Web services – CTX Bay http://ctxbay.com/ Tue, 02 Nov 2021 04:39:06 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://ctxbay.com/wp-content/uploads/2021/10/profile-120x120.png Web services – CTX Bay http://ctxbay.com/ 32 32 Payday Loans | How To Get The Best Payday Loans Online in 2021 https://ctxbay.com/payday-loans-how-to-get-the-best-payday-loans-online-in-2021/ https://ctxbay.com/payday-loans-how-to-get-the-best-payday-loans-online-in-2021/#respond Tue, 02 Nov 2021 02:52:00 +0000 https://ctxbay.com/?p=568 You might consider getting online payday loans to help you get through difficult times. Do financial hurdles often appear at the most inopportune moments? It is likely that you will encounter a financial emergency at some time in your life. It can also bring on a double dose of stress when financial emergency occurs. Payday loans are a […]]]>

You might consider getting online payday loans to help you get through difficult times. Do financial hurdles often appear at the most inopportune moments? It is likely that you will encounter a financial emergency at some time in your life. It can also bring on a double dose of stress when financial emergency occurs.

Payday loans are a viable option for such situations. Because of technological advances, you don’t have to worry about going to a store. Online lenders are the majority of the US’s best lenders. You can apply for payday loans online by simply tapping and sliding your smartphone’s screen.

You don’t have to be discouraged even if you have poor credit or are unemployed. Some lenders specialize in helping you obtain fast, guaranteed no credit-check loans. All that matters is your ability to pay the loan back.

Although there are plenty of money lending sites online, it is important to know that only a handful of these platforms are genuine. It can be difficult to choose the best one for your needs. But don’t sweat, we’ve got you!

This article will help you to make an informed decision. We’ll also discuss the pros and cons of payday loans. Let’s relax, and we will help you to choose the best platform.

How do I get a payday loan?

Payday loans online are short-term loans which you will have to repay as soon as you get your pay. You can use them if you have an immediate financial need, need cash for an emergency, or need to borrow money quickly to purchase something.

Payday is the day you get funds from any source. It covers all income you are regularly receiving, including any unemployment benefits, pensions or self-employment earnings.

The best payday loans come as many different sizes as possible, which is why we will explore more in the types and varieties of payday loans section.

A payday loan is fast and simple to repay, so you won’t be indebted long term. To make it even easier, the lender will set up an automatic deduction on your account. This means you won’t have to worry about how much you can pay or if you miss them. When it enters your bank account, it will take care of any income or salary.

A payday loan is fast to disburse and funds can be available the same day as you apply. Even if you don’t have the best credit, it is possible to get approved. Lenders typically evaluate your financial situation based on your income and expenses before deciding whether or not to advance the loan.

Here are the steps to get the best payday loan:

First Step: Go to Green Day Online

Green Day Online lets you apply for online payday loans in just a few steps. Go to greendayonline.com, and select the loan amount that you want.

Step 2: Submit the Application Form

The next step after you have selected the loan amount and term is to enter your details using the simple-to-follow online application. You will need to enter personal, financial, and spending information.

Step 3: Make Your Decision

Within minutes of submitting your payday loans application, a panel of lenders at Green Day Online will give you a decision! You’ll receive an infirmation letting you know if your application was denied or approved. If you are approved, you will be connected to an independent lender.

They may reach out to you to discuss loan arrangements, or request verification documents. It is important to inquire as much about the terms and additional fees as you can.

Step 4. Receive your loan

The lender will then send you an payday loan proposal at this point. You should carefully read the agreement, paying attention to the fees and terms and conditions.

If you are happy with the terms, esign the document and return it to lender. You can now wait for your funds to arrive within 24 hours after this transaction is completed.

How to Qualify for Payday loans (Eligibility Criteria)

To be eligible for USA payday loans, you don’t need to have a lot of money. Most lenders will consider your criteria for eligibility. The most basic qualifications are:

  • Ages 18 and older
  • An acceptable identification (ID)
  • Documentation proving regular income.
  • Photo ID of your residential address.
  • Maintain an active savings or checking account.

Common Uses for Payday Loans Online

A payday loan can be used as you wish, without restrictions. A payday loan can be obtained depending on your requirements. You should also make responsible spending decisions based only on your financial situation. There are many common uses for this loan:

Financial distress can be relieved

The conditions that require borrowing are not uncommon. Unemployment and low incomes only increase the severity of such situations. Many people are in financial distress when they are unemployed.

Coronavirus has caused high unemployment rates and financial troubles. Many Americans remain in financial difficulty despite the expiration of the CARES Act in September.

It can be difficult to manage your finances with limited funds. Payday loans are a viable option for such situations. They can help you:

  • With minimal delay, get the funds that you need in a very short time.
  • You can live a normal life, without suffering.
  • Your overall wellbeing will improve by making it easier to satisfy your immediate needs and reducing the feeling of helplessness. It’s temporary and will not fix your problem permanently, but it can give you hope when there is uncertainty.

Consolidating Debt

To pay off other loans such as credit cards or payday loans , and still have only one debt to repay, you can apply for a loan . This is debt consolidation. You can combine all your debts with a loan to pay them off.

A payday loan is a great way to consolidate your debt if the interest rate is lower than that of other debts. Paying monthly for multiple, high-interest loans can become overwhelming. Payday loans can be used to pay off high-interest debts while still making one monthly payment.

Personal Needs

Online payday loans are a great way to meet your financial needs. Giving is the best form of love. You might wonder how you can afford to buy all those Christmas gifts if you have a tight budget.

Online payday loans are a quick way to get cash while you wait for your income. Payday loans online are a great option for those who don’t want their children to understand why they can’t afford presents when Santa is supposed to give them. You need to be responsible and only borrow what you can afford.

Improving Credit

When you have negative credit, getting a loan from traditional lenders such as banks can be difficult. They don’t approve loans for borrowers with poor credit scores.

When considering your application, payday loan lenders will consider more than your credit rating. Bad credit can be used to get payday loans online. If you are diligent in repaying your loan, you will improve your credit score. The payday loans for people with bad credit are very small and easy to pay back. Your credit score will quickly improve and you’ll be able to qualify for larger loans.

Emergencies

Most emergencies are unexpected and you will not be prepared. This is often true for medical emergencies that can result in significant costs, depending on the treatment required.

Payday loans can be available if you don’t have sufficient savings or insurance. If you don’t pay your medical bills on time, they can start to accrue interest. A payday loan is a quick way to get cash to cover your balances. After you receive your income, you will be able to sort it all out.

There are many types of payday loans

No Credit Check Payday Loans

No credit check payday loans are approved quickly and without checks. This option is suitable for you if lenders aren’t interested in your credit history.

These loans are ideal for people with bad credit or no credit history. They are typically small loans that range between $100 and $2,000, but depending upon your ability to pay, you could get as much as $5,000.

Bad Credit Payday Loans

For borrowers who have bad credit or no credit history, payday loans for bad credit are available. It is possible that you have fallen behind on payments, been bankrupt or defaulted with a loan.

Even if you have never borrowed money from a bank or opened one, you will still be considered a bad credit borrower. To determine affordability, payday lenders offer loans to bad credit borrowers who are based on their current income and expenses.

USA Guaranteed Payday Loans

Guaranteed payday loans are available in the USA, provided you meet all the requirements and show affordability. Based on your monthly income and expenses, lenders will determine if you can afford the loan amount.

Direct Lenders for Payday Loans

Although borrowing payday loans from direct lenders may be the best option, you will need to first have access to them. Green Day Online is a platform that helps you access payday loans from direct lenders, especially if there are bad credit ratings or you are unemployed.

The service connects you with payday loans direct lenders that are suitable for your circumstances free of cost! This will ensure that you don’t waste time or money dealing with unsuitable lender.

Payday Loans Same-Day Deposit

Payday loans with same-day deposits can be loans that you receive the funds in a matter of minutes. They are useful when you have an immediate or critical need.

Payday loans with no employment verification

Without the need to provide employment proof, payday loans without employment verification can be approved. These lenders will look only at your bank statements to verify income information from other sources.

Payday Loans Approval is Easy

These loans can be quickly approved and do not require lengthy loan approvals. You can get approval quickly if you are eligible and able to pay the loan.

Payday loans that allow you to check your online banking

Lenders will verify income to guarantee fast approvals and payments. You don’t need any paperwork to do everything online.

Payday Loans with No Teletrack

Many lenders offer payday loans online with no teletrack and no phone calls. You don’t want to waste time on the phone trying to fill out a loan request.

All the steps from application to approval and financing are done online.

Payday loans offer many benefits

Rapid Lending Decisions

You can apply for payday loans within minutes and get approved.

All FICO Scores are Welcomed

You don’t have to worry about past financial problems when you apply for payday loans online. All credit scores are eligible for payday loan lenders.

Instant Cash

Payday loans are a quick way to get funding when you’re in dire need. You can access it in as little as 24 hours. Payouts can be made immediately and are not subject to waiting for weeks or days.

Payday loans are not for everyone

Expensive

Payday loans have high interest rates, making them a very expensive option for financing.

Conclusion

Green Day Online has been rated the best online payday loan provider. Green Day Online offers all the features of other platforms plus more. Green Day Online is the best choice if you need fast, secure, online payday loans with no credit checks or bad credit.

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Best Online Payday Same-Day Loans With No Credit Check & Instant Approval in 2021 | Branded Voices https://ctxbay.com/best-online-payday-same-day-loans-with-no-credit-check-instant-approval-in-2021-branded-voices/ https://ctxbay.com/best-online-payday-same-day-loans-with-no-credit-check-instant-approval-in-2021-branded-voices/#respond Fri, 29 Oct 2021 10:55:12 +0000 https://ctxbay.com/?p=598 Details One of the internet’s main revolutions has been to make businesses more accessible to the general public. For the loan industry, it promised convenience without having to commute for miles to get financial assistance. Yet, most people have still found themselves scouring google for hours on end in search for the best online payday […]]]>

One of the internet’s main revolutions has been to make businesses more accessible to the general public. For the loan industry, it promised convenience without having to commute for miles to get financial assistance. Yet, most people have still found themselves scouring google for hours on end in search for the best online payday loan options for very urgent financial needs. To their dismay they are met with a saturation of poorly curated and non-comprehensive recommendations that serve to waste more time than help.

Fortunately, there really are a number of quality online lenders of note. The problem is they are too often hidden in a haystack of brand driven, self-interested or haphazard listicles. Our goal in this article is to take a weight off your back by introducing four tried and tested online payday loan providers to pay off that car repair, book that emergency trip, foot those bills, or simply help you through until the end of the month.

You don’t have to go out of your way. Neither do you have to sift for hours to find the right short-term loan to suit your situation. Sit back and exhale, because we have you covered.

