, you get to roll over your loan.

What Points To Keep In Mind While Applying For Title Loans?

While you can find ways to pay off your loans for car title with quicker strategies, you should be aware of some basic points when you walk into a car title loan company: 

Check whether your lender is a legalized company. Do some research if necessary. The company must be into this business for some years atleast. 

Check all your queries. There are some lenders who tend to take advantage on borrowers having a bad credit history. The rate, which title companies charge, will be based on an annual basis, i.e. APR. Beware of lenders charging a monthly rate. Ask them about what APR are they going to impose on your amount. 

Ask about the time period and whether you can pay back before the time period. Normally, the loan will range over a period of 30 to 36 months. Inquire whether you can pay back before the tenure ends. Not every company agrees to this. You may be penalized for doing so. 

Title loans can be the best solution when all the other favors turn out to be unfavorable. You don’t need any cosigner for this, nor you need to show your documents for this. Just your car. So, wipe off all the stress and apply for a bad credit title loan. Title loans always have their doors open for you when other doors remain closed.

Author Bio: Cayla Silverstone is a freelance and community blogger. She loves helping out business and society with her blogs. Her blogs contain some useful answers that help in sorting out people suffering under heavy debts. Her most popular blogs are the ones dealing with bad credit title loans as she provides tips and strategies about how to survive a bad credit history. She is a mother of two and is also a bad credit survivor. Author G+: https://plus.google.com/u/0/112087791526450962330

Thursday, May 1, 2014

Most Payday Loan Borrowers Fight their Life to Come Out of the Debt

The CFPB or the Consumer Financial Protection Bureau, a government body aimed to look into the functioning of the lending organisations and protect the right of the consumers, has revealed that 80% of the people who take short term payday loans either get their loans roll over or they take more of payday loans to meet other requirements which come their way.

Payday Loan Borrowers

Most of the lenders who take the payday loans out of compulsion belong to the lower income group. With already stressed financial conditions, these new loans are taken simply because they are available easily and can be had within the same day of application. Moreover, since they do not require any credit checks, borrowers can qualify for them even if they have defaulted on other loans in the past or even had bankruptcy in their records.

Emergencies do come and they often strike them the most who are financially weak. Those who already have a payday loan in their kitty, when have another emergency situation to be dealt with, conveniently take another loan. This means that their coming pay check is used to the payday loan they had already taken , the next pay check is booked for the payment of the next payday loan taken by them.

It is thus evident that once you get into the habit of taking a payday loan, there is no respite from the situation. You will end up into a vicious cycle of loans which becomes impossible to come out from.
Reports by the CFPB indicate that almost 25% of the borrowers were found to go for the rollover of the payday loans. This means that they paid a much higher sum that they had originally taken and much of their payments went towards the fees and the penalties.

All this has definitely caught the eyes of the government which is trying to bring in new rules and guidelines for the payday loans and ways to curb the high interest rates and the tough repayment plan. However, with no alternatives available for the people taking to these loans to meet their urgent requirements, the government is going slow on implementing or enforcing any of these policies.

These loans are cash advances which are offered to the consumers against their pay checks . These are offered for a period of two weeks and the interest charged on them is a flat 15%. For such a small time period the interest rate does not get on the nerves of the people. In fact the lenders deliberately project the interest rates which show a lower value. If they would talk about the APR on the payday loans they would have to show the consumers a figure which would scare them away from taking the payday loans.

Payday loans have always been in the news for the wrong reasons. These are extremely popular bad credit installment loans amongst the consumers for the urgent needs they fulfil of theirs. However, there are a series of complaints against these lenders on account of higher interest rates charged from the consumers.

It was recession which pushed a lot of people into financial crisis and there it was, the pay day loans demand surged and reached the levels where it attracted most of the lenders into the business.
All is not good with the payday lenders. Several regulations and ban on payday loans in several US states has seen a lot of established lenders getting out of the business. However, Wells Fargo rules the market with maximum share today.

Wednesday, February 5, 2014

Top Tips to Positive Cash Flow Investing

Placing your bet on rentals and property management can be much safer than corporate stocks. This however, does not mean you escape from the risks and downfalls of failing to recognize viable estates. It is then useful to know the objective of why you should invest in properties in the first place.

Cash Flow Investing

On a broad perspective, estates can accumulate into assets. You would still need to set a value on how much return you would aim for, but the ideal scenario is to invest on a specific home, and have it rented out. The rent pays would eventually build up, which means aside from having your house, you would breakeven on how much you have spent on buying the property. This, in the long run, is classic positive cash flow investing.

