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Payday Loan Blog



All About Online Payday Loans



Updated: 2008-09-29T12:19:09.7019741-05:00

 



Using a Payday Loan for Vacation Expenses

2008-09-29T12:19:09.7019741-05:00




Payday Loan Worst Case Scenario

2008-09-19T11:49:58.548625-05:00

Have you ever reached a point in your life where you absolutely need a large amount of cash and you've exhausted every available option? You've tried to borrow from family, use credit cards, and even sell a few possessions, but you're still coming up short - that's when you know it's time for a payday loan. A payday loan is a great resource in times of need, but should really only be used in the worst case scenario. Sure, you may be tempted to take out a small payday loan so you can do some shopping over the weekend or purchase a big ticket item, but that typically leads down the path to debt. If you're not financially responsible, taking out multiple payday loans can eventually cost you a lot of money. Some people find themselves overwhelmed by payday loan debt, but you can avoid that by only borrowing what's necessary and having a plan to pay it back. Here are some common situations where a payday loan might be useful as the worst case scenario.

Bad Scenarios

  • Let's say you're already a day late on rent and you don't receive your paycheck for five more days. Depending on your landlord's policies, you could get charged late fees for every single day you're late. That could easily add up to over $100 in late fee charges, so it makes to sense to avoid them with a payday loan. The interest on a payday loan will almost certainly be less than the late fees and you won't be marked with a late payment.
  • At some point in everyone's life their car breaks down. You take it to a mechanic and find out the repairs will cost you over $400. Like most people you don't have that kind of cash lying around and you've maxed out your credit cards. To make matters worse, you need your car to get to and from work or school, so those repairs need to get finished quickly. It really is the worst case scenario and that's what payday loans are meant for.
  • Another common problem that tends to sneak up on people are hospital or doctor visits. You can never predict when you'll get sick or injured, but you can't let money get in the way of your health no matter what the cost. Even with a decent health insurance plan, a trip to the hospital can cost upwards of a $1,000 and while some hospitals may be willing to work out a payment plan, others aren't so generous. A payday loan gives you the flexibility you need in this difficult scenario.

Additional Resources

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This weblog is sponsored by Payday Loan Affiliate - the leading network for payday loan providers.



To Fax or Not to Fax

2008-09-12T13:24:26.34375-05:00







Ohio Set to Reduce Payday Loan Interest Rates

2008-08-29T12:05:11.15625-05:00




Why Payday Loans Get a Bad Rap

2008-08-22T10:39:35.52375-05:00




New Program Looking for Alternatives to Payday Loans

2008-08-15T11:56:55.818625-05:00




How Safe Are Internet Payday Loans?

2008-08-08T11:00:21.3415-05:00




Are Military Loans Like Payday Loans?

2008-08-01T10:12:46.98275-05:00

The valor and dedication of the armed forces in the United States is indeed awe-inspiring. How we treat these brave men and women reflects our appreciation of their important duties. Thus, as part of the recognition of their service, the military offers a variety of loan plans to assist service members in times of financial hardship. One of these loans is called a military personal loan. In this post, we will compare and contrast military loans with payday loans to help you decide which is right for you.

Military Loan Facts

The type of military loan for which you qualify depends on your branch, or whether you serve in the Marines, Air Force, Navy, etc. For the most part, the loans of the various branches are the same with only minor exceptions. Military personal loans allow service members to borrow anywhere from $500-$10,000 with repayment terms ranging from six to 36 months. Clearly, military loans allow borrowers to qualify for larger loans and have a longer repayment schedule than typical payday loans.

Benefits of Military Loans

Compared with payday loans and other types of lending products available to civilians, military loans have several distinct advantages. Some of the benefits include:

  • Low interest rates
  • Streamlined application & approval process
  • Expedited delivery of funds
  • Very accessible
  • Do not affect credit

Military Loans vs. Payday Loans

Almost every benefit offered by military loans can also be attained with a payday loan. Specifically, payday loans have minimal processing time, fast delivery, are not credit-based, and are very accessible to virtually all borrowers. Both military and payday loans are also offered online, which makes them even more accessible. The main difference between the two is the interest rates. While military loans come with exclusive low rates not available to the general public, payday loans tend to have rather high APRs. Aside from this difference, the purpose and uses of the two types of loans are essentially identical. You can use either type of loan to pay off small debts, pay for gas, or make home or auto repairs, for example.

Additional Resources

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This weblog is sponsored by Payday Loan Affiliate - the leading network for payday loan providers.



Payday Loans, the Economy’s Last Hope

2008-07-25T10:48:24.34375-05:00

It’s no secret that the economy is in dire straits right now. The mortgage crisis still looms large over many homeowners, the cost of living becomes more and more prohibitive, and gas prices are through the roof. Middle-class consumers who once had a plethora of financial products available to them may now have startlingly few options as their credit scores plummet in this economy. As a result, traditional lenders, who are also hurting because of foreclosures and other loan defaults, may be less inclined to lend to anyone with less-than-perfect credit. When these traditional financial doors shut, where should cash-strapped consumers turn? Payday loans are one viable option, which is what may make them one of the economy’s last hopes.

What Payday Loans Have to Offer

Payday loans can help those struggling in this tough economy in a number of ways:

  • Help consumers who are maxed out. To keep up with the cost-of-living increases we have experienced recently, more and more consumers turn to credit cards to make ends meet. Consequently, many cardholders find themselves maxed out, or using 100% of their credit capacity. In the event that this occurs, the consumer cannot turn to traditional lenders for a loan. However, payday loans are still a possibility for short-term cash needs.
  • Alternatives for those with poor or no credit history. It’s not difficult to ravage your credit in these adverse economic conditions. With poor credit, though, it can be almost impossible to get a traditional loan. But because payday loans look only at monthly income, even those with poor credit still have a chance to qualify.
  • Pay for fuel costs. For most Americans, gas prices are rising much more quickly than their incomes ever will. Inevitably, then, some Americans will occasionally come up short on cash for gas. Payday loans come in denominations as small as $100 and as large as $1500, in most cases. You can use a payday loan to cover your transportation costs until your next paycheck comes in.
  • Discretionary spending. When the country is on the brink of recession, most consumers have a tendency to pull back, tighten their belts, and cut down on discretionary spending. This actually hurts the economy overall and can even contribute to a recession. By using a payday loan, consumers can buy the “luxury” items they might not otherwise be able to afford. In doing so, the borrower helps keep consumer spending up and perhaps even keep the recession at bay.

Additional Resources:

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This weblog is sponsored by Payday Loan Affiliate - the leading network for payday loan providers.