Payday Loan Blog
Planning a much needed vacation can be exciting and can give you something to look forward to in the future. Depending on the vacation, it can be very important to ensure that you have a little extra cash on hand to cover any unexpected costs. Having extra money on hand can help your vacation go longer and smoother. For many, a great way to get extra money for a vacation is by using a payday loan to get the money now and then pay it back after the vacation. If a vacation is what you need and are ready to get away, then use a payday loan to help you get the extra money you need to finance your trip.
How Much Can I Borrow?
When you are taking a vacation one always is worried how much they are going to need and what they plan to spend. Depending on where your destination is, this may vary. Most of your money will go to eating out while you are on vacation and this can add up quickly, making your daily expenses more and more. Using a payday loan for extra expenses can help you cover costs and what you don't spend you can just bring back and use towards paying back your loan or other bills. How much you borrow can be up to you, most payday loan company's offer lending amounts from $100 to $1500, depending on your income. No matter how much you decide to borrow, you can rest assure that a payday loan can help you have a more relaxing, stress free vacation.
How to Use Your Payday Loan on Vacation
Once you have planned a vacation and have received a payday loan to help cover your expenses, now is the time to put your vacation money to use. Depending on what type of traveler you are and where your destination is, putting your money to use the appropriate way is important.
Here are some of the common vacation expenses:
- Plane Ticket
- Admission Costs- Shows/Theme Parks/Parks/Museums/Exhibits
Being able to have the money you need for these expenses can be very relaxing and make your vacation a very enjoyable one.
Payday Loan Travel Limitations!
The great thing about a payday loan is that there are no limitations to where you can spend your money and how you spend it. The best thing is that you receive the requested funds and from there you are able to put them to use anyway that you like. Having this option allows you to enjoy your trip and put your borrowed money to use on things that you want without any limitations. Using your payday loan wisely is important, but it is also important to use it how you see fit that way you can enjoy your vacation.
Have you ever reached a point in your life where you absolutely need a large amount of cash and you've exhausted every available option? You've tried to borrow from family, use credit cards, and even sell a few possessions, but you're still coming up short - that's when you know it's time for a payday loan. A payday loan is a great resource in times of need, but should really only be used in the worst case scenario. Sure, you may be tempted to take out a small payday loan so you can do some shopping over the weekend or purchase a big ticket item, but that typically leads down the path to debt. If you're not financially responsible, taking out multiple payday loans can eventually cost you a lot of money. Some people find themselves overwhelmed by payday loan debt, but you can avoid that by only borrowing what's necessary and having a plan to pay it back. Here are some common situations where a payday loan might be useful as the worst case scenario.
- Let's say you're already a day late on rent and you don't receive your paycheck for five more days. Depending on your landlord's policies, you could get charged late fees for every single day you're late. That could easily add up to over $100 in late fee charges, so it makes to sense to avoid them with a payday loan. The interest on a payday loan will almost certainly be less than the late fees and you won't be marked with a late payment.
- At some point in everyone's life their car breaks down. You take it to a mechanic and find out the repairs will cost you over $400. Like most people you don't have that kind of cash lying around and you've maxed out your credit cards. To make matters worse, you need your car to get to and from work or school, so those repairs need to get finished quickly. It really is the worst case scenario and that's what payday loans are meant for.
- Another common problem that tends to sneak up on people are hospital or doctor visits. You can never predict when you'll get sick or injured, but you can't let money get in the way of your health no matter what the cost. Even with a decent health insurance plan, a trip to the hospital can cost upwards of a $1,000 and while some hospitals may be willing to work out a payment plan, others aren't so generous. A payday loan gives you the flexibility you need in this difficult scenario.
To fax or not to fax, that is the question. Alright, you might be wondering more about that question, and that is why we are here. Let's talk a little bit about how you can go about faxing in a payday loan request, or if that is something that you even want to do. You need to know the possibilities of how every payday loan request will work out, so take your time and really get it done. You need fast cash relief, and that is what a payday loan will do. You should not settle for a poor experience when you can take your time and get everything done. Read on and make sure you get the fast cash that you truly want.
What Would You Fax In?
If you do not want to go into the payday loans store and get a loan, then sometimes companies will offer you the ability to fax information in. This means that you would have to fax in the application, a copy of your paycheck stub, proof you are a legal citizen, and proof of a bank account for transfer. This is a lot of things to fax over, so you need to make sure that you have a clear understanding of what they are going to want. The last thing you need to do is forget a valuable piece of information and hold up your process.
Should I Fax?
If you do not actually want to go into the store then this is a valuable method. It will allow you to just take your time and complete this process whenever you are ready. There are some people who have been really happy with the results that they have gotten thanks to fax payday loans. Like always you need to make sure that this is something that you want to do and something that you can handle correctly. If you do not want to fax then obviously you have some other options you can use to your payday loan advantage.
