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Studies Reveal Real World Benefits of Payday Loans

It is no secret that there are lots of folks and organizations out there that like to drag the payday lending industry through the mud whenever they get the chance. Things have become so bad for some alternative financial providers that some lenders have been forced to close up shop because of some heavy pressure from government initiatives, like Operation Choke Point. It appears, however, that there is some very real proof that there are indeed benefits to payday loans that some people don’t want other folks to know about. Two new studies on the payday lending industry cast a new, more positive light on the industry as a whole. A Law Professor from Columbia, Ronald Mann, came to some very interesting conclusions in his most recent study. Here’s just a little bit of what Professor Mann’s study revealed about the short term lending industry: The study proved that credit ratings changes for people who default on payday loans are not all that much different from the credit score changes that responsible borrowers have. The decline in credit score in the year that a borrower defaults greatly exaggerates the final effect of the actual loan default. This is because the credit scores for folks who default on their loans typically experience very large increases for more than 24 months after the year that they defaulted on their loans. In other words, the payday loan default is not to blame as the ultimate cause for certain borrowers’ financial problems. This is usually because the borrowers who do not pay their payday loans back usually have dealt with other financial problems in the past that caused their credit scores to decrease. This all goes on to suggest that defaulting on a payday loan plays a very small part in the complete timeline of distress that default borrowers experience. It is hard to bring all of this into line with the improvements that the improvements to borrowers’ financial situations come from the ‘ability to repay’ requirements that are factored into every payday loan that is provided by short term lending companies. In a… Read More

Tips for Home Buyers with Bad Credit

Every prospective home buyer has a few financial concerns to think about prior to shopping around for a new home. It all starts off with getting prequalified for a loan. This step allows lenders to review your financial history and health. After that, borrowers can begin the process of submitting loan applications, so lenders can get a more in depth history of the purchaser’s financial situation. Lenders will almost always offer the best loans and lowest interest rates to home buyers who pose the lowest risk. Credit scores vary from just 300 to 850, with 850 representing the lowest level of risk. Anyone with a credit score lower than 620 may find that it is difficult to qualify for a mortgage. Don’t lose hope, though, as there are some lenders that specialize in providing mortgage loans to people with low credit scores. If you are planning on purchasing a home soon, but worry about your credit score, here are some tips to help you along your way. Get Your Finances Stabilized Prior to Shopping for a New Home It is a good idea to avoid any major financial changes for about two years prior to purchasing a new home. Lenders are apt to be more comfortable with loaning money to borrowers with low credit scores, if those borrowers have a stable income, up to date bill payments and a stable employment situation. Start Saving Money Now for a Big Down Payment The lenders that provide loans to people with bad credit scores assume that these loan seekers will provide large down payments. It is a good idea to have around 20 percent of the purchase price of your home saved up for a down payment. If you can save more, do so, as you may need additional funds for home inspections, loan closing fees and other expenses that pop up when you get around to actually closing on your loan. Pay Down Your Debts and Keep them Paid Down Lenders will often look at your debt to income ratio when they are looking at your loan application. Debt to income… Read More

Getting The Financial Relief You Need

When you are dealing with a financial emergency, you are dealing with a situation that you want to get rectified as quickly as possible. Even if you are one of those things that likes, out of a bad habit, to put off making major decisions, when you are dealing with an issue with your finances, you need to make sure that you make a quick decision on what you are going to do to get it taken care of. Of course, just because you want to move quickly on making a decision does not mean that you want to make an uninformed decision. When you are looking for Financial Relief, it is vital that you make a decision that is going to benefit you in the long-term. While you may make a decision that rectifies the situation in as little as a couple of days, you need to recognize that you will be dealing with said situation for a good amount of time. If you owe a small amount of money on a bill, but financial obligations have left money at a premium, you may want to consider taking out a payday loan. If you know that you are going to have money to pay the bill, in full, with your next paycheck, getting your check paid on time is vitally important, especially if it is one that has a large late fee attached to it. With a payday loan, you can get the exact amount of money you need, and you can get it fast. Don’t Make A Habit Of Them Payday loans are there when you need a small amount of Financial Relief after a particularly bad financial month. If you had to spend money on a car repair, or a trip to the emergency room, there is a pretty good chance that you may need a little bit of extra money to make sure that you pay your bills on time. You won’t get thousands of dollars with a payday loan, which is kind of the point of what makes it so beneficial for people. You don’t… Read More

