Saturday, November 25, 2017

What is the Difference between An In-store and An Online Payday Loan

What is the difference between an in-store and an online payday loan? Yes, this kind of question might appear in your mind and you will start pondering about it whether an in-store payday loan seems much practical or the other online payday loan gives you some benefits. However, you need to learn further about these two different payday loans since they might be the same payday loan but they are obviously different. 

Differences of In-store and Online 


What is the difference between an in-store and an online payday loan? Although they come from the same payday loan, each way to get the quick money gives you different experiences and excitement. An in-store payday loan works as same as an office. There would be the storefront officer who will help you answering all kinds of questions related to the terms and condition of the loan and to make your loan gets accepted by the payday loan. Believe it or not, for a beginner they are highly recommended to go to the in-store payday loan as they might interpret and refer the information wrongly. It could end badly as the loan might have thought that you had already understood to its terms and condition. Somehow there are some cases that the borrowers get the money on the same day. 

The online payday loan indeed offers you the fastest cash you need to stay on bills, however, you can never get the satisfying answers from the online sites since they are created just to get the loan process finished, not to answer those questions which are different one another. You cannot ask all kinds of questions very clearly. Whenever there is some confusing information you cannot get straight to the point. Thus, this online usually creates misunderstanding. The borrowers will get the approval very easily as long as your credit score reaches the requirements they need. When people are choosing the online loan, they are actually able to find the best loan that suits them well. They will spend more time though but they can compare which one that offers the lower interest rate. 

When you prefer the online payday loan, you are then willingly agreed to deal with the high costs. Compared to the in-store payday loan, the online payday loan offers higher costs. It is because they do not see you face to face and there are no collateral they took as the guaranty for you to return the money back to you. The last one that makes people quite afraid of choosing online loan is the online scams. As more and more short term lenders want to reap benefits illegally, they do the scams in order to gain some accesses

for obtaining the credit card information. This makes people worry on trusting such online payday loan. 

That might help you in answering what is the difference between an in-store and an online payday loan. As a suggestion, when you want to choose the online payday loan, they have to do so many researches in order to prevent such scams from the illegal loan which will take benefits from your credit card information.

Friday, November 24, 2017

Several Reasons to Avoid Payday Loans

 When it comes to money, most people might not think rationally. They only think the best way to get the money they need without waiting for too long. It could be for the hospital costs, getting married, moving a house, and many more. If such matters happen to you, won’t you make the same move? I bet you will and you will not even care about the interest rate, the trusted lender, or whatever. Payday loans might be your best solving problem if such cases might happen to you. As a matter of fact, there are several reasons to avoid payday loans that you need to know before you decide by yourself. 

Truth about Reasons to Avoid Payday Loans 


Why avoiding payday loans? It has been proven that it brings out some benefits in good way especially when providing the money in less than an hour. However, there are some reasons to avoid payday loans that make you think of another way to earn money. 

First, the interest rate of payday loan is incredibly high. Payday loan indeed provides you the money in less than an hour; in fact the interest rate is very high. Imagine that you want to borrow $100 then the interest rate would be $15 for ten days. When you want to calculate the annual percentage, it turns out to be 400%. Isn’t it a very high number to be called as interest? 

Second, if you are having a hard time related to money payday loan might be one of a help. However, once you deal with it you will be stuck in the same cycle over and over again. In some cases, people pay their loan off just to pay their previous payday loan. It is because the higher interest rate keeps on growing up and up. Most loans have to be paid under fortnight but in some cases it could be over 6 months. Logically, we borrow the money from loan then when we get our salary we can pay it off. The fact is that the high interest really kills you thus your own salary itself is not enough to pay it off. You will even live with your debt of loans in time. 

Believe it or not, sometimes when you get something too easy there is something off about it. I mean, how am I supposed to do to get a large sum of money? Should I sell my car or anything? No, payday loan will help you in less than 1 hour and you do not need to put something as collateral. Is it normal that someone or some parties are going to help you without anything? That is why you have to think carefully and make sure that you are able to pay the interest rate on time or else you are going to bury yourself in the same hole of payday loan. 

These are some of the reasons to avoid payday loans that you have to think deeply and carefully in order to come to the end of your financial issues.