Top 4 Best Online Payday Loans to Get Instant Loans in 2021:

  1. MoneyMutual – Overall Best Online Payday Loans With Guaranteed Approval
  2. BadCreditLoans – Best Direct Lender 
  3. CashUSA – Easiest Same Day Loan Approval 
  4. Personal Loans – Best Personal Loans for Bad Credit Scores

#1. MoneyMutual – Overall Best Online Payday Loans With Guaranteed Approval

Brand Overview

MoneyMutual is a free online resource founded in 2010 to provide an online marketplace for potential borrowers to link with potential lenders. Their middleman approach facilitates the lending process by offering simple, quick and secure access to lenders for free.

The Las Vegas-based outfit got into business because they felt the need to provide assistance to the 40% of Americans that have difficulties financing their emergency expenses, unexpected bills, and essentials. As a proud member of the Online Lenders Alliance, MoneyMutual is committed to offering solutions to life’s financial challenges, and improving best practices and education in the short-term loan industry.

MoneyMutual’s centralised and customer friendly platform greatly simplifies your pool of choices for online loans. You can fill out a simple and secure form and find a lender within minutes. The maximum loan amount is based on the merit of your individual qualifications, but you can receive up to $5,000. As a result, it boasts over two million users who have been inspired to live better and aspire for a better future, regardless of their circumstances. 

Pros

  • Up to $5,000 in short term loans
  • Access to a market place of lenders at no costs or hidden fees
  • Fast and efficient—receive cash in as little as 24 hours
  • Simple online form that takes as little as five minutes to complete
  • Exceptional Customer service
  • Trusted by two million customers 

Cons

  • Not available in New York or Connecticut 

Highlights

MoneyMutual is at the top of its game because of: 

  • Convenience: When in need of fast help nobody wants a complicated and laborious process so MoneyMutual can help you get your money in three easy steps: first, fill the simple online loan application form (which takes max. five minutes to complete); then, an online lender approves your loan within minutes; and finally, you are redirected to the lender’s site to finish the application and discuss repayment options. You can have access to the cash within 24 hours. 
  • Variety: MoneyMutual’s marketplace allows you to compare between multiple lenders on a single platform. From a wide selection of short-term lenders you can find a loan that suits your needs without jumping between websites. From payday loans to bad-credit loans and instalment loans. In addition that means you are also able to compare between the varying interest rates of lenders. 
  • Security: MoneyMutual is secure and transparent enough that you can give out your information without apprehension. 
  • Expert Customer Care: Because short-term loans have high interest rates it’s important to be able to offer informed assistance to short-term loan customers. MoneyMutual’s highly rated customer care is carried by knowledgeable call operators. They are adept at answering all your risk-related questions and at giving relevant advice for your particular case before you commit to a lender. 

⇒ Click Here to Visit the Official Website of MoneyMutual

#2. BadCreditLoans – Best Direct Lender 

Brand Overview

Since 1998, BadCreditLoans has helped people with bad credit secure a loan and obtain information about debt relief, credit monitoring, and other financial solutions. Similar to MoneyMutual, this platform is designed to connect you to an array of lenders in order to simplify your online search and get you back on your feet.

BadCreditLoans is a free, 24 hour service which offers the use of its proprietary technology to securely make requests to a vast network of credible lenders and financial service providers. Some of these lenders also offer a line of credit on top of traditional loans.

Besides its focus on helping customers with bad credit, BadCreditLoans also draws a distinction between state and Tribal lenders in its lender network. Both operate within different laws. Tribal lenders tend to have higher rates and fees because they operate under Federal and Tribal laws as opposed to those of the state in question. Because of their attention to lender categories, BadCreditLoans sets itself apart from other lending platforms by offering users a range of options.

Upon filling out the request form, eligibility depends on the lending partners that you are free to choose from. If you do not find a willing lender, they don’t leave you hanging but show you helpful alternative options for you to immediately continue your search.

Depending on the lender and your loan request information, an average loan term is between three months and six years, with interest rates ranging between 5.99% and 35.99%. Easy, fast and secure is their mandate. 

Pros 

  • Loans from $500 to $10,000
  • Available 24/7 at no cost or obligation
  • Information secured by encryption
  • Provides reputable lenders for customers with bad credit
  • Approval within 24 hours
  • Easy and reliable online service and support 

Cons

  • Lender APR and repayment terms may differ from what is listed on their website 

Highlights

  • Get a Loan With Bad Credit: As their name states, BadCreditLoans is dedicated to helping people with bad credit find reputable loans and use their money responsibly by providing access to affordable short-term loans from reputable lenders.
  • Wider Variety of Offers: BadCreditLoans give you more options by showing you ads for other lenders or connecting you with offers for debt relief, credit repair, or other credit-related products or services. They strongly encourage carefully reviewing these offers and comparing them to other available options before accepting. 
  • Privacy & Security: BadCreditLoans protect your information with advanced encryption technology and do not show the other companies it may connect you to the sensitive information in your loan request. Only your contact information is handed over so they get in touch.
  • More Than Just a Loan Service: BadCreditLoans is also an educational resource with expertly curated articles and informative news that provides tips to make the loan process as smooth and efficient as possible, and guides to making responsible financial decisions and avoiding the latest scams.

⇒ Click Here to Visit the Official Website of BadCreditLoans

#3. CashUSA – Easiest Same Day Loan Approval 

Brand Overview

CashUSA’s simple aim is to secure personal loan offers that can meet customer needs. Their dedication is shown in their time conscious user interface, built to make the process fast and easy. Their online application form is the very first thing you will see on their web page.

There are no fees to fill their form and submit a snappy loan request. Once you have met their basic borrower eligibility requirements the information is sent to potential lenders in their network. Because client safety is an important part of their service, CashUSA prides itself on the industry standard encryption and security measures it built in to guarantee the protection of client privacy and personal information.

CashUSA is very open about the lending process, particularly on how to review the lending offers you receive. It is also generous with the legalities around lender transparency and borrower acceptance. They have helped thousands find a loan for their needs by connecting them to reasonable personal loans which can be paid over an agreed and scheduled period of time. They cannot stress lender-borrower communication enough. 

Personal loans in the CashUSA network range between $1,000 to $10,000. Depending on the lender, state, and customer credit worthiness, Annual Percentage Rates (APR) vary among lenders. Rates range between 5.99% to 35.99%, and loan durations between 90 days to 72 months. Though, of course not every lender offers these rates. 

Pros

  • Loans from $1,000 to $10,000
  • All credit types accepted
  • Quick, easy and time efficient: Loan requests approved within minutes
  • Safe & Secure website
  • Informatively and legally transparent
  • Loans available for all purposes

Cons

  • Can only estimate fees and interest 
  • Cannot guarantee that you will be connected to a lender 

Highlights

  • Convenient & Time Conscious: CashUSA can approve your loan request within minutes of making it, and in as little as one business day your approved loan can be deposited to your bank account.
  • Discretion Savvy: CashUSA makes it possible to handle any embarrassing financial bind you may find yourself in quickly, safely, securely and, discreetly without fear of being caught out. 
  • Lending Extensions: Many lenders in the CashUSA network, on request, will offer extensions so individuals don’t risk damaging their credit because of late repayment. 
  • Transparent: CashUSA is straightforward about the interest rate its lenders offer, and uses an example to show how the total amount you receive will be affected by the loan terms.
  • Additional Assistance: If CashUSA can’t find a loan offer for you, they pass some limited information about you to marketing partners so you can receive offers for credit repair, debt relief or similar services.

⇒ Click Here to Visit the Official Website of CashUSA

#4. Personal Loans – Best Personal Loans for Bad Credit Scores

Brand Overview

Personal Loans is yet another platform with a network of lenders for consumers to pick from. There is no need to fill out multiple applications because you are matched to the most relevant selections for you according to the information you provide.

Personal Loans not only gives you access to their lender network but broadens the variety by tapping into third party lender networks. This provides competitive rates which are especially useful for individuals with bad credit and those who need to handle small emergencies. Repaying loans is also made easier when you are given the option to take a smaller loan.

The loans, which can be received as soon as the next business day, can be used for any personal purposes that may arise, from unexpected bills to financing a business. This can be done, hassle-free from the convenience of home or anywhere through your mobile phone.

The free platform displays useful examples of its APR range which are derived from loan amounts between $1,000 and $35,000, with a minimum APR of 5.99% and a maximum rate of 35.99%. The minimum repayment term of these loans is between 3 and 72 months. Rate depends on the loan amount requested and your credit score, usage, and history. Shorter-term loans such as instalment loans may have a repayment time frame of less than six months. 

Pros

  • Loans from $1,000 to $35,000
  • Accessible and easy to use
  • Useful for bad credit and small short-term loans
  • Available in all 50 states
  • Loans available for all purposes with decent APRs
  • Fast approval and funding 

Cons

  • Cannot guarantee that you will be connected to a lender
  • APR will vary based on lender

Highlights

  • Security: Personal Loans protect your sensitive personal information using advanced data encryption technology to give you peace of mind whilst petitioning for a loan from the comfort of home or on the go. 
  • Time and Terms: Personal Loans provides an around the clock service for your convenience as you seek the loan that works for you, without any obligation to agree to a lender offers.
  • Simplicity: Get immediate loan offers from Personal Loans’ network of lenders and other third-party networks by filling a fast and to-the-point online form.
  • Variety of Loans: Personal Loans offers access to different loan types, including peer-to-peer loans, personal instalment loans, and bank personal loans, each with their own requirements.
  • Additions: The site also offers answers to frequently asked questions, loan guides, as well as information on responsible lending and scam alerts.
  • Transparency: Terms are readily accessible before making a loan application.

⇒ Click Here to Visit the Official Website of Personal Loans

How We Made Our List of the Best Payday Loans

We began by compiling a list of the most popular and best reviewed online payday loan providers. Naturally, such a list became quite extensive due to the multitude of online lender platforms on the web.

To separate the good from the bad, we took it a step further by carefully researching each brand using a list of valuable criteria like maximum cash amount, speed and efficiency, investment rates, repayment terms, user feedback and ratings, customer care, and any additional perks. Eventually our list was reduced to a small number of online lender platforms that met our rigorous demands.

Out of that list, we scrutinised each selection even further to single out what we considered the best and most reliable services. This produced the list you will find in the next section, curated to perfection just for you.

We made sure to include the most outstanding aspects of each selection in the highlights, and the pros and cons of investing your time and money in them.

What We Looked For

To narrow our list down to the very best, we vetted each service for: 

  • The platform’s speed, efficiency, and user-friendliness
  • How long it takes to be approved and receive a loan after application
  • Whether there is variety in the short-term loans on offer
  • What their policy is on maximum loan amounts, interest rates, and repayments
  • The level of customer care given to potential borrowers in addition to the quality of customer feedback
  • The transparency and integrity of the lending process
  • The handling and security of sensitive client data
  • Convenience and discretion
  • The trustworthiness of their partners and associates
  • Types of credit considered for funding

What You Should Know When Searching For An Online Payday Loan

The available options for online payday loans have increased over the years with more platforms taking to the internet to offer people in need convenient access to an assortment of loans.

