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      February 18, 2020

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Top Consumer Reviews Articles

TopConsumerReviews.com provides unique articles that you won't find anywhere else on the internet. These articles are designed to help you make the most informed decisions possible.

The Benefits Of Payday Loans

Although there are a number of benefits to being able to get fast cash when you need it, the most obvious reason for payday loans is to help out when unexpected emergencies arise. As their name implies, payday loans grant borrowers a certain amount of money secured by their next paycheck. When one of lifeís unexpected events occur, you can use payday loans to make sure that the unexpected isnít the unaffordable.

If you are in a temporary slump resulting from unforeseen expenses, such as a car repair, doctor bill or perhaps even a higher heating bill during the winter, you may find that itís difficult to squeak by with your finances until the next payday arrives. Perhaps you took a vacation, which not only costs money but may also involve days missed of work, and you need some extra money for the necessities until payday or maybe you need to take care of some necessary home repairs. Whatever the case, one of the main benefits of payday loans is to be able to get quick cash when and if you need it.

Many people may not realize this but obtaining a loan, even a very small one, can be a task if you have bad credit. Payday loans do not typically require credit checks, which means that your credit history may have little or no bearing on whether or not your loan is approved. When it comes to payday lenders, they are more concerned with your current ability to repay than your past. In order to apply and be approved for payday loans, you must have a steady job and enough income to repay the debt. As such, the ability to obtain fast cash with less than perfect credit is another benefit of payday loans.

With credit cards or traditional bank loans, even when requested in small amounts, the approval process can be lengthy. With a credit card, you have to apply and wait for days before your card arrives in the mail. If you apply for a traditional loan, you may have to wait for several days before getting an approval. Payday loans, on the other hand, are fast and convenient. Because they are designed to provide fast cash, the application process is nothing short of the same.

If you are able to repay payday loans quickly, you will enjoy not being inundated with finance charges and fees. If a payday loan continues to roll over, or remains unpaid, additional fees may occur. As is the case with any type of loan, the faster you pay it off, the less money you will pay in the long run. If you are in a situation where you cannot repay payday loans on the date of your next paycheck, you will need to check with your lender to see if they will extend the loan for a longer term.

Tension driven by calls to reform payday loan industry reach Capitol

Percy Mayfield gave up his small business and moved back to Topeka in 2016 to be closer to family after a divorce. He began working for a car dealership, and due to his fluctuating income, eventually ...

Published:  Mon, 17 Feb 2020 11:28:00 GMT



Protect consumers from payday loans

These protections have specifically guarded consumers against the predatory payday loan industry, preventing triple-digit interest rates. Data from the Consumer Financial Protection Bureau (CFPB) ...

Published:  Sat, 15 Feb 2020 17:15:00 GMT



Catholics leaders in US call for nationwide limit on payday loan interest

Washington D.C., Feb 13, 2020 / 07:01 pm (CNA).- Catholics in the US are pushing for a national, bipartisan bill that would limit the interest rate on payday and car title loans. "Payday lending is ...

Published:  Thu, 13 Feb 2020 18:15:00 GMT



Senate committee votes down payday loan restrictions

MONTGOMERY, Ala. (AP) - An Alabama Senate committee on Wednesday voted down a proposal to give payday lending customers longer to repay their loans. The Senate Banking and Insurance Committee voted ...

Published:  Wed, 12 Feb 2020 16:00:00 GMT



David W. Kreutzer column: Payday loans vs. magic wands

Wishful thinking solves no problems. Instead, laws and policies based on wishful thinking create problems, usually for the people the policies are intended to help. A Virginia delegate's ...

Published:  Wed, 05 Feb 2020 15:46:00 GMT



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