Instant Payday Loans A Quick Solution

Has it ever happened to you that you have found short of cash, for any purpose like for a medical bill or for car repairs, which were an emergency and could not have been overlooked?From now onwards you can avoid that humiliation by taking the help of instant payday loans. Instant payday loans are basically loans, which are taken for a short term for a specific purpose. These loans generally fill the cash shortage, which can unexpectedly come up before the next cheque becomes due.Instant payday loans are ideal for expenses such as:· An unexpected medical bill· An unexpected car bill· Grocery bills· Various utility bills, or· Any other petty expenses which can suddenly come upThese small expenses can be quite frustrating and then these expenses accrue and can become bigger. So they should be paid off as early as possible before they become even more menacing.Applying for instant payday loans is easy. Now days there are no of organizations, which are offering the instant payday loans to the people. All a borrower needs to do to apply for a payday loan is to know how much he needs as a loan amount. Then go online and fill your personal and loan application forms of the organizations that deal in providing the instant payday loans. If your conditions fulfill the criterion of the lenders the loans will be transferred in your checking account within one business day i.e. in 24 working hours.

As far as the repayment of the instant payday loans is concerned it is also easy. The repayment schedule is told to the borrowers before they have taken the loan amount. The repayment schedule usually ranges from a period of 7 to 14 days with an opportunity available to extend that up to a month as well. A higher rate of interest will be charged every time the loan period is extended. The amount of loans that you can borrow is from £200 to £1500 with the loan amount depending on your income. So more you earn more you can borrow for your instant payday loans.Instant payday loans provide many advantages to the borrowers but one disadvantage that could be labeled at these loans is that they carry a high rate of interest. Since they are short-term loans the lenders tries to earn more by charging a higher rate of interest. However you can get comparatively low rates of interest if you can negotiate well with the lenders. Instant payday loans comparison is a good way to find comparatively lower interest rates online.However there are a few criterions, which a borrower has to fulfill before they can apply for instant payday loans. They are· The borrower should be currently employed with recurring or regular income· The borrower should have a minimum income of £1000 per month· The borrower should hold a current and active checking account, and· The borrower should be a UK resident and should be at least 18 years old.

Instant payday loans are available to all kind of people even to people with bad credit. These loans are short-term loans and as long as the criterion is fulfilled the loans are made available to everyone who needs these loans. Since these loans are made available quickly there are no credit checks.Benefits of instant payday loans are:· They are affordable in any kind of emergency· They are required in a quick time so no credit checks are required· They are easy to apply and are approved quickly· Financial information of the borrower is kept confidential· Easy for everyone to apply· Minimum or sometimes no paper work requiredAnything can happen any time. Any unexpected bill can come up from anywhere it is not always that we can cover for that. With the help of instant payday loans you can feel secure that nothing will go wrong. As with these loans every possibility is covered.

Get the Facts Before You Borrow: Payday Loan 101

In the current economic climate, alternative means of obtaining money to make ends meet are becoming increasingly necessary. Some alternatives include borrowing money from friends/relatives; cash advances from employers; pawning personal effects and payday loans. Also known as a check/cash advance loan or deferred deposit check loan, the payday loan is the most popular among these. As payday loans grown in popularity, more and more people want to know just what a payday loan is, and if it is the right solution for their situation.SO, WHAT IS A PAYDAY LOAN?A payday loan is an unsecured, short-term loan of anywhere from a few hundred dollars to as much as fifteen hundred dollars in some instances. A borrower generally secures the loan by post-dating a personal check for a specific amount of money to be posted against their account on their next pay period. Payday loans are designed to help out in situations when you need quick cash to cover an unexpected bill or an emergency situation until your cash comes through or is made available.A payday loan is NOT a revolving line of credit. It is short-term and that is a key factor in this type of loan. The idea is to take out the loan to cover a small bump in the road or to smooth out any rough financial edges until your next payday. If you are thinking of the payday loan as way to repair a much bigger financial problem, the advice is to STOP! A payday loan can create bigger problems down the road when used as part of an overall troubled cash flow situation.SO, WHAT IS A PAYDAY LOAN?The most important thing to remember about payday loans is that they must be repaid on time in order to avoid paying insane fees that could potentially equal or surpass the amount of the loan itself! It is the renewing of the loan and failing to repay it on time that can create a major financial dilemma for the borrower.

