I Need an Immediate Cash Loan or Payday Loan- What are My Options?

To be able to take advantage of better loan options in the future, fix your credit today. If you have unpaid debts, try loan consolidation and make timely payments. If you have monthly credit card bills, pay them on – time. If you only have an average income, then exercise control over your finances. Prepare an emergency fund for the rainy days and have a trust fund for your kids. Prepare a monthly budget. Do not spend on impulse, instead plan and decide wisely. These are simple solutions which will help you manage your finances well. Unexpected expenses and medical emergencies can ruin your monthly budget so you have to really prepare for these situations. However, these days, it is very difficult to save and sometimes, expenses and bills are more than what an average income can handle so running into financial problems is inevitable.

But thanks to immediate cash loans because they are already available to help you meet monthly expenses and emergencies when you run out of cash and your paycheck is still weeks away. These loans ensure speedy process so that they can really be extended fast and be used right away. They are available from a variety of banks that lend to people with bad credit so finding one will not be difficult. Some are even available online so you will never be short of options to choose from. Just make sure that you understand their pros and cons before you make a choice.

Immediate Cash Loan Options – Pros And Cons

Option 1 – Immediate $2,000 Payday Loans or Instant Cash Advance Online

Pros:
1. Easy, fast, and convenient to get. You can have the money within hours.
2. Do not come with collateral or cosigner.
3. Requires minimal requirements.
4. Do not require a credit check.
5. High approval rating despite bad credit.

Cons:
1. Risky because you will be handing personal and account information to unknown lenders.
2. Comes with high interest rates (10% to 30%), origination fees (17% or so), and huge penalty charges for delayed payments and default. APR range from 600% to 780%.
3. Comes in very limited repayment period (14 days to 30 days).

Option 2 – Pawnbroker Loans

Pros:
1. Easy, fast, and convenient to get as well
(similar to private personal loans). You can have the money within minutes.
2. Do not require a credit check and cosigner.
3. Comes with manageable interest rates and flexible repayment term (1 to 4 months).
4. No other requirements except for the valuable item that is to be pawned off.
5. Can be used for bad credit.

Cons:
Risky because of the collateral involved. You will take the risk of losing the valuable item that you have pawned off if you fail to repay the loan on time.

Option 3 – Credit Card Cash Advance

Pros:
1. Easier, quicker, and more convenient to get than payday loans and pawnshop loans. You can have the cash that you need in just a few minutes.
2. Comes with a flexible repayment period.
3. Do not require a credit check, collateral or cosigner.
4. No other requirements except for a credit card with enough credit to allow cash advance.
5. No application procedures and can be taken out for bad credit.

Cons:
Comes with high interest rate and surcharges.

If you need a loan asap, and want to know more about immediate cash loan options, feel free to visit, www.immediatecashloans.org.

Georgia Payday Loans: Reasons for Abolishing

Today, Georgia is one of the many states in the America which has abolished and prohibited payday loans. If you think that you might need payday loans in the future, do not live in Georgia. You will never be able to find Georgia payday loans now. Payday loans can be very helpful to people who are in dire need of money to get them through until the next payday. They can be the salvation for people who need money urgently.

However, payday loans are frowned upon today. This is because of the fact that payday loans are very notorious for high interest rates and terms which are only favorable to the lender and not the borrower. Payday loans started appearing in 1920. Today, payday loans are small loans which are unsecured. However, the amount of money you can get from it is very limited. The usual maximum amount is only $1,000. The terms are short and it is only usually 14 days. Payday loans are also regulated by the government and it is a loan which has laws governing it.

These instant approval unsecured loans have a lot of disadvantages although it can help people who are in dire need of money. Payday loans are more expensive than other types of loans. It is crucial that a borrower settle the loan on or before the maturity date. Most people do not know that the annual percentage rate of payday loans is about 400 percent and that is indeed a very big amount compared to other loans. It is also not uncommon to find payday loans with interest rates as high as 5,000 percent. A lot of payday loan companies are also very deceptive. They do not disclose all the information to customers.

A lot of people find it very difficult to get out of payday loans legally because there are so many loopholes. If somebody you know says “I need 3000 dollars fast”, warn them about the possible problems they can face with unsecured signature loans.