In What States are High-Cost Payday Loans illegal ?

People may not have enough money to get their bills paid, especially to those who earn quite little salary. They will need some injection of cash to pay some emergency financial like car repair or medical bills. Sometimes people have a run out of money before the payday comes that enables them to pay all their bills. For that reason, they need to borrow a sum of money or get some loans to pay the rest of their bills. Regarding to this, we may recall to a term we call it as payday loans. With payday loans we can borrow a sum of money, usually a small amount or not more than the amount of our monthly salary, in a short term and we are expected to return the money on the next payday time. 

Although the rate of interest for this loan is relatively high, a lot of people take advantage from this facility. This type of loan is unsecured one since it does not required any requirements to get the loan. They find this sort of loan is very helpful for their financial problem. However, there is a regulation related to payday loan.The regulation is different in every country or states. Payday loans are considered illegal in some states for the high-cost of the interest rate they put on the borrowers. Now there is a question, in what states are the high-cost payday loans illegal?

Payday Loans in America


Payday loans have become people’s alternative in solving their financial problem in a short term. This type of loan is considered helpful to some people who need a small amount of cash in a quick time that does not need intricate requirements to get it. Every country or state has its own law regarding to payday loans. The regulation in the UK is definitely different to the one in the United States. United States are one country that regulates payday loans. Each state has its own law regarding to payday loans. Yet, for some circumstances not every payday loan is legalized. Some states find the payday loans illegal when the lenders apply the rate of interest relatively high.In what states are the high-cost payday loans illegal?

Some loaners apply relatively high rate of interest to their payday loan borrowers. Every state has its own limit charge of fee that the borrowers need to pay along with their loan. In America, 32 states legalize payday loans that allow the lenders to charge triple digit of interest annually. They are even allowed not to have a rate limit at all. These states are Alabama, Alaska, California, Delaware, Florida, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Michigan, Minnesota, Mississippi, Missouri, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and Wyoming. Then in what states are the high-cost payday loans illegal? Unlike the 2 states mentioned before, Georgia is the one and only state in US that bans the high-cost payday loans.

Thursday, November 23, 2017

Card vs Payday Loan: Which Comes Better for You ?

When life hits you with your financial problems, you should never feel down. It is because all people who live will deal with it, however, they might have different stories for those who come from wealthy family. They do not have to think about it deeply and they do not have to borrow some money from another party since their balance at the bank can cover it all. In contrast, for those who are not that lucky born in a wealthy family, they might need to borrow money from a loan. As you might have already figured out, there are some kinds of loans out there which will give you a loan. As the simplest and fastest ones are the cash advances and payday loan, here we will discuss about cash vs payday loan a little more in detail. 

Which One Seems Better? 


If you were me and you were asked to choose between cash vs payday loan, which one will you choose? Well, both of them have their own negative things. They are not the best ideas for the borrowers as its interest rate is quite suffocating. You need to know which one that fits you much better. However, for people who are really in urgent situation they will never care which one is better as long as they get the money as soon as possible. 

For the payday loan, the borrowers do not have to own or possess a credit card for getting a loan. As a matter of fact, applying a credit card is not that difficult. The harder part is to make sure that you appliance is accepted. This payday loan will let you get the money without making things complicated. As the borrowers, you will think of getting the money quickly. This loan will never ask you to wait because it will be approved in less than an hour. Another thing that you might like from this payday loan is that some lenders will go through the application process via online. Thus, you do not have to go to the nearest bank since you will get it wherever you are. For the amount of money you will get, it is usually based on what state you are living now an also the institution that you are asking for money. Then the institution itself will choose whether you are qualified to get the money or not. This is like the simplest way to get money without a credit card. 

In contrast, credit card or cash advance does not to ask for allowance or permission since you have your own credit limit and that is all you will get in the future. You do not have to pass through some credit processes which are quite annoying to spend time with. In fact, when you want to take money from the cash advance you need to go the nearest bank to withdraw. For the interest rates, when your credit card does not have too much debt, you will get low interest rate rather than choosing the payday loan. The good thing about credit card is due to its short term loan then you need to pay for it directly so that you will never be flooded with high interest in the end. Thus, which one will you choose between cash vs payday loan?