No Fax Needed
Faxing has really been replaced by the internet. People have found that they do not want to fax because they do not trust the fax machine as much as they trust the security on the internet. This is one of the big reasons why you might not want to fax, and you want to handle this some other way. Remember, you do not need a fax machine to do this, and there are some companies that will not even allow for faxes. Just take your time and make sure that you are safe, secure, and able to get the money that you really need.
We always hear about special interest groups in politics. Everybody is claiming that they are going to fight them, yet both major parties have plenty of people who will fall right in line with what those special interest groups will tell them. Can payday loans actually become a special interest group? This is something that could really affect a politician if they get in on this platform, and try to work it from the inside. Well, unfortunately for one politician it has now come to light that those groups he once aimed to fight are actually the groups that have helped get him elected in the past. What could this all mean?
Who is This Politician?
Democrat Representative Bernie Buescher from Grand Junction, Colorado is dealing with some information he probably did not want to come out. Documents filed with the IRS have shown that Buescher has some links to the payday loan industry. The payday loan industry actually fought legislation that Buescher pushed for this past year. Talk about a conflict of interest! In August ACE Cash Express sent his campaign $25,000, which was the largest check registered for a period of over a month. The bill Buescher was trying to pass would have capped interest rates and fee that lenders could charge.
How Can This Become Special Interests
Well, if you are a politician and accept a large sum of money from a group, then it is generally understood that you will fight for that groups rights. This could really cloud your judgment. Payday loans have always been under fire for interest rates and fees, so it is obvious why these lenders would want to get someone on their side that will fight for them, even though it backfired in this case. If they feared that their industry could take a large hit thanks to bills limiting their business then that is when they can give a lot of money to a politician. That is also when they become a special interest group. It could happen.
What Can You Do?
Well, if you feel like you want to get involved then you should not sit there and do nothing. Learn more about payday loans and learn about the bills that people are trying to pass in regards to them. This way you can be involved in the discussion about loans and the special interests groups. Then you can let your politicians know your thoughts and what you like or dislike. This is really the best thing that you can do in this current situation.
Have you ever dealt with the payday loan industry? Many people do not like to deal with this industry because they feel as though there is something wrong with how it works. People have begun to change how they deal with payday loans. States are also starting to do something different as well. These states really want to find new ways to make sure that the payday loan industry is giving people a fair shot and that it is not corrupt. Ohio is a state that is trying to do this. Let's take a look at what Ohio is doing. This might end up affecting your state at some point, so make sure that you are paying attention.
What the Law States
In May the General Assembly passed a law that will drastically cut the annual interest rate that is permitted on short term payday loans. The law cuts the rate down to 28% from a rate that could go as high as 391%. Like any fight this has gotten expensive and the Ohio payday lenders have shelled out hundreds of thousands of dollars to launch a statewide campaign to stop this law. Both sides have really been pushing to get the result that they want. This is a process that is going to have a resolution passed very soon.
Deadlines Must Be Met
This is not something that will pass without a few deadlines having to be met. The first date to remember is August 14th. This is when payday lenders will go before the Ohio Ballot Board. They want to do this to make sure that they can get wording in this bill that will make sure the result they get is the one that the lenders want. The result they need is 241, 365 signatures from Ohio voters. If these signatures are not received by August 31st then the law will be passed on the very next day. On November 4th the issue of payday loan will be raised on a national level.
What is it Looking Like?
Well, obviously the payday loan lenders are fighting long and hard to make sure that this does not go through. You would assume that anti-payday loan organizations would be fighting hard to pass this. It turns out that the anti groups are not as concerned. They feel as though this is not the defining time of the issue and they are working to make sure that this bill can be worded in the best way possible. They do not want any bad confusion to take place with the voters. This is why they are fighting for wording, but are not as concerned about a potential NO vote.
Payday loans are an extraordinarily popular form of borrowing, but they don’t have the best reputation. Why is this? For the most part, payday loans get a bad rap because of the unscrupulous tactics of a handful of lenders that give the rest of the industry a bad name. In addition, some buyers dive into payday loans without fully understanding what they’re getting into, which leaves some borrowers with a bad taste in their mouths. So are payday loans really all that bad? In this post, we’ll answer that question and try to provide some insight into why payday loans have such a negative stigma.
- Notorious lenders. Sadly, the unethical practices of just a few lenders can get generalized to an entire industry, which is in part what has happened with payday loans. Before the government regulation that we have today, some payday lenders charged usurious interest rates and were not upfront about their terms. They took advantage of their borrowers, and, in doing so, earned the entire industry a degree of notoriety for being less than upstanding.