Types of Loans with No Credit Check

There are actually quite a few different options for loans that aren’t going to require a credit check. Here are just a few:

Personal Loans with No Credit Check

The ‘tongue in cheek’ variety of these kinds of loans – you know, the ones where they don’t check your credit before they give you the money, are those issued by your brother, mother, co-worker, bowling buddy, etc. You get the point. These are lenders who might give you that ‘personal’ loan and not check your credit. I say that half-joking, but the reality is friends and family might be the best option for you to borrow some fast, relatively low interest cash from.

If you can’t borrow funds from those closest to you, you’ll be able to check a variety of offline and online sources, including websites, and corner cash stores who will be wiling to lend you the money whether your credit score is good or terrible. All they’ll want to see is proof of a bank account and some check stubs to show you have some income that will let you repay the debt. If you can meet those criteria, a 5000 loan no credit check could work out for you.

Payday Loans with No Credit Check

Payday loans might be the most famous – or notorious – loans that exist in the world today. They’re fast and easy to get, but slow and difficult to repay. And it’s true – they’re most likely won’t bother looking at your credit history before they give you the loan. The amounts they’re going to lend will be smaller; you’re not likely to ever see a no credit check payday loan that gives you more than $1,000. But that may be all you’re looking to borrow.

Cash Loans with No Credit Check

If you want to walk in with nothing but your ID and walk back out with cash in hand, you’re going to need to use one of your local check cashing or payday loan store type operations. Cash loans are very possible and very common, but for obvious reasons you can’t really get them online. The only thing an online lender can do is deposit the money in your checking account, but that might not serve your purposes, especially if you don’t have a checking account but you still need to borrow some money. The fact is there’s almost no such thing as guaranteed loans for bad credit no fees. It’s going to cost you to borrow money this way.

Whatever type of short-term financing you need, you don’t want to use it very often. The best types of loans do require verification of a decent credit score, and as a reward for showing them your credit score you’ll be able to get much more reasonable terms and interest rates. Work every day to improve your financial situation and get interest working for  you instead of against you.

Guaranteed Payday Loans for Bad Credit – Key Facts

Those of you looking for payday loans with bad credit and guaranteed approval are definitely going to have a lot of questions as you start to work through the qualification process. Let me give you the best answers I can when it comes to getting the cash you need in your bank account as fast as possible. Some common questions I’ve seen are:

1. How long will the application process take?

You can usually complete most payday loan applications in just a few minutes, with some lenders bragging that their application will only take about 60 seconds. That should be a relief to those of you who need the money as soon as possible.

2. What information are they going to need from me in order to qualify me for the loan I need?

Before you can land your payday loan for people with bad credit, you’ll have to tell them:

• your first and last name
• your address
• whether you are renting or buying your home
• phone number and email address
• your driver’s license number
• your date of birth
• your social security number (not so they can check your credit, just so they can verify your identity and the other information you’ve provided)
• how often you get paid
• your take home income (ie, what you earn after taxes)
• whether you’re a member of the armed forces (you could get special treatment if you’re a member of the military!)
• banking information (so they can deposit money in your account and make future withdrawals for your payments)
• the name and contact information of someone trustworthy you can use as a reference

This may seem like some very personal information, but you have to remember you’re asking for fast cash to be put into your account. The least you can do is provide them with the information that will help them know how much they can safely lend you, and how they’ll expect to be repaid. Not too much to ask, right?

3. Are instant payday loans for bad credit intended to be long term or short term loans?

Guaranteed loans for bad credit no fees are absolutely intended to repaid quickly – usually within a matter of days or at the longest a matter of weeks. With the fees and interest rates you’ll be charged, you won’t want to keep these loans for more than a week or two. Frankly, renewing your loan after the initially scheduled repayment period would be financially disastrous for you.

The bottom line with any kind of quick cash loan is you don’t want to treat them lightly. They’re like a sharp sword that can save you or kill you (financially speaking). So be careful when you use them. Pay them back quickly and do everything in your power to never use them again.

