Now a day Payday loan is a very common word in the financial market and very popular between the borrowers in all the present loans because of its benefits like fast processing, less requirement and fully online process etc. But payday loan also have some drawbacks and you can get the benefit by knowing these drawbacks before applying the payday loan. In this article we discuss all the drawbacks of payday loan.
One of the biggest drawbacks is the high interest rates on payday loan applied by the payday lenders. These lenders often make big profits by charging high interest rates on the borrower. Some times these interest rates go up to $40 per $100. If you are going to apply for the payday loan then must enquiry about the competitive lender before applying. You must negotiate with the lender on the interest rates of payday loan and also compare the interest rates with other lenders online.
Harassment of the borrower by the lender in case of non-payment is another drawback of payday loan. The amount that you take from the lenders must be paid back in time. Companies also provide the pay back plan on additional fees. If you are not able to pay the loan or your payback is returned due to insufficient cash then companies will call you at home and office regularly. Some companies also meet your family members and neighbors to harass you. Many companies make this legal under Fair Debt collection Act.
You can not borrow more than $1500 is another drawback of payday loan. Even to get the payday loan your salary must be $1000. If you take the payday loan first time then you can not borrow more than $300 to $600. If your salary is more than $1500 and you are stable with your job past 6 months and fulfill the basic requirements of loans then you get more than $600. These are some requirements of the lenders.
Finally we can say that Payday loans are not the permanent solution for the long term financial need or big instant cash need. If you are living on your monthly salary and have the need of instant cash then payday loan increase the burden on you instead of help you. It is important that you realize these drawbacks and look for other alternatives to fulfill your needs or avoid serious financial problems or bankruptcy.
Tuesday, September 30, 2008
Friday, September 26, 2008
Tips to Choose Best Mortgage Lender
Trying to locate the right mortgage lender for all your house buying and selling needs may be one of those very confusing and daunting processes but that needn't be the case. If you follow some guide lines step by step then you can successfully do all your real estate transactions in not only a shorter term but without too much hassle as well.
1. Decide on the type of service you require and what type of mortgage you wish to apply for as there are different types of mortgages. You ca find out online what types of mortgages are offered in the region in which you reside. Are you looking to buy your first property to get up the property Ladder? Or are you buying a buy to let property which you wish to buy as an investment property? So this is what needs to be determined first. Also check out all the mortgage jargon so at a later date once you come up face to face with your prospective Lender your mind doesn't boggle with confusion.
2. Secondly after you have determined what type of property and mortgage you wish to apply for then you need to know what is available in your area or even who can give you the best offer and term available. This you can do easily and even from your own home computer by logging onto a mortgage comparison site. These sites give you lots of useful information and can also give you free quotes when you put in some generic information as to what you are looking for. There are so many companies that can provide you with the same service but what you want is to find the one that can offer you the BEST in terms of value and service and this is why a mortgage comparison site is necessary to eliminate hours of hunting and confusion. The other benefits include an inexpensive approach to eliminating companies that may not fit your criteria so you don't have to waste time and money on long phone calls.
3. Once you have found two or three companies that you may wish to get in contact with credit bureaus to check your credit rating as a poor credit rating may affect the cost of your mortgage and can have a great impact on what you will pay out in the long term. With the results and this in mind you can then go ahead and seek advice from the few that you have narrowed down and then you will be able to get the better value loan to go with the directives you have chosen in your real estate activities.
4. Arrange an appointment with the Lender and then see if their advice matches up to the due diligence and information hunting that you have done prior to contacting them as this will alleviate any unnecessary confusion and will be able to set things in motion far quicker than having too much mortgage jargon thrown at you if you are a lay person or if this is your first time in purchasing property.
1. Decide on the type of service you require and what type of mortgage you wish to apply for as there are different types of mortgages. You ca find out online what types of mortgages are offered in the region in which you reside. Are you looking to buy your first property to get up the property Ladder? Or are you buying a buy to let property which you wish to buy as an investment property? So this is what needs to be determined first. Also check out all the mortgage jargon so at a later date once you come up face to face with your prospective Lender your mind doesn't boggle with confusion.
