Posts Tagged ‘payday loan’


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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Why Use A Payday Loan?

Posted by Emily

The average payday loan consumer takes out cash advances or small personal loans for immediate and unexpected emergencies that may be for, but not limited to, common necessities such as food and gas. It is a great option for those who are in need of immediate assistance.  With the economy in the plummeting condition that it has been in, it is not unthinkable that more and more families would find themselves in situations where a few hundred dollars on a short term basis would come in handy. In many cases, what has happened is that many  have used up financial resources and savings to cushion themselves during job loss or other economic stresses. Once those resources are used up, it can take many families months or even years to replenish their savings. Additionally, for those who have recently become employed, there also may be instances where a short term would be useful especially in cases where ordinary savings may have been unexpectedly depleted or inaccessible. In those cases, payday loans can provide temporary relief to individuals who may not have enough sufficient time to wait until their next paycheck.

Payday loans often have reasonable fees ranging from $16-$52 depending on the amount of the loan. The benefit usually far outweighs normal fees associated with the loans.   In uncertain times, many consumers have voiced that they are glad to know there is an option of immediate cash available on a short term basis.  Life can bring up many unplanned surprises. Now that online payday loan services are readily available it takes one less unknown factor out of the equation. Today it is easier than ever to apply online. One can do this without faxing and do so simply by entering a few lines of info and get approved quickly.   Click here

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Payday Loans

Posted by Al

A payday loan is a loan usually lent out for a short duration under 2 weeks. The average payday loan is for 8 days and the average payday percentage is around 15%. As per the statistics, 90% of the revenues that come to the payday loan lenders are from those who get up to 5 loans every year. There are many payday stores, in fact more than the number of McDonalds in the country. However, payday loans are apt for some situations and you need to tread the line carefully. In a payday loan, the lender gets a post dated check from the borrower, so that the lender can withdraw money from the borrower’s account after the stipulated period of time.

Mid Month Crisis

If you have a steady stream of income at the end of every month, but fell short of money in the middle of the month, payday loan is one of the options to consider. If your credit card has maxed out and you fail to convince your boss for a cash advance, then payday loan can save the day for you. Since you have an assured income at the end of the month, you don’t have to worry about the debt flipping over to add excessive interest. These emergencies could be medical costs, children’ education related costs or some big purchases you had to make to get a good discount deal.

If you are a businessman

Sometimes the borrowers of payday loans could pay an APR of 390 percent. At a monthly level this is a smaller number and there are many businessmen who make much more than that with the loan amount. If it is the time of the month when liquidity is most important, payday loans could be a good option. Businessmen could go for a higher interest loan to ensure they have sufficient money for the raw goods or other necessities which will contribute to the eventual profit yield.

If you are between jobs and your final settlement is delayed

If you are between jobs, it would be very hard for you to get a reasonable credit card or even a personal loan. However, the final settlement of the previous job always takes time. If this final clearance or settlement is delayed, payday loan is a good option as you are assured that you will have a monthly income soon. If you already have your new job, your 2 week payday loan might be a better option that breaking your deposits or asking from friends and parents.

The Big Sale

Every now and then something you need is on sale but you don’t have sufficient funds to go for the transaction. If a payday loan costs less than what you save through the deal, then it is a very good option for a week or two, till you get your salary. The same is the case when you are buying a gadget or car and the models are fast selling out. You might not really be able to wait till the end of the month.

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More Resources on Our Website

Posted by Al

We made a few changes on our website.

Also we added more articles to our payday advance page in order to better educate you about payday advance loans as well as our personal payday loans and cash advance, and payday loan resource, and direct payday lender pages.

As always, please remember our objective is to preset you, our customers with the best payday loan information possible to you can better take a decision when you need fast cash loans.

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Things to consider when taking out a payday loan

Posted by Sara M. Varese

If you need some quick cash and are unsure whether you should take out a payday loan, consider a few tips that may help you through the process smoothly and avoiding common mistakes.  Payday loans are short term, small amount cash loans ranging from $100 – $1000 and are  meant to be taken out in between pay dates as a temporary means to fulfilling immediate cash needs and are utilized best when they are repaid within the immediate next pay period.

Get a payday loan?

Before you take out a payday loan

Ask Yourself What You Need the Loan For: Why do you need to take out an immediate cash loan? Are you in a tough situation or are you looking for some extra spending cash? Although payday loans are easier and faster to obtain than most other lending options, remember that they are meant to be taken out for a short period of time and repaid during your next pay check, which usually is for 7 – 14 days. Because interest rate fees can increase quite quickly, they may soon exceed the amount of the loan itself if they aren’t repaid quickly.  Therefore, just make sure that your reason for taking out a loan is worth the repayment criteria.

Do you have other options? Do you have any other means of borrowing cash like from friends or family?  With the right agreement in place, you can successfully borrow from a loved one and pay them back on your agreed upon date.

Understand the Terms: Again, payday advance loans are short term loans.  Because their loan amount is small, most lenders have to charge a proportionately higher interest rate and require a faster repayment period than other types of loans. Learn what the fees and interest rates are and when you should pay your loan back to best suit your needs.  In general, the faster you can repay the loan back, the better.