Low Interest Payday Loans for Fast Cash

Payday loan companies have been in business for many years and have helped scores of people with what are dubbed as ‘low interest payday loans’ These short-term loans can be used when unexpected expenses occur, between paydays. A typical payday loan company will require a personal check to be written to them or a debit to be authorized for the amount borrowed plus a flat fee. The check will be deposited on the agreed upon date, which is usually 7-14 days later. However, financial experts agree that payday loans should be avoided at all cost. They also say that low interest payday loans do not exist; it is an oxymoron. Unless, of course, you borrow from a friend or family member!

Payday loan companies have been under a great deal of scrutiny due to their high interest rates and marketing tactics. Recent advertisements have shown customers that appear to be happily receiving low interest payday loans for a weekend getaway or vacation rather than emergency situations. However, when the flat fees are shown as an annual percentage rate (APR), the low interest payday loans are actually loans with APR’s that can reach 1300% or more. Ironically, the shorter the length of the loan, the higher the APR. Payday loan companies have long been accused of targeting the working poor. This is a group of hard-working individuals, that live paycheck to paycheck. When something unexpected occurs, they often go to a payday loan company for a temporary reprieve.

While the payday loan companies stress that the loans are short-term, they offer an extension to a customer who is unable to pay the loan in full on the due date. To extend the loan, the customer need only pay the interest. The principal is held over until the next payday when the principal plus the interest will again be due. For example, a $300 loan received may have a flat fee of $75. The total amount of $375 would be payable in 7-14 days. If the $375 cannot be repaid, a payment of the $75 flat fee will extend the loan for another 7-14 days at which time $375 will again be due. Thus, begins the cycle that can become an extremely expensive series of transactions with companies that market low interest payday loans.

Bad Credit Payday Loans

People hear the term ‘bad credit payday loans’ so often, but I don’t think the average person really understands the payday loan industry. Yes, it is kind of the wild west of lending, but there are regulations and limits in place to protect the borrowers, who do at times seem to need protection from themselves. I want to discuss certain aspects of payday loans so you have a better idea of what they are, and what they are not.

So what exactly is a payday loan?

It’s a short term cash loan from direct lenders to borrowers who need to borrow against their next paycheck. The loans usually vary in size from about $100 to a maximum of $1,500.

How do payday lenders make their money?

Payday loan providers make their money off the comparatively high interest and fees they charge on these short term loans. Fees usually range from $10 per $100 borrowed to $30 per $100 borrowed. While there isn’t a nominal interest rate attached to the loans, there is an effective interest rate that stems from the fact that most lenders will let you extend the repayment period for another fee. This is actually where payday loans get their bad name.

Using a calculator on paydayloaninfo.org, I calculated that a loan that gets renewed eight times (the lower end of the average according to my research) will end up costing the borrower $180 to repay over a 16 week period. That’s an effective APR of 260%.

Are payday loans hard to qualify for?

Fortunately, and unfortunately, no. They’re very easy to qualify for. Nearly anyone with an active bank account into which the loan can be directly deposited can receive a payday loan, even with terrible credit. The only other requirement is a job. This is fortunate for those people that are really desperate for some cash, and unfortunate for those same people. Once you think about the fact that the average borrower renews or extends her loan eight to thirteen times, you realize how people can really ruin themselves with this kind of debt.

You should be extremely cautious if you have to borrow money this way. It might relieve the stress you’d feel for a few days, but it will magnify the stress you have in the weeks and months to come.

No Credit Check Payday Loans

It just doesn’t make any sense to the average person who has no experience with the world of payday loans how these lenders can offer no credit check payday loans. The whole lending system hinges on people’s credit scores right? If we don’t check their credit we’re going to end up with billions of dollars in defaulted loans. Well, I suppose that’s what has happened with the mortgage industry, but payday loans are actually a different story.

If you look at the qualification process for a payday loan with no credit check, you realize these lenders have figured out what an applicant needs to bring to the table in order to be likely to repay. I did a little checking and found that the four most important things to a payday loan store are:

1. Whether the applicant’s income is set up on direct deposit to their bank. I don’t know if that’s just an indication of financial responsibility, or if the lender could actually  has you sign something that says they can garnish your direct deposit income in the event you don’t pay.

2. Whether you’ve held your current job for at least three months. This is interesting because they aren’t checking a credit score, but they are looking for some kind of stability in your life to feel more confident that you’ll pay back your loan.

