Archive for the ‘Financial Tips’ Category

07
Jul

Risk of Taking Payday Loans – A Financial Tip

Posted by Al

As a direct online payday loan lender, we find it necessary to educate yourself about payday loans. Payday loans are not for everyone and certainly should not be used as permanent financial solution but as last resort where all your other options are exhausted. And you should not take a payday loan for more than you need or for more than you can afford.

Many customers were not educated about payday loans and they were under a lot of debt. Always educate yourself about risks of payday loans and know the pros. and cons. Below is a video on “The Hazards of Payday Loans”

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28
Jun

Payday Loans Solutions for those with Debt

Posted by Al

More Americans are being under debt so as the result they either declare bankruptcy or refer to debt consolidation firms that are supposed to help them reduce and eventually eliminate their debt.

Both solutions work in fighting debt but the problem is that whether you declare bankruptcy or consolidate your debt, you cannot have a credit card. So if you need fast cash loan, a payday advance loan maybe a good solution.

Payday advance loans are usually not given based on your current debt or credit but are given based on your job and income. Payday lenders like Pay1Day.com are more flexible with payments so they work things out with you as well.

So talked a look around our website, see how payday loans work, and apply for a payday loan with us if you need  short term cash loan.

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22
Jun

Why Payday Loans Are Better Than Title Loans

Posted by Al

Short term loans are common nowadays. Many Americans apply for a short term loan either at their local check cashing store or online. Some of these short term loans are called title loans while the other ones are called payday loans also referred to as paycheck advance loans.

For title loans borrower provides their car title as collateral for a loan. If borrower pays back the loan online including all the fees and interest rates, then they are good. However if they default and fail to work with lender on any sort of payment plan, then lose their car as it can be repossessed by the lender.

CNN.com
writes an article on why car title loans are a bad idea.

Personal Payday Loans as alternative

Taking a personal payday loan is less risky. The collateral you have is to lose your credit if you default. Many collections agencies threaten to take actions but most they can do is do wage garnishment which is far less risky than losing your car. Also many States prohibit wage garnishment so the worse you can do if you default is to get your credit history damaged and continue collection calls.

Now this doesn’t mean that you, as a potential borrower, can get away taking a payday loan and never pay it back but it is to inform and educate you.
So for that reason payday loans are better than payday loans because they are less riskier.

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22
Jun

Good Reason vs. Bad Reason continued

Posted by Al

So here is another good vs. bad reason post. These post are designed to teach you learn all about payday loans and in which case it is good to take a payday advance which case it is not.

Good Reason: You get a payday loan want to go out of town for an important business or family emergency.
Bad Reason: You get paycheck advance because you want to go out of town just to get away for a few days.

Good Reason: You have dentist appointment because your tooth is hurting and you have don’t dental coverage.
Bad Reason: You have a date with your dentist and want to take her out to a nice dinner to impress her.

Good Reason: You are behind one car payment .
Bad Reason: You keep falling behind your car payments.

Good Reason: You need to fix your computer because you use it for work and you can’t use public computers.
Bad Reason: You need to fix your computer so you can watch movies on it and listen to music.

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21
Jun

How to Pay Less Interest Fees on Your Creditcard and Improve your credit too

Posted by Al

Many people take payday advance loans because they’ve either maxed out credit or have bad credit. Here are some tips on improving your credit score while, also, saving money on interest rates, something the credit card companies may not want you to know:

- Pay Your Bill Bi-Weekly instead of Monthly: Let’s say your monthly credit card payment is $200. Instead of paying it in full every month before the due date, make two $100 payments two weeks apart before the due date. Why make two small payments instead of one big payment? Well, every time you make a payment, on time, you get a fraction of a point added positively to your credit so if you pay twice a month, you have two fractions of points added to your credit. Moreover, this also saves you money on interest rates, also known as APR. Interest rates are calculated daily so the more often you make a payment, the less interest accumulated to your credit at the end of the year.

- Pay At least Twice Your Minimum Payment: If you just make minimum payments on your credit card, you will be paying a lot more principal in interest fees. Reduce some daily costs where and when you can to make higher monthly payments for your credit cards, at least twice the minimum payment due. This will help you save a ton of money on interest rates while also improve your credit. The way your credit score is calculated is that they look at your debt to payment ratio. A higher payment makes for a smaller debt to payment ratio, and thus the better your credit gets.

- Spread out your credit card balances – If you have an empty credit card and a full one, spread out some balance from your full credit card to the empty one. A full credit card is indication of a high risk borrower and hurts your credit score. Also, you will pay much higher interest rates on one large balance as opposed to two, or more, smaller balances.

- Do not ask debt consolidation companies to reduce your payment. If you are having problems paying your bills, call and/or write your credit card companies yourself. Going through a debt consolidation company will hurt your credit. Negotiate smaller payments with your credit card company whenever possible.

Credit card debt is one of the main reasons many people take a payday loan, so if you are able to manage your unsecured debt, you may not have to take a payday loan at all. So curb your spending, educate yourself on your rights and about your credit cards, learn how APRs and credit scores are calculated, and start taking control of your credit card life.

And remember, at Pay1Day.com, as a responsible direct payday lender, we believe that educating our customers is very important.

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16
Jun

Be Aware of Payday Loan Alternatives

Posted by Al

Aspayday loans are becoming more restricted across United States and in some cases banned (e.g. Arizona or New York), many short term lenders are now offering what they call alternative short term loans.

These loans are less riskier loans for these lenders hence they may seem more affordable than payday advance loans.

Some of these alternative loans are Auto title loans, Debt Consolidation Loans, and Second Mortgage loans.

All these loans could cost you a lot more if you default, losing your car, your credit history, and even your house.

