Just like banks, private lenders have to meet standards and adhere to regulations set out by the government and financial governing bodies. They are all required to operate in a fair and just manner in order to protect the consumer.
It won’t come as any surprise however, when I tell you that not all lenders follow these rules. The internet is littered with stories of how unscrupulous lenders took advantage of unsuspecting, ill-advised borrowers.
It shocks me, but there are still people out there who are unaware of how to go about safely choosing a lender. Opting for the easiest, quickest choice and not taking care to do the research, is frankly, a foolish way to do business. It is not a good way to look after yourself or your finances.
These less than honest lenders are being weeded out! However, they still do manage to ensnare people in financial difficulty.
When you are looking for a any type of credit or financial assistance, first of all, spend time doing your homework.
Make a list of exactly what you are trying to achieve and what you need to find out. Looking for a reputable lender starts with a simple search. But don’t choose the first one you find! Have a look at customers’ reviews. Do some searches to see what else you can find about the lender you are researching.
We have all experienced the stress and worry that comes along when we experience a financial emergency or run out of cash before payday and find we need some money. It’s not a good feeling at all. Trying to manage when you have run out of money before payday can be difficult and uncomfortable. For most of us it’s not possible to muddle through, especially if we have families to think of and need money to get to work!
However, while short term cash advances are proving to be a helpful solution for millions of people, we always advise enquirers to think carefully before borrowing money, for any duration of time.
Whether you are considering a long term loan from a bank or a short term payday loan, it is extremely important you consider the implications.
Firstly, can you afford to make the repayments? A short term loan is designed to be paid back in full upon your next payday. Before a plying for a loan of this type, it is vital you calculate your monthly outgoings against your known regular income. Knowing exactly what you can afford will give you the real picture of what you have left after your bills and monthly commitments have been paid. Would it be enough to pay back in full what you would like to borrow?
If the answer is no, then maybe a short term loan is not your best option. Don’t be tempted to put other things off for a month in order to pay of a spur of the moment loan which will make things feel better for a short time. It is better to think more long term with regard to your finances.
Borrowing money and accessing credit is not cheap. Interest rates vary but these days, they do tend to be high – there is no avoiding it.
Just a simple search on the internet and you will find many stories about people who have entered into loan agreements without doing the necessary checks and research. These people have ended up getting into worse financial trouble which resulted in terrible experiences with less than trust worthy lenders. Don’t be one of those people!
Always make sure you are fully aware of your own financial situation, your earnings, your expenditure and exactly whether you can afford to borrow money, before you go ahead and commit to any loan or type of credit.
If you don’t consider what you can truly afford you may find yourself struggling to pay back a loan which will result in further interest and charges making the whole situation worse and the debt larger.
Always be careful. Think and then think again before applying for any type of loan or credit.
Always do your research and find out all you can about the lender you are considering. Look for trusted companies who have a track record in the financial sector. Make sure they have transparent and clear terms and conditions and that they answer all your questions. Good companies will NEVER try to ‘sell’ you a loan. If this happens, don’t fall for it. Lenders are there to help you, they are NOT selling you a product!
While you may be suffering from a financial emergency and in need of emergency cash very quickly, try, wherever possible to consider all the ways you can access the financial help you need. Only borrow money as a last resort.
Payday loans are a quick and easy method of getting cash when you need a short-term loan.Once you have one, they are then repaid from your next months’ salary (hence ‘payday’ loans). The sums lent can vary but they are usually for small amounts, from £50 to £1000. They can be used as an easy way to get hold of cash for sudden emergencies and loans can be processed and approved within hours rather than the traditional loan you may get from more established financial providers. They are also available for people who have a ‘high risk’ financial history that would normally preclude them from getting a loan elsewhere.
They can have drawbacks; one of which is the very high cost of the loans that can be charged with up to 20% a month interest. This is a lot more than you would normally pay but at the same time cheaper than paying bank fees for unauthorised overdrafts. Other cons are fixed repayment dates that may not coincide with your normal working payday, causing costs to be added to the loan.
To apply for payday loans is a very easy process and can be done online or over the phone. Once you have requested an amount, the company will do a quick credit check (some companies actually offer loans without these) with regard to confirming your employment or your benefits either by checking your bank statements or other documents and if successful, your money will be with you in 24hours or even less. Most companies will offer you the option of repaying the loan early but if not, the money will be deducted on or close to your next salaried payday. You are given the option of carrying the loan forward to your next payday but are warned, this can be expensive as fresh charges are applied.
Let’s face it, we all want quite a few things, but we can only afford so much. We all have limited buying power, otherwise money would simply lose its value. However, where there’s a will, there’s a way! One of the easiest and quickest ways to get some cash so that you can buy that hot, new laptop that your boss is toting around is a quick, payday advance loan.
