Payday Loans Blog

Check City, a leading company in the financial services industry, is proud to be opening their newest store, located in Ogden on the southwest corner of 12^th and Washington Blvd.  The new store transferred employees in from other already existing stores offering a familiar face to customers using their services.  Cash advances, check cashing, tax preparation, and many other services from this store are available Monday through Saturday from 8 a.m. to 9 p.m. and from 10 a.m. to 5 p.m. on Sundays.

Since 1986, Check City has met the range of needs of their countless customers by providing financial help through several types of loans, extended operating hours in the evenings and during the weekends, and all of it with bi-lingual assistance.  They have continually offered short-term cash advance loans at rates of 43% below their competition, the wide variety of check cashing, Western Union money transfer services, payday loans, free money orders, stable mortgage solutions, and auto, home, and life insurance.  They will even prepare your tax returns.

The opening of the store means great savings for customers.  Until December 31^st in only this Check City location, customers will receive up to $9.95 off of check cashing when they buy a cash-in card, which is a prepaid Visa card.The new Ogden store is at 1207 Washington Blvd. and can be reached by phone at (801) 528-5333 and by fax at (801) 528-5334.  Please use responsibly.

Media Contact:

Wendy Gibson

(801) 528-5333

wendyg@checkcity.com

Check City, a leading provider of short-term financial services, was presented its second Activa service award during the 20^th annual Financial Service Centers of America, Inc. (FiSCA) Annual Conference in Las Vegas, Nevada.  The award was presented by FiSCA to Check City for its critical role in raising funds on behalf of Foundations for Independence a not-for-profit organization committed to advancing the independence, productivity and full citizenship of people with disabilities.

During the holiday season of 2007, Check City locations in Utah ran its program, “Change for Change.”  Check City’s customers were encouraged to donate their change from check cashing and cash advance transactions to help people with disabilities gain independence.   Check City matched each contribution penny for penny and dollar for dollar.  The general public was encouraged to donate as well through an in-kind public awareness campaign sponsored by Utah’s local ABC television affiliate.   Foundations for Independence received thousands of dollars in financial support though the efforts of Check City, its employees and customers.    Much of the funds raised went to the group’s equipment purchase assistance program and family respitality program.   Those interested in contributing to Foundations for Independence ongoing efforts may do so via their website.

According to FiSCA, the group launched the Activa Awards program in 1999 to honor outstanding examples of the positive community involvement activities of its members throughout the country.  The response to the program was so positive that the Association decided to make the Activa Awards an annual event.  As each year passes, the Activa Awards bring greater distinction and a better understanding of the pivotal role financial service centers play in making America’s neighborhoods a better place to live and work.

Last year, Check City received the same service award for its ongoing participation in United Way of Salt Lake’s “Homefront Response” program.   This campaign provides funding for families of local military service member to help pay for utilities, rent payments, and other expenses while the head of the household serves in Iraq or Afghanistan.   In total, Check City and its customers have contributed over tens of thousands of dollars to this program as part of its commitment to help troops win the war on terror. 

Check City first opened its doors to residents of Richmond, Virginia in 1986.  Since that time the company has expanded its store front financial service operations to over 70 locations in Utah, Nevada, Maryland, Virginia, and Colorado.  In addition to providing check cashing and payday loans, the company also offers vehicle title loans, pre-paid debit cards, auto insurance, wire transfer services, and tax preparation assistance.  Since 2002, Check City has provided its cash advance services to residents in 20 states and plans to expand its services into additional states and countries through 2009.   Check City is a proud member of FiSCA, the Community of Financial Services Association (CFSA) and other trade organizations committed to providing payday advance loans as a safe and viable credit option for consumers.   Check City is committed to providing assistance and support to local causes that improve the quality of life for many Americans.

PROVO, Utah – July 31, 2008 – CheckCity.com (http://www.checkcity.com) has been authorized and licensed by the State of Illinois to offer payday advance loans and began offering cash advance loans to residents of the state on Thursday.   

Payday loans are designed to meet short-term (on average two weeks) obligations.  Cash advances are designed to help people meet unexpected bills and expenses.  Depository institutions do not typically underwrite short-term, low-cost unsecured personal loans, as they are not able to recuperate the processing costs associated with issuing these types of loans.  This leaves a much underserved need that payday advance companies such as CheckCity.com fill. 

CheckCity.com is market leader in efficiency and customer service.  After a customer requests a loan, Check City.com deposits funds directly into the customer’s bank account, usually by the next day.  The approval process for residents of Illinois is simple and straightforward.  Customer service associates are available to assist applicants and customers via telephone, email, or directly via LiveChat through the CheckCity.com website which makes the process very simple.   

Fees associated with Check City’s payday loans in Illinois provide an attractive alternative to more expensive options like bounced check and overdraft fees, to late fees charged by credit card providers and utility companies.  Payday advance loans from CheckCity.com are some of the most affordable available.  Because CheckCity.com is able to offer its loans via the Internet, it can pass on savings to its customers while continuing to provide loans under Illinois’ consumer-friendly cash advance statutes.  

The recently updated and user friendly CheckCity.com web site (http://www.checkcity.com) allows applicants and borrowers to view and update their personal information, review their loan history, make 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 utilized cutting-edge technology coupled with a progressive attitude towards customer care to service short-term borrowers across the United States.” says Adam Gibbons, General Manager for Check City Online.  “We will continue to bring that same level of service to Illinois, while striving to make the online borrowing experience better for our customers.” 

