Fast Cash » Payday Loans

When Is It A Good Idea To Use Payday Loans?

theempire — Sun, 15 Jan 2012 20:24:45 +0000

Using payday loans is risky business. They are expensive and difficult to pay off. However, there is a time and a place when they make perfect sense to use. In this post I want to cover when this is, and share some details of why they are so risky. One of the biggest things I preach on this site is to arm yourself with some knowledge before you decide if fast cash loans are the right choice, and I feel that we haven’t really discussed this matter yet.

When Does It Make Sense To Use Payday Loans?

Emergencies are the most common time to use a loan like this. Car repairs that can’t wait, a new hot water heater, or paying the emergency room (unless they allow you to make payments to them). Other common uses for them are bills that fall between your paydays, namely your rent.

Uncommon things that still make sense are having to travel for a job interview and not having the money to get there, or having to buy school supplies for your kid. These are expenses that are mandatory, but since you’re between paydays you simply can’t afford them right now.

When Is It Not A Good Idea?

This could be a very long list, but we can sum it up with “just about everything else!”

Some people use payday loans for fun money, which is a horrible idea. You don’t want to buy food and smokes with borrowed money! That leads to wasting the money and then the payday loan trap, which we’ll cover in the next section.

Other times when these loans should be avoided is when your payday is still a long way away, or not coming at all, and when your next paycheck is already spent before you get it. It’s safe to assume that almost half of your next paycheck is going to be spent on paying your loan back, so factor that in as well.

So What Are The Risks?

Some times when people use payday loans they end up taking other loans to cover the ones that they have to pay back. This is called the payday loan trap, and it’s damn near impossible to get out of it. This article from The Nashville Ledger covers this perfectly if you’re interested in seeing just how bad it can be.

All problems stem from the high price and timing of repayment. You can expect to pay somewhere in the range of $20 for each $100 that you borrow. The amount that you actually pay is regulated by your state’s government, but you can expect to pay whatever the maximum amount is. Using the $20 from above, a $500 payday loan is going to cost you at least $600 out of your next paycheck, plus whatever ridiculous fees the lender is going to charge you. Can you afford to have that much of your next paycheck gone before you get to touch it?

The lender will likely give you the option to rollover your loan, or extend its terms. Accepting this offer is the precise moment that you start down the payday loan trap! Fees are added along with you borrowing more money, and until you’re completely clear from the loan every paycheck you get will go to the lender to cover this.

So Is It Worth It?

I firmly believe that you should do your research on payday loans then sleep on it before applying for anything. There are other options out there that can help out, check out these other articles on Fast Cash Authority for some ideas:

If you choose payday loans, please do so responsibly. There are a lot of ways to get into trouble with these, but it’s also easy to stay safe!

Why You’re Never Going To Find An Instant Loan

theempire — Thu, 06 Oct 2011 20:25:05 +0000

Despite the best marketing tactics by payday loan lenders, you’re never going to get an instant loan. Ever. I’m sorry to say it, but it just won’t happen, unless these lenders stretch the idea of “instant” to mean a lot longer! These loans are extremely fast, but the money won’t just magically show up in your bank account! In this post I want to show you how instant loans really work so that you can understand what you’re getting in to.

While online and local payday loans are similar, the way that you get paid and how you pay it back are very different, so in this post we’ll break it down this way.

Applying for an online payday loan is extremely fast and easy. You fill out an application on the lender’s website and wait a few minutes (or up to an hour depending on how they process it) to hear whether or not you’ve been approved. This is the “instant” part. From there, things grind to a halt. Assuming you’ve been approved the lender then has to transfer the funds into your checking account. In a perfect world this would happen quickly, but it doesn’t. Banks don’t like to have funds flowing in and out freely, so they put a hold on the transfer until they get to approving it. The hold is very similar to depositing a check into the ATM and they only make a small portion of the check available to you right away. This approval will generally happen overnight, making the funds available to you the next business day.

Not so instant, right?

As far as local loans go, they are much faster. This is due to the lender being able to write you a check right in their office. You will fill out an application in the office, wait a bit for it to be approved, and then get paid. Most lenders can get all of this done in just a few hours.

One thing that slows down a lot of people with local loans is that they don’t bring all of their paperwork with them when they apply. To prevent this from happening, simply give the lender a call before you leave your house and ask what you need to bring with you.

If you have the time to wait for an online payday loan, the convenience definitely makes it worth it, just don’t expect the payday loan fairy to waive her wand and make the money available to you right away. However, if time is seriously pressing get in your car and head down to your local lender.

