short term – Commuter Connection http://commuter-connection.org/ Sun, 27 Mar 2022 01:46:35 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://commuter-connection.org/wp-content/uploads/2021/10/commuter.png short term – Commuter Connection http://commuter-connection.org/ 32 32 Martin Lewis gives advice to families turning to payday loans as cost of living crisis rages https://commuter-connection.org/martin-lewis-gives-advice-to-families-turning-to-payday-loans-as-cost-of-living-crisis-rages/ Thu, 17 Mar 2022 18:13:15 +0000 https://commuter-connection.org/martin-lewis-gives-advice-to-families-turning-to-payday-loans-as-cost-of-living-crisis-rages/ Skyrocketing costs and worries about paying bills have led to increased interest in payday loans, according to a new survey. Search by savings platform UK revealed a massive 350% increase in internet searches for payday loans in the past 12 months as the country faces a cost of living crisis and families struggle to make […]]]>

Skyrocketing costs and worries about paying bills have led to increased interest in payday loans, according to a new survey.

Search by savings platform UK revealed a massive 350% increase in internet searches for payday loans in the past 12 months as the country faces a cost of living crisis and families struggle to make ends meet . Household budgets are being squeezed in every way, from petrol hitting a UK record £1.55 a liter last week to soaring supermarket food prices – and that’s before the new cap on Energy prices don’t come into effect next month, when the average family will have to find almost £700 extra every year just to pay their energy bill.

Kevin Mountford, co-founder of UKwarned that Payday loans can be a dangerous path, despite the short-term relief they may seem to provide.

Read more: The energy price cap explained

“It’s easy to fall into a cycle of debt with these schemes if you continually need them to cover shortfalls. With interest rates rising, payday loans will most likely leave you struggling financially, d especially since you will owe these companies an ever-increasing amount of money,” he says.

Payday loans are short-term loans for relatively small amounts. They may be easy to access, but the interest rates are very high. They work by agreeing that the company can take its payment from your debit card on the day your next salary payment is due, although some lenders allow you to pay over a longer period – often up to six months.

For some, they offer loans of last resort which, used well, can fix unexpected holes in people’s finances, although according to Moneysavingexpert Marin Lewismany of these loans were irresponsibly given and mis-sold to those who could not afford to repay.

Dozens of lenders with bad credit have gone bankrupt, including big-name payday lenders such as Wonga and QuickQuid, leaving customers with legitimate claims with dramatically reduced payments.

Citizens Advice agrees with Martin Lewis that payday loans are almost always a bad idea and cautioned against people seeing them as a quick fix to solve today’s problem.

Martin Lewis advised people to try the following ways to raise short-term cash before applying for a payday loan:

  • A credit card offers interest-free spending, if you pay it off in full. A 0% card gives you even more time to pay without interest.
  • Check if you are eligible for 0% government budget loan up to £812
  • Ask for help from family
  • See if your local credit union will offer you a loan
  • Consider extending your overdraft – it’s usually cheaper than a payday loan

And if you’re still determined to get a payday loan, he advises the following:

  • Borrow as little as possible and budget to repay as soon as possible
  • Don’t take out one personal loan to pay off another. If you regularly get payday loans, there’s a problem
  • Always check that a lender is registered with the Financial Conduct Authority (FCA). Payday lenders can be bad – loan sharks are MUCH worse.

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Active Transportation Group considers its online presence | Local News https://commuter-connection.org/active-transportation-group-considers-its-online-presence-local-news/ Wed, 16 Mar 2022 01:10:00 +0000 https://commuter-connection.org/active-transportation-group-considers-its-online-presence-local-news/ Building a website and social media presence is next on the agenda of the Williams County Active Transportation Plan (WCATP) group, which met for an hour Tuesday in the East Annex County Conference. WCATP is not a mass transit system, but a partnership between county agencies and municipalities to develop and connect county recreational amenities […]]]>

Building a website and social media presence is next on the agenda of the Williams County Active Transportation Plan (WCATP) group, which met for an hour Tuesday in the East Annex County Conference.

WCATP is not a mass transit system, but a partnership between county agencies and municipalities to develop and connect county recreational amenities and use the amenities as a tool for economic development.

“Active transportation” means any type of non-motorized transportation, such as running, walking, biking, horseback riding, or even rollerblading.

The group, which has been around for about five years, has identified developing a master plan as a long-term goal and building a vibrant social media presence as a short-term goal. On Tuesday, WCATP organizer Todd Roth invited county chief information officer Jeremy Suffel to address the group on website development options.

Suffel explained that while the WCATP Group could pay setup fees plus annual hosting costs totaling thousands of dollars for specialized website services, a more cost-effective option is to create a page on the county’s website. . Suffel said the county uses the CivicPlus platform, which specializes in designing websites for municipalities.

