Payday Loans Blog

A lot of advice that exists about how to lower your expenses revolves around debt consolidation if you are deeply in debt. It is recommended to pay debts as soon as possible.  This advice does not fit everyone though and the following tips may be useful to you.

We are talking about how you can spend less money in your day to day affairs.  Some of these tips are simply common sense but you may not have thought of them before.  You should be able to save quite a bit of money if you pay close attention to the details in your daily life.

Let us examine how you eat.  As you may know, eating out can be expensive.  Even if you eat at cheap places, in the long run, that all adds up.  If you are truly trying to spend less money then you should avoid eating out.  Some of you may wonder how you will feed yourself at work.  Most employers have a fridge and a microwave available to staff.  Prepare your lunch the night before.  If sandwiches don’t sound appealing for every day, then make just a little extra dinner the night before and take leftovers. Not to mention that this tactic is healthier for you as well.  You don’t have to eliminate restaurants completely, just minimize them to save that extra money.

Still on the topic of food, buy your produce from local farms or at local farmers markets.  This can save you a lot of money that is usually spent on paying for the shipping costs from grocery stores.

Do you still read the newspaper?  If reading the paper with your morning coffee is something you can’t eliminate then skip past this part.  But, with the internet revolution, the news is posted all over your computer and you don’t need to worry about cutting trees to make paper and hurting the environment.  Most times, reading the news online can be absolutely free.  Even if a small fee is required to read your favorite newspaper online, it will still be cheaper than if you had a physical subscription.

Cut back on your utility bills.  Try to use fans and open windows in hot weather instead of turning on your air conditioner every time it gets a little warm in your home.  You will also be consuming less energy. The same goes for your heater.  Turn the lights off when you leave a room.  Even if you will be going back in that room in a half hour, that is one half hour of paying for electricity that you didn’t use.  Unplug your electric appliances at night.  This will save a little money but it will also help the environment immensely.

Buy second hand clothing, especially for your children.  Children grow out of clothing so quickly that it seems a waste to spend $40 on jeans that will be worn for a year or less.  Even for adults there are some very nice consignment shops.  This doesn’t mean that you need to buy clothing that has holes or stains.  For jeans and plain old play clothes, buying second hand can save you hundreds of dollars.

Research your purchases, and comparison shop.  Have you ever bought something and then found it somewhere else for significantly cheaper?  If you look around first, you can avoid this situation completely.  Along those same lines, if you shop around at thrift stores and yard sales, you can usually find some every day items for very cheap.

With some of this advice you can cut back your spending.  Once you see that money back in your account, use it to save!

This post touches on several issues that plague people all over the world.  The first is a no brainer:  Credit card debt.

Credit card debt is something that gets so many people upside down that they can’t tell which way is up.  It may seem like a good idea to buy this or that when you deserve it but you are spending money you don’t have.  This can add up and before you know it you are neck deep in fees and balances that will take you years to pay off.

The first piece of advice I have for this situation is to stop buying things you don’t have money for.  Cut back on things that are not necessary like too many minutes on your cell phone, cable TV or DSL if you don’t use the computer that much.  Take this money and add it to your payment on your lowest balance.  Once that has been paid off, take the extra money you added and your former payment and add them to your payment to your next lowest balance.  Your balances will start dropping more suddenly than if you just stretched your money over multiple bills.  Stay dedicated and you will find yourself out of debt faster than you realize.

Once your debts are paid off, take that money and save or invest and your income will grow.

The next situation I’d like to talk about is spending without saving.  You may spend only money you have and not use your credit cards for it, but what peace of mind are you giving yourself for retirement?  If you’re counting on your children to take care of you, then good luck with that.  Take financial responsibility now and save your money.  Pay the money it requires to get help with an investment portfolio and start allowing your money to grow.

The third situation I am going to touch on is identity theft.  Most of you don’t even know what your current credit score is.  It is your responsibility to find out what your credit report looks like.  Identity theft is a huge problem all over the world and it doesn’t take your SSN to steal your life.  Sometimes all it can take is your name and address.

Thieves will not only buy things in your name but they will get medical care in your name as well.  Can you imagine going to the hospital and being told you have a horrible disease when in fact, you do not?  Identity thieves will also commit crimes in your name.  This could spell disaster for you for a long time.  The first thing that most thieves will do is use your name to buy things, if that works and no red flag is raised, they will move on to bigger crimes.

Check your credit report, pay for it if you have to, and analyze it to pieces!  There could be things on there that aren’t related to you at all.  There could be a bill you paid off years ago that wasn’t taken off and is still affecting your credit rating.

There are simple ways to protect yourself that will leave you and your family grateful for a long time.

