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Should We Be Aware Of Pay Day Loans?
Customers at the grocery store all recommend pay day loans as
the easy solution for a lack of funds. Could pay day loans be
the answer consumers with low bank accounts have been looking
for? Is there any harm in using these services? Aren't they
better than using credit cards?
Paying a bill with borrowed money is better than receiving bad
credit marks because of not paying the bill. This is
understandable. However, some financial institutions are willing
to make the occasional exception if contacted about the
situation. Or there may be a small fee, but not a credit report
made. Consider the true cost before making a decision. Compare
the cost of using a pay day (or cash advance) loan to the fees
charged for taking a cash advance on your own credit card. Can
family help? Often those who are forced to use pay day loans are
not able to repay the loan by the next pay check and that can
lead to a cycle of debt and stress.
How about the cost? According to several sources, including a
consumer report by the FTC (Federal Trade Commission) and the
CFA (Consumer Federation of America) state that usual the usual
APR is between 350 - 650% with some as high as 780%.
A loan of $100 ranges in cost between $15 - $30. If the loan is
not repaid by the pay date then it can be renewed with another
fee due at each renewal. A loan of $100 can cost $60 in fees
after 3 renewals.
It seems that those who use pay day loans do not benefit and
there seems to be more harm than good. Based on the warnings
issued by federal and consumer organizations it is clear that
using pay day loans or cash advances from these businesses can
often lead to more debt and problems. Some sites were reported
to automatically roll over the loan and only withdraw the
renewal fee on the pay date. Other sites surveyed by the CFA
required customers to agree in contract to not participate in
class action suits or to file for bankruptcy.
If you are having debt problems it is recommended to seek no- or
low-cost credit counseling from a local non-profit organization.
These organizations can help with reducing current interest
charges and lowering monthly payments. If the problem is budget,
you should look to a financial planner who can help you to
manage the money you do have and avoid using credit at all.
Commercial Loan Overview
Understanding the various derivatives of commercial loans is
critical to a growing business. Unless you fully understand what
commercial loans are and how they work, you will never be able
to take full advantage of such great services... ...read more
How to Find Conveyance Equity Loans
When a person takes out an equity loan, he may be expected to
pay upfront fees and costs. One of the fees he may pay is the
conveyance fees, which is the legal process of transferring
ownership from the seller to the buyer. This means you... ...read more
Qualifying for a Poor Credit Business Loan
A poor credit business loan is designed for a business person or
persons with a poor credit history.
In the life of a business, virtually all come across a time
where extra money is needed for business growth, expansion, a
new venture, or... ...read more
Understanding the Loan to Value Ratio
Understanding the Loan to Value Ratio
These days many renters are taking advantage of the present low
level of interest rates to get into a home of their own. In
addition, many current homeowners are taking advantage of those
same low... ...read more
Why “No Points” 30-Year Fixed Loans Don’t Make Sense
I hear it all the time, and you probably do too. On the radio, TV, in the newspaper or online – “Call now to get a 30-year fixed loan at x% with no points or fees!”. I’d like to explain to you why this almost never makes sense.
First, we need to... ...read more