In addition to cost savings, Suffel pointed to the ease-of-use benefits of creating a page on the county’s website, which gives group members more effective control over page design, timing and how it is updated and the links to which it is linked.

Group members noted that since the WCATP group does not yet have a dedicated budget, they preferred to develop a page on the county website.

Suffel suggested the group purchase a domain name and also seek pre-approval to add a page to the county website from the Williams County Commissioners. He also noted that the commissioners recently funded the county’s web hosting costs for the next five years with US bailout funds, and that additional funding through this or other sources may be available.

Roth, who is also a county engineer, said he would make a formal request to the commissioners as early as next week.

“It gives us a start, at very little cost,” he said.

He also asked for a few volunteers from the WCATP group to take over the website design process. The group agreed to meet again at 9 a.m. on Tuesday, April 19, in the East Annex Conference Room, 1425 E. High St., Bryan.

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RISE Credit Loans Review 2022 https://commuter-connection.org/rise-credit-loans-review-2022/ Tue, 15 Mar 2022 16:20:16 +0000 https://commuter-connection.org/rise-credit-loans-review-2022/ Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards. Editor’s note: […]]]>

Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

RISE loan amounts and interest rates

RISE offers loans with fixed interest rates and a fixed term, repaid in monthly installments. You will receive your money in a single payment when you take out the loan. RISE lets you use its loans for many purposes, including expenses like medical bills, home repairs, or debt consolidation.

Loan amounts on RISE loans range from $300 to $5,000. APRs range from 36% to 299%, but keep in mind that the lowest APRs are only for returning customers in CA, IL, or ND. Loan rates and amounts vary widely from state to state, so check your state specific conditions.

RISE will send your money the next business day, provided your request is processed and approved by 6 p.m. ET.

Loans are not available to new customers in AK, CA, CO, CT, IL, IA, ME, MD, MA, NH, NJ, NY, NC, ND, PA, RI, SD, VT, VA, WV or Washington DC. You may be able to get a loan on a limited basis if you are a loyal customer in CA, IL or ND. The bank that will issue your loan depends on the state you live in:

  • Loans issued and funded by FinWise Bank — AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA, and WY
  • Loans issued and funded by CCBank — KS, TN and TX
  • Government Installment Loans – AL, DE, ID, GA, MO, MS, NM, SC, UT and WI.

Repayment terms vary depending on the state you live in, but the overall range is between four and 26 months.

RISE reports your account and payment history to two of the three major credit bureaus, TransUnion and Experian. A history of on-time payments can improve your credit score, while late or missed payments could damage it.

There is no minimum credit score for loans from RISE, but it is generally easier for borrowers with poor credit to obtain a loan from RISE than elsewhere.

Advantages and disadvantages of RISE loans

Who is RISE for?

RISE is best for people who have exhausted other options available to them. This can include personal loans from other lenders, money from friends and family, or extra money from a side gig. RISE has inflated interest rates which are higher than other lenders and in some cases not much better than payday lenders.

RISE is still probably a better option than a payday loan, as many payday loans have annual interest rates of up to 400% and must be repaid within a month. Many payday lenders have also been accused of predatory lending practices.

You have little flexibility in your repayment terms, and residents of some states aren’t even eligible for loans with RISE.

Comparison of RISE loans

These three lenders offer high APR loans to borrowers with bad credit. This may seem attractive to those who can’t get a loan elsewhere, but the rates charged by these companies can have a significant negative effect on your finances.

You can take out a loan of $300 to $5,000 with RISE, $300 to $10,000 with Oportun, and $500 to $4,000 with Opploans.

Oportun charges an origination fee, which is deducted from your overall loan proceeds. Neither RISE nor Opploans charge setup fees.

Is RISE trustworthy?

RISE has a A+ rating from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB rates businesses by looking at their response to customer complaints, honesty in advertising, and truthfulness in business practices.

RISE has also not been involved in any recent scandals or controversies. Between its high BBB rating and clean company history, you might decide you’re comfortable borrowing from RISE.

Frequently Asked Questions

Is RISE a legit company?

Yes, RISE is a legitimate company that offers fixed rate loans to qualified borrowers. These loans are for small sums of money and come with high interest rates.

Which bank uses RISE?

RISE issues loans from two different banks depending on your state of residence.

  • Loans issued and funded by FinWise Bank – AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA and WY.
  • Loans issued and funded by CCBank — KS, TN and TX.

Does RISE report to the credit bureaus?

Yes, RISE reports to two of the three major credit bureaus, Experian and TransUnion. You may be able to boost your credit score with a history of regular, on-time payments.

What questions should you ask yourself?

Have I explored alternatives to a high interest loan?