2. Secondly after you have determined what type of property and mortgage you wish to apply for then you need to know what is available in your area or even who can give you the best offer and term available. This you can do easily and even from your own home computer by logging onto a mortgage comparison site. These sites give you lots of useful information and can also give you free quotes when you put in some generic information as to what you are looking for. There are so many companies that can provide you with the same service but what you want is to find the one that can offer you the BEST in terms of value and service and this is why a mortgage comparison site is necessary to eliminate hours of hunting and confusion. The other benefits include an inexpensive approach to eliminating companies that may not fit your criteria so you don't have to waste time and money on long phone calls.
3. Once you have found two or three companies that you may wish to get in contact with credit bureaus to check your credit rating as a poor credit rating may affect the cost of your mortgage and can have a great impact on what you will pay out in the long term. With the results and this in mind you can then go ahead and seek advice from the few that you have narrowed down and then you will be able to get the better value loan to go with the directives you have chosen in your real estate activities.
4. Arrange an appointment with the Lender and then see if their advice matches up to the due diligence and information hunting that you have done prior to contacting them as this will alleviate any unnecessary confusion and will be able to set things in motion far quicker than having too much mortgage jargon thrown at you if you are a lay person or if this is your first time in purchasing property.
Saturday, September 20, 2008
Credit Card Consolidation for Students
Often most of the college students have the credit cards and only pay the monthly minimum balance on his credit card because they have the limited funds. It is common that only pay the minimum balance can produce the high interest accumulation. In that case you pay more than that you charged. The credit card company earns billions by the interest rate charged per month. Since you are the college student, own some credit cards and want to payment then you use credit card consolidation technique.
Credit card consolidation is a process done by the consolidation lender to lower your monthly payments. It is the main benefit of credit card consolidation. By consolidation, your all credit card balance turns in one payment and that are very less than that you pay combined in monthly installment. Credit card consolidation helps you to reduce the debt and monthly payment. By consolidation, you save the money and use it in various college expenses like books, room rent and assignments. Credit card consolidation is the best option to lower down credit card balance for a college student.
Choosing the credit card consolidation provider is another considerable thing for college student. If you go to search for consolidation lender on google search, you will find 3,59,000 results for “lender for credit card consolidation” phrase. From my point of view, you first negotiate with his personal loan because if you have the good credit and a working account then you can apply the personal loan to pay the credit card debt. By this, you can still keep your account open and also improve your credit reports because closing a credit account may affect your credit report. Another option is go for a debt consolidation company for your debt. It is the best option for college student who have the large amount of credit card debt.
Before going to take the service of consolidation for your credit card-check your plan that means you can not use credit card because of no credit balance. You must be sure that your credit report will not be affected. If you have the right reason and right plan than credit card consolidation is the best way for college student to pay his credit card debt.
Credit card consolidation is a process done by the consolidation lender to lower your monthly payments. It is the main benefit of credit card consolidation. By consolidation, your all credit card balance turns in one payment and that are very less than that you pay combined in monthly installment. Credit card consolidation helps you to reduce the debt and monthly payment. By consolidation, you save the money and use it in various college expenses like books, room rent and assignments. Credit card consolidation is the best option to lower down credit card balance for a college student.
Choosing the credit card consolidation provider is another considerable thing for college student. If you go to search for consolidation lender on google search, you will find 3,59,000 results for “lender for credit card consolidation” phrase. From my point of view, you first negotiate with his personal loan because if you have the good credit and a working account then you can apply the personal loan to pay the credit card debt. By this, you can still keep your account open and also improve your credit reports because closing a credit account may affect your credit report. Another option is go for a debt consolidation company for your debt. It is the best option for college student who have the large amount of credit card debt.
Before going to take the service of consolidation for your credit card-check your plan that means you can not use credit card because of no credit balance. You must be sure that your credit report will not be affected. If you have the right reason and right plan than credit card consolidation is the best way for college student to pay his credit card debt.
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