National Payday Loan Blog

Curently in the Lead:

The Benefits of Bankruptcy: Is Filing in Your Best Interests?

6212772272_1cd82df03f_zBankruptcy, a word every adult is afraid of. Everyone knows what it means – kind of – but very few people know what it really means.

Bankruptcy is more than being broke. It’s more than filing paperwork. It’s more than landing on Boardwalk with a hotel on it and handing over all your money and properties. Bankruptcy is a legal term that describes what happens to you when you legally declare that you cannot pay your debts. So what happens next?

Bankruptcy is another legal word for insolvency. It means a person or entity (like a corporation) cannot repay the debts that are owed, and initiates a court order giving them protection under the law. In other countries, only individuals can file for bankruptcy, but in America the laws are applied more broadly, and also covers legal entities.

After bankruptcy is filed, the debtor enters a new financial world, with some benefits and some obstacles. (more…)

Learning the Basics: Loans Decoded

Before getting a payday loan, or any kind of loan, you need to have a basic understanding of the lending process. As part of Financial Literacy Month, we offer a simple graphic to teach you the basic terminology and process of borrowing money.

 

payday-loans-decoded

How Spongebob Helped a Generation: Work, Money, and Dealing with Squidwards

4135073_4bfdd2a8e3_oOn July 17, 1999 the cartoon Spongebob Squarepants officially debuted, and the world changed just a little bit. Quickly dismissed by many as just another dumb cartoon, the show was nonetheless an immediate hit. It generated billions in merchandise sales, won an Emmy, spawned a hit movie, lured in famous guest stars, and dominated the afternoon cartoon scene for 15 years.

What we know now, what we didn’t know then, was that Spongebob was not “just another dumb cartoon” it was THE defining dumb cartoon for a generation. Perhaps even two generations. It is STILL the top rated cartoon for children, just as popular as it ever was.

Why is Spongebob so popular? What makes the odd little sea sponge such a phenomenon? Because this cartoon connects with kids and adults alike. Roughly 40% of the shows audience is adult.

Although it is mired in nonsense, Spongebob actually helps prepare children for the real world. Those same aspects of reality that appeal to kids also draw in adults, who are shocked to find that they can relate to the show.

Don’t believe it? (more…)

Pay Now Save Later! 4 Easy Ways to Save Hundreds a Year

2361650006_cb74ac5619_zBuy Now, Pay Later! Says the advertisement. And it’s sure to catch your eye. Be it a car, a phone, or a loan, the chance to get something for nothing – even for a limited time – is a hard offer to pass up.

The problem is, these “special deals” are never special, nor are they deals. By offering consumers something free up front, they get them to sign up for things they don’t need, at prices they never otherwise would have paid.

It may be a hard truth to swallow, but sometimes the best deals come from paying a lot up front.  You can save money in the long term by not making payments or getting a free month, but in coughing up the full price all at once. Financially speaking it may be hard (or even impossible) to do, but it can bring you big savings over months and years.

Instead of Buy Now Pay Later, it’s Pay Now Save Later.

Want some examples? Sure you do! (more…)

“In My Day Movies Cost a Nickel!” The Cost of Things Then and Now

712571702_e122d9eaf1_zThere has been a lot of talk about increasing the minimum wage lately. The state of Minnesota recently voted to increase their minimum wage up to $9.50, a fairly sizable jump from the current Federal minimum of $7.25.

Every decade or so the minimum wage increases, and every time it leads to a lot of public and political debate. Instead of arguing its merits and detriments, let’s take a look at the numbers. What were the cost of things the last time they raised the minimum? And the time before that?

The next time you hear someone say “Back in my day a nickel got you two movies, a cartoon, and a popcorn!” you can use this blog to fact-check them. (more…)

The A-B-Cs of Loans and Fees: A Subprime Rhyme for Our Time

6526907101_27ebe756c4_zThe language of borrowing has many ins and outs, and some of you might be wondering what it’s all about.

So sit back, get comfy, and enjoy this tome. It’s a rhyme to teach you all about loans. (more…)

3 Amazing Cartoons that can Teach You More than Finance Class

2312877891_899bbfe929_zIn the 1970s, Saturday mornings were all about cartoons. There were no 24 hour cartoon channels, not even any VHS tapes, so if you wanted cartoons, Saturday mornings were the only place to get them.

In between the cartoons were short music videos called Schoolhouse Rock. They took topics that bored kids to tears during school, and made them incredible with great music and clever lyrics. It was a great way to sandwich in some learning between Scooby Doo and Daffy Duck.

In the 1990s, Schoolhouse Rock made a comeback, and released a series of videos about money. Money Rock did the impossible – it made finance, loans, banking, and taxes seem interesting.

You don’t have to be a kid to learn from Money Rock. In fact, grown-ups may benefit from these songs more than their children.

If you’ve never seen these before, prepare to have your mind blown. These are our picks for the 3 best Money Rocks tunes. (more…)

A Dark Connection: The Link Between Debt and Depression

902028093_9a5b518310_zAccording to the Centers for Disease Control, between 1999 and 2010 the suicide rate increased by 30 percent.

US household debt has been steadily increasing since 1980. The average debt per household right now is $152,00 for mortgage, $15,000 for credit cards, and $33,000 for student loans. Roughly $200,000 per household.

Millennials, who are growing up with all this debt, have much higher rates of depression compared to other age groups, and other generations. Almost 1 in 5 members of Generation Y reported suffering from depression.

These are not three separate facts, these are three interconnected events that tell the same bleak story. The link between debt, depression, and suicide has long been known. Now that the economy is weak and debt seems overwhelming for a growing number of people, this dark connection is more dangerous than ever. If the people, like the nation itself, are digging deeper and deeper into debt and financial ruin, will more and more people suffer from depression?

You knew the student loan crisis and national debt were hurting people financially, but did you know how deep and dark that hurt can run? (more…)

3 Financial Blogs You Need to Be Reading

8020820411_e1066c8cc7_oWhere do you get your financial advice?

It seems like everybody has an opinion on what you should do with your money.  No longer do you have to make an appointment with a financial planner, or buy a book on budgeting advice. For anyone with a computer, there is an entire world of economic knowledge and monetary insight available at your fingertips.

But where to start? With literally tens of thousands of “experts” vying for your attention, everyone tends to make bold claims to grab your interest. You have to pick and choose your bloggers carefully.

In a perfect world, what you want to find is a blogger not just with knowledge of the subject, but also with personality, writing style, and maybe even a sense of humor. Let’s be honest here – finance is generally not an exciting topic. So its important to find a writer you can connect with; if they can keep you engaged, they can keep your mind focused on your finances. (more…)

Eaten Alive By Debt Zombies! 5 Ways The Walking Dead Makes You Money-Smart

9853530486_0b70b6d3ec_zThe Walking Dead is one of the hottest, most compelling, and most addictive shows that has ever aired on television. Every week it keeps millions of people riveted with tales of a group of survivors navigating the world of the zombie apocalypse.

But underneath the thrills, chills, and heart-breaking drama, The Walking Dead also has something else to offer us – financial life lessons.

That doesn’t mean that Rick Grimes, the Governor, Daryl Dixon, or Michonne actually teach us about money or debt. (What a boring show that would be!) But it does mean that watching the show unfold can demonstrate a few important principles that will put you on more sound financial footing. (more…)

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