Here are five tips to guide you and ensure your gain towards seizing in-demand lands:

  • Research as Much as You Can

Today’s real estate translates to convenience, which is brought about by online channels. You no longer fully need to cut out samples of properties from the newspaper’s Classifieds or make actual house visits.

You can access property details right at your fingertips. Browse through the Internet and subscribe to your target area’s newsletters and mailing list. In other words, you can exert as much as effort as possible through gathering numerous prospects, while never having to physically visit each and every estate.

  • Shop around

You can refine your top listings by looking through properties which best meet your criteria. One strategic step is to speak with a handful of agents you can trust. Start off by looking through online forums and communities that exchange industry knowledge on increasing positive cash flows.

Once you have found an agent worthy of your efforts, you may start by scheduling a meet up. You can gain the real blow by blow of what happens in the industry, or if you can’t meet with an agent, try going to talks, symposiums, and exhibits on real estate.

  • Check the Vicinities

Your property can potentially increase in value through the local areas by which your prospective home may be situated. See the spots where opportunities for employment would rise or where schools may be. If an estate is near a shopping establishment, or transportation may be easily accessible, this would then be a boost for your property’s value.

  • Talk to Area Experts

The most effective investment strategies can be shared by real estate veterans. This is why it pays to know their two cents’ worth in regards to property selling and acquisition. What you may need to learn and work hard for in years, may be given by a seasoned specialist during a quick meeting.

  • Start Bidding at the Bottom

Upon finally deciding to purchase a specific lot or property, always start your price at the bottom of the barrel. This gives you more room for an increased return on investment. Picture this: you bought a property which was priced at below market value and have it rented at a competitive price. In several more years, you can gain back the amount by which you bought the house and continue to earn off from the property’s rent at an increased interest rate.

Working through the challenges of property investing can be tedious. Once you gain further skills on choosing the right estates and offer them at competitive prices, you may see yourself building an empire, one deal at a time.

Author: Anna Francesca is an avid writer, who enthusiastically explores about challenges of property investing and enterprise opportunities. She is also a music geek, a fan of European languages, an ardent reader, and very gung-ho on all things new and interesting. You may follow her on Google+.

Monday, August 19, 2013

Chattanooga Payday Loan Company Lays off 400 After Bank Access Shut Down

The online internet payday Loan Company conglomerate controlled through Carey V. Brown has laid off most of its staff following a report in the USA news today that New York authority had removed its ability to make what the state Called “illegal” Payday Lending.

Payday Loan

“There are many reason behind it to the current regulatory environment and a contraction of the short term finance Company in the USA New York City support of online payday lending services, we have determined that the ongoing viability of these companies is not sustainable, one of the famous group name “Brown’s Group” described in a statement. After that the result has come very excellent, we regretfully had to eliminate 400 positions across all paydays companies, of which approximately 300 are located in Chattanooga. We appreciate the commitment and doing work for our partners, and we wish them well future.

Workers who is working in New York, Employee layoffs began this morning at the headquarters of Area Clouds well, 203 Digital, Ach Federal, Support Seven, Eclipse in Action, Credit protection, and Credit Payment Services depot - - All of which operated as a single entity to make online fast payday lending across the USA.

Workers carried out boxes, fans, backpacks and duffel bags, and parking lots began to empty before lunch. Employees walked out in twos and threes, some helping others load their cars before exchanging hugs in the parking lot. Workers reached by the Times Free Press declined to comment on the record.
A Senior Vice president name “Brian Hinton” of administration and human resources for Clouds well, given a statement in a later to state authority that the company would “permanently reduce a number of workers at the facility due to catastrophic unforeseen business situations.

Few days ago, we have experienced authority pressure that has rendered the payment services of the short term financial services industry unable to support the ongoing operation of our consumers, this statement is given by “Hinton”.

Before New York authority cut the businesses off from the automated clearing house system in early July, the Payday cash Advance conglomerate made quick cash loans over the online that typically became due including all interest fees on the borrowers next payday. Many states have widely divergent laws governing the rate of interest that payday loan company are allowed to charge, and Brown often ran afoul of these legislation.

He has apply in many states for making payday loans with interest rates well above the borrowing legal authority, was the subject of a class-action lawsuit for sending thousands of spam text messages and was investigated by federal regulators.