With wolves among the sheep in the form of scammers and plenty of less than savoury offerings in the consort of online loan offerings out there, it’s even more vital to understand what choices to make. Your credit is on the line so it’s not the kind of investment you want to gamble with.

If you’ve found yourself in a fix and in need of immediate financial assistance, keep the following in mind:

  • Make sure you can afford it: Don’t take a loan if you are already swimming in debt or still paying off other loans. Taking a loan to pay a loan only serves to dig you into a deeper hole. Make sure you can make your repayments on time because late fees or a negative mark on your credit report could place you in a worse financial situation. Becoming a liability will make you ineligible for future financial help. 
  • Only accept a loan can you actually pay back: In other words don’t borrow more than you can repay. Your loan should not amount more than 10-15% of your net monthly income. The ‘safety first’ principle applies here. Always live within your means. This also applies to how you spend your money so that you don’t find yourself in avoidable financial emergencies too often.
  • The longer the loan tenure the higher the interest rate: Try as best as you can to take a loan for as short a duration as you can afford. If you want to extend your repayment keep in mind that that will also hike up the interest you will have to pay. 
  • If you need cash now, the fastest and most user efficient platforms are going to be an asset: How quickly you can navigate the user interface, fill in forms, and get responses will be vital in this context. Take note of how long it will take to have the funds in your bank account so that you choose the most expedient option.
  • Don’t borrow to invest: As it is wise not to take a loan to pay a loan, it is also wise not to take a loan to invest. Invest in excess and not deficit. High return investments have high risks so any loss would mean you have acquired a debt you cannot pay. Safe investments most likely won’t match the interest rates on your repayment.
  • Read and understand the terms before you commit: If you don’t you will be met with unwanted surprises like interest deductions on your loan that leave you short. Being stranded is even worse when you are owing.
  • When finding the best fit for you, keep searching for the best rate: If you are able to switch to a cheaper loan do it. It’s best to find out if that is possible beforehand in order to exploit it. It should be at least 2% better so that any penalties of leaving the previous loan don’t eat into the gain of switching. 
  • Variety doesn’t always mean quality but it does mean more options: We already saw with companies like Personal Loans that healthy competition can create better offers, but it’s good to make sure that you don’t fall prey to the clamour for borrowers. Juicy looking offers are sometimes too good to be true. So use the other criteria in this section to weigh the risks and reliability of a lender so that you can pick a quality loan that suits your needs. 
  • Pay very close attention to what is said and what isn’t: A company that shares its APRs, policies, terms, and interest rates upfront and goes out of it’s way to inform you of what risks and benefits you may face with lenders is a golden goose. They care about you making informed decisions. If they seem to be hiding too much and answering very little, that’s a red flag. The transparency and integrity of the lending process is a huge indicator for how your experience will be once you get a loan. 
  • Don’t ignore the user reviews: The level of customer care and security given to potential borrowers is best seen in the feedback most customers give. That is often the best place to see how good an online loan platform is at the handling and security of sensitive client data and carrying clients smoothly through the actual loaning process. 
  • Double check any and all partners and affiliates: Who a lending platform or lender partners with will tell you much about their trustworthiness. Backing from reputable organizations in the industry is always one sure fire way to confirm the legitimacy of a lending network. The reliability of lenders or third party lending partners can be weighed by a simple google search and in some cases a phone call. 
  • Only apply for another loan with the same company if the service was satisfactory: Even if getting the loan was shaky but eventually things worked out, why shoot yourself in the foot twice? Next time you might not be so fortunate.

FAQs Regarding Online Payday Loans

Q. What is a payday loan?

A payday loan is a short term, high interest loan for small amounts of money usually $500 or less. Loan limits can range above or below this amount depending on state limits. They are generally available with storefront payday lenders or online. 

Q. How long does it take to get the loan?

Most online payday loans take only minutes to apply for. Once you are eligible for a loan and have settled on terms the process of agreement does not take long. Within one business day, funds can be in your bank account.

Q. How do I get the money?

The loan funds can be provided to you directly to your bank account, by cash or check, or loaded into a prepaid debit card.

Q. How long does it take to pay it back?

Payday loans are repaid in a once off lump sum on the borrower’s payday. Depending on the lender’s terms, there are loans that are structured to be repaid in instalments over time at higher interest.

Repayment is automatically deducted from your bank account, as agreed, typically two or four weeks after the loan is made. This is deducted with interest. If you repay the loan before the due date there is no need for this deduction.

For longer term loans these deductions will occur as scheduled over the agreed period of repayment. This may be over months to years, depending on how your application information was assessed and your ultimate agreement with the lender.

Other sources of income such as pension or social security can also be used to pay off a loan.

Q. Who needs a payday loan?

There are multiple ways to handle short term money problems. Though it may be fairly easy to get a payday loan, they are expensive, so consider alternatives before borrowing from a lender.

Remember that payday loans are designed for people with temporary problems and are not suitable for long term fixes. A loan from a credit union or a bank overdraft could be something to look into.

If you actually need to take a short-term loan, it is advisable to compare interest rates and lender charges. Make sure you can pay back the loan and find out the consequences if you don’t can’t because often that comes with extra charges. Find out everything that you can before you commit.

Only people who need a temporary solution and understand the risks involved should get a short term payday loan.

Q. Are there different types of payday loans?

Payday lenders offer cash advance loans, check-advance loans, post dated check loans, or deposit loans.

Q. What are the requirements for getting a payday loan?

Lenders make sure that your income coming in every month can sustain paying back a typical loan. Most platforms will require you to earn about $1,000 per month, though some may have higher or slightly lower requirements. Other eligibility requirements include that you are at least 18 years of age, have a bank account in your name, are a U.S. citizen or permanent resident, and can provide a valid email address, and home and work numbers.

Ultimate approval, however, will depend on your credit history and whether or not you match a lender’s criteria. 

Though companies like BadCreditLoans offer payday loans that accept people with bad credit, these usually come with higher interest rates.

Q. Will lenders contact my employer?

Lenders should only contact your employer to get in touch with you and not speak with your superiors. Before you sign off on your loan and receive your funds, they will need to make confirmations about the legitimacy of your details and that is when such contacts will be made.

If you keep receiving unwanted phone calls at work from lenders you owe, you can send a cease communication letter to them or their debt collection company specifying that they must not call you at work. The same can be done for home.

You are protected by law from any harassment, threats, or repeated calls from a payday lender. 

Q. Can payday loan companies take money from my account?

When you give the lender permission to electronically deduct the payment from your bank account you give them Continuous Payment Authority (CAP). This is legal as long as you have made an official agreement with the lender.

If you don’t have enough money in your account on the day of deduction the lender may ask the bank for all or part of the money. CPAs cannot be used more than twice or to get a part of the money.

Q. What do I do if I can’t make a payment?

If you can’t make a payment you can stop the money being taken by instructing your bank or card provider at least a day before the due date. Loan extensions or rollovers can then be agreed with the lender, though these come with extra interest and fees.

Late payments may also incur extra charges. If you default on the loan, the lender can charge a default fee. Speak to your lender directly if you are struggling to make payments

Q. Can a lender sue me or take me to court?

Yes they can. If you repeatedly default on your debt and exhibit delinquency on your payments that directly violate your loan agreement, you can be summoned to civil court to settle the matter.

Q. Will a payday loan affect my credit?

If you pay it back in full and on time you have nothing to worry about. Because applying for a loan requires a hard credit inquiry, your credit score may drop slightly for a short amount of time. But if you maintain a history of repaying loans, you should balance that out. 

A payday loan may affect your score differently with different organisations. Some see it as a negative thing to have on your credit history while others don’t differentiate online payday loans to other installment loans because they recognise that people who use short-term loans are not necessarily in dire financial straits. 

Q. Which payday loans have the lowest interest rates?

It usually depends on the state. Because many states now regulate payday loan interest rates some have lower default rates than the norm. However, many lenders have withdrawn from states that regulate.

Default rates can be between $10-$15 for every $100 dollars.

Q. Are there payday loans for non-U.S. citizens?

Non-US Citizens are eligible for payday loans as long as they meet a list of requirements. For example, the customer’s green card or visa has to be valid and last at least 3 years or the duration of the loan. 

The list of possible options is greatly reduced because not every lender accepts non-U.S. citizens because of the increased risk. So it would take further searching to find a suitable and less exorbitant online payday loan.

Conclusion

While our list of the top four online payday loan platforms should give you an excellent start on finding a loan, keep our criteria and FAQs in mind. These resources should help you to get the cash you need as fast and easily as possible.

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Payday Loans South Carolina | 5 Best Loans in South Carolina in 2021 https://ctxbay.com/payday-loans-south-carolina-5-best-loans-in-south-carolina-in-2021/ https://ctxbay.com/payday-loans-south-carolina-5-best-loans-in-south-carolina-in-2021/#respond Fri, 29 Oct 2021 10:54:52 +0000 https://ctxbay.com/?p=523 Payday loans in South Carolina are considered an accessible solution in the form of money borrowed by anyone who needs it (usually at the end of the month) for the short-term. It has become a popular and convenient way to have some money to spend on critical expenses just before the next paycheck. Financial struggles […]]]>

Payday loans in South Carolina are considered an accessible solution in the form of money borrowed by anyone who needs it (usually at the end of the month) for the short-term. It has become a popular and convenient way to have some money to spend on critical expenses just before the next paycheck.

Financial struggles leave people confused about how to solve them without asking their family or friends for help. Making a wrong choice often leads people into a terrible debt cycle which is known to be inescapable. But in this guide, you will find information on how to apply for a payday loan online from the best online provider in South Carolina.

#1 South Carolina Payday Loan in 2021 – Viva Payday Loans

Best South Carolina Payday Loans – Quick-Pick

With the advancement of internet connectivity, payday loans can be applied from a number of online lenders and brokers. We’ve decided to include 5 of the best online payday loan providers in South Carolina, with detailed reviews included in later sections.

  • Viva Payday Loans – Overall Best Loan Provider in South Carolina. Visit now.
  • Money Lender Squad – Best For No Guarantors. Visit now.
  • Credit Clock – Best for Fast Approvals. Visit now.
  • Very Merry Loans – Best for Same Day Payouts. Visit now.
  • Heart Paydays – Best for Low APR. Visit now.

What Are Payday Loans South Carolina?