While an instant loan is a myth, if you set your expectations accordingly you can get all of the cash you need without getting burned!

I Need 2000 Dollars Fast! Will Payday Loans Affect My Credit Score

Admin — Sun, 02 Oct 2011 13:45:11 +0000

Payday loans can be very helpful for people who are in between paychecks but need money right away. It is also very helpful if there are extra expenses which you were not able to include in the budget. Payday loans are very easy to get. There is no credit check required so even if you have bad credit, you will be able to qualify for it as long as you are a citizen of the United States, at least 18 years of age with a job that pays no less than $1,000 and you have an active savings or checking account. If you are saying “I need 2000 dollars fast”, payday loans may be the answer you are looking for.

A lot of people are drawn to payday loans because of their accessibility. However, most of the people who take out payday loans have problems with payments. Payday loans have to be paid in just 14 days or when you receive your very next paycheck, there are also special types of payday loans which are to be paid in 30 days. If they cannot make payments on time, they opt for a rollover. When you rollover, you are extending the term of the loan and this means additional costs. The amount you pay for the rollover will not be subtracted from the principal. People who missed payments or have late payments are asking if a payday loan will affect their credit score. Are payday loans worth it if you really need money?

Payday loans, just like other loans, can affect your credit score negatively if you do not pay them on time. Applying for the loan does not have any impact on your score but you have to keep in mind that credit score will plummet if you do not repay on time. You have to be mindful of your obligations if you want to retain a good credit score.

Payday Loan Resource Roundup – Read Before Applying For A Loan!

theempire — Thu, 22 Sep 2011 20:27:16 +0000

I’ve been taking a hard look at a lot of the payday loan related stuff here on Fast Cash Authority, and I realized that most of the stuff that I’ve talked about hasn’t been backed up by legit sources. Rather than go back through all of the articles here and add sources, I’ll try and dump everything here. Scroll down to learn everything from interest rates in your state to lending laws.

This post will be updated as I find more stuff that’s relevant to it.

The Most Important Thing To Read – Loan Amounts And Interest For Your State

Before you apply for a loan you have to know what to expect in terms of how much you can borrow and what they’ll charge you. This post from the National Conference of State Legislature is the most up to day I can find, and it looks like it’s frequently updated. Read this! Seriously, it can prevent a major headache!

It’s also important to note that if you’re being offered a loan much greater than the amounts allowed by your state, or are charged much more in interest, something isn’t right and the lender is likely not licensed in your state.

Warnings About Online Payday Loan Lenders

I preach like crazy about how important it is to use only lenders that are licensed in your state. This quote from an awesome BBB article sums up where most of their complaints about lenders come from:

Many complainants were surprised to learn that the online lender was not licensed by the state and charged interest rates well over what was allowed by their state usury laws. When confronted, the lender typically responds that they don’t have to follow state or federal laws — often claiming that they are based in another country or on Native American reservations and are sovereign nations.

FDIC Guidelines For Payday Lending

There is some serious legalese in this FDIC article, but if you’re interested in the “why’s” behind payday loan laws this is the place to get it.

Payday Loan Laws By State

I’ve used this article as reference before in some earlier posts, but it needs to be put here as well. Debtconsolidationcare.com has an interactive page for payday loan laws. It’s unfortunately a bit out of date, but most of the info is still accurate. Simply click on the link, select your state, and see what’s up. If you have a complaint with a lender, the page for your state will have who you need to contact.

Get Guaranteed Payday Loan Today

Admin — Fri, 08 Apr 2011 17:29:07 +0000

If you are looking to take out a loan but you worry that you might just be rejected or be denied of service because of some previous credit issues, you should consider a guaranteed payday loan. Payday loans are guaranteed loans, mainly because they can be easily obtained within the same day even by those people with the worst credit situation. The money involved is usually of smaller value but it can already be used for urgent expenses and paying it off will not be as difficult as when you in a large amount of debt. So if you need a loan for bad credit and the amount of cash that you are looking to get is not that big, this is exactly what you need. In addition, it is a guaranteed unsecured loan so you no longer have to worry about placing some of your properties at risk.

How To Get Guaranteed Cash Loans Payday

To get payday guaranteed cash, all you need is to search for a lender offering the exact service that you need online depending on how long you can wait for the money to be available for you. If you need cash in an hour, there are 1 hour guaranteed loans. If you can wait for a couple of hours but not to exceed 24 hours, there are also 24 hour loans guaranteed cash within the same day. If you really need fast cash processing, choose the lender which will not require you to fax employment certificates and paycheck slips because this will only delay entire process. Usually, if you are over 18 years old, you have a job, and you have a valid checking account, you can already qualify for the loan and you can get the money that you need in no time. Just don’t forget to pay off the loan on time as well because such loans can get you into so much financial trouble if you keep on missing payments and end up extending them for a couple of months.

