7 Payday Loans Tips

Payday loans are short-term loans that are quite easy to get as long as you can show the lender your pay stub and issue a postdated check, usually dated a month after the date the loan is released. A credit check is not even required in order to get approval.

Payday loans are attractive emergency solutions for a temporary cash crunch, but they can be risky especially to inexperienced borrowers or those with little control over their cash flow. Fees that may seem low and affordable can swell into a big amount in a matter of months. Some loans have an APR that can go from 300% to as high as 600%!

Payday loans aren't totally bad, but they can easily get out of control. On hone hand they do provide a temporary solution, but on the other hand there are high risks involved and at times, the risks can outweigh the benefits.

Here are seven tips about why you should think twice about getting a payday loan:

1. What the borrower receives is actually lower than the amount that's written on his check. The lender will deduct a finance charge from the loan amount as his profit, usually $15 to $50 per $100 during the agreed-upon loan term. Sometimes the borrower writes a check with the loan amount plus fees. If the borrower cannot comply, he will have to pay more finance charges.

2. The borrower might not have enough funds in his account to cover the check he issued. When the loan is due and the borrower cannot pay, the lender usually encourages him to 'roll' or renew the loan. He will now shoulder a new loan with an additional finance charge and late fees, resulting to a bigger loan amount. The borrower may even end up using loaned money to pay the high fees.

3. There are state regulations that cover payday loans, setting the loan term limit at 30 days, but lenders avoid this by issuing loans that are no less than 31 days. Therefore, the borrower is still at the lender's mercy.

4. Payday loans are supposed to be turned to only when there is an emergency need for cash which means that a borrower should be able to pay it back immediately, but this is often not the case. Because it would seem convenient and cheap in the beginning, borrowers are tempted to allow their loans to 'roll over'. The result is a loan amount that might continue to balloon unless the borrower has enough cash to pay it off at once.

5. Payday loans are risky because they are designed to be accessible to low-income borrowers who would otherwise not be approved for other loans. Lenders do not take into account that people who already have cash flow problems might have even more trouble paying the loan back

6. Some payday loan sites are known to automatically 'roll over' a loan and then just withdraw the renewal fee on the due date. There are also some sites that require borrowers to agree to a contract not to file for bankruptcy or join class action suits against the lender. The borrower, in effect, protects the lender.

7. The borrower can get used to payday loans when they are supposed to be his last option -- when there is nothing else that can be tapped for money source. Because of their availability and easy approval, payday loans can be very difficult to resist.

If you do feel you need to make a loan against your pay, make sure you are well informed and aware of the potential risks. If you can, get the lowest possible rate and discuss all the fees covered by the loan so you know exactly how much you are going to get and how much you are going to pay and when.

If you are already in some trouble due to payday loans, seek the help of certain organizations that offer free or low-cost assistance in helping negotiate and reduce interest charges and lower your monthly payments. Try to improve also your budget-handling skills in order to minimize or eradicate altogether the need to turn to loans to cover some expenses.

Payday loans are quite attractive short-term solutions to immediate money problems, but if you aren't careful, it can turn into a long term liability that will let you sink deeper into a vicious debt cycle. The only way to lower the risk of a payday loan is to ensure that you have enough funds to cover it when the pay date comes and to pay responsibly and on time, just like you do with every other loan.

Pay Day Loans - A Review of 3 Different Pay Day Loan Lenders

Finding the right pay day loan lender is not always easy. There are hundreds of lenders that operate in the UK. And then there are many more brokers that are online too and on the surface appear to be lenders.

There are a few steps you can take to finding the right loan for your needs. And the first one is reading payday loan reviews by customers and review sites. This will help you avoid signing up with a scam lender and paying charges that are far higher than other lenders.

There are 3 lenders in the UK we've identified that have services and charges worth checking out, and they are:

1. Quick Quid

Quick Quid has a simple application process and one of the fastest turnaround times in the industry. From approval, the money will be deposited in your account within the hour. And the application process will not take more than 5 minutes to complete.

Quick Quid lend up to £1000, but you won't be approved for more than £400 on your first loan. After a few successful times of borrowing, they'll be able to increase your loan amount.

To be eligible for a loan with Quick Quid, you should be at least 18 years of age; have a valid bank account with a debit card; must be employed; and be a resident of the United Kingdom.

Overall, Quick Quid is a good lender but they've received many negative reviews from previous customers. And one of the biggest complaints is that they were approved for a loan but had to contact Quick Quid to get the loan because of delays.

2. Payday Express

Like Quick Quid, Payday Express charges £25 for every £100 you borrow. And you repay your loan on your next payday. They lend between £80 and £800, but it's unlikely you'll get more than £300 on your first loan with them. But this will be increased each time you borrow till you reach the maximum.