- Outrageous interest rates. The average payday borrower will pay about $15 for every $100 borrowed. This translates into a 400% APR, which means payday loans are, without question, costly cash. However, if they are used infrequently and with discretion, payday loans can be a viable solution to short-term cash flow problems.
- Uninformed borrowers. The federal Truth in Lending Act mandates that lenders disclose the terms and rates of payday loans in the consumer loan agreement. The APR must be disclosed in this agreement in bold. All of the information that a borrower needs to know is contained in this agreement, but problems arise because few borrowers actually read the document. As a result, interest rates and terms catch the borrower by surprise. To avoid this, read your loan agreement thoroughly and ask your lender any questions you have before you sign.
- Misuse of the loans. The real danger of payday loans comes when borrowers depend on them chronically. Borrowers who continually roll the loans over for more time eventually bury themselves in finance charges, making it virtually impossible to pay the original loan off. Rather than rolling the loan over when it is due, try to do everything you can to pay it off. Though the additional time may be convenient, it will cost you dearly in finance charges.
There are some people out there who do not think that payday loans should have a place in our society. Those people might be interested to know that there is a new study in the works to find alternatives to payday loans. This is a program started by the Federal Deposit Insurance Corp (FDIC). You might be wondering why this is important to discuss. Well, there are many people out there who get payday loans every day, so any research on alternatives is very impactful to our financial society. Let’s take some time and go through why there is research and what they might find in regards to this study.
Why the Research?
The obvious part of the research is that it looks to cut out predatory lending. They want to make these loans more profitable so larger financial institutions and commercial banks begin to offer them. This would make it more of an even playing field for those who want to be involved. If larger institutions see that there is a way that these loans can work more successfully, then they might be encouraged enough to take over some control. This would also put an end to things like overwhelming interest rates that people fall victim to.
Emphasis on Stability
It is with that stability in mind that they look to lower the interest. These loans can only be received in amounts up to $2,500. The lowered interest rates must be capped at 36%, because of the new regulations. The interest rate is a key problem, so capping it can control it better. If larger institutions and commercials banks begin to take control of this process then you could also see them become more flexible with the rules. This could also be a benefit that matches up a person with a payday loan that is easier to handle given their situation.
What Have the Results Shown Thus Far?
More then 3,000 of these loans have been released in order to see the early results. While the results have not actually been released yet, the banking institution experts like what they have been seeing. It shows that those with stability have done really well. The reason these institutions were so hesitant about this is because of that stability. The more they see, the more likely this program can go through. This is just another step in the process to find a suitable alternative to a payday loan. One day there will be a major breakthrough.
You are likely familiar with payday loans and cash advance loans. The industry has experienced a boom since 2000, with increasing numbers of payday loan retail shops popping up across the United States. These businesses thrive on offering low dollar, short-term loans to consumers who are strapped for cash. However, as an increasing proportion of Americans gain computers and internet access, payday loan businesses have began to operate online, either as extensions of traditional, physical payday loan locations, or as completely internet-based entities. If you have taken out a payday loan the traditional way, in person, or even if you are considering on for the first time, you may not feel comfortable with the safety and legitimacy of online payday lending. However, you can be rest assured that the vast majority of internet payday loan sites are indeed safe and legitimate. Here are some tips and advice you can use to make sure that (a) your payday lending site is a legitimate and trustworthy business and (b) it is safe to give personal information on the payday lending website without the fear of identity theft.
Tips to Watch For
- Research several internet payday loan sites before choosing one. Look for lots of advertising, information, and reviews of these sites. This usually indicates a legitimate business.
- Beware of payday lending sites that ask for some kind of up-front payment. While some may do so legitimately, this should typically be a red-flag that you may have stumbled on a bogus site that is attempting to steal your information.
- Avoid payday lending sites that guarantee approval. It is fairly easy to get a payday loan, but no one is ever guaranteed without possessing a way to pay the loan back (i.e. bank account, place of employment, etc.)
- Make sure that you have a secure internet connection. Public computers such as those at libraries or schools are generally NOT secure. If you must use a public computer be sure to close the browser and reboot the computer to ensure your information is not easily retrievable by a stranger. Also, if you use a wireless internet connection from home or elsewhere, make sure it is a secure connection (secure connections require that you know the name and password of the network).
- Familiarize yourself with the settings and functions of your internet browser. Most will tell you if you are on a secure website with a security icon or some other symbol. Many times the site will tell you that it is secure but always check your browser to make sure.
You Are Ready for A Payday Loan?
These tips will help you make sure that you are secure when taking out an online payday loan or when making any kind of internet based transaction where you give out personal information. If you have made the decision to take out an online payday loan, please borrow responsibly, and take care with your personal information.