Consider loaning money to friends and family, taking on a side job, or borrowing from another lender before settling for a loan with a high APR. In some situations, you could lock yourself into a cycle of debt with a high-interest loan. If you fall behind on your payments, the interest charged to you may continue to accumulate until you have trouble repaying it.

Am I comfortable taking out a loan with a very high interest rate?

RISE loans come with extremely high APRs, so you need to make sure you understand what you’re getting into before agreeing to borrow. You could end up paying a significant amount of interest on your debt depending on the length of your term.

Why do I need a loan?

Understand why you’re borrowing money before choosing to take out a loan, whether it’s for debt consolidation or home improvement. Otherwise, you may be forced to pay interest on the debt you incurred before you really thought about the decision.

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News – DC destroys the economy – then bans loans to the poor https://commuter-connection.org/news-dc-destroys-the-economy-then-bans-loans-to-the-poor/ Wed, 09 Mar 2022 18:15:52 +0000 https://commuter-connection.org/news-dc-destroys-the-economy-then-bans-loans-to-the-poor/ As we know, we are just entering the second year of the terrible Joe Biden administration. Things are really bad. But our national status just recently was the opposite of extremely horrible. Oh how quickly we fell. How? ‘Or’ What? Why? Everything President Donald Trump’s good predecessor did – Biden undid and overthrew him. Which […]]]>

As we know, we are just entering the second year of the terrible Joe Biden administration. Things are really bad.

But our national status just recently was the opposite of extremely horrible. Oh how quickly we fell. How? ‘Or’ What? Why?

Everything President Donald Trump’s good predecessor did – Biden undid and overthrew him.

Which is a shame. Because Trump has done us a LOT of good.

Trump has given the United States our best economy in generations.

10 reasons Trump’s economy is the best in 50 years

Trump raised everyone’s salaries. For low-income Americans, it was their first increase in many decades.

Under Trump, Americans have seen their best wage growth in 40 years

Rising wages: The US economy now works better for low-wage workers

Trump has made us a net oil exporter – in just over a month in office.

Breakthrough: US Becomes Major Oil Exporter Under Trump

We’re giving you just a fraction of Trump’s presidential legacy – to remind everyone how much we’ve had him very recently.

Biden murdered our energy independence – day one.

Biden suspends oil and gas leasing in series of executive actions

The first of many attacks on our energy sector.

Biden administration fuels higher energy prices with oil and gas crackdown, JEC analysis finds

Which, of course, led to this.

Biden breaks record with highest gas prices ever

And it’s not just gas prices that are setting obnoxious records.

Worst inflation in 40 years

All of the above – and other dumb Biden policies – have created a bit of a supply problem.

Biden escalates supply chain mess

All of the above – and other stupid Biden policies – have created a small economic problem.

Joe Biden’s economy is already a disaster. Here is the table that proves it

So with all this Biden economic horror in mind – why would Congress do this?

DC makes sure only billionaires can get a loan – in the name of ‘Helping the Little Guy’

Biden has made the economy the worst it has been in many decades. And now his Democrats in Congress are seeking to ban loans to the poor. What the poor absolutely need – because Biden has made the economy the worst it has been in many decades.

Congress is seeks to cap prices what are called “payday loans”. Right here is extremely awful, Democratic Senator from Ohio, Sherrod Brown, who credits himself for co-sponsoring this idiocy.

“Payday loans” are so named – because poor people take out loans when they run out of money before payday. Like, say, when their car breaks down – and they have to run the car…to get to work to get paid on payday.

Rich people don’t need payday loans – because they have the money to cover things like that.

The poor used to get these loans from small community banks. But DC took care of it.

Killing Community Banks: Intended Consequence of Dodd-Frank:

“Banks deemed too big are more than 30% larger than before the law was passed in 2010, and 80% larger than before the 2008 banking crisis. The six largest U.S. financial institutions now have assets some $10 trillion, or almost 60% of GDP; and they control almost 50% of all bank deposits.

“Meanwhile, their smaller competitors are struggling to survive. Community banks and credit unions are disappearing at the rate of one a day. Access to local banking services disappears with them.

“Local banking” – such as short-term loans and lines of credit for the poor.

Economics abhors a vacuum. DC having murdered a poor moneylender – another has arisen in his place. Born was the payday lender.

DC won’t let that either. They want to cap payday loan prices – but we know what that really means.

As basic economics and 10,000 years of human history tell us, price caps kill the capped item. The most famous of MANY examples?

How Gas Price Controls Triggered the Shortages of the 1970s:

“The era of price controls is best known for long lines at gas stations….

“At the time, ‘price controls were turning a minor adjustment into a major shortage,’ Thomas Sowell said.

If you can’t make a profit from something, you stop producing that something. Because human nature. Because duh.

Artificial price caps on payday loans – will make it nearly impossible to make a profit on payday loans. So no one will offer payday loans anymore. Because human nature. Because duh.