Payday loans for bad credit have come a long way since they were first introduced back in the 19th century as a form of payday lending. Today’s technology and the internet have made applying for payday loans an easy task.  this has all the benefits but none of the disadvantages of a tradition that you might encounter in the case of a bank or other financial institution. With payday loans you do not have to worry about;

  • Extra-long wait time for loan approval
  • Bad credit score or your not-so-perfect credit history
  • Filling a puzzling application form that takes hours to finish
  • Securing your loan by keeping possession as collateral

Common Uses of Online Payday Loans South Carolina

It is not surprising to see how much payday loans usage has grown in the past few years all over the US. Several top-tier online loan providers have made it easily accessible for people in all 52 states of America including South Carolina. There is also no restriction as to the purpose of taking out a payday loan which makes it suitable for people going through any kind of financial situation to get a payday loan that helps them when nothing else makes sense.

Below are a few common uses of payday loans in South Carolina where people get it before their next paycheck to pay for;

  • Electricity bill
  • Vacation
  • Hospital bill
  • Insurance premium
  • Grocery
  • Dentist’s appointment
  • Car repairs
  • Vet bills
  • Unexpected expenses 

How to Qualify for Online Payday Loans South Carolina?

If you are a resident of South Carolina, then you might be able to see the appeal in payday loans. But if you want to apply for such a loan to help balance your expenses for the month then your first step should be knowing whether you are eligible or not. Luckily, these criteria are readily available on various web portals. To apply for such a loan from a trustworthy loan provider, you must be:

  • Over 18 years of age
  • Having a valid ID card
  • be a permanent US citizen
  • Having a US bank account
  • Having proof of residence
  • Having monthly earnings of over $1000 

Best 5 Online Payday Loans South Carolina – Fully Reviewed

Here we have listed detailed information on 5 of the best online providers of payday loans South Carolina.

1. Viva Payday Loans – Overall Best Payday Loan Option in South Carolina

This one is an old and familiar name that has the trust of many people who struggled with financial problems but could not approach a bank due to bad credit. This portal does not only accept borrowers with bad credit but also does not require a thorough credit check beforehand. You can find not just a handful but several verified lenders based in the US who would readily accept a loan request and proceed to same-day payout.

Lender Loan amount Terms APR Fees Rating
LendUp $100-$500 2 to 24 months 30% – 180% none 10/10
Rise Credit $500-$5000 2 to 24 months 50% – 299% none 10/10

Pros

  • You get to choose loan amount freely
  • Loan approval usually takes 2 minutes


Cons

  • Interest rates are shared after loan approval
  • Can be expensive for some people


2. Credit Clock – Best for Fast Approvals

Credit Clock platform is most popular for its simple approach and quick approval timing that does not keep people who need immediate funds waiting needlessly. Thousands of people take a payday loan from this provider when they are in a hurry because of their easy and quick loan finding options. It takes hardly 5 minutes for anyone to get used to their interface, fill the form, submit it, and get approval. It is the most sensible choice if you are a registered US citizen who needs some quick cash before they get paid next month.

Lender Loan amount Terms APR Rating
OppLoans $500 – $4000 9 – 18 months varies 10/10
GreenDay $100 – $5000 24 months 5.99% – 35.99% 9/10

Pros

  • User-friendly interface and legal portal
  • Takes 24 hours from approval to payout
  • The approval process is quick and transparent


Cons

  • Borrowers must be earning $1000 per month


3. Money Lender Squad – Best For No Guarantors

 Another time-saver online platform offering online payday loans is Money Lender Squad. It is a unique web platform that provides payday loans without requiring a guarantor. People with bad credit and those who have been denied a loan from banks are welcome on this site to request a payday loan. The repayment time can be anywhere between 60 days and 24 months depending on the loan amount and agreement signed between the lender and the borrower.

Lender Loan amount Terms APR Fees Rating
OppLoans $500-$4000 2 – 48 months 99% – 160% none 10/10
Rise Credit $300-$3000 2 – 24 months 89% – 449% none 10/10

Pros

  • This platform is safe and easy to use
  • Guarantors are not needed to get approval
  • Loan terms can be extended at your convenience


Cons

  • Low credit score levies heavy interest rates


4. Very Merry Loans – Best for Same Day Payouts

 The safest and most efficient way to get a payday loan these days is to directly connect with as many lenders as you can through an online platform. Very Merry Loans is a platform that does half the work for applicants interested in reaching out to a few of the many available lenders active in the US. In case of any financial emergency, this provider can ensure that a lender is available to approve loan applications which takes just under 5 minutes to finish. Apart from that, funds are readily disbursed by lenders associated with Very Merry Loans.

Lender Loan amount Terms Fees Rating
CashNet USA $500 – $1000 8 to 31 days Specific to state of residence 9/10

Pros

  • Applications are approved quickly
  • One can opt for both short and long-term loans
  • Zero or bad credit holders are allowed


Cons

  • Based on the state of residence, fees and interest rates vary on this online payday loan portal.


5. Heart Paydays – Best for No Guarantors Required

Heart Paydays is known to offer a multitude of services through its platform for people living in the US. Not only is its web portal welcoming and easy to understand but it also accepts all kinds of FICO scores without any problems whatsoever. Once an application is submitted, people can expect to get loan approval in just 5 minutes.

Any applicant can request a payday loan starting at $200 up to $2000 which must be repaid within a tenure of 60 days.

Lender Loan amount Terms Fees Rating
LendUp $100 – $5000 30 days $17 to $50 10/10
ACE Cash $200 – $2000 7 to 30 days 3% 9/10

Pros

  • Short-term loans have the lowest possible APR
  • No disturbance caused by phone calls
  • Loans are paid mostly within an hour


Cons

  • High fees are charged on some of the loan offers.


Features of Payday Loans South Carolina

Payday loans differ from traditional loans in many aspects mentioned in brief below.

Getting a loan

Payday loans can be requested either online or from a brick-and-mortar loan shop. When using an online platform, the application forms are pretty simple and straightforward. Borrowers may need to provide an ACH authorization to the lender, allowing it to withdraw the loan amount together with the accrued interest.

Requirements

The requirements for getting a payday loan approved are pretty simple. Almost all lenders require you to be at least 18 years of age, have a valid bank account and contact information.

Repayment

The average loan tenure for payday loans ranges between a few weeks and a few months, depending on the terms and conditions you receive. As interest rates are quite high for these loan products, it is generally advised not to take long-term term payday loans. Many state laws have been introduced which have enabled EPPs(extended payment plans), allowing borrowers to repay in regular installments.

Rollover

Many payday lenders allow loans to be extended if you are unable to repay the loan on the due date. This is known as a rollover, which can extend the loan period for another 14 days. Every rollover is subject to additional interest rates and exta fees such as overdraft fees.

Interest Rates

Interest rates for payday loans are typically higher in comparison to traditional loan products. Since these loans are unsecured and the lenders do not conduct extensive background checks on the applicants, they charge high-interest rates to offset the risk. To get the best payday loan interest rates, one should sign up with a payday loan provider instead of a direct lender.

Types of Payday Loans South Carolina

Bad Credit Loans

For South Carolina residents with a bad credit history or bad credit score, the only option left for accessing credit is payday loans. Payday lenders do not judge their applicants based on their credit profile or history.

This increases the chances of approval for loans at payday loan lenders which can be very helpful if you’re in a position where you cannot delay other payments.

Get a bad credit payday loan here >

No Credit Check Loans

One of the main reasons why payday loans are so popular is because of no credit checks. Payday lenders do not take into consideration the repayment ability of its borrowers. This means that they d not conduct any extensive credit checks on their own.

Even if they access your credit information, applications will not be judged based on an individual’s past financial records. No credit checks also allow lenders to provide loans faster, with same-day deposits being the standard in almost all lenders.

Get a no credit check payday loan here >

Direct Lenders Loans

Many borrowers prefer working with direct lenders rather than payday loan providers.  Many people cite security and better rates as major reasons why they go for direct lenders.

However, one can get better loan offers and increase chances of loan approval if a payday loan provider is used. Payday providers such as the ones mentioned in our ist work with a  myriad of lenders which helps them match the applications in a better way.

Get a direct lenders payday loan here >

Same Day Deposits Loans

Borrowers normally look out for same-day deposits when it comes to payday loans. Payday lenders can normally transfer loan amounts within 24 hours of applying. This is radically different than banks and other financial institutions which can take weeks for approving a loan.

Same-day deposits allow borrowers to use the payday funds to make payments that cannot be delayed. This is a sought-after feature in the payday lending industry.

Get a same day payday loan here >

Unemployed Loans

Many people have suffered layoffs and temporary unemployment due to the covid-19 pandemic. It is not uncommon to find individuals without jobs and with substantial bills to pay. In the event you do not have sufficient savings, you can opt for payday loans to fill in the gap.

Many people who are freelancers will also find payday loans useful, as normal banks and financial institutions do not provide loans to unemployed individuals. Payday loan lenders do not take a borrower’s credit background into considerations and the approval rates are thus higher.

Get a unemployed payday loan here >

SSI Benefits Loans

SSI or Supplemental Security Income is a federal program that pays monthly benefits to people with limited income and resources who are disabled, blind, or age 65 or older. Normally such individuals do not qualify for traditional loans from banks and other financial institutions on account of their credit and financial status.

Individuals with SSI benefits can easily apply with a payday loan lender or provider. They do not consider credit reports which will allow them to easily transfer the loan within a short period of time.

Get a unemployed payday loan here >

Title Loans vs. Online Payday Loans South Carolina

We’ve already discussed what payday loans are all about. Title loans are another form of credit that has seen a rise in consumer demand over the last decade. Many people confuse the two while others think they are the same thing. However, title loans and payday loans differ in some key areas discussed below.

Application requirements

Payday loans require some basic information from their borrowers such as proof of income, bank account and a government-issued ID. On the other hand, title loans require a car title, a government-issued ID, and proof of insurance.

Availability

Payday loans are legal in all states except Washington, D.C , Arizona, Arkansas, Georgia, New Mexico and North Carolina. Title loans are legal in Alabama, Arizona, Delaware, Georgia, Idaho, Illinois, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, South Dakota, Tennessee, Texas, Utah, Virginia and Wisconsin.

Credit Impact

Payday loan lenders do not report your credit to relevant authorities. This means that your credit score won’t get affected. Title loan providers also do report the loan to credit bureaus. However, a repossession might show up on your credit report.

Advantages of Online Payday Loans South Carolina

A better alternative to a bank loan

A financial crisis is a common thing and banks may judge you on the basis of your credit report.  It may be difficult for you to get a mortgage or bank loan if you have a poor credit report. The process is also time-consuming, sometimes taking weeks to be completed. Payday lenders on the other hand take only 24 hours to provide you with the funds.

Expenses

Expenses such as bills, rent and groceries can put a strain on one’s finances. The majority of payday borrowers do so to cover daily expenses. Payday loans offer instant access to funds which make it easier to pay these bills which cannot be delayed.