What I Do When I Need To Borrow Money Fast

theempire — Tue, 05 Apr 2011 17:25:43 +0000

I hate having to borrow money fast, but there are some easy places to turn when I’m in this situation. I’ll show you what it is that I do so that you’re able to figure out what your next move again.

Payday loans are going to be the most common, but not what I use. We covered these pretty extensively in our Ultimate Guide To Payday Loans. That article is a great read if you’re considering that type of loan.

I bank with Wells Fargo and get my paycheck through direct deposit. This qualifies me for one of the Direct Deposit Advances that they offer. These work exactly like a payday loan, but only cost a fraction of the price. Payday loans cost around $18 to $25 per $100 that you borrow, and these Direct Deposit Advances only cost $8 per $100.

If you bank with Wells Fargo click on the Account Services tab at the top, then in the right column you’ll see a link to “Request Direct Deposit Advance”. They will front you the cash tomorrow and then as soon as your paycheck gets direct deposited into your account they withdraw your loan payment.

This is a super easy and affordable way to get fast cash that many people overlook. It’s what I always do when I need money fast!

Napa Payday Loans

theempire — Tue, 29 Mar 2011 22:26:56 +0000

View Larger Map

For Napa being as big as it is, you would think that there would be more payday loan lenders around. Unfortunately, there isn’t, unless you want to take the trip to Vallejo or American Canyon.

Your only real options for payday loans in Napa are the couple of Advance America locations. One is on Lincoln and California, while the other is on Trancas and Jefferson. The map to the right shows you exactly where these locations are.

You also have online options.

Online Options (Clicking The Banner Takes You To Their Site)

Payday Max

Payday Max is known for their discounts for new customers. They can lend to anyone in California, as long as you don’t live in Sacramento proper. This includes Napa and everywhere else in the area.

Payday One

Payday One are one of the most respected licensed lenders around. Their loan amount aren’t quite as large as other lenders, but they are very fast and completely no fax.

Cash Net

Cash Net is one of the biggest online lenders. They hook up more people than just about any other lender on the internet. Also, they are licensed in California.

Good Luck!

Between the local offices and the online options you should be able to get a loan. The good thing is that all of these lenders are legit and can help you out.

Need Instant Cash? Try Instant Decision Loans

Admin — Thu, 17 Mar 2011 23:02:13 +0000

Do you realize how many people are in grave debt today? Well, you cannot do anything about it. People just cannot control their desire and necessity to spend. There are actually two sides of the story. On the one hand, there are people who cannot help applying for loans or using their credit cards because of their grandiose lifestyle. There are lots of people like that nowadays. On the other hand, there are people who have lots of financial obligations to attend to, but they either do not have enough income or do not have any regular source of income at all.

Needless to further argue, the former is dangerous for your financial health while the latter is quite understandable. Hence, if you currently belong to the latter, this article could be the perfect thing for you so far. This is because this article will be providing you with some tips where you can get instant cash in case of emergency.

Recently, there are already lots of varieties of loans that a borrower can apply to their banks. These loans vary depending on the characteristic of the applicant as well as level assets. If you are currently unemployed, there is a specific loan that you can apply to. If you are a student, there is also a specific kind of loan that is applicable for you. Moreover, if you are living somewhere in UK, there are also instant decision loans UK banks can offer to you. These instant loans can give you the money you need as fast as three hours only.

On the other hand, if you are living somewhere in India, you can always apply for Barclays personal loan Bangalore. The limitation if this, however, is that it is only applicable for people who have current accounts with the bank. Nevertheless, if you are a member, the application process is very easy because you can even do the process online.

10 Reasons Why You Should Consider Getting A Payday Loan

Admin — Wed, 16 Mar 2011 22:30:09 +0000

Is the economic downturn still affecting your money flow? You are not alone. As our market struggles to return to a better state, more and more people are looking for ways to get money for things that they cannot at the time afford.

Payday loans can help you take care of life’s unexpected expenses. Payday loans are short term cash advances that can help you overcome small expenses until your next paycheck.

There are a lot of reasons why payday loans are beneficial; here are 10 of the most important reasons:

1. They are super-fast. After applying for the loan you can get your cash in as little as one hour.

2. It is really easy. All you have to do is apply online by filling out a short application that will only take you a few minutes. Most applications will ask for your personal, employer, and banking information.