And the people hardest hit aren’t the payday lenders. Although it’s ridiculously, stupidly hard for them.

The hardest hit are the payday lenders. The poor who desperately need these short term loans.

Especially now – in the midst of Biden’s extremely terrible economy.

DC isn’t great? First, they prevent people from making money. Then they prevent people from borrowing money.

This is all very, very helpful.

Photo by GPA Photo Archive, Public Domain Mark 1.0.

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UK regulator hints at potential lending return for Amigo loans https://commuter-connection.org/uk-regulator-hints-at-potential-lending-return-for-amigo-loans/ Mon, 07 Mar 2022 12:03:41 +0000 https://commuter-connection.org/uk-regulator-hints-at-potential-lending-return-for-amigo-loans/ The Financial Conduct Authority has set the stage for Amigo Loans to potentially resume lending, saying it will not oppose the group’s new financial plan when it comes to court this week. The watchdog’s decision not to step in at this stage is an important step for the struggling payday loan company after rejecting a […]]]>

The Financial Conduct Authority has set the stage for Amigo Loans to potentially resume lending, saying it will not oppose the group’s new financial plan when it comes to court this week.

The watchdog’s decision not to step in at this stage is an important step for the struggling payday loan company after rejecting a previous proposal, although it is just one of many obstacles to a full-scale recovery.

Amigo, which lends to people with bad credit histories, will present a plan of arrangement to the High Court on Tuesday, making a broader offer to creditors and detailing terms for a new business model and a return to lending.

The FCA said it would not oppose the plan but did not rule out intervening in the new plan of arrangement in the future.

He added that if the program is sanctioned by the court and the loan conditions are met, the company could start lending again. “If the company were to return to lending, the FCA would continue to monitor it closely,” he said.

Amigo ceased lending in November 2020, citing uncertainty surrounding the pandemic, and was unable to resume activity due to a fight for compensation for historic mis-selling.

The company has faced complaints from consumers who accused it of not checking whether their loans were affordable.

“There are still significant hurdles to overcome before Amigo can manage its insolvent balance sheet, but this information will help us take the next step to achieve the best possible outcome, given the circumstances,” said Chief Executive Gary. Jennifer.

Amigo’s share price soared 117% in morning trading on Monday, although it is still down 80% since May when the FCA rejected an earlier proposal.

In its latest results, Amigo said the board concluded there was material uncertainty about its future as a going concern. The company reported a pre-tax loss in the three months to December 2021 of £500,000, compared to a loss of £18.7million a year earlier.

The new scheme would offer £97m to creditors. He is reportedly looking to raise a further £15m through a rights issue for the scheme and fund further loans.

This month, Amigo announced it had accepted a request from Jennison to rescind a long-term $9.5 million equity award following criticism raised at last year’s hearing.

Amigo’s struggles mirror problems across the industry in recent years as the regulator cracked down on so-called non-standard finance providers amid concerns of a cycle of debt addiction.

The number of active short-term high-cost lenders in the UK fell by almost a third between 2016 and the third quarter of 2020, according to FCA figures.

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Should you ever get a payday loan? https://commuter-connection.org/should-you-ever-get-a-payday-loan/ Tue, 01 Mar 2022 23:27:15 +0000 https://commuter-connection.org/should-you-ever-get-a-payday-loan/ When you’re low on cash between paychecks or have an unexpected financial emergency, a payday loan can be a tempting option to help you make ends meet or access cash quickly. However, these short-term loans, which are usually due on the day of your next payday, are extremely risky. They come with very high interest […]]]>

When you’re low on cash between paychecks or have an unexpected financial emergency, a payday loan can be a tempting option to help you make ends meet or access cash quickly. However, these short-term loans, which are usually due on the day of your next payday, are extremely risky. They come with very high interest rates and other fees. The interest rate on payday loans in the United States ranges from 154% to 664% or more.

Equally troubling, payday loans are often marketed to those who can least afford them, i.e. people earning less than $40,000 a year. Although this type of loan is advertised as a short-term loan, payday loans can create a cycle of debt that is difficult to break free from.

What is a personal loan?

A payday loan is usually a short-term loan, lasting two to four weeks, that does not require collateral to be obtained. These types of loans are generally supposed to be repaid in a single payment with your next paycheck, when you receive Social Security income, or when you receive a pension payment.

In the majority of cases, payday loans are issued for relatively small amounts, often $500 or less, with the average borrower getting a payday loan of around $375. In some cases, payday loans can be made for larger amounts.

To obtain a payday loan, borrowers are asked to write a personal check for the amount of debt, plus finance charges and fees. If the loan is not repaid on time, the lender will deposit the check to recover their funds. Some lenders may request authorization to electronically deduct the funds from your bank account instead of requiring you to provide a personal check.