Payday Loans on the other hand aren’t as risky to borrowers. If you cannot pay for your payday loans on time, all you have to do is contact your actual payday lender and ask them to help you out with a payment plan.

You should have no worry about losing your valuables with a payday loan specially if you take a loan from a direct payday lender.

If payday loans aren’t available in your state, try borrowing money from a friend or family member, or even selling some items you own that you don’t need as much in order to finance your financial emergency. Try to stay away from payday loan alternatives as much as possible because if not paid online, they can cost you a lot more than any payday loan could ever cost you.

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16
Jun

Which one is better? Payday Loans or Credit Card Cash Advance Loan

Posted by Al

I am going to be brief and to the point. If you need a short term cash, take a payday loan.

Credit card cash advances may seem cheaper but they are not here is why

- Cash advances have an addition of fee up to 5% on top of your Annual APR.
- In addition to the APR, most credit card cash advance fees have flat fees as well.
- Taking a cash advance loan from your credit card can show on your credit report and that may reduce your score and will certainly not look good to the lender if you are taking a car or house loan.

- The credit card interest rates are not simple interest. So that means that next month you will be paying interest rates for your balance and cash advance fees all together.

With payday loans especially those from direct payday lenders do not have to worry about any of those. Most payday advance loan lenders don’t check your credit so you won’t have to worry about hurting your credit score or credit history. They also all charge simple interest so you don’t see complex compound interest calculations. And lastly, if you are late with paying back your payday loan, chances are that your payday lender is more likely to work with you that your credit card companies who would probably immediately report you to credit bureaus.

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18
May

Good and No-Good Reasons to Take a Payday Loan

Posted by Al

Did you know that there is such a thing as good and no-good reasons to take out a payday loan ? If you’re in need of some fast cash loans, keep this in mind:

Good Reasons for Taking Out a Payday Loan include needing money for emergencies that involve health, work, family or friends. If the cash that you receive from a payday loan can help you resolve some critical issues, then by all means, you can apply here.

No-Good Reasons for Taking Out a Payday Loan Before you take out a payday loan, think about what you are planning on using the loan for. If the reasons may seem a bit frivolous, completely unnecessary, or even detrimental to your well being, then maybe you should reconsider.

Yes, it is true that payday loans are easy to get and that one of the quickest and easiest ways to get a small cash advance is through a payday loan. Although we do allow our customers to rollover on their loans, it is best if the loan is repaid by your next pay period to reduce fees from interest rates.

Got a good reason to get a payday loan? Then consider us as we are a direct payday lender and we would be happy to help you with your short term financial needs.

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18
May

A Credit Report That is Really Free

Posted by Al

Keeping track of your credit does not only make it easy to get cash advance loans but also helps you keep track of your financial life and protect your identity.

As identity theft grows, many websites are popping out across the internet claiming that they are providing free credit reports and credit monitoring to their customers where in reality they are only offering free limited trail offers.

There is only one website that is controlled and owned by the government that allows you to access your credit history for truly free and that is annualcreditreport.com.

While other websites offer really good credit monitoring and credit score tracking services and solutions, one must understand that that those websites are commercial websites that are owned by big and small corporations and are there for profit. Only AnnualCreditReport.com is a non-profit website that offers truly free credit reports and credit history.

So don’t forget to check out that website and to monitor your credit. While there are options like bad credit payday loans are available to you, it is better for you to keep a good and clean credit as you will have more money loan options.

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14
May

How to Avoid the Auto Loan Headache

Posted by Sara M. Varese

How to Shop Smart for Auto Loans

It’s no secret that there are some pretty attractive vehicle bargains out there and with automakers coming up with all sorts of ways to increase business, the task of finding the best financing to drive away in boils down to smart shopping. With the many different advertised financing options such as 0% financing, cash-back programs in addition to the different lending institutions such as credit unions, traditional banks, F&I’s and auto dealers themselves, shopping around will require a little research, advises direct payday lender, Pay1Day.com.  Hot Red Car Auto Loan

Aside from alternative payday advance loans, auto loans, along with most other types of credit, is not as easy to obtain as it was before the financial meltdown. Back then, consumers had it easy: having multiple loan offers from banks and lenders was common and the tough part was picking the best option.  Unfortunately, this is no longer the case: loans are more difficult to obtain, even with good credit.  However, with a little research, one may still be able to get an auto loan and negotiate better terms. The key is to get a pre-approval in hand when you’re ready to buy.

Part of the research involves knowing that lenders offer different loans. The majority of lending institutions have a niche that they cater to: There are lenders that service those with great credit, mid credit, and not-so-great credit. Knowing which you might fall under would be of a great advantage, saving you time and money.

Some find credit unions a good place to start your auto loan shopping. Having performed well even during the financial crisis, holding about 37% of auto loans, credit unions usually have better deals than other types of banks.  Payday lender, Pay1Day.com says, “If you can get a pre-approval at a credit union, use it as a standard for comparison and have better negotiating power.”

Although interest rates are low, thanks to the Federal Reserve’s efforts to boost the economy, it is important to understand that the total cost of purchase is what you should be gauging, not just the interest rate.  Specifically,  factor in the vehicle’s selling price and the loan’s terms. Is your lender offering you a rebate or 0% financing?  Factor that in with the associated vehicle price and then figure out the  total cost of purchase before you make the decision.  Furthermore, not all advertised deals, such as 0 percent financing deals are available to everyone. So be prepared for a situation to walk away if the total cost of purchase is not right for you, even when you are absolutely in love with the vehicle.

Although credit lending has tightened, there are loan options available. With a little bit of research and negotiation skills, you can secure a better loan for you and walk away in a new car with confidence.

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