Tuesday, July 2, 2013

Providence Rhode Island Cash Advance - Apply and Get Loan Immediately

Paperless cash advance financial loans are loans intended to help people during their economic problems. Now it is necessary to tell you that what type of economic problems are we discussing about? The problems can be in the form of an unexpected immediate economical responsibility that needs immediate attention.


Cash Advance

But you might think that you will never face such problems in your life anytime. Therefore, I want to tell you that, it is not true at all, because future is always unclear and know body can predict anything what is going to happen in future. You cannot estimate the good or bad things that might happen in the coming time. What we know is that essentially no one is safe from economic problems. Hence let us discuss in details about paperless cash advance financial loans and its types.

First of all I want to tell you that paperless loans are also known as Payday Loans Online, or online payday loans. When you fill loan application form online by the help of website then your loan get approved without any paper this is the reason online loans are known as payday loans. Now come to the main point. Payday loans are short term loans offered for two or three weeks to those people who are in big financial crisis.

I want to tell you one thing more which is every payday loans have its own terms and conditions. One thing is also important to know that every state in United States of America has its own rule and regulation on Payday loans. Therefore, if you are living in Providence Rhode Island then the interest loan on these loans will differ from other states and city.

The good news is that Providence Rhode Island Cash Advance lending companies offers loans at low interest rate this is the main reason the demand of payday loans in this city is increasing day by day.

For the suitability of the loan borrower there are many types of pay day loan available in the market such as Instant pay day loan, payday cash advances, Paperless pay day loan,, No credit check pay day loan , and Military pay day loan payday. These are the some broad categories. If you are in Providence Rhode Island then you can apply for these all loans according to your requirement.

Author Bio: Amit Aadarsh is a professional financial expert and consultant. He writes for sonic-payday.com and is available on G+.

Monday, May 20, 2013

Payday Lenders Spend Huge Money for Lobbying

Payday lenders continue spending huge amounts for lobbying the legislatures and senators. According to a recent report, the payday loan industry has spent over $4.4 million for the purpose, just during the last legislative session alone. The amount was spent for the purpose of killing some legislation which was put forward by the consumer advocates. The consumer advocates blame the industry for draining the wealth of the lower income groups in Texas.

Payday Loan

Texans for Public Justice’ report says that the USA payday loans industry is still spending a lot of money just for lobbying the Texas senators. As per the report, the payday lenders have already spent over $4.4 million just for this purpose.The industry has almost spent $8.4 million during the last two sessions. This figure shows how ardent the industry is to kill the legislation which come against the industry in the legislature.

These regulations are meant to cap the interest rates of payday loans. Besides interest rates, some other fees are also collected by them, finding loopholes in the laws prescribed by Federal Bank.

Though many states have banned these high-rated loans in their states, Texas has not yet banned them. Besides Texas, nearly 15 other states also have not regulated the payday lenders.

The report is concluded, challenging Joe Straus, the Texas House Speaker. He has received a huge amount of cash, approximately $311,000, from the payday loan lenders and auto title lending industry in the form of campaign contributions. The report asks the Texas House with whom it will stand. Will it stand with the poor Texans who lost their vehicles and homes last year, or will it stand with the payday loans USA industry, which mostly works from outside Texas.

As per the report, last year nearly 35000 Texans lost their vehicles, due to the higher rates of payday loans. It further asks the speaker to answer with whom the house will stand as the house members are given over $1.3 million by the lending industry.

Rod Aycox-headed Select Management Resources has spent the largest amounts to the lobbyists. It is paying up to $485,000 to ten lobbyists.

TPJ has found out that eight former lawmakers and four legislative staff members were registered payday lenders. The report adds that the failure of the Texas House to act against the payday lenders has prompted the cities to come up with their own legislation  If the state senate fails again to implement tough regulations against the industry, the cities will surely have to come up with tougher legislation.

Monday, May 6, 2013

Payday Loan Rates More Attractive Than Bank Fees

Backing the payday loans industry, a new study reported that now the payday loan rates are more attractive than they were ever before. This statement was found in a staff report of New York Federal Reserve Bank.

Payday Loan

Payday loan industry has often been facing various controversies, especially related to its higher rates of interest. Now the new report has really backed the industry.

The report by New York Federal Reserve Bank Staff reveals that payday loan rates are more attractive than the rates of some banks and other financiers.

The fees levied on the customers by some financial institutions are really higher than the actual rates of payday loans. The late payment fees for credit cards remain a best example.

The fees charged for a bounced check of default payment of some bills, etc. is also higher. Compared to these rates, payday loans are offered at lower rates.