Payday Express is more flexible than many other lenders in their requirements. And they don't only accept full-time employed applicants; but will also accept if you're part-time employed or are an agency worker. All that they require is that you earn at least £750 per month. And like other lenders, they require you to be at least 18 years old, have a bank account with a debit card and be a UK resident.

3. PaydayUK

PaydayUK has many good features and many names too. One of its other names is MEM capital and it operates a number of websites which you may be familiar with. As strange as this may sound, PaydayUK is no scam lender and has been one of the longest running lenders in the UK.

One of its best features is that they don't carry out any credit checks, so County Court Judgements (CCJs) or Defaults on your credit file won't affect your application. They also don't require any paperwork and they approve your loan instantly.

Summary

These three lenders have similar features and have received many positive reviews. They also have similar charges and allow you to rollover your loan if you need to.

Thanks to Faxless Bad Credit Payday Loans

The internet is raging at a flying speed in recent times. You are sure to find wireless hotspots almost at every coffee shops, hotels as well as public places. Now with that, I am sure you can apply for faxless bad credit payday loans from any corner of the world... you only need to have an access to the internet.

What is payday loan? This is a short-term cash advance designed to meet your emergency financial needs. Payday loans are also perfect for those times when you need a little extra cash for unexpected bills or special occasions.

So, tell me something, do you have an access to the internet and a checking or savings account? Well, if it's so then you can surely go for the faxless payday loans. Just imagine no faxing... wow that's amazing! What's more interesting is that it will also lower your economic worries and will help you out with a steady flow of cash. Complicated faxing techniques were always a source of worry as most loan types need an identity proof. But now with the advent of bad credit loans with no faxing, you can apply for any payday loan online without much hassle on your part. Bad credit loans with no faxing and in fact ideal for the environment, quicker and not to mention convenient.

With faxless bad credit pay day loans, you need to only fill up an online form and submit it to the payday lender together with the essential information. You will find your funds deposited to your bank account within a short time.

In present times, you will find a number of people stepping back at the idea of faxing... well they do so because with the rapidly speeding world. Faxing has turned out to be extremely inconvenient for them. But with no faxing, people have come face to face with a wide range of options for applying for bad credit payday loans. With bad credit cash advance with no faxing, you can now qualify as well as get your cash instantaneously by simply a click on your mouse. In simple words, faxless cash loans are for one and all having an access to the internet.

Wait there's some interesting news associated with these faxless bad credit payday advance as well. Do you know that these loan types are environment friendly! Yes, look you don't have to use papers for (that implies you don't have to cut trees!) transferring your details... isn't that great!

Why Faxless Payday Loans Can Save You Lots of Hassle

It is not everyday that you encounter situations that require you to spend instant cash. Well, the fact is, it is also not everyday that you have enough cash in your pockets or in the bank. So what would you do in this kind of situation? Most people would think of getting loans till payday comes by.

Most people borrow money in order to finance urgent expenses. If you are unable to borrow from the people around you, you can apply for payday loans online. There are a lot of companies on the net offering such loans. These loans are just short-term loans that give you cash before payday to tide you over. It is a very short time to the next payday hence you need to make sure that there is a need for the loan before you file an application.

You can apply for payday loans without the use of fax machines. Loans that require faxing are usually referred as secured loans where your personal information and other pertinent documents need to be sent to the lender. This is time consuming on your part as well as an additional cost. If you prefer not going through the hassle, faxless payday loans will definitely suit you.

Since the payday loan lender will be at a risk in lending you money, they need to get some of your personal information like name, address, contact number, social security number and one personal check. These are the things that the lender will ask from you in exchange for the loan.

The features of a faxless payday loan attract millions of borrowers all over the world. By taking advantage of the loan, you can save a lot of waiting time. Busy individuals will surely benefit from the loans because they can get the loan amount in just a couple of hours after verification. If you apply in the morning, you should be able to get the loan by night.

Since faxless payday loans are very convenient, many are into the habit of obtaining loans till payday comes. This is not good and not advisable because you potentially waste money on the interest charges. Always keep in mind that such loans were primarily designed to meet instant or urgent need for cash. If there is no urgency, then there is no need to apply for the loan, especially if you have enough cash in your pockets or bank to fund your daily expenses.

You can benefit from faxless payday loans during extreme needs. There are other alternatives that you can look into. Instead of wasting money on the interest charges due to frequent borrowing, consider saving money into your bank. Learn to save up so that when the need arises, you still have enough cash before payday. Perhaps an arrangement can be made with your employer to deduct a certain amount from your paycheck and have it saved up somewhere.