Payday loans generally do not involve credit checks, and your ability to repay debt while continuing to pay your daily expenses is generally not considered part of the application process.

Who usually takes out a personal loan?

Payday loans are most often sought out by those with ongoing cash flow issues, as opposed to borrowers who find themselves facing a financial emergency. A study of payday loans conducted by Pew Charitable Trusts found that the vast majority of payday loan users, 69%, first took out this type of loan to cover recurring expenses such as utility bills. utilities, rent, mortgages, student loan payments or credit cards. invoices. Only 16% of borrowers use payday loans for unexpected expenses.

These types of loans are also widely used by people living in neighborhoods and communities that are underserved by traditional banks or by those who do not have a bank account with a major financial institution. There are approximately 23,000 payday lenders across the country, many of which are located in storefronts or operate online.

What are the risks of personal loans?

Due to the many risks associated with payday loans, they are often considered predatory loans.

For starters, payday loans often come with astronomical interest rates. Those who take out such loans have to pay between $10 and $30 for every $100 borrowed. A typical payday loan with a two-week repayment term and a fee of $15 per $100 equates to an APR of nearly 400%.

Many payday lenders also offer rollovers or renewals, which allow you to simply pay the cost of borrowing the money on the loan’s due date and extend the balance owing for a longer period. It can be a slippery slope that has borrowers quickly getting in over their heads with fees and interest piling up. According to the Consumer Financial Protection Bureau, borrowers default on up to one in five payday loans.

Further, since payday loans do not consider the full financial situation of the applicant, including their ability to meet other financial obligations and living expenses while repaying the payday loan, this type of loan often leaves borrowers in a vicious cycle of debt.

Are payday loans really worth it?

With their high interest rates and fees, a payday loan is rarely a good idea. The fees alone cost Americans $4 billion a year. Because the costs associated with these loans are so high, borrowers often struggle to repay them and take on more debt, so it’s a good idea to carefully consider your options before taking out a payday loan.

However, if you are in dire need or need cash quickly and you are absolutely certain that you can repay the loan with your next paycheck, a payday loan may be a good idea. These loans may also be worth considering if you have no other financial options or have poor credit and would not qualify for a traditional loan.

Alternatives to payday loans

Before taking on the significant financial risks associated with a payday loan, consider other alternatives that may be less expensive. Some of the options to consider include:

  • Personal loan: For those with good credit, a personal loan can be a safer and more cost-effective borrowing option. Plus, if you need cash fast, there are online lenders who can provide personal loan funds in as little as a day or two.
  • Borrowing money from family or friends: Payday loans should be a last resort. If you have family or friends who are willing to help you, it may be better to borrow money from loved ones than from a predatory lender.
  • Home Equity Loan: Tapping into the equity in your home will give you a much more competitive interest rate than a payday loan. Home equity loans are a popular way to access cash to consolidate debt or pay for other large or unexpected expenses. However, to access the equity in your home, you’ll need to meet certain requirements, including having a good credit score, a stable income, and a debt-to-equity ratio of 43% or less.
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What is a payday loan? https://commuter-connection.org/what-is-a-payday-loan/ Fri, 25 Feb 2022 22:26:00 +0000 https://commuter-connection.org/what-is-a-payday-loan/ What is a payday loan? payday loans are generally short-term unsecured loans characterized by high interest rates that generally do not require a credit check. Although there is no exact and universal definition of the term, the US Consumer Financial Protection Bureau indicates that this type of loan is usually $500 or less and is […]]]>

payday loans are generally short-term unsecured loans characterized by high interest rates that generally do not require a credit check.

Although there is no exact and universal definition of the term, the US Consumer Financial Protection Bureau indicates that this type of loan is usually $500 or less and is usually due on the borrower’s next payday. States have different laws governing these types of fast loans, but they may be available to Americans through in-store payday lenders or in line, depending on location. The due date on payday loans is generally two to four weeks from the date of issuance, and lenders generally do not consider borrowers’ credit scores or their ability to meet other financial obligations when approving the loan.

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To secure a payday loan, payday lenders often require a personal check from the borrower for the loan amount, plus interest and fees, for a future deposit. They often require direct access to the borrower’s bank account.

Payday lenders hold the personal check until the borrower receives their next paycheck, direct deposit or social Security Payment. Depending on the terms of the loan and the laws of the state in question, some payday lenders offer long-term repayment plans that allow them to make multiple electronic withdrawals from the borrower’s bank account.

The average term for payday loans is about two weeks, and loans typically range between $50 and $1,000. In exchange for quick loans that don’t require a credit check, payday borrowers typically pay exorbitant interest rates and fees on their loans. Payday lenders often charge annual percentage ratesor APR, of 400% or more on their loans, plus finance charges of between $10 and $30 for every $100 borrowed.