Most loans have a repayment period of four to eighteen days depending upon the terms negotiated with the lender. The repayment schedule and the method of repayment is arranged at the time the loan is disbursed. More often than not, the borrower will agree to pay the loan in full with cash on or before the due date. Additionally, some lenders may opt to collect on the loan by depositing the borrower’s post-dated check against his/her bank account on a mutually agreed upon date.With payday loans, there is a fixed rate fee calculated into repayment on each loan disbursed. The average rate is $15.00 to $20.00 dollars per $100.00 dollars borrowed. Due to the nature of the quick turn-around time of payday loans, the annual percentage rate or (APR) is generally very high. It is not uncommon for the (APR) to be 100%, 200% or even as high as 400% in some cases.If a borrower is unable to repay a loan at the scheduled time, the lending institution may agree to rollover the loan allowing more time for repayment. The drawback to rolling a loan over is that additional fees are added to your account. For example, if the fee to borrow $100.00 is $15.00 and the borrower rolled over the loan three times, then the new fee would be $60.00. That is the original $15.00 fee plus three times that fee itself added to each $100.00 borrowed.WHAT ARE THE REQUIREMENTS FOR A PAYDAY LOAN?Generally, the only major requirement for a payday loan is that you have a job. Your job is your assurance that you will be able to repay the loan. It is expected that you will be receiving a paycheck, and therefore, the money to cover the loan. Good credit isn’t necessary or even required for the payday loan to be approved. The lending institution only wants to see that you are employed and have a steady income. In essence, your job is your collateralGetting a payday loan is actually a simple procedure. You apply, and if approved, sign paperwork that indicates your promise to repay the loan on the lender’s terms. Be sure to take the time to carefully read the terms of the loan and do not be afraid to ask questions about what those terms mean. Often, these kinds of contracts are written in a legalized, financial jargon that is not easily understood by the average consumer.BORROWER BEWARE!If you feel the lender’s representative is not able to fully answer your questions, please say so! If the terms of the loan are not clear to you, do not take the loan until you fully understand them. Teachers always say that the only stupid question is the one you don’t ask. This is true! Again, if you do not understand all the terms of the loan, do not sign paperwork until those terms have been fully explained to you. Otherwise, you are legally bound by those terms that could prove disastrous for you if you fail to act in accordance with the terms of the loan. We would like to think that everyone is above board, but not all lenders are. Unfortunately, there are unscrupulous lenders out there who intend to make a profit at your expense.It has been noted by the NAACP and the Department of Defense that payday loan offices have strategically opened offices near military bases and in socio-economically disenfranchised areas where the demographic is largely African American and Hispanic. Many reputable financial institutions, consumer groups, and civil organizations are doing all they can to shut down payday loan offices, but their efforts to date have been largely unsuccessful.BORROW IF YOU NEED TO, BUT BE SMART ABOUT IT!With the often strict guidelines used by reputable lenders, many people are getting caught up in the cycle of payday loans because of their immediate benefits. When emergencies occur and cash is needed, payday loan companies offer fast, hassle free cash. More often than not, most have no minimum credit requirements and do not perform background checks. In most cases, all that is needed to secure a payday loan is a recent pay stub and proof of a checking account. In these regards, payday loans and cash advances do offer consumers financial options in emergencies. On the other hand, more and more people are getting caught up in this vicious cycle of borrowing which can lead to financial ruin. This is not good, especially considering that the loan was probably taken out to avert a financial disaster in the first place. With pros and cons like these, it would seem that the best advice would be to borrow if you absolutely must, but do so with extreme caution.

Being proactive is probably the best strategy or, as conventional wisdom holds, “an ounce of prevention is better than a pound of cure”. Take an honest look at your family finances and come up with creative ways to not have to borrow. Consider trimming the fat out of your budget, pledging to save a little money from each paycheck, and reducing credit card and revolving debt.A little effort on your part can make a huge difference not only in your financial situation, but in your quality of life as well. Nevertheless, if you must take out a payday loan, remember the following key points:- Payday loans are NOT revolving lines of credit- Repay your loan on time!- Do not plan on rolling your loan over. Plan, instead, to pay it off- The only “stupid” question is the one you don’t ask- Payday loans have terms & conditions of repayment. Know and abide by them- Payday loans can ruin your finances and jeopardize your job if you are not careful- An ounce of prevention is better than a pound of cure

Payday Loans – Are They Worth It?