1. Universal Default Penalties - Credit card issuers check their customers credit reports for any late payments on any other credits. Any late payment can be used as an excuse to increase your credit card's interest rate, even if you have never made a late payment to the card issuer.

A recent study by Consumer Action, a San Francisco-based consumer advocacy group, found that 39 percent of credit cards had universal default penalties in 2003. This year the figure jumped to 44 percent.

3. The Small or Non-Existent Grace Period - Usually, grace periods used to be 30 days long. They now average 23 days, and some issuers have lowered the grace period to 20 days. Some cards have no grace period at all.  And the very day you are late, your interest rate will be increased.

4. Two-Cycle Billing - While most card issuers use the standard one-month method to calculate interest charges, some use a method that calculates interest on two previous months' balances. Companies compute interest charges on your average daily balance by adding each day's balance and then dividing that total by the number of days in the billing cycle. Some do it on a monthly basis but others use the average daily balance over the last two billing periods. If you carry a balance this usually means that you've lost any grace period on your new purchases. Unless you pay off your balance for two months in a row, the two-cycle method will include the prior cycle's average balance in calculating your finance costs even though you paid off that cycle's balance in full. You don't face that expense with a single-cycle card.

5. Inactivity Charges - Credit card companies don't make money if you don't use your cards. Not using your card could mean you receive a fee, as much as $15 if you haven't swiped your card in six months, but charges may be incurred for shorter intervals.

6. Late Payment Fees -  The average fee is around $25 but there are others that charge even more.  Bank of America and Providian are now charging $39!

And there's yet another downside to paying late: A higher interest rate. In a 2003 survey, Consumer Action found that just one or two late payments will trigger a higher interest rate.

7. Over-Limit Fees - Exceed your credit limit by even one cent and you'll be hit with over-limit fees of $25 to $39. And don't forget -- charges such as a $39 late fee can then trigger a $39 over-limit fee.

8. Balance Transfer Fees - This is something that simply is just a tease for most: A rock-bottom introductory rate to transfer your balance, but that low rate may come with a transaction fee, 3 to 5 percent, for transferring your balance to their card, which means transferring $1,000 at 4 percent will cost you $40.

9. Payment Allocation - If you're carrying a balance, and you use your credit card for purchases and cash advances, or you're paying off a promotional rate and then add charges beyond the promotional period, your card company will first allocate your payments to the charges that will earn it the most money. In most cases, that means it will apply your payment to the balance that has the lower rate, thereby allowing the balance with the higher rate to accumulate and compound interest.

When you are dealing with the stress and headaches that come from bad credit, life can be very frustrating.  There are thousands and thousands of people who balk at the very mention of “credit”.  Usually, this is because of the many events that have lead up to a bad credit rating.  Once you are caught in the web of dealing with bad credit, it can feel daunting to find your way out.

When an emergent situation occurs or some kind of financial issue arises, you can find peace in knowing that there are options out there for you.  Having bad credit will not keep you from finding the help you need.  You can get what you need in a short amount of time, believe it or not.

You might think otherwise, but there are many financial institutions that make their business helping people in their time of need…even those with bad credit.  These companies offer payday loans for people with no, or bad credit…which is just what you need when in a pinch.  It may feel like you have won the lottery to finally find the help you need, especially if you have debt racking up from medical expenses, or car repairs.  This can be devastating if you don’t have the funds to take care of these issues.

The process is simple, really.  You fill out an application, either online or in person, submit it and then wait usually an hour to find out if you’re approved.  Once approved, you will be on your way to taking care of your pressing financial concerns.

Payday advances are a growing industry as more and more families are taking advantage of the ease of cash advances.  Most do actually get approved even with bad credit.

And don’t misunderstand; there are many people even with good credit that take advantage of payday loans online.  It can be a hassle to apply for a loan at a bank and can take days or even a couple of weeks to get the cash needed from that kind of financial institution.  Payday loans are for all kinds of people with all kinds of circumstances.

The key to getting a payday loan is this:  do not borrow more than you need.  Payday loans can get very pricey when you borrow too much and take too long paying them back.  Use this only in an emergency and you will come out fine.

Have you ever noticed when someone does not understand something, they fear it and condemn it?  This has been happening in the world since the beginning of time and we may not see much of a change in the near future.  For those of us who have had our minds open, we must be the catalysts for change and assist those with closed minds to accept new ideas.

Payday loans fall into this category.  These are the most misunderstood loans out there.  There’s lots of information out there that down play the benefits of payday loans and insist they are bad, sick and wrong.  The main argument is that they are expensive.  The fact is that yes, payday loans have high interest rates but since they are short term, the interest is not usually very much on top of the actual money borrowed.