Loan to go

Online payday loans can be accessed from anywhere, either from a desktop or a smartphone. It just takes a couple of minutes to fill-up the form. After approval of the loan, the amount will be directly transferred to your registered bank account.

Transparent agreement

Most payday lenders are required by law to provide you with all the information related to the loan, including interest rates, rollover fees, administration fees and others. Signing up with a payday loan provider will give you many different options to choose from.

Disadvantages of Online Payday Loans Rhode Island

Financial constraints

One of the major risks of short-term borrowing is the way it may impact a borrower’s finances from one month to the next. While some lenders offer a loan period of up to three months, others may require the borrower to make the repayment in full. These time constraints can put stress on borrowers as it planning other monthly expenses around the loan repayments become tougher and tougher.

Continuous Payment Authority

Some short-term payday lenders may ask borrowers for Continuous Payment Authority(CPA) before approving a loan. This gives lenders the legal right to take payments from your bank account, provided there are sufficient funds. Most reputed lenders which are authorized by the government will ask for your prior approval before applying CPA.

How to get Online Payday Loans Rhode Island

Payday loan lenders provide very easy application processes which can be completed in a matter of minutes. They’re all very similar in nature. We’ve decided to briefly explain the signing up process of Viva Payday Loans.

Step 1: Visit the Viva Payday Loan Official Website

Viva Payday Loans’ official website is very user-friendly, with the “Apply Now” button found in the top right corner of the website.

Step 2: Completing the application form

You will need to provide certain pieces of information about yourself such as name, income details, personal information, banking information, and employment details. Once your application is matched with a particular lender under its network, you may be required to provide additional information.

Step 3: Getting your decision

Viva Payday Loans can complete the application process within a couple of minutes. You will be notified on the spot about the acceptance or rejection of your loan application.

Step 4: Receiving the loan

Finally, you will be sent a loan agreement which you can review. After checking the terms and conditions of the contract and signing it, send it back to the loan provider. After acceptance, the loan amount will be sent directly to your bank account.

Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans

OTHER STATE PAYDAY LOANS:

– Rhode Island

– Michigan

– Colorado 

FAQs

Who can get a payday loan?

How many payday loans can I apply for at once?

How long can payday lenders come after me?

Do payday loans appear on my credit report?

Why are payday loans unsecured?

About Prodosh Kundu PRO INVESTOR

Prodosh Kundu is the Founder & CEO of SERP Consultancy, a prominent Digital Marketing Company in Kolkata, India. Starting his career in 2004, he is a Google AdWords certified internet marketing professional, SEO consultant, strategist, and analyst. With his strong understanding of financial market regulations, stocks, blockchain technology, cryptocurrency, & forex, Prodosh has written thousands of articles, blogs, broker reviews, guides, and offered critical analysis & recommendations on investment opportunities!


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Payday Loans Colorado | 5 Best Loans in Colorado (Title & Payday) https://ctxbay.com/payday-loans-colorado-5-best-loans-in-colorado-title-payday/ https://ctxbay.com/payday-loans-colorado-5-best-loans-in-colorado-title-payday/#respond Fri, 29 Oct 2021 10:54:24 +0000 https://ctxbay.com/?p=532 We’ve all been there — a time when you find yourself in a pressing situation that you need a rapid cash injection into your bank account. A medical emergency, unexpected high bills, car trouble, payments to avoid late fees. You’ll get into plenty of situations that will put you in need of emergency cash. If […]]]>

We’ve all been there — a time when you find yourself in a pressing situation that you need a rapid cash injection into your bank account. A medical emergency, unexpected high bills, car trouble, payments to avoid late fees. You’ll get into plenty of situations that will put you in need of emergency cash.

If you have a less-than-excellent credit history, you’ll find personal loan alternatives limited. However, that doesn’t mean you’re out of options to go for.

There are payday loans in Colorado — short-term credits where the lender extends interest rates based on your income. Payday loans are high-cost loans of $5000 or less, which are usually due the following payday. Some payday lenders in Colorado are willing to lend small amounts regardless of your credit scores upon qualifying certain eligibility standards.

A payday loan can befit urgent financial needs because it doesn’t rely on your credit score and provides quick approvals.

#1 Colorado Payday Loans in 2021 – Viva Payday Loans

Best 5 Online Payday Loans Colorado – Quick Pick

Traditional lenders often reject high-risk applications when you have a bad credit score. When that’s the case, you can rely on payday companies when you need quick cash.

However, not all payday companies are reliable.

Among hundreds of options to choose from, you might wonder which company offers quality services. For that reason, we scrape the world of payday loans, focusing only on platforms that offer fast, no credit checks, and no guarantor payday loans.

Here’s are the top 5 options we found:

  1. Viva Payday Loans – Best Overall For Bad Credit Payday Loans Online. Visit now.
  2. Credit Clock – Best for no credit check Instant Approval Payday Loans. Visit now.
  3. Money Lender Squad – Best no credit check with no guarantors. Visit now.
  4. Very Merry Loans – Online no credit check with instant decisions. Visit now.
  5. Heart Paydays – Best no credit check payday loan without any phone calls. Visit now.

More about these platforms later, but first, what are payday loans?

What are Payday Loans Colorado — No Checks?

A payday loan is a short-term unsecured loan where the lender loans and charges interest rates depending on your income. These loans usually have high annual rates or APRs, and their payment is usually due around your upcoming payday.

In Colorado, you can access a payday loan online or at a payday lender’s physical address. Colorado’s payday loan regulation restricts the amount one may borrow to $500, with a minimum loan term of 6 months.

What’s more, the maximum interest rate any payday lender can charge in the state of Colorado is 36%.

According to Colorado laws, personal lenders who provide payday loans online with no credit check and offer instant approval are also payday lenders. These lenders require no guarantor, no credit checks, or bank statements.

All you need is to fill out a basic and simple credit application that takes some minutes to get approved.

Common Uses of Payday Loans in Colorado

There are a gazillion ways people use payday loans. Most often, people use payday loans to cover unexpected expenses and when they need money fast. Some of these uses include:

Compensation for Unexpected Decrease in Income

Unemployment is financially and emotionally stressful. At a certain point, people find themselves scraping the money together to make their ends meet. In such situations, a payday loan can be appealing because:

  • It gets you the money you need with no delays
  • It lets you continue living your previous lifestyle before you lose your job
  • It relieves you of the psychological stress

While people who have lost their job may try to cut back as many spending areas as possible, it might reach a point where they can’t cut back anymore, and their option might be a quick financing option like the payday option.

Debt Consolidation

Many payday loan users use the money to cancel out other debts. They either use it to pay off loans from another company or debt from another source such as credit cards.

It might make sense to take out a payday loan for debt consolidation when the interest on the payday loan is less than what the person owes the other debt.

Pay for Holidays

During Christmas and the festive seasons, most parents become desperate and struggle to buy everything for their children.

People choose payday loans because they get the money they need for Christmas and then pay back what they owe in the new year after they’ve made some money. Other holidays can be a problem too, but Christmas is the bigger issue.

Pay off Unexpected or High Bills

One common reason why people use a payday loan is to pay high bills. Hot summers and cold winters can contribute to a high bill because cooling and heating appliances people use to encounter the weather changes increase energy bills.

It isn’t unusual to expect high electric or gas bills in the mail. When that happens, many people will run to a guaranteed fast loan that they can pay on their next payday.

To Repay for Mortgage

Falling behind on mortgage repayments makes people panic because it makes the mortgage company think they can’t afford the home.

The mortgage company may then take action against you, especially if you continue to deliver late payments. Many will go for a payday loan to repay a mortgage loan.

Carter for a Medical Emergency

Suppose you don’t have health insurance — a medical emergency will always be a huge expense. Medical expenses can range between two thousand, up to a couple hundred thousand, depending on the type of treatment that you need.

If you don’t pay the medical bill straight away, it builds interest like any other debt.

Medical issues are certainly one of the main reasons many use payday loans or short-term loans.

Pay Overdraft

It’s frightening when you check the bank account that you overdrew. The bank might charge you with an overdraft, and that’s always worth avoiding because of the interest level they attract.

While a person can cancel an overdraft to ensure it’s impossible to overdraw, people run for payday loans for help.

Pay Unexpected Debt

Everyone likes to think that he will never end up in debt. However, no debt is mostly unexpected. If your loved one dies, and they‘re in debt, you can inherit that debt. You might want to pay it off as quickly as possible, and there isn’t an easy way out of such situations.

Many people use instant loans for help.

How to Qualify for Payday Loans With Instant Approval in 1 Hour (Eligibility Criteria)

According to the laws of Colorado, to qualify for a loan, most payday lenders only require that borrowers:

  • Have a minimum of 18 years of age
  • Have an active checking account
  • Provide some proof of income
  • Have a valid identification

To get a Payday Loan in Colorado, start by filling out the quick and easy application online or at the nearest physical store,

Direct lenders can approve your loan instantly. In most cases, the person borrowing writes a check for the loan plus the lending fee, and the lender holds on to the check until the predetermined due date.

Most payday loans extend for just a few weeks. When due, the borrower either pays off the loan or allows lenders to cash the post-dated check or otherwise make a withdrawal from the borrower’s account.

5 Best No Credit Check Payday Loans in Colorado – Fully Reviewed

1. Viva Payday Loans – Best Payday Loan in Colorado Online

Viva Payday Loans offers Payday loans of up to $5000 with a repayment period of 2-24 months. The lender operates nationwide and is known for quick approval within even 2 minutes.

The platform offers loans for all kinds of bad credit borrowers who need quick cash through a legitimate source. All an eligible borrower needs is to fill up and submit an application from the broker’s website, which the system will quickly check and then share with reputable lenders to approve the loan.

As a borrower, you’ll need to stick to the rules of the loan broker and share some personal information like proof of residence, bank statements, proof of income, and other verifiable details.

Lender Loan Amount Range APR Rate Range Loan Term Range Fees Star Rating
LendUp $100 – $500 30% – 180% 2-24 Months None 10/10
Rise Credit $500 – $5000 50% – 299% 2 to 24 months None 10/10

Pros

  • The platform provides the same-day turnaround time
  • Easy application – normally takes minutes to complete
  • Loan approval takes two minutes
  • Offers loans even for bad credit applicants
  • Requires no collateral


Cons

  • It isn’t a direct lender


Viva Payday Loans is an excellent option when you need to find a quick competitive loan deal. The platform works with all credit scores, has an easy application process, and quick loan approval.

2. Credit Clock – Best Options for No Guarantors

Credit Clock is a reputable name in the payday loans industry as a trustworthy short-term loans broker.

What makes Credit Clock stand out? It accepts applicants with bad credit scores, requires no guarantors, and approves loans quickly.

Unlike Viva Payday Loans, this platform loan ranges from $200 to $ 5000 without a credit check. Its application and approval procedure is pretty fast. All you need is to meet the minimum earning requirements on the Credit Clock website.