The only requirements to qualify for most payday loans are an opening Bank account relatively good standing, a regular income and a source of identification.

Because little consideration is given to the financial condition or creditworthiness of borrowers, the CFPB has found that payday loans have a high default rate of around 20%. Additionally, approximately 80% of payday borrowers renew or re-borrow their loans within 30 days of their initial loan.

Qualified state borrowers can apply for a payday loan online from companies such as MoneyMutual, CashUSA.com, and BillsHappen. Many payday lenders also have thousands of physical stores in the United States.

In times of financial emergency or life or death situation, payday loans may be one of the only places Americans have bad credit can turn to temporary financial assistance. However, due to widespread deception and predatory behavior in the payday loan industry, the CFPB, Federal Trade Commission, and other federal and state regulators have repeatedly warned Americans of the dangers of payday lending. payday and imposed restrictions on the activities of payday lenders.

A 2016 five-year study by Pew Charitable Trusts found that 12 million Americans take out payday loans each year, and those borrowers collectively pay $9 billion a year in loan fees alone.

  • Speed. Payday loans are fast, and lenders often approve the same or next day.
  • Ease of use. It’s usually easy to get approved for a payday loan as long as the applicant has a stable source of income, a bank account in good standing, and proper identification. Borrowers can even get payday loan approval online. While some critics say payday loans are inherently predatory, there are laws in place to protect the rights of borrowers.
  • Availablity. Depending on the situation, payday loans may be one of the only viable sources of emergency cash for borrowers with bad credit.

  • High cost. Payday loans can come with annual interest rates of 400% or more, and finance charges can be 15% to 30% of the loan amount. These high interest rates stand out even more compared to the national average of around 16.17% credit card interest rate or the average interest rate of 4.25% over 30 years mortgage end of February 2022.
  • Debt cycle. Due to interest and fees, a payday loan can easily force the borrower to put off the majority of their next paycheck, creating an opportunity for borrowers to fall into a cycle of repeat loans.
  • Harassment. Payday lenders have a reputation for exploiting financially vulnerable borrowers and using aggressive and harassing collection practices.

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Are installment loans and payday loans the same thing? – https://commuter-connection.org/are-installment-loans-and-payday-loans-the-same-thing/ Fri, 18 Feb 2022 12:41:28 +0000 https://commuter-connection.org/are-installment-loans-and-payday-loans-the-same-thing/ Are installment loans and payday loans the same thing? When people need money right away, they often fail to shop around and evaluate loan options. However, the repercussions of rushed loans can be serious. For this reason, we will analyze and discuss the differences and similarities between two common types of loans: payday loans and […]]]>

Are installment loans and payday loans the same thing? When people need money right away, they often fail to shop around and evaluate loan options. However, the repercussions of rushed loans can be serious. For this reason, we will analyze and discuss the differences and similarities between two common types of loans: payday loans and installment loans. So here’s what you need to know to make smart credit decisions and avoid doubling your debt.

What is an installment loan?

We’ve all undoubtedly used different types of installment loans, even though the phrase “Paymentis unknown to us. It is a kind of loan in which you borrow a certain amount of money and then repay it in monthly installments. Typically, these loans have a fixed repayment schedule, which means that the monthly payment amount remains constant throughout the life of the loan. As a result, borrowers can simply organize their budget and loan repayment will not be a surprise as payment day approaches.

Common Examples of Installment Loans

Installment loans come in different forms:

They can be secured or unsecured, may have different repayment terms and APRs (Annual Percentage Rates). So whatever you’re looking for, it’s a good idea to compare interest rates https://shinyloans.com/articles/difference-between-nominal-and-real-interest-rate and repayment terms to find the one that suits you best. The most popular types of installment loans are:

Car loans:

These loans are granted to finance a new or used vehicle. These loans have a collateral when you secure the borrowed money against the acquired automobile. The repayment periods for these loans generally range from two to eight years.

Student loans:

These types of installment loans are usually unsecured and help pay for undergraduate, graduate, and other types of post-secondary education. The advantage of student loans is that you don’t start your payments right away. instead, you take the money, pay your tuition, and pay it back when you graduate and work.

Mortgages:

Mortgages are provided to make major expenses, such as the house. The purchased property also secures these loans. Mortgage repayment terms typically range from 10 to 30 years.

What is a payday loan?

The question most often raised is that of the payday loan. These loans are becoming increasingly popular due to their wide availability. Advertisements for these small loans spread across the internet, attracting more borrowers. Payday loans are short-term loans lasting several weeks. These loans, also known as cash advances, are popular among low-income borrowers and those with a history of credit failure. Unfortunately, because they have high interest rates, it’s easy to get into debt.

Installment and payday loans: main distinctions

Let’s start by noting the distinctions between these loans. Therefore, the basic distinction between a payday loan and an installment loan lies in the repayment terms, payment mechanism, and loan amounts.