This will be clear to you when you go through the following figures. If the normal APR for a bounced check is 100 percent, the late payment fees can go up to 700 percent.

The charges levied on the customers by the utility companies for reconnection are still higher. In most of the occasions, this rate is as high as 1300 percent APR.

The study has concluded that the payday loans rates are in most cases are more attractive than the bank fees. The study says that it really beat the bank rates.

The report adds that this kind of cash advance loans can be highly useful and handy in times of emergencies, despite their higher interest rates. Anyone can successfully deal with emergency situations, using this kind of short term loans.

Due to the higher interest rates, they are to be used in a very responsible manner. Otherwise the customers are sure to fall into deep troubles.

Now there are many articles are available on the net. These articles provide the customers a good option to compare the various schemes and interest rates of different lenders.

Additionally these articles on payday loans also tell you how to apply for payday loans. Since all these facilities are available, it is easier for the customers to select the best lender other than waiting for some to appear after clicking on the ‘APPLY NOW’ button.

More interestingly this facility is offered to all the customers of payday loans at free of cost. This makes the customers analyze and compare the lenders.

Friday, May 3, 2013

5 Things To Know Before Using A Payday Loan Company

The recent news of short term cash lender Wonga’s security failings has put ‘payday’ loan companies in the spotlight once again. Wonga, who are one of the largest lenders of this kind, have previously enjoyed quite a good reputation, standing out within the industry for their open, fair deals and boasted an ‘ethical’ approach in an otherwise ethically ambiguous sea of legal loan sharks. Mystery surrounds these companies though, here I’ll look at 5 things everyone should know about payday loans:

Payday Loan

Loans are fast but why and how?

The paperwork for same day online payday loans is simple and checks are minimal. However it is these benefits that allow fraudsters to get loans under other people’s names so easily. This should not necessarily be deterrent to making an application of your own though as the incidents of fraud at Wonga seem to have had little to do with whether you’ve ever had a loan from them. If you’re caught short you can have funds transferred to you instantly, solving your financial problems far more quickly than any other means could do. The danger here is that you may not think through all the repercussions of taking out and paying back the loan before you’ve applied and received the cash. The responsibility for this is entirely on you but if you’re desperate for money quickly there is a greater risk of pushing any cons to back of your mind.

You can get a loan even with a poor credit rating

One of the greatest advantages for anyone struggling to get a loan from a more traditional lender such as a bank is that even if your credit rating is poor or nonexistent that short term cash loans are available through lenders of this kind. Another advantage is that a short term loan can also be an effective method of boosting your credit rating as you’ll prove your ability to pay off a loan. However a subprime card may be a better, more reliable and less risky way to work on your credit rating. These are credit cards issued to customers with poor credit by specialist lenders. These have low limits and high interest but are a more long term solution to money shortages and repayments are more flexible.

A payday loan is cheaper than an unauthorised overdraft

A lot is said about the expense of payday loans but in fact if your only other option is to enter an unauthorised overdraft on your bank account then it is less expensive and harmful to request a sameday loan. To set up an ‘arranged’ overdraft which is fairly cheap you have to ask your bank who must be satisfied with your credit rating. If they’re unsatisfied you won’t be granted the overdraft. The amounts charged for an unauthorised overdraft from your bank reflect the fact that you’ve either bypassed or failed these checks and should be penalised for taking an unapproved loan. However as mentioned above payday lenders don’t require credit checks and despite their high APRs they can still be cheaper than the fines issued by your bank.

You must pay back quickly

The idea behind a payday loan is exactly as it sounds; a loan until payday. This should never be treated as a longer term loan and you should not attempt to borrow more than you can afford. Your latest payslip is usually required for an application but is not used to limit the amount you borrow. In addition it is possible, though not advisable, to take out a second loan from a different payday lender at the exact same time, thus far exceeding your future wage very quickly. However the limit on the period you can borrow for does have the advantage of putting an end to mounting interest costs.

You can make money from a payday loan

Some users of payday loans don’t need the money at all; they’re exploiting the rates for new users and the ‘introduce a friend’ incentives to actually make money. Many of these sameday online lenders wave the transmission fee (which is usually charged in addition to your loan) for new customers. What’s more they offer you money to refer your friends and family to the site. If you take the loan for just one day and pay it off without any extra fees then you can come out on top. As with any dealings you have with fast loan deals you need to read all the small print to make sure you will come away with more than you put in.

