If someone offered you a payday loan with a 30 percent interest rate, you would probably laugh and walk away. But people don’t hesitate to pay credit card companies anywhere from 15 to 30 percent APR. Why? Because the money is there and the credit is as easy as swiping a piece of plastic. Then they get stuck making only the minimum payment. That’s merely the interest on what you owe. If you never pay more than that, you’ll never pay off the loan.
Tips on Getting out of Debt and Making Credit Cards Work for You
- Credit card companies are using consumers to earn high interest rates. Now, use them. Find a card that pays cash back. When you do that you’ll earn money on what you’re spending. To make this work, you have to pay the entire balance every month. Otherwise, you’ll pay more in interest than you get back in cash.
- Negotiate a lower interest rate. Start immediately to pay off the entire credit card balance. But until you do, call the card issuer and ask for a lower rate. They’d rather reduce your payment then send your account to collections. The higher your credit score, the better your chances.
- Pay off a little more debt each month. If you only made the minimum payment last month, pay 10 percent more this month. And 20 percent more next month…And so on until your credit card balance is zero. When that happens, continue to use your credit card and earn cash back. Every month you pay your entire balance, you’ll be making money instead of losing it.
- If your debt is more than you can handle alone contact a qualified consumer credit counseling service. Contact the National Foundation for Credit Counseling to find a reputable agency in your area. The agency will negotiate with the credit card company on your behalf. They can often convince creditors to reduce late fees and over-the-credit-limit fees and possibly get you a lower interest rate.
- Take out a home equity line of credit. A HELOC will give you a lower interest rate than the credit card company. But if you don’t pay off this loan, you could lose your home. Only consider it if negotiations fail with the card issuer and you have enough equity in your house.
Payday no credit check loans offer a fast cash advance to those in dire financial need due to an unexpected situation or scenario. They are a bad credit history emergency cash loan so are normally granted very quickly – far faster than a loan from a bank. They provide a solution to short-term money problems; the borrower will be expected to settle the full balance and any interest that has accrued at the end of the calendar month. A payday advance loan should not be considered a source of long-term borrowing.
Fast Cash Advance – Payday No Credit Check Loan Amounts and Charges
Although upper borrowing limits will vary between providers, it is normally possible to get a quick unsecured loan for up to $1,000. The process is straight-forward and approval typically takes place within 15 to 20 minutes. It normally costs $20 to $25 per calendar month for each $100 borrowed, hence the reason it should only be considered a short-term bad credit history emergency cash loan. Although a fast cash advance can be renewed, it shouldn’t be a long term borrowing solution.
Payday No Credit Check Loans – Repaying a Fast Cash Advance
A payday advance loan is available to U.S. citizens with suitable photo identification, a valid checking account and a full-time job. The borrower will sign a post-dated check that is set to clear when that individual is paid. It will cover the principal (the amount originally borrowed) plus any accrued interest. Although there is no credit checking, delinquent accounts will be passed on to a collection agency. Charges, fees and interest accumulate quickly should the debt remain unpaid for several months.
Benefits of a Payday No Credit Check Loan
- Help with an emergency situation, such as paying the mortgage.
- No credit check is ever needed so it is an ideal bad credit history emergency cash loan.
- No reasons need to be provided for why it is taken out.
- An emergency cash loan from a payday lender isn’t secured on any property.
- They are normally granted very quickly – less than 30 minutes.
Payday Advance Loans – Pitfalls of Quick Unsecured Loans
A payday no credit check loan is a bad credit history emergency cash loan for someone who meets the basic lending criteria. Sadly, a fast cash advance doesn’t come cheap. Clearing the balance and any interest will leave less money the following month. In order to avoid a cycle of dependency, it is important that the borrower covers the financial shortfall through a bonus or by working over-time. Those who are able to offer collateral may be able to get a pawn shop loan on better terms.
This is a very important subject for prospective students. It is the dream of most scholars to be able to further their studies either at a university or college of their choice.
There are many students who do not have parents or guardians who are in the financial position to pay for these studies. The line of study you wish to follow will determine the cost of the tuition and books you will require. You might want to attend a college that is not close to home and will be required to pay for boarding as well.
For this reason it is important to start investigating the loaning market some time before you actually require the money. This is not a matter to be left once you have finished high school. You should by that time know exactly what course of action you will take to pay for your education.
Most banks and various loaning institutions are willing to give students loans with a lowered interest rate. There are many large companies that are willing to give prospective graduates loans if they study in a specific direction. These options are worth looking into.
A plus point for student loans is that the pay back period is usually extended until the lender has actually graduated and has secured a job in order to start paying off the loan. The interest is in most cases payable while the student is still studying.
Depending on where you live you can investigate the government loaning schemes for students. These loans are usually sought after so if you wish to make use of one of these loans or bursaries make sure you apply early in the year before you leave school.
It is advisable to never borrow more money than you need. Remember that this is a loan and every cent plus interest has to be repaid. In order to make the pay back period easier for yourself, use the funds prudently.
You can help yourself by taking part time jobs to pay for daily expenses and perhaps even pay for some of the books and stationary.
There are always bursaries that can be applied for. Every school will have a list of the companies and institutions that offer them. Check them out and decide if there is one that you could possibly apply for.
It might take extra work in a certain subject or sporting activity to qualify but will be well worth the effort if you qualify for a bursary. This will mean that you will get your studies paid for and you will not have debts to repay once you have graduated in your field.