Archive for the ‘Financial Tips’ Category


How Important Is Payday Lending To Local Communities

Posted by Emily

More and more families and shared households are facing a common challenge on a wider scale.  The challenge is the shortage of funds. The economy’s current state as well as the surge of job losses in this nation has left many families turning to new alternatives that would have never been previously considered.  We hear many testimonies and have been called “life savers”  in many cases during hard times. One customer reported that she was able to use a payday loan to avoid the high Non-Sufficient Funds (NSF) charged by the banks.  The average bank fee for (NSF) $35 per charge, compared to the finance fees charged by most payday lending companies which start at around $15-$20 and up. Many have depleted savings, and borrow money from friends and family to get by during critical times.  Many have taken on jobs that pay far less than what  the household was accustomed to bringing in.  While the unemployment rate is steady and job creation and development has been slow, many have begun to entertain the thought of obtaining short term loans.  This is where the Payday Loan industry fits into the picture.

Who are some of the consumers of payday loans? Having to borrow money is obviously not something most families like to report.  However, according to the Survey of Consumer Finance Data (SCF) the average consumer of a payday loan is approximately aged 36-39, is Caucasian, and has some college education, but  no degree.  Another %19 of borrowers taking out payday loans do have a college degree.  Industry figures as well as the SCF’s data show that the mean income for families who took out a cash advance payday loans was in the range but not much over $32,000, whereas the households bringing an income closer to $80,000 and above were less likely to take out a payday loan.  The Federation of International Civil Servants Association reports that their payday loan borrowers have an average household income of  more than $40,000.   Another report stated that the average family income for families taking out payday loans ranged between $25,000 to $49,000.

Much can be said from this data. Not only does it thwart the previous information stating that payday loans were only utilized by low income households, but it shows the frequent use of these loans by families with both low income and middle class incomes. It also clearly addresses the necessity of having access to this type of service for both income levels.

We may be able to help you during your cash shortage. Apply here

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Payday loans save your day during a financial crunch

Posted by Al

Payday loans save your day during a financial crunch

Sometimes people have a need for some emergency funds. It is not an expected thing, but rather an unexpected need where they need funds to get through a situation. There are payday loan centers in every city all around the world, made to assist people with situations where they have an urgent need for money. When you opt for a payday loan, make sure you are taking one from a reliable source that has been in business for years rather than someone new in the business.

Look online and read customer reviews so you can find a trustworthy lender and get your loan amount in no time. They are particularly useful when you are between paychecks and have a sudden requirement for some extra money. If you do not have the time or need information on multiple lenders that can offer you a good deal, you can do so online. You can register with a site that will take your information and then offer you possible matches to choose from for your loan needs.

There is fax less payday loans as well where you can do the documentation process without the numerous hassles that go into getting sanctioned for a regular personal loan.  They are required to be paid back within thirty days in most cases and they are a great option when you suddenly need money and have no other sources at hand. You can electronically set up your account to pay out the loan amount at the designated date as well, saving you the hassles involved. There will be a limit on the amount you can borrow as this loan and so you will need to know what is allowed and what is not.

The cash once approved will be sent to your account form the lender within a span of 24 hours or lesser. Many Americans find this to be a real boon especially when dealing with bad credit situations. Rather than going for some secured loans where they may lose some valuable assets they can borrow a smaller amount of money as required and pay it off soon as they get their next pay. It is quite an easy means of payment and one that is preferred as it avoids all the problems of getting a loan when you credit score is low. It also allows people to borrow small amounts according to what they need than opt for a higher amount because the least amount available in banks for loans is rather large.

They are an expensive short term liability to be used in emergency situations. Most people who opt for this tend to pay it off immediately rather than seek an extension due to the interest rates involved. When done with caution these loans can be a real respite from a financial crunch. Payday loans can snowball if you misuse them, so it is important to only take them out when you absolutely need the money and it is a crisis situation. There are numerous families that have scraped through a bad phase using this!

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Take Charge of Your Finances

Posted by Al

Mortgage rates remain low and have further dropped in June according to the Texas Home Loan Blog, yet many Americans are still unable to afford buying a home and continue to rent.

There are many reasons why Americans continue to struggle to buy homes and settle on renting, some include unemployment, underemployment, increase of living expenses ,and bad credit history and scores.

Some problems like unemployment and underemployment are ongoing problems which require active job seeking and consultation along with continuous improvement of a persons professional skills.

As for living expenses, try to reduce your living expenses by reducing your consumption. A while back we wrote an article on 10 ways to save money but there are still many other things you can do. A general rule of thumb: don’t consume beyond your what you absolutely need.