Getting The Most From A Loan

When you are facing a challenging financial time, a payday loan might be an option for you. When you need an exact amount of money to pay off a bill that you have due before your next paycheck, a payday loan is an option that should work best for you. One of the best things about fast payday loans online is the fact that you can get the exact amount of money you want, meaning that you don’t’ have to take on extra money. There is no such thing as “free money” when it comes to loans; every cent that you get needs to get paid back, typically with fees attached to it. With that in mind, when you need $100 fast to pay off a bill, you don’t want to take $500, you want the exact amount. This is not to say that there is no risk involved in a payday loan (there is always risk involved, no matter what loan you are looking to get), it just means that, if you are smart about what you do, there isn’t much that you have to worry about. As long as you pay the loan back with a portion of your next paycheck, you can be sure that you won’t have to deal with the penalties that are usually attached to the loan. Don’t rush into the loan, makes sure that you get all of the info that you need by taking a look online, or by visiting a professional who can help you with getting Financial Relief. Finances are stressful. More than just about anything else in your life, finances are the thing that is going to keep you up at night. It isn’t just the fear of what you are facing today, it is also the fear of what could come tomorrow. Part of being a “grown up” is understanding how to deal with your finances, and the best piece of advice that you can get it to stay “realistic” with them. If you need to stop spending so much money on entertainment and eating out, you need to… Read More

Financial Tips for Properly Managing Money

Proper money management is essential when it comes to Unexpected Emergencies. Most people never had a class in school on basic financial skills. This result in having little savings and letting bills accumulate. If you do not have extra money for a car repair or Unexpected Bills, then you can take out a Payday Loan. It helps to follow Financial Tips and become smarter about managing your money. A personal budget helps with tracking with what you are earning and spending each month. It allows you to track where all of your money goes and shows where you need to decrease spending in some areas, which allows for putting more money towards savings. It also helps to make financial goals. Setting Financial Goals Most people understand it is good to save money. On the other hand, it can be hard to save when your income is already spent. Financial goals are a good start at saving more money and overcoming debt. An emergency cash fund is essential for anyone with a family and children because an emergency can happen at any time. This approach helps with practicing discipline when it comes to managing your money. Practicing Good Habits You can set aside some of your budget to go towards your financial goals instead of spending. It helps to get in the habit of investing or saving first before thinking about spending. Practicing good habits are an important aspect of good money management skills. Understand how Investments Work Many people face financial problems because of not fully understanding what they are getting into. It is important to understand how investments, stocks, car loans, and credit cards work before putting any money into the financial product. If you are interested in investing in stocks, then you should not invest money based on a tip from a friend. Before investing any money, it helps to read about the subject first and find out how it works. Sometimes Cash Loans are the only option when needing extra money. It is important to understand how a cash advance works and pay the money back on… Read More

What To Do When Unexpected Emergencies Occur

Sometimes in life you have Unexpected Emergencies come up that there is nothing you can do to control. These types of emergencies can be stressful and cause quite the head ache especially if you don’t have the cash to pay for the emergency. It is in times like this when it is nice to be able to go get a Payday Loan. There are all types of emergencies where it is necessary to get Cash Loans. Cash Loans: One example of a reason to get a pay day loan is car troubles. Car repairs can be quite pricey but you also have to get them fixed as soon as possible. Otherwise you have no way to and from work and other places as well. With a cash loan you can get the money you need no matter what day of the week and get your car fixed immediately. This is great so then you can get to and from work and pay off your payday loan when you get the cash. Many payday loan businesses also allow you to make payments so you are not overwhelmed. Unexpected Bills: Another reason you may need to take a payday loan is if you have Unexpected Bills come up. It would be bad for these bills to go past due and get sent to collections. If this occurs it could negatively affect your credit and cause you trouble when you go to buy a house or car or apply for any other type of loan. When you get a payday loan you can pay off the bill that is due on time and then have the extra time to come up with the cash to pay for the loan you received. Unexpected Sales: Sometimes personal things come up that you cannot just let pass by. Maybe a friend of yours has a TV for sale for an amazing price that you cannot pass up and you know it will be sold quickly. Unexpected Sales like this are also a common reason for taking out a payday loan. You are able to snatch up… Read More