People generally find themselves short on cash from time to time and things tend go wrong in groups.  When it rains, it pours, right?  Cash advances can help in a pinch.  They are not meant for gross amounts, nor are they meant to be long term.

You do need to be 18 year of age to apply and you need to have a regular source of income.  You usually have to show your paycheck stubs to prove this and you also need a current bank account.  If those requirements are met, you can usually apply on the internet, or walk in to a location, where the application can be completed typically within an hour.  You can usually get your money the next day or right on site.

So what is the big deal about payday advances?

As mentioned above, it's the confusion of calculating an APR on a two week loan.  The truth is that payday lenders do not charge their interest in the way that most conventional lenders do.  Their charges are translated into the traditional APR and then the result is quite significant.  This is where people get confused.  The charges for payday loans need to be taken for what they are and not turned into something else to upset or confuse people even more.  Payday lenders charge a fixed fee for every certain amount borrowed.  For every $100, there may be a fee of $15 or $20.  That’s it.  I hope that clears up some of the confusion.

So why would you need a payday loan?  Well, as I mentioned at the beginning, you may have an emergency like car repairs, a dental or medical bill, or simply groceries for your family.  There are other good reasons to get a payday loan online, but we won't go into those any further.

For instance, most people are unaware that the very day they are late on a credit card payment that their interest rate jumps significantly.  Some creditors don’t even give their customers a grace period at all.

Most of us get paid every two weeks.  Well, when your paycheck lands one to two days before your credit card bill is due, what are you going to do?  Payday loans are just that, loans ‘til your next payday.  This is a great reason to take advantage of this useful service.

Now, this type of loan should not be taken out on a consistent basis.  People can easily find themselves in debt and in trouble quickly.  If a person can’t pay a payday loan back in the timeframe decided upon, there are usually very steep fees.  This is when these loans differ from typical loans.  They are able to charge large fees and interest rates to make up for your late or non payments.  And like any other typical loan, if you don’t pay, you are usually taken to collections.

The key is being smart with your money.  If you find yourself in trouble financially frequently, I would suggest consolidating your debt or filing for bankruptcy.  But for most people, they are able to use this type of loan in a smart way and save themselves hassles in the future.

Be a smart consumer and know what you are getting into before your sign your name on the dotted line.  If you have trouble understanding the contract, get help from a family member or an attorney.

These 12 tips will assist you in better understanding what is involved when applying for short term fast cash loans, typically referred to as “Payday loans”.

1. Any contract you sign should always be read!  If you can’t understand it, take it with you and get some help.  It is better to delay your application than taking losses in the future because you didn’t understand what you were signing.  The contract will have all the fees, requirements, interest rates, and payment terms.  Some lenders can be vague so make sure you ask questions.

2. There are tons of fast cash loan lenders on the internet.  You will find more available to you this way than if you beat the pavement in your local area.  You can easily and quickly compare companies this way, as well.

3. Payday loans are just as binding as any other type of loan. Money owed on these types of loans will be collected in any way possible just like with secured loans that you commit to.  You will be held to your contract in regards to repayment.  If you are unable to uphold the agreement held between you and the loan company, you should contact them immediately to find out what your options are.  They can generally offer you extensions or roll-overs.

4.  This is a great tip...DO NOT OVER BORROW.  Payday loans are meant for small amounts of money for pressing circumstances.  If you want to borrow lots of money, apply for a credit card as fast cash lenders charge a lot more in interest.

5.  Check your contract and the fine print to determine what the consequences are when you cannot make a payment on time.  You can accrue hundreds of dollars in fees because of late or non-payment, so don’t lose more money that you borrowed!

6.  As mentioned above, research each lender to compare their rates.  You may also do a search for reviews of that company.  Several lenders will offer discounts on their rates that may help you find a good loan.  Pay attention the track record of a company.  You may even be able to find some on the Better Business Bureau website.

7.  Find out from the lender if the loan will affect your credit score.   In some cases, your credit score will have no effect on your approval or denial for the short term fast cash loan.  In other instances, your credit score will be viewed but usually has no basis upon if you are approved for the loan or not.

8.  If you have bad credit, don’t fret.  There are lots of cash advance lenders who offer loans to customers that have bad credit.  This is helpful to people who have had credit issues in the past.

9.  It is recommended that you do business with loan companies located in the United States.  Companies overseas are not regulated by payday loan laws.  They have no obligation to obey them.

10. Research what the laws are regarding payday loans so you are prepared and are not taken advantage of.  Knowing your state’s laws will keep you safe.

11.  Pay your loan back with your next paycheck if possible.  You will save money on interest if you do this rather than extending your payment period out.  Most lenders require that you have a savings or checking account with a bank for a specific period of time.  Once verified, a post dated check is all you need to pay them back.

