Let us define first what is a payday loan. Most of us call it as a cash advance, post-dated check or check advance loan. This is usally short-term and would not exceed more than $500 but has a very high interest.
In times when you need something like an emergency happened and nowhere to get the money from? If you do not have other means like credit card or a tangible savings, have consulted your family members or your friends but couldn’t find someone to lend you the money? You will start thinking that payday loans or cash advance would be your last resort. I would like to call it as a “quick fix”. The Federal Trade Commission, in lieu, in the United States of America calls it “costly cash”.
Examples you would need payday loans:
- Short of rent
- Need to do groceries
- Payment of utilities on due
- Medical or car repair bill;
And these are just immediate samples. Now, let us look at the two sides of the coin;
- Approved immediately
- No credit check
- Processing takes less than 30 minutes
- No co-maker is involved
- Get the money within 24 hours
- You can even get it online
- Very high interest
- Renewable and extendable, which will put more interest
- High finance charge
Actually, it depends on how the borrower manages its finances. Payday loans come handy depending on your immediate situation just like any other loans. Just remember, if you are to take payday loans, make sure that do not extend it too much or make another rollover, because this puts more burden on your expenses, more than doubling the interest!
In soon time, learn to manage your expenses and finances and you would not have to rely always on payday loans.
You usually call it a paycheck advance or payday loan. What is it? It is a short-term loan that covers expenses until your next payday. Sometimes this is called cash advances, though that the term can also be referred as cash provided against a pre-arrange line of credit like plastic money (e.g. credit card). Some even offer payday loans online.
In the United States, Payday lending or payday loan is legal and regulated in 37 states though many states have usury laws which do not allow interest rates more than the excess of a certain APR (Annual Percentage Rate). The federal banking regulation bodies became aware of the lender/servicer model or the rent-a-bank model or the rate exportation, they started to forbid partnerships between the lenders that offer payday loans and the commercial banks. In effect, they have discouraged long-term debt cycles.
In some states, the borrowers have a certain number of loans they can borrow, namely Florida, Michigan, Illinois, Indiana, North Dakota, New Mexico, Oklahoma, South Carolina, and Virginia. In Virginia itself, a fixed term of renewing the loan is administered, thus, the lender shall offer a lower interest rate or loan but with a longer period/term. By this, the borrower can finish the debt cycle. In Oklahoma on the other hand, for example, their law allows having more than one loan outstanding especially if it’s a payday loan.
As an alternative, different options are offered to borrowers rather than getting the payday loans. Pawnbrokers, credit payment plans, overdraft protection from the banks, credit union bodies that offer lower interest and more stable terms, emergency cash funds from the community and of course, borrowing money from your family members or friends, to name afew.
Bruno Mars, the recent winner of the Grammar Award for the Best Male Pop Music, gears up for a live concert at the Putra World Trace Center in Kuala Lumpur on April 10, 2011, from 8 in the evening onwards.
With his massive cult following, it’s not surprising that the multimedia superstar has chalked up sold-out concert performances worldwide. Ticket prices start from RM122 (seated), RM150 (seated), and RM256 (RockZone – free standing).
For further ticket inquiries, call TICKETPRO at 03 – 7880 7999 or log on to http://www.ticketpro.com.my
Maxis is proud to present Maroon 5 Live at Stadium Putra, Bukit Jalil this 29 April! To celebrate, Maxis is offering HTC phones at incredible prices and FREE Maroon 5 concert tickets!
Just visit a Maxis Centre or MEP near you and purchase any of the following HTC phones:
If you are a current Maxis customer or already own a HTC phone, you can enjoy a discount on Maroon 5 tickets by showing the ‘My Maxis’ logo on your mobile screen or flashing your HTC device at authorised Ticketpro outlets.
The discount is 10% between 18 February and 18 March and 5% between 19 March and 18 April.
Note: Discounts cannot be combined.
Here is a quick look at how much you save with each type of discount:
Visit http://www.maxis.com.my/personal/maroon5/index.asp to view the Terms and Conditions.