Reimbursement deadlines:

A personal loan is a very short-term loan with a maturity of usually less than one month, while an installment loan is at least two years old.

Payment forms:

Payday advances must be repaid in one large payment. But installment loans, as the name suggests, are paid in monthly installments over a set period of time that can range from a few months to several years.

Amounts borrowed:

These two types of loans mainly vary in the amounts available. The amount borrowed for payday loans cannot exceed $2,500, while installment loans are available for higher amounts.

Interest rate:

Installment loans generally have lower interest rates than payday advances.

Availablity:

Payday advances are easily accessible compared to installments.

The Similarity Between Installment Loans and Payday Loans

Despite the distinctions mentioned above, these two loan types also share some standard characteristics:

The absence of warranty:

A basic similarity between payday loans and installment loans is that they are both often unsecured, meaning there is no property or collateral to back the transaction. In other words, if you fail to repay the borrowed money, the lender cannot seize your secured property.

Online processing:

Although installment loans are often granted by traditional credit institutions. (Banks and credit unions). They are increasingly available online through internet lenders. Accordingly, you can apply for these loans from anywhere and anytime.

No credit check:

Indirect credit drawdowns may occur in addition to hard credit drawdowns for online installment loans. Also, because internet lenders often do not set strict qualification standards for accepting these loans. Moreover, even consumers with poor credit could benefit.

When choosing between a payday loan and an installment loan, the latter is always the cheaper alternative. However, if you are denied an installment loan, you can always consider payday loan options.

Are installment loans and payday loans the same thing?

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Northstar Loans offers payday loans in Milwaukee https://commuter-connection.org/northstar-loans-offers-payday-loans-in-milwaukee/ Thu, 17 Feb 2022 14:55:11 +0000 https://commuter-connection.org/northstar-loans-offers-payday-loans-in-milwaukee/ Milwaukee, Wisconsin- When money is tight, it can be difficult to ask friends or relatives for a loan, especially now that everyone is trying to make ends meet. To help people struggling with bills, Northstar Loans, a lending agency that has 3 offices conveniently located in the Milwaukee area. The agency is staffed with discreet […]]]>

Milwaukee, Wisconsin- When money is tight, it can be difficult to ask friends or relatives for a loan, especially now that everyone is trying to make ends meet. To help people struggling with bills, Northstar Loans, a lending agency that has 3 offices conveniently located in the Milwaukee area. The agency is staffed with discreet loan managers who are committed to serving all clients quickly, confidentially and securely. They pride themselves on their ability to help people when they are in need without the hassle of waiting, hefty fines, or other issues that arise during the loan process.

Since its inception, Northstar Loans has provided Payday loans in Milwaukee for people who need money to cover their financial commitments using a quick application process. First, a customer must call, fill out an online form, or visit one of its locations between 9 a.m. and 6 p.m. on weekdays and between 10 a.m. and 2 p.m. on Saturdays. The representative then verifies if a client has verifiable income and a checking/savings account before the loan reaches the pre-approval stage. Once approved, the customer receives cash or a direct deposit to their bank account.

When the loan matures, the client can choose to repay it without penalty if it is a prepayment or if he makes scheduled payments at his office or through his bank. Alternatively, a customer has the option of paying more than the scheduled payment to repay the loan faster. During this process, the representative may re-evaluate a client’s account whenever they bring new information to periodically increase their loan limit to the amount allowed by state/federal regulations.

As a customer-centric lending agency, Northstar Loans representatives offer support by answering questions and addressing concerns before, during and after the loan application process. Additionally, the lending agency has a referral program that allows customers to walk away with money when they refer a friend or family member who ends up opening an account.

Northstar Loans’ mission is to provide high quality, innovative loan services in a friendly environment to build and maintain lasting relationships with all clients at all levels. Loan agency representatives are renowned in Milwaukee for being helpful, positive, and enthusiastic, with a passion for offering real-time solutions to problems. Knowing that the financial industry is dynamic, the agency strives to create, develop and implement new strategies, ideas and services that benefit their clients and the business, an approach that has earned them a loyal clientele. .

Whether you have a low credit rating or have filed for bankruptcy, find out Three locations in the Milwaukee area to meet your cash loan needs by visiting the credit bureau’s website or by calling (414) 462-5626 to apply for a short-term loan. Northstar Loans is located at 8333 W Appleton Ave, Milwaukee, WI, 53218, USA.

