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      February 19, 2018

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Tips for Getting and Repaying a Payday Loan

 

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Tips For Getting and Repaying a Payday Loan

Whether you're considering applying for payday loans or are currently attempting to repay one, the following tips are designed to help you get the fast cash that you need or repay your lender without further delay.

When applying for payday loans, you can help the process to move along more quickly by having the necessary information available for quick reference. This may include your checking account information, your income and the contact information for your employer.

If you are thinking about applying for payday loans, make sure that the fees are spelled out clearly. Avoid a company that is vague or will not directly answer your questions regarding costs associated with a cash advance.

If you want to avoid additional fees, paying off your loan quickly will help you to accomplish this goal. You can save money for repaying your loan by clipping coupons, packing your lunch instead of eating out and selling some of your household items on eBay or Yahoo auctions. Getting creative by saving or earning money where possible will lead you toward financial and personal freedom in no time.

When applying for payday loans, itís important to request only the money that you need. The reason is because you will be charged a fee that is based on the loan amount, which is why itís essential that you use only what is necessary and repay it as quickly as possible.

Payday loans often provide cash within 24 hours, which means they are ideal for having access to fast cash for unexpected emergencies.

When it comes to repayment, the most common option used is an automatic debit from your checking account. In some cases, you may be asked to write a check to the lender, which will then be cashed on the agreed upon date unless other arrangements are made.

If you have applied for one or more payday loans and they are continuing to roll over due to your inability to repay them, there is still hope. You can always take out a cash advance on a credit card to repay the loan. This is especially helpful if your credit card has a 0% introductory APR or a very low fixed rate, which will stop the payday loan fees from accruing and will also help you to get the debt repaid much faster.

Payday loans do not typically require a credit check, which means your past credit history will not be a factor in determining the status of your application. You must, however, have a steady job and regular paycheck in order to qualify for payday loans.

Because a credit report is not usually a part of the payday loans process, future lenders will not know that you ever applied since the loan will not appear on credit reports.

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



Payday Loans Are Catching the Eye of Regulators: Will These Stocks Benefit

Hoyes Michalos & Associates, a Toronto-based insolvency trustee firm, released a report stating that 31% of insolvent borrowers used payday loans in 2017, up from 27% of insolvent borrowers who used the service in 2016. The Province of Ontario capped ...

Published:  Fri, 16 Feb 2018 09:48:00 GMT



Lafayette bishop: Payday loan bill is unjust, targets the desperate

I join with numerous religious leaders, representing a mulititude of faiths, in Indiana and Kentucky, who have joined forces to express our objection to Indiana House Bill 1319, which opens doors for lending practices that are unjust and take unfair ...

Published:  Fri, 16 Feb 2018 14:13:00 GMT



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