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      February 19, 2018

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Payday Loans Offer Fast Cash When You Need It

Fast Cash Payday Loans vs Traditional Loans

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The Benefits of Payday Loans

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Reasons Why You May Need a Payday Loan

Payday Loans and Your Credit

Tips for Getting and Repaying a Payday Loan

 

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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.

Fast Cash Payday Loans vs. Traditional Loans

Although payday loans are somewhat like traditional loans in certain respects, there are many differences than similarities between the two. Like conventional loans, payday loans must be repaid according to the agreed upon terms but, seemingly, this is where the likeness ends.

When you think about a conventional loan, you probably think about a lengthy and detailed application, along with a complete review of your financial status and credit history. Following that, a lender will review the application and decide whether or not to approve the loan within several days. Payday loans, on the other hand, offer applications that typically take less than 5 minutes of your time, offer fast results and equally fast cash. In addition, the majority of payday lenders do not review your credit file, which means that an absent, limited or poor credit history will not likely hinder your ability to qualify for payday loans. In most cases, the funds from payday loans are transferred into your bank account within 24 hours.

When it comes to fees, the costs associated with payday loans are often more expensive than conventional loans. Payday loans often include the actual loan amount plus a fee based on the same. Most lenders charge anywhere from $10.00 to $30.00 per $100.00 loaned. In most cases, payday loans are available in amounts up to and including $1,500.00. Conventional loans, on the other hand, are issued with a preset interest rate and no additional fees. Without a maximum loan amount, conventional loans often provide for larger funding.

If you are trying to choose between a conventional loan and payday loans, your first consideration should be the amount of money that you need to borrow. If you need $1,500.00 or less and need this amount on a temporary basis and you have the ability to repay it quickly, payday loans may be the answer you need. If you need fast cash, payday lenders specialize in these types of loan requests.

When applying for payday loans, you will need a checking account, a regular job with steady income and you must be at least 18 years of age. When you apply for a conventional loan, you will still need a job with regular income and be at least 18 years of age, but you may also need collateral for the loan. Depending on the amount requested, you may be asked to provide tax returns, proof of assets and a host of information relating to your current net worth. When it comes to payday loans, your paycheck is your credit and no other collateral is needed to secure the loan.

The type of loan that you ultimately request will depend on a number of factors, including the desired loan amount, current income, ability to repay and the desire to repay it quickly or in payments. Most borrowers request payday loans for emergency purposes, including car and home repairs, doctor visits or simply when they need additional cash to carry them over until the next paycheck.

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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