Media Contact

Company Name
Northstar Loans
Contact Name
John McGregor
Call
(414) 462-5626
Address
8333 Appleton Avenue West
Town
Milwaukee
State
WI
Postal code
53218
The country
United States
Website
http://www.wisconsinloancenters.com/

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Types of Loans You Need to Get Out of Your Financial Troubles Faster https://commuter-connection.org/types-of-loans-you-need-to-get-out-of-your-financial-troubles-faster/ Mon, 14 Feb 2022 16:37:52 +0000 https://commuter-connection.org/types-of-loans-you-need-to-get-out-of-your-financial-troubles-faster/ Posted on Monday, February 14, 2022 at 11:37 a.m. Join AFP’s more than 100,000 followers on Facebook Buy an AFP subscription Subscribe to AFP podcasts on Apple podcast, Spotify and pandora News, press releases, letters to the editor: augustafreepress2@gmail.com Advertising inquiries: freepress@ntelos.net (© Panumas – stock.adobe.com) At some point you went bankrupt and felt like […]]]>
instant loans
(© Panumas – stock.adobe.com)

At some point you went bankrupt and felt like there was no way out of the mess you were in. You might have wanted to pay big bills such as electricity, rent or maybe your car broke down and needed a quick fix, but there seemed to be no light at the end of the day. tunnel.

So, if you are in a financial crisis, don’t panic. This article will share some of the instant loans you need to have a positive turnaround in your financial journey.

Types of Loans You Need to Get Out of Your Financial Troubles Faster

1. Payday Loans

Payday loans are a blessing as they offer short term loans that help you meet your financial challenge by securing instant loans. The best part is that it doesn’t require a good credit rating or a credit check. Likewise, you don’t have to offer anything as collateral to secure these loans. However, you must ensure that you benefit from your paycheck so that they can be sure that you are able to repay on time (to be paid the next payday).

However, getting payday loans is not all rosy as it comes with massive interest rates, often ridiculous for a short-term loan. But overall, it’s a useful loan that can come in handy when your financial weight is too much to handle.

2. Consolidation Loans

Consolidation loans are specially designed for people in crisis. They need to review their finances, reduce their periodic payments and consolidate their debts into one loan.

Similarly, consolidation loans can be used to pay off contemporary store credit cards, resulting in benefits such as interest-free intervals on the current balance and low rates that will increase over time.

3. Business Loans

Business loans are supposed to be a quick fix for all business people. However, depending on the financial institutions, guidelines and requirements may differ when it comes to loan options. This means that the demands of a financial institution will vary from time to time.

If you are interested in a business loan, you will need to contact them about your business situation and then be sure to provide adequate details and information regarding the agreement. Otherwise, whenever you hit a snag, this is an exceptional business loan that every entrepreneur should consider.

4. Personal loans

Personal loans are simply credit unions or bank loans that lure people in with low interest rates that are massively better than most loans acquired elsewhere. Personal loans allow you to obtain up to $30,000 repayable in 12 to 84 months, depending on the grantor’s loan policy.

And unlike other loans, personal loans don’t require you to provide collateral before you are offered the loan. Likewise, they have flexible repayment terms, which means you can talk to the settlor if you need more time to pay off your loan.

5. Pawnbrokers

Pawnshops are also great ways to get instant loans. You only need to provide an item of value, such as an electronic device or jewelry, to access a loan that is significantly less than the value of the item you provide.

However, each pawnshop has its loan policy and interest rates. So, depending on where you take your valuables, the interest rates can be favorable or ridiculous. Similarly, pawnshops won’t return your item to you until you’ve paid the full price and met the terms and conditions of the loan you’ve agreed to.

6. Unsecured Personal Lines of Credit

Unsecured personal loans are great ways to get cash and use it to buy anything you want. However, you cannot use this loan to acquire vehicles, real estate and properties. Also, getting this loan is easy because the qualifying criteria doesn’t pay much attention to your bad credit rating and doesn’t require any collateral before offering you a loan.

An unsecured loan can cover many family expenses and emergencies. Banks usually give out unsecured loans when people don’t meet the specific criteria they need, so it’s better than nothing. So, if you find it difficult to get a loan when you are in financial crisis, apply for unsecured loans.

7. Securities Lending

Securities lending come in handy when you own a motor vehicle and want a quick loan. The loan allows you to borrow 50% or 25% of the value of your vehicle. The loan amount depends on the lender. Typically, you’ll have to pay the loan back in 15-30 days, and if you default, they’ll take your car.

The truth is, title loans still have alarmingly huge annual interest rates, and you don’t get your vehicle back, at least not until you finish paying the full amount and interest rates. agreed interest.

Conclusion

The truth is that the world has grown, the mentality of the 90s is over and now more than ever there are many ways to get loans. Be it long-term or short-term loans, they are easy to obtain after in-person visits to the bank or online.

However, every loan deal has a catch, whether it’s fees, interest rates, or ridiculous collateral that goes unpaid unless you pay your loan fees. We recommend using Viva Payday Loans as they have low interest rates and are issued without a thorough credit check.

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