3. A bank account in your name, which you’ve had open for at least three months. Again, I think they’re just looking for some stability and financial maturity here.

4. $1,000 per month minimum for your net income (which means after taxes). This goes purely to your ability to pay the loan back. Most payday loan operators won’t lend above $1,000, so they’re basically saying we would never lend someone more than one month’s earnings. And I’d guess in most cases they probably won’t even do that. Since $1,000 is the minimum required income, and $1,000 is the maximum available loan, you’re probably looking at more like 25% to 33% of net income as the maximum loan amount.

If you can meet these criteria, you can probably get the loan you want. I just hope you only need it once.

Payday Loans for Bad Credit: Do they help you or hurt you?

When I think about any bad credit loan, it only makes sense to me that it should serve some purpose beyond just adding to your monthly payments. In my mind, a loan should pass this test before you ever sign your name and spend the money:

Is the loan absolutely necessary? What are you going to use the money for? I’d say there are good reasons to borrow money and a lot more bad reasons.

Good reasons: finance a new vehicle (when your old one is no longer worth repairing), finance a home (that fits in your budget), finance your education (because this increases your earning power).

Bad reasons: finance a new car that you don’t need, finance a home you can’t afford, finance auto repairs that should have been covered by an emergency fund you keep in your savings account, finance lunch, finance home electronics, etc etc.

So when it comes to payday loans for bad credit, I’m wondering which of the good reasons for debt would be satisfied? After all, with a payday loan you’re really only getting a few hundred bucks, so what good use can it possibly be put to?

Yes, I realize that most people are using a bad credit payday loan for things like the above-mentioned emergency auto repairs, maybe emergency dental work, school supplies for the kids, etc. But I still say that’s extremely dangerous, no matter how necessary the expense seems to be in the moment. The real danger of using this type of financing in your life is that it it sets a very dangerous precedent. Once you’ve used a payday loan, your brain tells you “that wasn’t so bad” and three weeks later you find yourself in the same corner loan store borrowing another $250 or whatever.

I’ve often wished I could be a fly on the wall in one of these shops just to see how many of the customers are repeat offenders. My instinct and my concern is that it would be a majority.

So if you have no other recourse, and the lights are going to be turned off, or you’re going to lose your job, or some other legitimate emergency comes up that requires you to use a payday loan with bad credit, then I suppose you’ll have to. But promise yourself it’s a one-time occurrence. Take better care of your money, set a little aside for emergencies, and you won’t have to borrow this way anymore.

Payday Loans with No Credit Check

Short term no loans obtained through payday loan stores and websites have gotten quite a bad rap over the last couple of years, but no one can deny that they fill a certain need in the market for people who need some fast cash and don’t have the income or the credit score that will stand up to much scrutiny. There are still plenty of people who need payday loans with no credit check.

You might wonder how a loan provider can afford to offer no credit check payday loans. Well, they clearly have to make sure their risk is covered, because it’s true that they can’t be lending money without a high expectation of having that money paid back. They cover most of their risk through the use of up front fees the borrower must pay before they walk out the door. So, when the borrower walks into the loan store and asks for a certain amount to be lent, the lender will usually ask them to pay a percentage of the loan up front – out of pocket, not from the proceeds of the loan. That percentage may be anywhere from 8% to 15% of the loan amount.

The lender’s risk equation looks something like this: if they lend 100 people $300, but charge all of those people $30 before they ever walk out of the loan store, that means they’ve lent $300,000 but already received $30,000. So they have $270,000 at risk. They know that a certain percentage of those borrowers will default, but in the end they know that enough people will in fact repay their debts in order to return their money to them and ensure a healthy profit. Some say it’s too healthy a profit, but that’s up for debate. I say it’s a fair transaction given the fact that these borrowers know exactly what contract they’re entering into.

And speaking of you, the borrower, be extremely careful in how you use these loans, because the fact is that a payday loan for $300 could end up costing you more than double that by the time you pay your fees and interest. So don’t fall into the trap of rounding up. If you need $225, don’t borrow $250. If you need $175, don’t borrow $200. It’s that kind of careless behavior that got you into this situation in the first place. Manage your money better and live debt free, without payday loans no credit checks.