Borrowing Money for Unexpected Emergencies

Most people experience a variety of Unexpected Emergencies, such as natural disasters, unemployment, Unexpected Bills, Unexpected Sales, and medical bills. It helps to be prepared in advance and have the money to cover all of your expenses. Unfortunately, some people are not prepared and may need to borrow money. A Payday Loan is a short term loan that is usually paid back by the next pay period. These types of companies allow customers to borrow from $100 to $2000. The amount can vary depending on the company and your income. Car Repairs Most people use their vehicle for getting to work and around town. It is important that your vehicle get proper maintenance, such oil changes and new tires. Repairs are expensive when a vehicle breakdown. The problem unusually occurs when you are low on money. It is the responsibility of a driver to always keep money on hand for repairs and gas. Natural Disasters If a hurricane is going to cause major damage in your city, then there is the possibility of having to evacuate the area. Bad weather occurs at the spur of a moment. If a hurricane is coming, then people have from four days to a week to prepare for the storm. It takes money for food, gas and hotel expenses. Medical Bills Families with children are always incurring medical bills. Children are clumsy and always getting into something. For example, if your child breaks her arm, then you are going to have to pay for medical bills. Families with insurance have to pay a portion of their medical bills. If you do not have insurance at all, then you have to pay the entire bill. Most people have to borrow money when faced with an emergency without extra funds. You can borrow money from friends, coworkers or family members. Borrowing from people in your personal circle let them know you are having financial problems. Some people have a problem with talking and will tell other people about loaning you money. On the other hand, family members can also be struggling and do not have the… Read More

Being Smart When Getting A Advance Payday Cash Loan

It doesn’t take much to put you into a situation where you are wondering how you are going to pay your monthly bills. While you may try and take the time to put together a monthly budget and follow it as much as possible, when you end up dealing with Unexpected Emergencies and Unexpected Bills during the month, you may find yourself in a situation where you just don’t have the money that you need to pay of what you owe. As much as you like to plan out life, it doesn’t always follow plans, and a car repair bill or a trip to the emergency room can put your finances in trouble. When you are trying to right the ship, so to say, and pay off the bills that need to get in, you are going to want to look into getting an Advance Payday Cash loan. There is no reason to take on a riskier loan, especially if you know you are going to have the money you need in your next paycheck. One of the biggest benefits of a payday loan is the fact that one can get the exact amount of money that they need to pay off a bill. Typically, a Payday Loan will have a minimum of $50 and a maximum of $2500, with a person being able to get the exact amount of money that they need in order to pay off a bill. One of the biggest mistakes that a person can make when it comes to trying to find a way to get the money that they need from a loan. While it is nice to get a little extra money when you need it, when it comes in the package of a high-risk loan, well, it isn’t free, you are actually going to end up paying more money for it down the line. If you need $100 to pay off your phone bill on time, you want to make sure that you get a loan for $100. When looking to get Cash Loans, it is important to not just be able… Read More

Reasons For Advance Payday Cash

When you have Unexpected Bills to pay off after Unexpected Emergencies come your way, it is important to know what your options are in terms of getting the money you need to pay off your monthly bills. While you may have a monthly budget, most of that budget could quickly go to paying off the amount that you owe after an emergency. With this in mind, the regular bills that you have, such as your car insurance, phone bill and cable bill could be in big jeopardy. While you may consider just not paying a bill for a month or so, you will quickly find that doing this could end up setting you back financially anymore. If you need money for the bills that you have, a Advance Payday Cash loan could be the best option for you. A Payday Loan will help you get the exact amount of money that you need to pay off your bills, using your next paycheck as collateral. While there are dozens of reasons why you may find yourself in this type of situation, there are common occurrences that can leave you needing Cash Loans. Here are four such reasons why you may have to start looking for a loan: 1. Car Repairs Whether a car repair is expected, or it comes out of nowhere, you are still going to be left with paying a lot of money in terms of what you owe. While it is nice to think that you can put enough money away to keep you on schedule when you need these repairs, sometimes they can overwhelm your finances, and facilitate the need for a payday loan. 2. A Trip To The Emergency Room Even if you have a good insurance plan, a trip to the emergency room can still cost you quite a bit out of pocket. It’s even worse if you have to stay the night in an emergency room. It can give put your finances in array. 3. An Unexpected Bill You Didn’t Know You Had To Pay The second you think you have everything financially figured… Read More