3. You get approved instantly.

4. You can apply for a payday loan from home. No more waiting in lines at the bank – everything is taken care of in just a few minutes over your computer.

5. Good credit, bad credit – it doesn’t matter. Most payday lenders will still give you a short term loan even if you have bad credit.

6. The competition in the payday loan market is fierce. With so many different payday loan lenders fighting to get your business, you will be able to shop around and get the best prices and have the most options.

7. Since the loan is short term, you have plenty of time to pay off the loan once you get your next paycheck.

8. The process of getting a small loan is very flexible. Payday lenders handle people’s unexpected bill crises every day – they will help you in whatever way they are able.

9. Finding the right payday loan lenders is easy. Search payday loan lenders online. Compare them and choose what you think is best.

10. The payday loan process really works! If you have an unexpected expense that you need to cover you can – without having to borrow money from family.

If you’re ready to take control of your finances and get a payday loan then check out an online lender immediately! Don’t let your unexpected bills pile up, take care of them today.

The Ultimate Guide To Payday Loans

theempire — Wed, 16 Mar 2011 21:14:58 +0000

While thousands of people use payday loans every month, not many of them actually understand what they’re getting into. This section of Fast Cash Authority will go over everything that you need to know, from choosing a lender all the way to paying it back, so that you’re able to make an educated decision on your loan and stay out of trouble.

I firmly believe that the reason that people get into trouble with payday loans is that they didn’t have all of this information before they applied. If I’m able to help a single person get a loan successfully and safely, I consider this section a success. Payday loan lenders don’t exactly make this info easy to figure out, but I’ve been doing this for a while now and have a good grip on how it all actually works. I know you need money fast, but what’s in these articles can save you a ton of time and stress that would come from being unprepared.

You can use the links above to navigate, or just scroll down.

So What Is A Payday Loan?

A payday loan is a small, short term loan that is designed to provide cash until your next payday. On your next payday the loan is supposed to be repaid in full. The lenders will not check your credit, instead they are looking at how long you’ve been at your job, your checking account, and how much you make each month.

Is It Safe?

Yeah, payday loans are safe as long as you borrow from a legit lender and understand what you’re really getting in to. What really screws people up is that they borrow too much money, and then the day that it’s repaid they end up just as broke as they were when they accepted the loan.

In order to prevent this you either have to borrow as little as possible, or do everything in your power to make some extra cash before it’s time to pay the loan back. Adding a little cushion to your checking account before paying the loan back can go a long way.

How Much Can You Borrow?

The amount that you’re able to borrow depends on a few factors. The most important is how much you make each month at your job. They’re going to look at how much your income is before things like taxes and insurance have been taken out. This is probably called “gross earnings” on your pay stub. Generally, a lender will offer you 25% of your monthly gross income, so if you make $2500 every month, you’ll probably qualify for around $625.

One big problem that might be standing in your way is the laws in your state. Many states have put tight caps on the amount that you can borrow instead of banning payday loans outright. Check your local payday loan laws at this site.

Some online lenders will offer you more than what your state allows, but I’m not totally sure that’s legal.

How Much Does It Cost?

That link above for the payday loan laws also shows what the max is that you can be charged in your state. On average, it’s around $17 for each $100 that you borrow.

Make sure that your lender isn’t charging you to apply. That’s ridiculous, and I can’t believe that some of them still do it. If they’re going to charge you to apply just go find another lender.

How Long Does It Take?

The amount of time it takes for you to get your cash depends on how you get the loan and when you apply. If you’re getting your loan online the lender has to transfer the money to your bank account, which your bank then has to approve the funds transfer. This will normally show up the next business day. What this also means is that if you’re applying on the weekend, or late on Friday, it’s going to be a while before you get your loan.

Local payday loans are very different. They will approve your application and write you a check right there in their office. That entire process will only take a few hours from front to back, and these lenders generally stay open fairly late. The lender will probably offer to cash your check right there for a ridiculous check cashing fee. Skip that and just head to your bank and do it there for free.

How Do You Pay It Back?

Like the how long it takes, the method of paying it back depends on how you got the loan. If you got your loan online the lender will automatically withdraw the funds from your checking account. For local loans, you will have written them a post dated check when you got the loan, and they will cash it then.

Should You Get An Extension?

No. Requesting an extension on your loan makes payday loans insanely expensive. This is a trap that’s damn near impossible to get out of. You’re rolling the loan over and getting some more cash, and eventually this is the only way that you can get paid. Your paycheck goes to paying off some of the interest, and then you’re living on borrowed money! Don’t do it!