12.  Be a smart consumer.  Do your research and read articles and books regarding finances.  If you struggle frequently where money is concerned, don’t look to payday advances to help you out all the time.  You literally will pay more by doing things this way.  The best advice would be to consult a debt consolidation company, take money management classes and learn what you can to make smart choices with your money.

Let’s face it, money is essential for existence and a sudden shortage can create major stress in our lives. Most families are making life one week at a time, and although doing decently in regards to bills, any major upset can cause all kinds of chaos.  Financial chaos can bring ruin to anything and everything you know.

It is a lengthy and tedious process to apply for most loans.  Luckily the fast cash payday loan lenders make this easy.

There are typically two types of loans, secured and non-secured.  In the case of secured fast loans, the borrower is required to pledge any valuable asset as collateral. Based on the equity value of collateral, lenders sanction the loan amount. On the other hand, unsecured fast loans are collateral free. So, tenants and non homeowners can also approach for this loan. With unsecured option one can borrow for a period of 6 months to 10 years. The interest rates charged are comparatively higher.

There are two important criteria for borrowers looking for a short term cash loan.  The first concern is how fast the transaction will be and the second is the ease of said transaction.  Instant payday loans take care of both of these concerns immediately.  Therefore this is the most feasible option for short term cash.  This process is made even easier by way of the internet.  This saves time and effort and makes paperwork nearly non-existent.

When your application is received, a representative will contact you regarding processing your loan.  Usually no documents are required to be faxed for verification, as these loans do not need a credit check for loan approval. You need only provide basic personal employment details and information about his savings or checking account. The loan amount is electronically transferred to the borrower's account within 24 hours of loan approval.

There are no restrictions on the manner of expenditure; hence, a borrower could utilize the loan money to make any financial payment, which he sees fit. So, the loan amount could be used to pay for whatever the borrower chooses. Most loans are small, usually not higher than a $1,000 or $2,000.  And there is good news for those of you who have bad credit.  Most lenders don’t even check credit scores and those that do just usually view it but nearly all who apply, if being able to meet the initial criteria, get approved.

Usually a borrower cannot take out a payday loan for more than 25% of the expected gross income. As long as the borrower agrees to the interest charge, in writing payday loans are legal. Because the laws regarding payday loans are so lax, it's important to shop around for low rates and fees when getting one.

Features of online payday loans

These loans are unsecured typically and you don’t need to pledge any collateral for availing loan. Some of the factors that becoming deciding about the amount that can be borrowed are as follows.

-Your monthly income and expenditure.

-Depending on above your ability to back.

-The level of trust lender has on you.

Be prepared to show proof of your employment and your salary.  You may also need to show proof of a bank account.  Borrowers do need to be 18 years of age or older to apply.

Since this can all be done online, it saves you a lot of work and time and the lender as well.  Most people that look for this kind of cash need it quickly and they tailor the process to those needs.

PROVO, Utah – June 13, 2008 – CheckCity.com been licensed by Arizona to give payday advance loans and has begun offering cash advances to residents of Arizona directly over the Internet.

Payday advance loans are short-term loans that are designed to help people survive unexpected bills and expenses.  Banks do not typically underwrite short-term low-cost unsecured personal loans, as they are not able to recuperate their processing costs.  This leaves a much under served need that payday loan companies such as CheckCity.com fill.

CheckCity.com is a market leader in efficiency and customer service.  Money is deposited directly into the customer’s bank account, usually by the next day.  The only requirements to get a cash advance loan are to be employed and have an open bank account.  No faxing is usually required to receive a loan, which makes the process very easy for new customers.

With Arizona loan fees being $17.65 or less per $100 borrowed, payday loans from CheckCity.com are some of the most affordable available.  Since the costs of operating a brick and mortar store are saved, CheckCity.com is able to offer loans under Arizona’s consumer minded laws and still maintain a high standard of customer service.

The full featured and user friendly CheckCity.com web site allows customers to view and update their personal information, review their loan history, make early payments, or even pay off their loans early.  The use of the Internet adds convenience and privacy to the customer’s experience.

“Check City has a solid presence in western states and a history of excellent customer service.” says Adam Gibbons, credit service manager for Check City.  “We will continue to bring that same level of service to Arizona.  At the same time, we are always looking for ways to improve our service for our customers.”

Here is what customers from other states have to say about the CheckCity.com cash advance service:

“Your customer service representatives are so friendly and helpful.  Thanks again!"  – Darrell in California

“I appreciated the fact I could get a loan with you after banker’s hours.  Thank you for going the extra mile.”  – Julie in Wisconsin

More information on payday loans in Arizona and other states can be found on the CheckCity.com web site.