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

“Your company has been the best company I’ve dealt with. Thank You!”  -Jenny in California 

“Thank you. Your company always has the best customer service!” –Katie in Alaska 

More information on payday advance loans in Illinois and other states can be found on the CheckCity.com web site at http://www.checkcity.com/. 

About Check City

Check City has been in the business of providing payday advance loans and check cashing services for over fifteen years and has approved over 750,000 loans.  CheckCity.com is now licensed and approving loans in twenty different states with plans to offer loans in over thirty states and throughout the Western Hemisphere and Europe.

Scams revolving around refinancing are making headlines these days.  If you are considering financing your home, please read this entire article.  It may save you a lot of money in the long run. 

Refinancing lenders who are trying to scam the public will teach their representatives how to manipulate customers into loans that are not in their best interest.  There is even some psychology that goes into teaching their employees how to do this.

When a lender looks at your loan application, they are typically looking at three things:

1. Your FICO score.

2.  Late mortgage payments
3.  Any bankruptcies you may have

Anything else is irrelevant to your loan approval.  They will not look at your credit card payment history, auto payment history, student loans or collections or charge offs.  Why is this?  Because your FICO score is the numerical value that takes into consideration all of these factors and puts them into a number ranging from 500 to 800.

If you are late on your mortgage payments this will usually increase your interest rate.  Bankruptcies will also increase your rate or give you instant denial for a loan.

Below is a tactic that you should be aware of:

Why is this something to be aware of?

The worse your credit history is, the more power the loan officer will have against you to try and manipulate you into accepting a loan that is not good for you.

The majority of loan officers know exactly what type of loan you can be approved for the minute they pull your credit.  There is no reason for them to dig into your past any further.

If you experience any of this with your loan officer, I suggest you find another reputable lender to work with and save yourself the money and the headaches.

When you apply for credit or financing, your credit report will be pulled electronically from any three major consumer reporting agencies.  These are Experian, Trans Union and Equifax.  They are responsible for maintaining correct and up to date credit information for people around the globe.  Obviously they are maintaining billions of records and are therefore not very effective in finding errors to individual reports.

This is the very reason why we as consumers are responsible for checking our own credit reports.  Make sure that you get a copy of your credit report at least once per year.  You are entitled to get one free copy per year.  If you have been denied credit in the past 60 days you are also entitled to receive a free credit report.  Below is a list of each credit bureau.

• Equifax, P.O. Box 740241, Atlanta, GA 30374-0241; (800) 685-1111.
   
• Experian(formerly TRW), P.O. Box 2002, Allen, TX 75013; (888) EXPERIAN (397-3742).
   
• Trans Union, P.O. Box 1000, Chester, PA 19022; (800) 916-8800.
   

You can also use the internet to get your credit report.  Many companies will give you instant access to your report online and will offer it free if you try their credit monitoring service for a limited time.  These are great services to keep track of your credit and stop identity theft in its tracks.  When someone applies for credit in your name and SSN, these services will notify you via email.  If you did not request this credit then you just log into your account and alert the credit bureaus of potential fraud.

The information on your credit report is used to evaluate you when you apply for credit, insurance, employment or other purposes allowed by the Fair Credit Reporting Act (FCRA).  It is crucial that you review your credit for accuracy at least once per year.

When you monitor your report you will save yourself future problems when you apply for new credit or if you are considering the purchase of a new home.  When you know what is on your report you can clear up any inaccuracies before you even apply for new credit.  In doing so, you will avoid any issues before they arise.

When you find inaccurate information do the following:

• Verify discrepancies as soon as possible.  The credit bureau says that a reasonable amount of time is usually 30 days.
• Dispute the information.  You can either do it one at a time or all at once.
• Write a dispute letter.  Don’t just copy a form.  They will take you more seriously if you write it yourself rather than doing what thousands of others have done before.

The credit bureau is required to investigate claims and if they cannot confirm within a reasonable amount of time then the credit record must be taken off your credit file.  They also must provide you with a free copy of your credit report that was fixed.

Make sure your dispute goes to all three credit bureau companies. If by chance they decide that the information must stay on your report, then you can add a letter of explanation to your report so that future lenders are aware.

People often find it hard to make their paychecks stretch over all their expenses.  Then when a financial crisis arises, there is no money to take care of it.  The short term loans that exist are usually called cash advances, payday loans, or payday advances.  Most payday lenders are interested in helping people when they need money in a hurry.

Payday lenders have been around for a couple decades now and are growing in popularity.  There are literally thousands of locations of different companies all over the United States.  Thanks to the internet as well, there are thousands more available at our fingertips.

These companies fill a niche that more traditional lending institutions cannot or will not. When you need a few hundred dollars for something pressing you obviously don’t have the time to go through a very tedious application and approval process and credit check.  You can get the money in your hand or your bank account by the next business day in most cases.

I would like to stress the importance of using short-term loans responsibly.  This is merely an interim solution to emergent circumstances.

For instance if your car breaks down or your furnace breaks in the middle of winter and you don’t have the money, payday loans online will advance you enough to take care of the situation.  Most people end up paying their loan back by their next paycheck.

Sometimes a person may find that they need more than just a couple of weeks to pay back a loan.  Legitimate lenders in the United States are required to adhere to state and federal regulations but usually they can allow a few rollovers or extensions when needed.  If you find that you are unable to pay your loan back and you have exhausted all your extensions, then you will most likely be referred to some credit counseling to help with your money management issues.

Credit counseling companies will go over all your debt with you and your payments and work with you to set up some lower interest rates and perhaps some lower payments.  They will talk to you about your debt to income ratio and give you ideas on how to cut your spending and save money.

But for the most part, people who take advantage of these types of payday loans do well with them.

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.