Lastly, improving your credit. I came across an article on how to improve credit on a personal finance website that I recommend you read.

Taking charge of your finance future is no one else’s job but yours. Resources are available for you to do that. Take good advantage of the internet to accomplish your financial freedom. But meanwhile if you are looking for short term financial solutions and fixes, we at Pay1Day, a direct online lender of payday loans, are here to help you.

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Take charge of your personal finance

Posted by Al

I came across a nice article on a Personal Finance website about how the internet can be a useful medium to help you take charge of your personal finances and improve your quality of life. There are plenty of good online tools that can help you manage your finances, starting with your own bank.

Most reputable banks now have online banking tools that enable enable you to access your personal finances. That includes paying your bills and writing checks, monitoring your transactions online, and having them send you alerts if your account balance gets low.

But there are also other enhanced tools out there. One I personally like is, Mint Personal Finance tool, now owned by Quicken, it helps you manage your money online. The best part of it, it’s free.

You get to budget and figure out how much you are spending as your transactions are categorized automatically helping you see graphs of out going money, balances, and income.

There are also other online tools and resources that can help you manage your money and finances. So take advantage of the Internet and take charge of your finances so you can improve the quality of your life.

And always remember, if you are in need of short term cash loans, we are here to provide you affordable payday loans and cash advances in 1 day.

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Avoid Overdraft Fees at All Costs

Posted by Al

As a direct lender of payday loans, we have said it many times: overdraft fees are among some of the worse fees you can get.

Let’s say though, you had some cash left in your checking account enough to cover gas for your car, a cup of coffee from Starbucks, and lunch. But you made some calculation errors in your checkbook, and you didn’t have enough money in your account.  Then in that case, every time you use your card, you would be charged up to $40 in overdraft fees. So if you used your card 3 times, that would have been $120 in over draft fees.

This is when payday loans become useful. Taking a payday loan of $100, for a fee of $20-$30, would save you near $100 in overdraft fees.

But a better alternative is to avoid overdraft fees to begin with. There is a nice article on the New York Times, on overdraft fees, that we recommend you read. It contains some tips that help you avoid overdraft fees in the first place.

Taking charge of your financial future is up to you. We recommend you get all the help you can get to get back on the track and if you ever need a short term financial solution such as paycheck loan, we are here for you .

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Take advantage of a payday loan to make immediate debt payments

Posted by Al

Are you in urgent need of cash to pay off your store, credit, utility or grocery bills? If yes, then you can take advantage of a payday loan to pay off debt and get momentary relief from your emergency financial crisis.
Payday loan – What it means

Payday loans are short term cash advances, which are generally given to you against your next months salary. You can take a payday loan to pay off debt toward any bill. You can even take the loan to make the minimum payment towards your mortgage.

All you have to do is give a post-dated check to the lender, this will include the loan amount, transaction costs and the interest. The lender will get back his money by processing the check on your next payday. The pricing model is very simple, for every $100 you need to pay a fee of $25. So, if you borrow $1500, you need to pay back $1850.

Eligibility criteria for getting the loan
Prior to giving you the loan, the lender takes into consideration the following factors:
• Bank account: You should have a valid bank account. You need to provide the lender with the bank statement of the last 3 to 6 months.
• Fixed income: You should have a permanent job and a regular income. As proof of your income, you need to furnish salary stubs for the last 3 months.
• Age and residence: In order to get the loan your age should be at least 18 years and you have to be an American citizen.
Benefits of a payday loan

Some of the advantages of a payday loan are:

• You can get the loan for any reason
• You may get the loan instantly
• You don’t need a very good credit score to get the loan
• Minimum paperwork is required to get the loan
• You can solve temporary credit problems with this loan
• You can apply for payday loans online

Nevertheless, you should remember to only take out a payday loan from a reliable and authentic payday lender. When you take out a payday loan, you should make sure to pay off the debt with your next paycheck.

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Short for Rent this month? Get a Payday Loan

Posted by Al

It is end of the month and most places you have to have until tomorrow (the 3rd) to submit your rent or you will get a late fee penalty. Penalty on rent can be costly anywhere from $25 – $75 in California. So if you think you’re going to be late on your rent simply because you don’t  have enough cash until the next payday, we recommend looking into borrowing money from a friend or relative and pay them back when you get paid.  But if that is not an option, there are other things you do.

Taking a payday loan from a trusted lender could be an option.  Everyday, there are thousands of Americans that rely on these trusted online lenders to help them with their short term cash needs. And very often, payday loans can be less expensive than the late fees you be paying to your landlord.

