Loans & Borrowing
Payday loans are one of the few financial choices open to everyone. If you are employed, or have a steady income, then you are qualified to become one the millions of short-term payday loan borrowers.
But beyond availability, why do so many millions of Americans choose payday loans every year? There are two primary reasons, one of which might surprise you… (more…)
After the last great financial crisis in America, President Obama helped to create the CFPB. The Consumer Financial Protection Bureau was intended to help consumers stay out of debt. One way they have done this is to increase regulation, and make it harder to borrow money. President Trump has vowed to help the working class.
One of the ways in which he intends to boost the economy is to take power away from the CFPB. By freeing up lending institutions from excessive red tape, it will be easier for small businesses, payday lenders, and community banks to lend money to the people who need it most.
As with every other move President Trump makes, this course of action is being praised by some and decried by others. The question remains – will restricting the CFPB help the working class, or help the Big Banks to get bigger? (more…)
The key to making payday loans work for YOU, and for staying clear of the dreaded debt cycle, is simple. You need an exit strategy. Taking out a loan is like joining the military, or working for Don Corleone… it’s a lot easier to get into it than to get out of it.
The problem many people face when borrowing money, especially when taking out a payday loan, is that they don’t plan ahead. They just take what they need, and then figure out repayment on the fly.
This is how you get trapped in the debt cycle! If you are taking out a loan, have an exit strategy. This way you can pay it off and put it behind you using a little time and money as possible. (more…)
The Millennial generation is different from any that have come before it. They are virtually immune to advertising. They prize speed and efficiency more than brand loyalty. This is includes loans millennials want their money fast, they want it now, and they will not wait. (more…)
Payday loans online are the most readily available source of fast cash you can find. Anyone who needs to get a little extra money for personal purposes can apply quickly, with no questions asked! Best of all, you can apply for the loan, sign the contract, and make all of your payments entirely online. (more…)
Payday loans are available 24 hours a day, 7 days a week. If you have computer access, you can apply anywhere, any time. They are the go-to loan for people who have bad credit. That doesn’t mean there aren’t alternatives.
If you are in dire need of financial help, but don’t want (or can’t access) a payday lender, what are your options? Well, there are actually many alternatives available to you! Some are good, others not so good. That is for you to decide.
Alternatives to Payday Loans: (more…)
A lot of lenders will brag about having the lowest rates or the best deals. But when you want more details – when you want the actual facts and figures involving their loan rates – they become much more elusive.
It’s easy to say “we beat out competitor” because legally, you don’t have to actually prove that it is true. Saying “we are the best lender” is one thing, but advertising false numbers for your loan rates is another. It is, in fact, illegal.
For this reason many lenders will bury the truth deep within the fine print of their contracts and paperwork.
It’s up to you, as the borrower, to put aside all the bold misleading statements and figure out what your bottom line is going to be.
In other words, how can you find the best loan rates? (more…)
For those of us who don’t have great credit, a large savings account, or a card with a sky-high limit, payday loans are one of the few options we have when we need to borrow money.
Payday loans are not to be used lightly. They are an important tool in your financial toolbox, but must be handled with care. Like many other tools, they are perfectly safe if you use them correctly, but you don’t want to fool around with them for no good reason!
In other words, don’t juggle chainsaws, and don’t play with payday loans.
That said, these loans can be remarkably helpful if you know how to use them. (more…)
Godzilla vs. King Kong, Alien vs. Predator, Freddy vs. Jason. Intense rivalries where you cannot afford to back the loser. Credit Cards vs. Fast Loans is another battle for the ages. One you cannot afford to lose. But how can you be sure who will prevail?
It’s all up to you – playing your situation in the best possible way to make sure that you are the winner. Not the lender, not the credit company, but you will be the one that comes out on top. (more…)
After two years of planning and consulting, the Consumer Finance Protection Bureau (CFPB) released its new regulations for independent lenders. These changes are designed primarily for payday lenders, but in fact apply to all small-dollar and independent lenders. Title loans and installment loans as well as payday loans.
The rule changes were instituted as way to “protect” borrowers from “predatory” lenders, but in many ways they seek to protect the consumers from themselves. These changes will prevent many people from acquiring short-term loans, which may hurt them in the short term in an effort to keep them out of the “cycle of debt.”
Basically, the new payday lender rules can be summed up in these four guideline regulations: (more…)