The only caveat is that only American citizens with permanent addresses can utilize this loan provider.

Lender Loan Amount Range APR Rate Range Loan Term Range Star Rating
OppsLoans $500 – $4,000 Varies 9-18 Months 10/10
GreenDay $100 – $5,000 5.99% – 35.99% 24 Months 9/10

Pros

  • Quick loan approval — literally takes a couple of minutes
  • Same day payout — disbursement happens within 24 hours
  • Legal and safe in the state of Colorado


Cons

  • To be eligible, you must be earning over $1000 a month


Credit Clock has a reputation that you can rely on when you need to borrow up to $5,000. The only problem is that the platform isn’t for you if you earn less than $1000.

3. Money Lender Squad — Best No Credit Check with No Guarantors

Money Lender Squad is another instant loan platform that excels in low APR with no guarantors in Colorado. It offers instant approval of installment loans with interest rates ranging from 36% to over 400%.

On their website, you’ll find a simple application form that you fill in a few minutes. After filling in your details, hit the submit button, and the automated system will find an appropriate lender and come up with results in a few minutes.

Lender Loan Amount Range APR Rate Range Loan Term Range Fees Star Rating
LendUp $100 – $500 30% – 180% 2-24 Months None 10/10
Rise Credit $500 – $5000 50% – 299% 2 to 24 months None 10/10

Pros

  • Offers extended loan terms
  • The online application system is fast, easy, and reliable
  • You’ll need no guarantor


Cons

  • A low credit score attracts a high-interest rate because they decide the loan rates after checking the credit score.


Money Lender Squad requires no guarantor, which means the process of getting the loan approved is quite fast. You get your payday loan in less than 24 hours.

4. Very Merry Loans – Best for Same Day Payout Loan

Very Merry Loans offer a unique platform that helps borrowers find and connect with some of the leading lenders in the United States. It helps people get quick loans even when they have bad debts.

What makes it unique is that eligible borrowers enjoy instant approval of online loans that take minutes to approve and an hour of disbursement. Its operating principle is simple and works with several well-known lenders within the sector.

The loan amount one can get ranges from $200 to $5000, giving the borrower a chance to match his financial need with the amount to borrow. One can pay from 7 to 31 days for ($200) and 2-24 months for long-term loans.

Lender Loan Amount Range APR Rate Range Loan Term Range Star Rating
CashNet USA $500 – $1,000 5.99% – 35.99% 8-31 Days 9/10

Pros

  • You’re eligible even with bad credit or zero credit
  • They offer long term loans
  • Approve loans fast


Cons

  • It isn’t a direct lender and thus shares your data with third parties


Very Mery Loans is a credit brokerage service provider links borrowers and lenders, giving borrower access to quick payday loans from $200 – $5000 with flexible repayment terms. Its instant approval nature makes it an excellent platform for fast loans.

5. Heart Paydays – Best for 100 Dollar Payday Loans With Fast Approval

If you need to cover a large expense but don’t quite have enough money, Heart Paydays may be your solution. This platform allows even the busiest borrower to get instant loans only, even if you have bad credit.

Since other loan institutions and banks don’t lend to persons with poor credit scores, Heart Paydays presents an opportunity to borrow from $200 to $2000, which you should pay within 60 days.

Your loan application and disbursement will take approximately an hour.

Lender Loan Amount Range APR Rate Range Fees Loan Term Range Star Rating
Heart Paydays $100 – $5,000 Varies $17 – $50 2-13 Months 10/10
ACE Cash $200 – $2000 Varies 3% 7 – 30 days 9/10

Pros

  • Easy application that only takes some minutes
  • You can apply even with a bad credit score
  • You get the loan within 1 hour of application
  • You get the lowest rates for short term loans


Cons

  • Long term loans attract high interest rates


The appeal of getting a payday loan through Heart Paydays is its quick access and low interest for short-term loans. It’s an excellent choice if you’re looking for a payday loan without phone calls.

Features of Payday Loans Colorado

Unlike the typical loans from bank and money lending institutions, payday loans have distinct characteristics, which entail:

Fewer Requirements

All you need to get payday loans online is to log into the lender’s website, fill a form, upload your latest payslip or bank statement, ID proof, and address proof to apply, and you get instant approval.

Quick Borrowing Decision

Unlike a typical loan that requires a borrower to wait for days or weeks for their loan approval, most payday lenders have an online system. These systems give an almost instantaneous response to credit card applications. Most time, it’s usually a matter of minutes, and you get the amount you were borrowing.

Easy to Apply

What makes payday loans stand out is accessibility.

Many lenders disburse funds within 24 hours, which the world of loans refers to as instant approval loans.

What’s more, most payday platforms work 24/7/365, giving them an edge over traditional loans that you can apply only during works days.

No Credit Check

Lenders of payday loans do not check borrowers’ credit backgrounds. As a result, you won’t have any hard credit inquiries. Instead, they may ask for your most recent payslip or bank statement to decide if they’ll offer a loan to you.

Flexible loan Amount

Most online payday loans provide rapid cash loans from $100 to $5,000 to address different needs of the borrowers. Broker platforms connect a user with an appropriate lender that can accommodate their specific loan application.

However, you should only borrow per your requirements because it’s tempting to request the maximum amount you can get.

Types of Payday Loans Colorado

There are plenty of payday loans in Colorado, depending on their features, how you get them, and who’s issuing them. Let’s quickly explore the most common types.

No Credit Check Payday Loans

These are amounts of money a lender loans out without considering the borrower’s previous credit history.

These loans usually tend for emergency expenses.

Get a no credit check payday loan here >

Bad Credit Loans

Bad credit loan targets people with a bad credit report or those with little to no credit history.

Get a bad credit payday loan here >

Direct Lender Payday Loans

In this type of payday loan, the lender pays directly to the applicant without going through a middleman. Instead, the lenders review the application themselves before approving the loan amount.

Get a direct lenders payday loan here >

Same Day Deposit Loans

Same day deposit payday loan that the lender approves or directly disburses on the same business day. It’s excellent to cover short-term financial emergencies until your next check.

Get a same day payday loan here >

Unemployed Loans

Unemployed payday loans target people with unstable jobs or sources of income. As a result, the credit terms, interest rates, and other features are different from what lenders offer to people with regular income.

Get a unemployed payday loan here >

SSI Benefits Payday Loans

Some lenders may treat social security income (SSI) benefits like salary and give payday loans. For that reason, lenders will issue

people receiving SSI a payday loan, which they pay the next time they receive the income.

Get a SSI benefits payday loan here >

Payday Loans vs. Title Loans

Payday loans share some similar characteristics but are different in rates and how you borrow.

Title loans typically offer lower interest rates than payday loans. Title loan lenders usually allow you to borrow up to 50% of the car value, while payday lenders let you borrow a few hundred dollars.

Advantages of Payday Loans Online No Credit Check

  • Easy terms: When you compare to a typical bank loan, online payday loans are far easier to understand
  • Quick Approval: Once you’re eligible, the wait-time is relatively low for loan approval, even if you’ve bad credit.
  • Connect With Lenders: Applying online using a broker platform connects you directly to a huge database of lenders, who examine your application and decide whether to approve your request.

Disadvantages of Online Payday Loans No Credit Check

  • High interest: Payday loans are the most expensive type, with lenders applying up to 1500% APR. Only take them if you have no alternative.

How to Get Online Payday Loans in Colorado

Payday loans Colorado is accessible in person or online. Lenders like Viva Payday Loans can get a loan of up to $500 for 3 to 6 months with instant 1-hour funding if your application goes through.

However, how do you go about it?

Step 1: Visit Viva Payday Loans

Head over to a reputable loan-finding service like Viva Payday Loans.

Step 2: Complete The Application Form

Fill in the application form – choosing the amount you want and the payback duration. You’ll need to submit additional information to comply with the eligibility standards for approval.

Step3: Get Your Decision

After completing the form, the system will notify you within two minutes if your borrowing is possible or not. Regardless of your credit score, the system will quickly match you to a third-party independent lender.

Step4: Receive Your Loan

Most payday loans are available as soon as the following business day.

Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans

OTHER STATE PAYDAY LOANS:

Rhode Island

– Michigan

– Oklahoma 

FAQs

What are the requirements for payday loans in Colorado?

What if I cannot make payment on the due date?

Does Colorado Allow Online Payday Loans?

Do Payday Loans Colorado Check Your Bank Account?

Why Would Anyone Take a Payday Loan?

About Jayme Wium PRO INVESTOR

Jayme is a professional freelance writer specializing in personal finance, business, nutrition, botany and mental health. She has studied extensively in these fields and spends a considerable amount of her time creating content to help simplify complex concepts for the everyday person.


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Payday Loans Rhode Island | 5 Best Loans in Rhode Island in 2021 https://ctxbay.com/payday-loans-rhode-island-5-best-loans-in-rhode-island-in-2021/ https://ctxbay.com/payday-loans-rhode-island-5-best-loans-in-rhode-island-in-2021/#respond Fri, 29 Oct 2021 10:54:08 +0000 https://ctxbay.com/?p=541 No one likes being in financial distress. Individuals can suffer from emotional and financial problems during a period of unemployment or non-payment. Instead of scrounging funds together in an attempt to make ends meet, such individuals can go for payday loans. These loans are short-term in nature and you get the funds within a short […]]]>

No one likes being in financial distress. Individuals can suffer from emotional and financial problems during a period of unemployment or non-payment. Instead of scrounging funds together in an attempt to make ends meet, such individuals can go for payday loans. These loans are short-term in nature and you get the funds within a short period, letting them lead the same lifestyle they had. Payday loans are available in almost all US states and payday loans in Rhode Island are no different.

Since it is still a relatively new financial product, many people have misconceptions about the term payday loans. This guide aims to clear up such misconceptions by providing information on what payday loans are and how to apply from Rhode Island.

#1 Rhode Island Payday Loan in 2021 – Viva Payday Loans

Best Online Payday Loans Rhode Island – Quick Pick

What are Payday Loans Rhode Island?

While searching on the net, you may have encountered the terms ”quick cash loans”, “installment loans for bad credit” or “payday loans”. Almost all of them mean the same thing – short-term loans which have a small repayment cycle. They are a great option if you’re smart and careful with your money as the interest rates are usually high.

Payday loan amounts can vary between several hundred to almost $5000. They also attract higher fees and don’t usually run a credit check. This means that a payday lender isn’t interested in the borrower’s credit score. They will most likely have to provide proof of income, although its not necessary in all cases. Some lenders allow flexible repayment tenures of the loans which make repayment easier for borrowers. In many circumstances, lenders can offer borrowers a rollover if they cannot make the payments when they’re due.

