Financial Accuracy » Payday Loan

New President Day

MoneySmart — Tue, 20 Jan 2009 23:02:16 +0000

Whether you’re for or against Obama being president, it has definitely happened either way and there isn’t anything anyone can do about it now. It will be interesting to see what he has to offer and where he takes our country. Unfortunately, I think there has been too much emphasis placed on the color of his skin rather than what his plans are and what he promises to do while in office. Whatever he does, I sure hope he delivers on his promise to get the economy back on track.

I’ve noticed gas prices have risen a bit once again, but I would love it if they would go back down. Perhaps there is something he can do there as well.

Obama wants to take away payday loans from our country. He feels they are doing the economy damage. The fact is, however, payday loans are there to help people in need, and there are certain people that abuse the system – which hurts the economy. If you’re going to use a payday loan, use it responsibly. Make sure you know you will be able to pay the loan back. Follow through with your commitment. Pay off your debts.

That goes for all areas in your life. If you have debt anywhere, do what you can to pay it off. You will be so happy you did, and you will come back to this blog and say, “Lance – thank you for inspiring me to get out of debt. My life has been so great since I did so.”

Take it from your future testimonial… Get out of debt. Other than that, let’s see how Obama does!

A Payday Loan By Any Other Name…

MoneySmart — Tue, 20 Jan 2009 16:38:57 +0000

As it turns out, the name payday loan isn’t the only name for this particular service. In fact, there are several different names that all mean the same thing. Here’s a list of names that all mean the same thing:

Payday Loan
Payday Advance
Cash Loan
Cash Advance
Paycheck Advance
Cash Advance
Consumer Loan
Consumer Advance Loan

I’m sure there are many more, but these are just a few of the names given to a payday loan.

So what actually is one of these things? A payday loan is a short-term loan, to be paid back on the borrower’s next payday from their job. It usually has a higher APR (Annual Percentage Rate) than other, regular loans, but since the loan is only a couple weeks long, the interest does not get too high. For example, if a payday loan had an APR of 390% and you borrow $100 for two weeks, the interest would come out to be just $15. That makes the total repayment $115, which isn’t too much of a difference.

The way you need to look at it is this: If you have an unexpected bill, you can either pay it off with a payday loan and just pay back the interest, or you can wait on the bill until you get paid to pay it off and tack on the penalty of paying a late bill. That penalty could be more than just a fee. It could show up on your credit. You don’t want to have all those problems, so just find yourself a good payday loan. But when you do, make sure to use it responsibly.

For more information on payday loans, Click Here.

Payday Loan Lenders

MoneySmart — Thu, 15 Jan 2009 22:56:52 +0000

Does hearing the phrase, “payday loan lenders” make you think of shady characters? The payday loan business has been given a bad reputation because of a few bad apples. Payday loans are a good thing. They are out there to help people who have unexpected bills or something and just can’t quite get all the money together in time. Most payday loan lenders don’t prey on the poor. The ones that do are the bad apples. But that’s why if you are looking for a payday loan you need to research the company and make sure they are reputable and honest. There are some great companies out there who are willing to help and care about the person more than the money. Sure, they are still getting a profit, but that’s because it’s their business. Can you blame them?

Next time you think of payday loans or payday loan lenders, don’t picture some crook trying to con people out of their money. Think of them as businesses who want to help. It is always up to the consumer to get a payday loan – so make sure to use payday loans responsibly.