Acquire A Fast Payday Loan Without Any Security

One of the benefits connected with taking out payday cash loans will be the reality that there will be absolutely no collateral necessary, rendering them accessible to far more applicants. Most of the other loan varieties that are obtainable in the current financial state are collateralized and for that reason the lending company will call for an asset to be offered as collateral in the event that you do not pay back the loan at all. To give an example whenever you acquire a car logbook loan the lending company will keep hold of one's vehicle logbook should you fail to settle the loan when you really should. In that way they're able to claim your automobile. A collateralized property loan is an additional type of finance product that the lender will demand some collateral for. Only this time it is going to comprise of a charge being put on your home. Which in turn will mean that should you do not settle the loan you could lose your house.

Loans with no risk

Since a payday loan presents little or no potential risk to the lenders they're willing to provide loans without having the necessity for any assets of any kind. This is really a real benefit for individuals that do not possess any assets that they can make use of. Payday lenders consider this particular style of loan to be a limited risk to their cash simply because they supply modest loans that are paid off really soon after you receive them. Loans of this type are accessible for sums in between 50 and one thousand. The longest time period the finance will run is no more than a calendar month.

The principal concern of the lending companies when they are analyzing the form is whether or not you'll be able to afford to repay the loan, consequently they're not too worried about your credit rating. Due to this particular reason this style of loan is attainable to a good deal more individuals than old fashioned loans. So irrespective of your credit report assuming that you fit the bill in as much as the loan providers are concerned you should be able to acquire a payday loan. Meeting the lending companies conditions with this type of loan just isn't too hard simply because it is very relaxed. This negates the necessity for home loans as long as you have to obtain 1,000 or lower and possess the means to pay off the loan inside 1 month.

You will be required to be working.

As the name "payday cash loan" implies you'll need a job. Irrespective of what kind of loan you're searching for you will need to have a job in order to meet the criteria. Should you do have employment then there is a good probability that you will be eligible. You'll however also need a bank account plus a debit card. Having a check account could possibly be the major component that lessens the lenders financial risk so far as pay day loans are involved. This is for the reason that the loan company will take the payment out of your banking account whenever you next obtain your paycheck. This stands out as the principle reason the lending companies still supply funding to people that have credit rating troubles. A mobile telephone could be the only other qualification the loan companies demand, this has to be utilized to electronically complete the enquiry. Achieving the very few simple demands should more or less guarantee you'll be able to obtain the cash you are looking for with the minimum of fuss.

How to Find a Legitimate Payday Loan Lender

A payday loan is the ideal solution if you are in urgent need of money before your next payday. It could be for an urgent gift purchase, to pay an overdue bill or to fix a broken car. Whatever it is, a payday loan is the quickest short-term solution. And you can have the funds in your account in a matter of minutes.

But the payday loan industry has been controversial for various reasons. And this has been made worse by scam companies that con desperate borrowers. Many of them have shiny websites and friendly staff who make you feel you are in the right place. But all they're cared about is your money and not in solving your problem.

Because all payday loan lenders are now online, doing quick research on any lender has become a lot easier. And you can know in minutes if you're looking at a legitimate or scam lender by checking out the following factors:

Online Reviews

The first step to take when looking for a legitimate payday loan lender is to read customer reviews. Reviews will tell you if a company actually exists and how long it's been in business. And sometimes many negative reviews are not always a bad thing; and that's because it's usually people who have had a bad experience who leave feedback.

But reviews overall will tell you if a company provides a good service or not. And this will be a guide to what you most likely will face when you sign up with them.

Lender Age

A good sign a lender is legitimate or not is the length of time they've been in business. You can easily find this out by checking with Companies House, on their website, the domain age on Whois and many other areas. If you are still not sure, then you should phone their offices and even make a visit if possible.

Privacy Policy

The lender should have a strict privacy policy and its URL should be secure. It should begin with https and not just http. If the "s " is missing then this means the site is not secure and your personal information could be at risk.

Fees and Charges

The website should state clearly the lender charges and fees and what you'll repay. You should be able to easily find their terms relating to late payments and fees for rolling over a loan. You should also be able to find this in an FAQ section and in the Terms.

The Agreement

The agreement you sign, whether online or offline, should be clear and understandable. It should clearly include the loan amount, interest rate, loan fees and any other applicable fees. The due date should also appear on the credit agreement and details of what should happen if you fail to meet the due date.

Office of Fair Trading (OFT)

The payday loan lender should be registered with the Office of Fair Trading. And you should check their website for their Consumer Credit Number which should be clearly displayed on the homepage.

Summary

There are many other factors to check to make sure you don't fall victim to a scam payday loan lender. You can find these online and by thoroughly checking the website, you can save yourself a lot of trouble and sign up with a legitimate lender.