In Rhode Island, Payday lending is regulated by the R.I. Stat. Ann. 19-14.4-1 et seq and 1is known as “deferred deposit transactions”. State laws require every payday lender in the state to hold a relevant license with the Rhode Island Department of Business Regulation. It also restricts the maximum loan amount to $500 and the minimum loan term is 13 days. Rhode Island does not put an upper limit on the maximum tenure of a payday loan.

Common Uses of Online Payday Loans Rhode Island

Medical expenses

Medical expenses in the United States are already high with most individuals getting caught off guard especially if they do not have health insurance. If you do not have enough funds saved for a sudden medical emergency, you can use the funds from payday loans.

Bad credit

Traditional lenders and banking institutions only provide loans to people with a proper credit record. Those with bad credit scores are automatically disqualified from applying. In comparison, payday lenders do not focus on borrowers’ credit.

Holiday expenses

Holidays and special events can be financially demanding times. There may be several expenses related to traveling, giving gifts, food and other aspects of a vacation that can be strain one’s finances. Many people use payday loans to fund their holidays as they can be easily repaid later.

Debt consolidation

One of the main reasons why individuals use payday loans is to cancel out any other form of debt they have. This is known as debt consolidation where the other loan may be from just another company or a different source. This method only makes sense if the interest rate of the payday loan is lower than the interest rates of all the existing loans you will cancel out.

How to Qualify For Online Payday Loans Rhode Island (Eligibility Criteria)

The requirements for payday loans are usually a lot less compared to traditional loans to allow the maximum number of individuals to qualify. We’ve made a list of criteria that an individual has to meet when applying for payday loans in Rhode Island.

  • You must be a legal Rhode Island resident.
  • You must be at least 18 years of age.
  • You need to provide valid Social Security Information.
  • You must have an active checking account.
  • You must be able to produce proof of income of a minimum of $1000 from any source.
  • You must provide a valid phone number and email.

Best Online Payday Loans Rhode Island – Fully Reviewed

1. Viva Payday Loans – Overall Best Rhode Island Payday Loan Option

The first entrant on this list is Viva Payday Loans, a name similar across all lending circles in the United States. It is a reputed payday lending provider which focuses on providing unsecured, short-term loans to individuals with bad credit. You can get loans ranging from as low as $200 to $5000. As soon as you register with them, the provider gets to work with matching your loan request with prospective lenders. Some lenders may require you to provide additional documents such as driver’s license, bank account number, housing details and social security number.

Lender APR rate Loan amount range Loan term range Star rating
Rise Credit 50%-299% $500 to $5000 2 to 24 months 10/10
LendUp 30%-299% $100 to $500 2 to 24 months 10/10

Pros

  • This loan provider considers almost all credit profiles.
  • You can get loans of up to $5000.
  • Depending on the lender, you may be entitled to same-day deposits.


Cons

  • The provider does not provide upfront information on the interest rate charged by individual lenders under its network.


2. Credit Clock – Best for Fast Approvals

You cannot miss Credit Clock with its flashy green website. It is a payday loan provider that offers a comprehensive platform for requesting loans. Once signed up with them, they waste no time in pairing you with an appropriate lender such as GreenDay and OppLoans. Credit Clock requires you to produce proof of income and valid US citizenship documents before applying.

Lender APR rate Loan amount range Loan term range Star rating
OppLoans Variable $500 to $4000 9 to 18 months 10/10
GreenDay 5.99% to 35.99% $100 to $5000 24 months 9/10

Pros

  • Credit Clock allows individuals with bad credit to apply for payday loans.
  • They can approve loans within 2 minutes.
  • It also supports same day deposits if you get paired up with certain lenders.


Cons

  • It requires you to produce proof of income.


3. Money Lender Squad – Best For No Guarantors

Money Lender Squad is a reputed payday loan provider which provides loans to bad credit individuals. You can avail of loans in the following denominations – $100, $200, $300, $400, $500, $600, $700, $800 $900 and $1000 and available for 3 to 6 months. APRs can range between 5.99% to 35.99% depending on the lender you are matched with. Money Lender Squad takes just 2 minutes to find a prospective lender for you.

Lender APR rate Loan amount range Loan term range Star rating
OppLoans 99% -160% $500 to $4000 2 to 48 months 10/10
Rise Credit 89% – 449% $300 to $3500 2 to 24 months 10/10

Pros

  • They do not require a guarantor for providing loans.
  • Money Lender Squad provides one of the fastest approval times in the industry.
  • You can request an extension of loan tenures on specific conditions.


Cons

  • Many lenders can charge high-interest rates on loans granted to individuals with bad credit


4. Very Merry Loans – Best for Same Day Payouts

Very Merry Loans is a payday loan provider with numerous lenders under its network. This increases an applicant’s chances of getting a loan approved by many folds. Starting off with a user-friendly website, you just input your requested loan amount and other requirements and submit the application form. The provider will come back with matched results within 2 minutes of applying. They provide loans with APRs ranging from 5.99% to 35.99%.

Lender APR rate Loan amount range Loan term range Star rating
CashNet USA Variable $500-$1000 8 to 31 days 9/10

Pros

  • Even people with bad credit and a chequered financial past can apply with Very Merry Loans.
  • They can provide extended repayment terms if you cannot repay the loans on time.
  • Loans of upto $5000 can be requested at Very Merry Loans


Cons

  • Loans for 30 days can carry steep interest rates.


5. Heart Paydays – Best for No Guarantors Required

Heart Paydays welcomes borrowers with bad credit as well as other credit profiles. It presents an easy-to-use website that makes the process of getting lenders smoother and seamless. You can get loans ranging from $100 to $5000 depending on your requirements. You can get loans from different lenders with APRs up to 35.99%.

Lender APR rate Loan amount range Loan term range Star rating
LendUp Variable $100-$500 30 days 10/10
ACE Cash Variable $200-$2000 7 to 30 days 9/10

Pros

  • com does not require much paperwork to register with them.
  • You can get a loan at any time of the day.
  • com can complete disbursement within an hour.


Cons

  • Certain loan offers carry high administrative and loan origination fees.


Features of Payday Loans Rhode Island

Compared to traditional types of loans, payday loans are quite different. We’ve compiled a list of salient features of payday loans below.

Variability

No two payday loan lenders are alike. One of the main factors to go into a payday lender’s viability is an individual’s financial status. While some providers are automatic, others take several days to process your loan.

Loan qualifications

One of the main reasons people are attracted to payday loans is the ease of access. The majority of payday lenders will simply gloss over your financial history while some may not even access it. For the most part, applicants may require a bank account and some government-issued ID. Lenders may also request additional documents such as pay stubs and driver’s license, only when your offer is matched.

Rollovers

You will have to pay back payday lenders in specific installments before they ‘re due. The duration for each borrower will be different. You may find yourself struggling to repay the installments on time, which is when you should extend your loan duration. These are known as rollovers. Rollovers or renewal offers to require a secondary fee to be paid, which itself depends on the loan amount.

Interest rates

Interest rates for payday loans are substantially higher compared to other loan forms. This is due to them being unsecured in nature and not requiring any collateral. As a result, the lenders charge higher interest rates to offset this risk. The total cost of the loan is calculated by the APR or annual percentage rate, which includes the interest rates and any fees related to the loan.

Types of Payday Loans Rhode Island

Bad Credit Loans

You can get payday loans in Rhode Island if you have bad credit. Almost all payday loans have low requirements when it comes to qualifying for a payday loan. This allows the maximum number of people to apply.

Payday loans are often the last resort for individuals who are stuck amidst financial problems and are denied credit by all the traditional institutions.

Get a bad credit payday loan here >

No Credit Check Loans

Most borrowers prefer payday lenders as they do not normally perform any credit checks. This allows them to provide the loan much faster than banks.

No Credit Checks also mean that your credit report won’t get affected if you take a payday loan. But this also means that you won’t be able to improve your credit score either.

Get a no credit check payday loan here >

Direct Lenders Loans

Direct lenders offer their payday services directly to clients, without any middleman such as a provider or broker in between. Many people prefer working with direct lenders as they believe they’re getting the best possible.

However, instead of using direct lenders, using payday providers will allow you to compare the best rates with lenders in the market. It will also increase the chances of your loan application being accepted the first time you apply.

Get a direct lenders payday loan here >

Same Day Deposit Loans

Payday loan lenders normally provide same-day deposits that let them access the funds on the same day. This is extremely useful in situations where you cannot delay the payments of bills or other expenses.

Same-day deposits are sought after by almost all borrowers.  They are normally in a position where they need the funds at the quickest and cannot afford to wait long periods for loans.

Get a same day payday loan here >

Unemployed Loans

Payday loan lenders allow unemployed individuals to apply for loans, although they will need proof of income of $1000. This is particularly useful if you’re a freelancer and do not receive a stable income.

Almost all of the payday loan providers do not care about the client’s ability to pay. However, some individual lenders may ask for proof of income.

Get a unemployed payday loan here >

SSI benefits Loans

Supplemental Security Income or SSI is a federal program that provides eligible individuals with monthly payments from the government. People who are normally eligible include those who are 65 or older, as well as for those of any age, including children, who are blind or who have disabilities.

Payday loans are granted to individuals with SSI benefits. These lenders do not judge anyone on the basis of their financial background so individuals with SSI benefits are free to apply.

Get a SSI benefits payday loan here >

Title Loans vs. Online Payday Loans Rhode Island

Title loans and payday loans are two popular loan products accessed by the general public. They have some major differences which have been explained in brief below.

Application requirements

You will require a car title, a government-issued ID, and proof of insurance to apply for a title loan. On the other hand, you will only require proof of income, bank account, and ID for a payday loan

Loan amounts

In the case of title loans, the loan amount is usually 25% to 50% of the car’s value. For payday loans, loan amounts can vary between $100 to $5000 although some states cap the amount at $500.

Average repayment terms

Title loans are usually 30 days long where you can roll the loan over, with additional rollover fees being applicable. For payday loans, the average loan tenure is 2 to 3 weeks.

Availability

Title loans can be applied for from the following states – Alabama, Arizona, Delaware, Georgia, Idaho, Illinois, Mississippi, Missouri, Nevada, New Hampshire, New Mexico, South Dakota, Tennessee, Texas, Utah, Virginia and Wisconsin. Payday loans are legal in all US states except Washington, D.C , Arizona, Arkansas, Georgia, New Mexico and North Carolina.

Credit Impact

Most title loan providers do not report it to credit bureaus. However, a repossession will definitely impact your credit report and decrease your score. On the other hand, Payday loans allow individuals to maintain their credit scores.

Advantages of Online Payday Loans Rhode Island

No need to approach banks

Many individuals are disqualified from getting loans from banks and financial institutions. No one can guarantee that their financial position won’t change and funds may be required at short notice. Payday lenders can help individuals in these circumstances, providing them with a quick and easy way of getting access to the funds they need.