After You Take Out a Loan

Now that you have taken out the cash loan, remember the terms and conditions and follow them! It’s that easy. Put it on your calendar, daily planner, or send alerts to yourself to pay back the loan on time to decrease fees.  The better you are at handling your finance the more credit worthy you become, making it easier to obtain other types of credit.

With, you can get cash wired directly into your account next day.  With an safe and secure online application, instant approval with no credit score checks or faxing, we are the leading direct payday lender dedicated to helping you out.  As part of our service, we advise you on whether a payday loan is right for you.

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Will new payday loan regulation proposals help?

Posted by Sara M. Varese

According to agreements between Tennessee Republican Senator Bob Corker and  Connecticut Democrat, Senate Banking Committee’s chairman, Christopher J. Dodd, a  proposal would allow the new consumer protection agency the authority to write rules for non banking institutions like Payday Loan Lenders, however, it would not be able to enforce the rules.  Instead, the agency would have to petition a group of regulators to enforce the rules.   Many argue that having the ability to write rules but not the ability to execute them would be almost useless.

Will new regulations really help the payday loans industry and the economy?  Here are some thoughts to consider:

  • What new regulations will be made into law and are they plausible?
  • Who will be a part of the board of members regulating non bank lenders?
  • Payday lenders have contributed about $10 billion to the economy in 2007 and responsible for the employment of 77,000 people.  Regulators who put caps on interest rates or force payday lenders to cut costs through discharging employees will be furthering dampening the economy, especially when these types of alternative loans are  one of the few lending options left.   Traditional bank loans are difficult to come by, even with good credit, so those without the collateral, income, or credit could qualify for payday loans.   If payday loans become unavailable, where will people get loans?
  • If the new consumer agency can only write rules and would require another body of legislation to enforce them, how cost and time effective will this be?

There are still many unambiguous questions to be answered and we hope that all things are addressed before things come into effect.

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Get Black Friday Cash now!

Posted by Sara M. Varese

Black Friday is coming up in two days – Apply for a payday cash advance now and get up to $800 by Black Friday and a chance to win $500 during our weekly cash giveaway sweepstakes. You can get some spending money during the shopping sales and holiday events now by clicking here!

With Pay1Day, getting a payday loan is fast and easy! In just 3 simple steps, you can get up to $800 by the next business day plus a chance to win $500 during our weekly cash giveaway sweepstakes! There are no FICO credit checks or faxing required.

3 Simple Steps to getting a Payday Loan:
1. Fill out an easy 3-minute secure application. There are no FICO credit checks or faxing required.
2. Get an approval within minutes.
3. Get cash deposited into your account as fast as within the next business day.

Hurry, to get your money by this Friday, Click here to start now!

If you have any questions, feel free to contact us at 1-888-729-1329 Monday through Friday 9AM – 7PM Central Time and a friendly customer service representative can help answer your questions.

Best Regards,

Customer Support Team
Toll Free Phone:1-888-Pay1Day (1-888-729-1329)
Toll Free Fax:1-877-878-5878
E-mail: [email protected]

About Pay1Day: A direct lender committed to providing the best payday cash advance service. Click here to find out more about Pay1Day.

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Pay1Day Introduces New Fresh Website – New Look, Same Great Service

Posted by Sara M. Varese

Pay1Day, a leading online payday loan company, has introduced a revamped website that features a fresh look and feel, easy-to-use and navigate theme, more informative content, and a Money News blog, updating readers with the latest in financial news.

The new look was made to help customers better use the website, read and understand what payday loans are and how to get one, as well as help inform them about the financial industry, making it fun, entertaining, and educational.

Despite the new additions, Pay1day’s core mission remains the same: To help customers bridge the financial gap between paydays by providing immediate cash assistance in the most easy, quick and convenient way possible.   Pay1Day’s guidelines for getting a payday loan are simple and hassle free mainly requiring full time employment bringing in $1000 monthly minimum income, a checking account in good standing, and be at least of 18 years of age.

Pay1Day invites you to apply for a payday loan through a safe and secure application using their redesigned fresh and fun website. Click here to try now!

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Credit Cards Gouging Consumers

Posted by admin

pay day loan There are millions of Americans that have a credit card when they should have a payday loan instead. The traditional card issuers are raising the interest rates and bringing in stiff penalties and fees. They are gouging people to avoid the new laws that take effect in February.  These are good reasons for people to look at getting a payday loan online.

There are hundreds of credit cards from the biggest bank issuers. These account for  90% of the $889 billion in outstanding debt. These large corporations  are still using tactics that the Federal Reserve has condemned. These practises will be outlawed shortly . A new report from the Pew Health Group’s Safe Credit Cards Project has provided this information. All indications are that getting a payday loan is best.

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Actor Might Need A Cash Advance

Posted by admin

payday6Reports are stating that Nicolas Cage lived like a king and spent money like there was no end to it. Now it’s likely he could be looking for a cash advance of his own.

It has been reported that Cage is taking his former money manage to  Los Angeles Superior Court where he will sue for $20 million dollars. The actor, who until recently would have had no use for a payday loan, is stating that the manager was responsible for leading him to financial ruin.

But that doesn’t seem to be the case. It seems that Cage was the architect of his own destruction. Although the actor has given money to various charities, his wanton spending habits have been well documented.

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