Sure, you can go to the bank to get a loan, but that’s a very time-consuming and lengthy process. Not to mention the number of detailed forms you’ll have to fill and the credit checks! Add in the time your bank would take to process your application and finally approve your loan into the mix, and you’re in for a very long and bumpy ride. Wouldn’t it be easier if you could simply apply for a small loan quickly, and while sitting at home?
This is where quick payday advances shine. Just find a lender you like, fill up their quick and easy loan application, and get the money you need within one working day. It’s that easy and saves you from a lot of hassle!
Quick payday advances are simple, small loans that you can get while sitting at home. All you need to do is look for a suitable lender, fulfill their information requirements, and wait for the cash to be deposited into your account. The repayment is pretty easy as well, and you don’t have to worry about your credit rating.
When you apply for a quick payday advance, you provide the lender with your contact and work details, and the bank account number that you want to transfer the funds to. The lender will then call you to verify the information you shared, and then will transfer your funds the same day, in a matter of hours. You might need to provide some bank statements and pay slips in the case of some lenders but that’s only to speed up the process.
Borrowing money from anyone can be tough, but borrowing it from a bank has become nearly impossible. Due to the current state of the economy, banks are being even pickier about which people they give loans to.
Not only that, but there are many different qualifications that you have to meet, including perfect or near perfect credit history. So, if you need cash quickly, you might be better off trying for direct lender payday loans.
Looking For Lenders Online:
There are many different direct lenders with online presences. Almost anyone can get a personal payday loan from such vendors. However, when you are looking for lenders online, you need to be careful to do some research before you pick a specific lending company.
You see, each lending company is willing to lend money to almost anyone. All you need is a job, a bank account and proof of your age, which must be at least 18. However, each lending company does have different terms.
Terms And Options:
The first term that you need to look at is the interest rate. You could wind up paying 15 to 26 percent interest on your payday loan. You also need to look at any late fees that could incur and other processing fees that may come along with your loan.
It’s also important to examine other options, such as the length of the loan. Some lending companies may only give you two weeks to pay it back. Others might offer you up to 100 days loan.
There are times in life when you find yourself in need of cash that you don’t have. Some people in this situation will rely on a credit card to get them through the day. Other people may borrow money from friends or family members. But what happens if you don’t have good enough credit for a credit card or you don’t know anybody that will loan you money? You might think you could get a loan through a bank but that usually isn’t going to happen the same day and you might not meet the requirements for the loan. People get stuck in this situation every single day and more and more of them are turning to payday loans to help.
Payday loans are exactly what they sound like. They are a loan that you get that comes out of your next payday or paycheck. Most places only require proof of employment and a driver’s license or other form of ID. The great thing about them is that you can have the worst credit in the world and still get one as long as you are currently employed. Let’s take a closer look on how to find one.
You have two options and depending on where you live one or the other would be your best bet. Nowadays you can get one online which makes it easy especially for those people that need one to pay for a car repair. Simply do an online search and you will find what you are looking for. Your other option is to go to an actual brick and mortar place to get one. Most large cities have several sprinkled throughout the city and even smaller cities should have at least one that you can use. No matter which option you use the whole process will not take long. You will be walking out or having your money online in no time. Another great thing about them is that since they are available online you can get your money at all hours of the day. Try walking into a bank at two in the morning asking for a loan.
While getting personal loans when you have bad credit is much more difficult than those who have good credit, it is still possible for you to get lenders who are able to extend credit, and provide you with the cash you need. Payday loan companies and finance institutions are some of the choices you have but before we go into the details, the first thing that you should do is to find out where you stand in terms of credit scoring.
As mainstream lenders are enforcing loan requirements more stringently than ever before, your credit score alone will make or break your chances at getting an approval for a personal loan. If your FICO score is below 550, then you may find it extremely hard to convince lenders.However, if your credit score isn’t too low, you should try to get a free copy of your credit report and look through it for any discrepancies. Statistics have shown that a high percentage of all credit reports had some form of errors and and by correcting your credit report, you can prevent denial of credit, through no fault of yours.
As aforementioned, getting credit from conventional lenders when you have bad credit can be extremely difficult and if you are repeatedly turned away for a loan, then you might have too look at other alternatives. By now, you should have heard of payday loans. For the uninitiated, a payday loan is a loan that is secured against your paycheck, or salary cash advance as some would call it. Those lenders that provide them often do not require customers to have excellent or good credit. In fact, there are even some lenders that go as far as doing away with credit checks when evaluating a borrower’s application. Because of the ease in getting these payday loans, many people with bad credit are using the cash given by payday lenders for their short term needs and repaying them once they receive their salary.