In fact these are the reasons where you should consider taking a payday loan or other short term loans. If you have a credit card, you can take a cash advance but make sure you learn all about their fees and risks by reading the fine prints. Traditional credit card cash advance loans can be a lot more expensive than payday loans, because they will have an advance fee, also will have higher APR than your credit card balance. In addition, taking a cash advance from credit card could reflect on your credit and could possibly hurt it as taking a cash advance loan could be interpreted as a negative point on your credit history.

But the great thing about taking payday loans are that they are often given based on your paycheck not your credit, which means as long as you pay them back, they will never be reported to your credit and won’t hurt your credit. They are less risky to take than other short term loans, and they are fast and convenient.

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Payday Loans for Medical Bills

Posted by Al

Health-care system in United States is still broken and more Americans are still under medial debt. There are health-care provides, doctors, and dentists, that provide in house financing to their customers if you don’t have insurance. For example prior to getting my health insurance, I went to my Dentist in San Diego and since I couldn’t pay for the full bill, I would pay him in payments. But not everyone is at nice as my dentist. Many bigger dental clinics and other general clinics have staff and have huge cost of operation so they may not be as flexible when it comes to payments to their patience. Some even deny coverage and service unless some sort of deposit is paid. What do you then?

Then answer is taking a payday loan

One of the main reasons that people take payday loans in US is to pay for medical bills. Payday loans are easy and fast to get especially with direct lenders such as Pay1Day. There is usually no credit check and if you have a stable income, you should be able to qualify for a payday loan easy.
For example here at Pay1Day, all we require a full time employment with bi-weekly income. We prefer with direct deposit that way no faxing of pay stub is required as we can simply verify with the bank about your income. And if qualified, we can deposit cash to your account the very next business day.
So don’t deny yourself from an emergency or necessary health-care you need simply because you don’t have health insurance or enough cash in your account. Consider taking a payday loan with us and we will do our very best to assist you.

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Personal Loan Tips

Posted by Al

Regardless of state of economy, people always seem to need some sort of financial personal assistant these days. Of course in a tougher economy such as today’s economy, where the paychecks are smaller than rising inflation, and where cash flow is a problem, many people are inquiring about personal loans. As a potential borrower, you must be advised that there are two types of personal loans; a short term loan and a long term one

1. Short Term Personal Loans: These are the smaller type of loans, usually under a $1000. These loans are easier to get and are available by a variety of lenders and creditors. You can get a short term personal loan from your bank, your credit card company, and even from a payday lender. Be advised that because these loans are easier to get, they maybe more expensive and they may also be due sooner.

2. Long Term Personal Loans: These are the type of loans that are a lot more than amount you get a short term loan. In fact, long term personal loans on average started from $2000- $15000 according to MSN’s Persona Loan Center.

These type of loans are certainly cheaper however because they are higher in amount and are to be paid back on long term basis, are harder to get. You must also have to have a good credit in most cases as most long term personal loan lenders do not offer these loans to those with bad credit. If there is a lender that is willing to give a personal loan to those with bad credit or less than good credit, then chances are that lender will charge you higher fees, and may perhaps have some hidden fees so make sure you read all the fine prints.

To learn more on personal loans, read our page on Personal Loan Tips.

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Payday Loans Debt Piling Up? Do Something About It.

Posted by Al

Did you make a mistake and take too many payday loans specially from those expensive lenders that didn’t explain you exactly how much would your loans cost? Did you have too many financial emergencies and as the result you were forced to take payday loans and other type of short term loans such as title loans and now you are unable to pay them back?

payday loan debt

Do Not Lose Hope – Contact Your Payday Loan Lenders

Payday loan lenders understand the risk of the business they are in and that is why they try to help you out when they can. For example Solomon Finance’s collection and legal department is always open to new ideas and payment plays and even reducing extra fees and interest charges so as long as the company doesn’t offer loss.

We also advise you that DO NOT CONTACT DEBT CONSOLIDATION COMPANIES for payday loans. Most do not help you much. All they do is that they represent you against the lender, and all they do is that they negotiate a payment plan and charge you monthly fee for their services but that is what you can do anyway.

Continue talking to your lenders and creditors. First call them and try to explain them your situation, then write to them an official letter if calling doesn’t work. If you need help writing a letter, there are a plenty of debt consolidation sample letters online you can find.

So what are you waiting for? Get up and take charge and do something about your financial future. Also remember that as a direct payday lender, we have freedom to work with our own customers and help them to pay back their loans so if you have any difficulty paying back your payments, contact us and see how we can help you.

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