National Payday Loan Blog

Curently in the Lead:

2015 NPD Scholarship Entry: Creative Ways to Modify Payday Loans

scholsmallBy: Cheryle Hunter

When an individual makes the decision to apply for a PayDay Loan, they usually have exhausted all other avenues. Friends, family and coworkers are no longer an option. Unless they are willing to stand on the corner with a cup and sign or set up a GoFundMe account and hope for the best, this is a good option if thought through wisely.  Any person who has applied for this type of financing knows the high interest rate that it entails.  But with wise planning and strategy, anyone can pull off paying back such a loan.   (more…)

Whats the Difference Between Payday Loans and Title Loans?

5454463298_212acf37d6_zFor most people, there are really only two legitimate choices for taking out a loan. Yes, there are banks, and yes there are credit card companies that can extend you a line, but it takes money to borrow money, and you have to already have credit if you want to get credit.

So for most of the rest of us, there are just the two choices if we need to get a short-term loan:

Payday loans

Title loans

If you have never needed to borrow money before, you may be asking what the difference is between the two. It all comes down to collateral. (more…)

Why is it So Expensive to Be Poor?

12893682433_44341b639a_z“Eighty-nine billion dollars is spent in these services. When you’re poor, you can’t just go to a bank if you don’t have the credit to open up a bank account. You have to rely on these services. If you go to a check cashing service, you have to pay for that. If you use one of these pre-paid cards, you have to pay for that instead of having a regular credit card. So it’s very expensive to be poor. “ – Tyler Perry, 2014

 

A recent poll by Pew Research revealed a majority of wealthy Americans think that the people living in poverty have it “easy.” Between government handouts and entitlement programs, many people think the working poor don’t have as many problems as they did in the past.

This is not true at all. In fact, it has become more and more costly to live in poverty. (more…)

Why Student Loans Are a Much Bigger Risk Than Payday Loans

6814139891_d2ae8de052_zOne type of loan, more than any other, has a profound effect on the American economy these days. These loans can cause undue hardship for borrowers, and can lead to a lifetime of inescapable debt. But instead of cautioning people against these loans, authorities promote them, despite their negative aspects.

No, we’re not talking about payday loans. Those are small dollar short-term loans, catering to working class people with steady jobs but poor credit.

Today we are talking about student loans.

While payday loans draw more and more attention from federal regulators, and face a barrage of negative media attention, it is the student loan system that shackles young people to tens of thousands of dollars worth of debt that they will carry with them for decades, if not longer. (more…)

2015 NPD Scholarship Entry: Field of Dreams

scholsmallBy: Shane Couture

“If you build it , they will come. ” no matter what your financial situation,  the outrageous cost of college is enough to discourage many from pursuing their dreams.  My educational and career goals are to go to college and pursue a career in athletic training. I want to be able to continue my education by going to college and furthering my education and learn about my major, Athletic training, so that I will be able to become an athletic trainer after I finish school. (more…)

2015 NPD Scholarship Entry: Less is More

scholsmallBy: Keely Flood

Growing up, one thing my mother never ceased to tell me on a weekly basis is that less equals more. I could not figure out what she meant for the life of me. What’s that toilet paper brand with that slogan? Oh! Charmin Ultra had those commercials with the little bear that always took too much toilet paper and was corrected by his mother every single time saying, “Less is more, honey.” Well, I’ll  be 19 in 3 months and I finally have the pride to say I know exactly what the saying means, and it could not be more true. What’s a loan if it means falling into an even bigger debt? Is it even a loan? What’s the purpose of this? I certainly don’t see it. Cue Mother Bear. (more…)

2015 NPD Scholarship Entry: How to Make Payday Loans More Borrower-Friendly

scholsmallBy: Daniel French

How could payday loans be modified to better help the people who need them?

 

While the rich get richer, the poor seem to be getting poorer.

The economic disparity in America is getting more extreme, not getting better, and its getting harder and harder for even fully-employed people to make ends meet. The middle class is even being squeezed.

In the middle of this discussion are payday loans. These loans are short term and high interest, and maybe people think they are predatory if not evil. But the truth of it is that most of the people who use them aren’t doing so frivolously, but because they have no other choice. (more…)

D’oh or Dough? What The Simpsons Teaches About Money

2195379725_2ffd27f4e4_zEverything that was ever worth learning – or teaching – has been explored by the Simpson family over the last 25 years. Case in point: personal finance. What can this beloved yellow family teach us about money, credit, and debt?

Be Careful Who You Borrow From

In the episode “Homer vs. Patty and Selma” Homer is too broke to make his mortgage payment. In desperation, he makes a bad choice to borrow money from an unscrupulous lender: his sisters in law.

Once he signs the contract, the sisters make his life a nightmare, changing the terms of the deal and hounding him at his home and his work. Patty and Selma are not too distant from some real-world lenders. (more…)

Your Ideas for Improving Payday Loans Could Win You $1000

7166019387_f14f670cec_zWe are serious about payday loans. We are serious about providing quick cash to hard working men and women who are in a financial bind, and need a little boost.

And we are serious about improving our business to better serve our clients.

Now we want YOU to get serious, too. Help us to make payday loans better, to make them more accessible to the folks who need them.

We are offering a $1000 scholarship to one talented, insightful student who wants to make the world a better place. All it takes is an essay giving us your ideas and insights, and you are in the running for a scholarship to be paid to school of your choice. Any accredited college in America!

Each year we host a Scholarship Competition, but this year for the 2015 prize we have an eye towards building towards a better tomorrow. To wit, this years essay must follow this prompt:

How could payday loans be modified to better help the people who need them? (more…)

3 Ways Payday Loans can Save you Money

13782096393_78d1f49596_zPayday loans and cash advances are the quickest way to get the cash you need – but they aren’t the cheapest way. Like every other premium service you can get, these short-term loans have higher interest rates than banks. This is offset by their incredible turnaround time (you can receive funds from a payday loan within 24 hours) and small dollar amount (why borrow more than you need?)

But even with the interest rates associated with these loans, they are still your best financial bet in a number of situations. While it’s not smart finance to rely on these loans, here are a few situations in which taking out a payday advance will save you money in the long run: (more…)

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