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      February 19, 2018

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Payday Loans Offer Fast Cash When You Need It

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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.

Banks Urged to Take On Payday Lenders With Small, Lower-Cost Loans

Those who find themselves pinched for cash often turn to high-cost payday lenders. But traditional banks and credit unions could serve that role for borrowers and do it at much lower rates, according to a new proposal from the Pew Charitable Trusts.

Published:  Fri, 16 Feb 2018 20:16:00 GMT



Weston: Would a bank payday loan be any safer

A "safer" payday loan sounds like an oxymoron. Critics have branded these notoriously high-cost loans as debt traps that cause borrowers to go ever deeper in the hole. Thanks to a recent regulatory change, it now may be possible for banks to offer ...

Published:  Tue, 13 Feb 2018 20:38:00 GMT



Payday loans growing woes

A study by a Toronto-based firm says the rate of insolvent borrowers using payday loans in Ontario has grown for the sixth consecutive year. Insolvency trustee firm Hoyes Michalos & Associates says 31 per cent of insolvent borrowers used the loans in 2017 ...

Published:  Tue, 13 Feb 2018 06:58:00 GMT



Payday loan revamp moves forward in Senate

With one lawmaker pointing to a "conundrum," the Senate Appropriations Committee on Thursday approved a bill (SB 920) that would allow payday lenders to make larger loans for longer periods of time. The proposed changes have drawn heavy debate in the ...

Published:  Thu, 15 Feb 2018 23:14:00 GMT



Payday loan alternatives that will cost you less

A recent study found a growing number of Ontarians on the edge of bankruptcy are turning to payday loans to make ends meet. The study was done by the insolvency trustee firm Hoyes Michalos & Associates. It found in 2017, 31 per cent of insolvent borrowers ...

Published:  Wed, 14 Feb 2018 09:39:00 GMT



Lake County Council: Payday loan changes 'like a vulture'

Lake County officials took a stand against proposed changes to Indiana's payday loan laws Tuesday saying they would only create new hardships for the state's residents. The Lake County Council unanimously passed a resolution opposing a bill cycling through ...

Published:  Wed, 14 Feb 2018 00:22:00 GMT



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