If you’ve ever found yourself short of cash and waiting on your next paycheque, you may have been tempted by one of the many companies offering payday loans. But are they worth the risk?A payday loan is a loan taken out to cover expenses until your next payday, hence the name. The companies offering them often tout their service as being quick and easy, creating the image of an ideal way to get an advance on your wages, while carefully drawing attention away from the potential pitfalls and risks involved in such a transaction.A payday loan allows you to borrow a certain sum and then pay it back, with a specific fee added on, when you get paid. The fee takes the form of interest, and as such the amount increases the more money you borrow. Of course, the other major disadvantage is that it adds up over time, too.The payday loan companies like to insist that this is not a problem – after all, you’re only borrowing the money for a week or so, until you get paid. But for a good number of unfortunate borrowers, the situation unfolds in a different and far less pleasant way.Many people who end up in the scenario where they desperately need money don’t think too extensively about the future, figuring they can cross that bridge when they come to it. But when you set aside a chunk of your next paycheque to pay off your loan, you’re likely to be left short again at the end of the month – thus leading to what is often referred to as the “payday loan trap” or the “payday loan cycle”.The payday loan trap arises when you end up dependent on these sorts of loans to be able to pay your way. You might, for example, start off by borrowing £200 to keep you covered until you get paid. When payday comes, you can expect to pay £50 on top of that in interest – so you’re £250 down before the month has even begun.If your expenses are reasonably consistent, that means that before long you will find yourself £250 short for the month – and chances are that going back to the payday loan company will seem to be the only option. But the £250 loan you need this time around increases to over £300 when you add interest – which leaves you with even less cash the following month. It may sound ridiculous, but a great many people’s finances end up trapped in a constant downward spiral due to payday loans.

Of course, this almost inevitably leads to the eventual situation where the amount owed to your lender exceeds your monthly wage, and you have to ask to defer your repayment. This is when the high interest rate kicks in – with a typical rate in excess of 2000% APR, a £200 loan would accumulate over £4000 in interest over the course of a year. From this you can see how many people end up in dire financial straits merely for needing to borrow a little spare cash.You may be asking how you can avoid this, or whether a payday loan is ever worth the risk. The payday loan companies claim that responsible borrowers simply use their services in emergencies – rather than using them to cover everyday expenses, they say, people come to them when an unexpected problem comes up, such as unforeseen car repairs or a high quarterly bill.It’s true that if you’re certain you will be able to pay it back, a payday loan can help out when you need some extra money for a one-off expenditure. The problem is that you still pay a hefty sum for the privilege, even if you do make the repayment on time – and the trouble with unexpected expenses is that you never know when another one is going to come up.And, despite the protests by payday loan companies, studies have indicated that their average customer will make eleven such transactions a year – far from the one-off emergency lending image that these firms would like to encourage.So, if it’s best to avoid these companies, what are the alternatives, and what can you do if you’ve racked up a vast debt with them already?If you’re short on cash and looking for the best way to temporarily borrow some money, an authorised overdraft from your bank may be a better route than payday loans. Some banks do charge excessively so it is best to look into the specifics beforehand, but this may be a less risky means of making ends meet.If you are looking to pay bills or rent, it is always worth asking the relevant person or company about making a late payment. Many people find themselves in such situations and, in a lot of cases, there will be procedures set up to deal with this kind of thing. It’s a far better approach to try this than to get yourself into debt which you cannot afford to settle.A similar option is to ask your employer for an advance on your wages. In some situations this may not be possible, but it is worth asking and even if you are left a little short the following month, you won’t have to worry about paying back any interest. And there is always the option of borrowing from friends or family, as embarrassing as it may be.But what if you’ve already fallen victim to predatory lending by a payday loan company, and are now having trouble affording the repayments? There are certain steps you can take to deal with this, by making a claim that the loan was sold to you unfairly.Anyone offering such loans is required under law to ensure that you have a thorough understanding of the exact nature of the agreement you will be entering into. If they failed to disclose any aspects of the loan you ended up taking out, you may have grounds to invalidate the contract.For example, if the website from which you secured the loan did not clearly display the APR offered, then your loan may have been mis-sold to you and could be unenforceable. Likewise, if they did not explain the complete terms and conditions to you while you were applying or after you had done so, then they are at fault for this. Things such as APR, setup fees, the amount of the loan and your payment schedule should have all been clearly laid out to you.

If you feel that they failed in any of the above procedures, then the first thing you should do is register a complaint with them. They may have a specific complaints procedure on their website for you to follow, or it may simply involve writing them a letter. You’ll need to state that you want your loan cancelled as it was not explained to you properly, resulting in you agreeing to something that you would have otherwise not accepted.If this initial complaint is rejected or ignored, then you will need to contact them again – this time directing your correspondence to a manager. Restate your complaint and include any previous communication between you and the company.If, even after this, they do not resolve the problems to your satisfaction, you can take your case to the Financial Ombudsman Service (FOS). The FOS is an independent adjudicator dealing with disputes between individuals and financial firms. They offer their assistance free of charge, and if your case is successful then the loan company will be legally obliged to obey your wishes with regard to the loan.If you do not feel that you have a case for getting your loan cancelled, and your finances are particularly bad, it may help to get in touch with the Consumer Credit Counselling Service (CCCS). They offer free advice and help to those having problems with debt, and could arrange a payment plan for you which would enable you to pay off your loan in manageable chunks.It is best not to get involved in the risky world of payday loans, but if you are already facing a hefty debt, there are ways out of the trap.