Wednesday, April 17, 2013

Apply for Unsecured Loans Online

Nobody should wonder why the number of salaried people taking out a loan has been increasing day by day. Economic condition is such that people are finding it hard to get a good job. The salary figure is also trimmed to curtail the expenditure of the firms. The long and short of saying this is it is affecting the people with medium income slab. Being burdened with many financial obligations like paying bills, mortgage payment, car insurance, medical bills and many more, the workers find it extremely difficult to manage unplanned expenses. Unsecured loan is a good means to meet the gap between expenses and what you can afford.
Unsecured Loans

Traditional Loan Will Be of No Help

If you think that approaching the traditional lenders for your emergency needs is a better idea, think again as all of your hopes will be nipped into bud. Traditional lenders are less likely to give you a loan without collateral. If you can offer it, there is a chance of getting the loan. In addition, the lenders will also examine your credit details to assess your repayment ability. If it is fine, you can hope for a hope. However, in times of economic turbulence, only a few have the finest credit history, others, i.e. the larger pie of the people live with poor credit record. If you belong to the category of borrowers who have nothing to offer as collateral and have a very low credit score, there is not even the slightest chance of being approved.

Online Unsecured Loans – Immediate Help When You Need It

Unsecured loans mean that criteria to get a loan don’t require you to have collateral. Furthermore, your credit history will have no significance for the lenders. Credit report assessment and value appraisal of collateral take a lot of time. This explains why approval time for the traditional loans is a lengthy one. However, as collateral and credit score are not included in the lending criteria of unsecured loans, so it is approved very quickly, say almost within a few hours of form submission. Online lending is much faster and so convenient a choice that most of the net-savvy borrowers always apply for unsecured loans online.

Shop Around

A loan is also a product that you buy and the lenders sell. So, why not shop around to know which lender offers the best rate and repayment term? Shopping around will take a little of time but you will end up making the right choice.

Saturday, March 2, 2013

Tips To Settle Pay Day Loan Debt

Your financial situation might have forced you to take payday loan at the middle of the month. But are you aware of the traps that you can fall in to if you take the help of a payday loan in order to meet your urgent financial requirements? These loans have high interest rate that varies from 10% to 30% making the repayment plan affordable for your pocket.

Payday Loan

If you are struggling to come out from this vicious cycle of debt then this article can help you with different ways of payday loan settlement.

How to settle payday loan debts?

1. Add the Amount of Debt You Have Incurred:

One of the easiest ways to evade the trap of payday loan debt is by calculating the total amount you owe. Write down the sum of the outstanding balance along with the interest rate as that would help to settle your debt with ease. Your state law would have an immense effect while settling your payday loan therefore gather information regarding the law.

2. Keep A Record of the Dealings with the Lender:

You can request your creditor to mail you the required documents or ask to send a postal letter if he tries to contact you. Try to keep a record of the dealings with the creditor as that would be beneficial for you while you plan to settle your debts. A certified letter would be ideal if you want the creditor to stop communicating with you. This would help to reduce the creditor harassment as you would maintain a record of communication with him. And if you find him violating any rule then you can lodge a complaint with the Federal Trade Commission (FTC) against the creditor.

3. Consult the Federal Regulatory Body:

You are secured from the evil practices of the creditor by the law enforced by the state. Try to acquire more knowledge on state laws as that would show you various ways to avoid creditor harassment. There are few states that have restricted the amount of interest charged by the payday loan company and others have declared the payday loan companies as unauthorized. If you locate any of the creditors violating the law implemented by the Federal regulatory body then you can negotiate to settle the account on this ground. Lodging a complaint with the state regulatory board would help to put an end to the creditor harassment.

4. Take the Service of A Debt Settlement Program:

If you are eager to come out of the clutches of the payday loan debt then try to enroll with a debt settlement program. The settlement company would negotiate on the outstanding balance along with the interest rate on your behalf. They would also consider of making the repayment plan affordable for you.

5. Save and Pay your Own Debt:

If you are planning to take a consolidation loan then change your mind. Taking a second loan in order to pay off your previous loans would not beneficial as you won’t be able to come out from the vicious cycle of debt. Try to save money and start paying the amount you have incurred. Following these easy steps would help to pay off your debt.
  • If you spend your hard earned cash sensibly that would help to save money therefore you a scope to get rid of debt.
  • Plan a budget as that would help you to control your extravagance and forcing you to save a portion of your income. With the help of the saved amount you can pay off your debts.
  • Look for some extra source of income for instance get hold of a part time job or give a room if your apartment on rent. You can use these extra cash for paying off your bills.