Covering expenses

It’s not uncommon to find individuals struggling to cover utilities, rent, bills, and groceries. These individuals can use small cash advances like payday loans to manage everyday expenses or consumer needs. Expenses include credit card payments, utilities, rent, sudden events, and groceries.

Covering Credit card debt

One of the biggest reasons people use payday loans is to cover mounting credit card debts. Many credit card companies can get pretty aggressive with their debt collection efforts. They may also charge an overdraft fee when you max out your credit card. Using payday loans to cover these expenses is a clever way to get credit card companies off your back.

All Credit Profiles

Even if you’re financially struggling, have bad credit, have poor credit scores, or are unemployed, payday loans have got you covered. Lenders normally do not access your credit information before providing you with the loan. You do not even have to notify them about the reason you’re taking out the loan.

Disadvantages of Online Rhode Island Payday Loans

High-interest rates

Although readily not apparent, payday loans can carry high interest rates of over 100%. This is always mentioned in the loan agreement provided to you before you sign it. You should be careful of the APR rate, especially when borrowing larger amounts as interest payments can make it difficult to repay the loan.

Debt cycle

Many people get trapped into a vicious debt cycle that starts with taking out payday loans to meet expenses. Individuals may take out additional loans to payout the first payday loan, trapping themselves in this cycle.

How to get Online Payday Loans Rhode Island

Almost all payday lenders and providers have easy-to-use application processes. These normally last a couple of minutes.  We’ve taken the example of Viva Payday Loans to explain the signing up process.

Step 1: Visit the Viva Payday Loan Official Website

On Viva Payday Loan’s official website, you will find the “ Apply Now” button. Go ahead and click on it, which will redirect you to the form.

Step 2: Completing the Application Form

Viva Payday Loans require minimum information from their borrowers such as name, income details, personal information, banking information and employment details. You may be required to produce additional information once your application has been paired up with a particular lender.

Step 3: Getting your decision

Viva Payday Loans completes the application process within minutes. They quickly get to work on matching your application with their network of lenders, providing you with the best rates possible. You will be notified on the spot about your loan approval.

Step 4: Receiving the loan

Finally, the provider will send you a loan agreement fr you to review. After going through the terms and conditions and signing the contract, submit it to the provider after which you will promptly receive the loan in your specified bank account.

.

Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans

FAQs

Can I close the bank account associated with the payday loan?

How often can I use a payday loan?

How much will my payday loan cost?

How long does it take to get a payday loan?

Do I need any collateral for payday loans?

About Prodosh Kundu PRO INVESTOR

Prodosh Kundu is the Founder & CEO of SERP Consultancy, a prominent Digital Marketing Company in Kolkata, India. Starting his career in 2004, he is a Google AdWords certified internet marketing professional, SEO consultant, strategist, and analyst. With his strong understanding of financial market regulations, stocks, blockchain technology, cryptocurrency, & forex, Prodosh has written thousands of articles, blogs, broker reviews, guides, and offered critical analysis & recommendations on investment opportunities!


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Payday Loans Michigan | 5 Best Loans in Michigan (Title & Payday) https://ctxbay.com/payday-loans-michigan-5-best-loans-in-michigan-title-payday/ https://ctxbay.com/payday-loans-michigan-5-best-loans-in-michigan-title-payday/#respond Fri, 29 Oct 2021 10:54:01 +0000 https://ctxbay.com/?p=547 You may have heard about the term payday loans recently in the news after its popularity has skyrocketed over the past 5 years. In layman’s terms, it is a type of short-term, high-cost arrangement between a lender and a borrower which helps the latter secure a small amount of cash in a short time. Payday […]]]>

You may have heard about the term payday loans recently in the news after its popularity has skyrocketed over the past 5 years. In layman’s terms, it is a type of short-term, high-cost arrangement between a lender and a borrower which helps the latter secure a small amount of cash in a short time. Payday loans are available in some states of the United States while it is illegal in others.

In the United States, payday loans are legal in states such as Alabama, Colorado, California, Illinois, Indiana, Utah, Kentucky, Louisiana, Maryland, Ohio, Tennessee, Texas and Michigan. Online payday loans in Michigan are particularly popular, which is why decided to present a guide for all interested applicants.

#1 Payday Loans Michigan in 2021 – Viva Payday Loans

Best Payday Loans Michigan – Quick-Pick

  • Viva Payday Loans – Best Online Payday Loan Provider in Michigan. Visit now.
  • Credit Clock – Best Options for No Guarantors Visit now.
  • Money Lender Squad – Best for Quick Approval Process Visit now.
  • Very Merry Loans – Good for Same Day Payout Loan Provider Visit now.
  • Heart Paydays – Best No Credit Check Loan Provider with Low APR Visit now.

What are Online Payday Loans in Michigan?

As mentioned above, payday loans are short-term, and high-cost arrangements between a payday lender and a borrower. While they may vary across states, payday loans are all high-interest products. They also have eligibility criteria that are less rigid than an average bank or traditional lending institution.

Various state laws can apply to payday loans depending on where you’re applying from and Michigan is no different. Payday loans in Michigan can be characterized by short repayment periods(not over 31 days), typically high service fees and APR and upward amount capped. If you are interested in a payday loan, you can get the best rates possible when you apply with a payday provider like the ones mentioned above. All of the providers have their networks of payday lenders under them. This helps them to match the loan applications with the lenders that can provide the best rates.

Common uses of Online Payday Loans in Michigan

Based on various surveys and testimonials from borrowers, there are several ways you can use your payday day loan. We’ve compiled a list of some of the common uses of payday loans below.

Debt consolidation

One of the most common uses of payday loans is to cancel put another debt which is known as debt consolidation.  It can be used to either pay off existing loans or credit card debt. This is particularly useful if the interest rate of the payday loan is less than the loan you’re repaying.

Utility bills

The cost of energy seems to be going up for most people in the US. A service as essential as this cannot be disrupted as it would affect one’s quality of life. Many consumers find themselves without funds to pay bills, either because it is between salary cycles or they do not have sufficient savings. In this case, taking out a payday loan can be a clever choice as delaying utility bill payments can cause permanent disruption of services in many cases.

Healthcare and medical bills

A medical emergency will always be a burden on your wallet, especially you don’t have health insurance. The bills depend on the type of treatment that you will need. Medical issues are certainly one of the biggest reasons why people require sudden funds which only payday loans can offer.

How to Qualify For Online payday loans in Michigan (Eligibility criteria)

The aim of payday loans is to allow less creditworthy individuals to apply for loans, providing them with a way out of financial troubles. If you’re disqualified from applying for a loan from a bank or financial institution, result assured that you can go to a payday lender.  Eligibility criterias include the following:

  • You have to be 18 years or older to apply for a payday loan.
  • You have to be a United States citizen and a valid US bank account holder.
  • You have to provide some form of income proof.
  • You need to produce a social security number when applying for a payday loan.

5 Best Payday Loans in Michigan – Fully Reviewed

We will now take a look at the payday lending providers mentioned above in detail.

1. Viva Payday Loans – Best for Bad Credit Payday Loans

The first entry on this list is Viva Payday Loans, which is already a reputed name in the community. The website is seamless, complimented by a professional design, and easy to use functions. With this provider, you can apply for loans of up to $5000 lasting between 2 to 24 months. It provides a very automated approach to lending, with your application automatically matched with a lender under its network. It guarantees fast loans and an easy-to-fill application that can be completed within minutes.

Lender APR rate Loan amount range Loan term range Star rating
Rise Credit 50%-299% $500 to $5000 2 to 24 months 10/10
LendUp 30%-299% $100 to $500 2 to 24 months 10/10

Pros:

    • This payday provider offers same-day payouts.
  • You have a range of amount options to choose from, starting from $200 to $5000.
  • The application process is simple enough that a novice can even apply within two minutes.

Cons:

    • It is not available in all states of the U.S.

2. Credit Clock – Best For Lower Loan Amounts

Credit Clock is characterized by a very appealing website and good navigation. It offers loans for bad credit individuals which can be applied for within 2 minutes. You will only be eligible to take out a loan from this provider if you’re able to provide proof of income of at least $1000 to apply for a loan. You also have to be a registered permanent citizen of the United States to apply for payday loans at Credit Clock.

Lender APR rate Loan amount range Loan term range Star rating
OppLoans Variable $500 to $4000 9 to 18 months 10/10
GreenDay 5.99% to 35.99% $100 to $5000 24 months 9/10

Pros:

    • The lending provider provides loans to individuals with bad credit without any problems
  • The loans get approved within minutes of applying. It also informs you on the spot whether you’re suitable for a loan or not.
  • Normally, applicants receive the loan amount within 24 hours of applying.

Cons:

    • Credit Clock requires you to submit a proof of income of at least $1000 a month

3. Money Lender Squad – Best for Same Day Payouts

You can get some of the best APR rates in the market when you apply with Money Lender Squad. It provides loans without any guarantees which is ideal for people with bad credit and low credit scores. APRs range from the low 30s to upwards of 100%. The broker is almost instantaneous once you fill up and register with them, connecting you directly to a broker that can provide you with the best loan terms.

Lender APR rate Loan amount range Loan term range Star rating
OppLoans 99% -160% $500 to $4000 2 to 48 months 10/10
Rise Credit 89% – 449% $300 to $3500 2 to 24 months 10/10

Pros:

    • It does not require a guarantor for loans.
  • It has one of the fastest application approval times in the payday lending industry.
  • You can request an extension of loan tenure if you are having problems with repayments.

Cons:

    • People with low credit scores find that interest rates are steep.

4. Very Merry Loans – Best for Low APR

Very Merry Loans has several lenders under its network which increases your chances of getting a loan manyfold. It is a very easy-to-understand credit loan provider, which presents a panel where they list some of the most reputed US-based lenders available. You can get either apply for a short loan (spanning 7 to 31 days) or a longer duration loan( up to 24 months). APRs can typically Range from 5.99% to 35.99%. To apply you have to produce a monthly income proof of at least $1000, be of 18 years of age, and be a permanent American citizen.

Lender APR rate Loan amount range Loan term range Star rating
CashNet USA Variable $500-$1000 8 to 31 days 9/10

Pros:

    • You can apply with Very Merry Loans even if you’re unemployed or have a bad credit report.
  • You can request extended repayment methods if you request them.
  • t allows loan requests of up to $5000.

Cons:

    • Loans for 30 days carry steep interest.

5. Heart Paydays – Best for Low Interest Rates

Heartpaydays.com welcomes borrowers no matter what credit background they come from. It is an easy-to-apply payday loan provider, which works with some of the best loan providers in the country. The loan approval rate of this payday loan provider is very high on account of the lenders it works with. It offers loans ranging from $300 to $5000 with APRs within 35.99%.

Lender APR rate Loan amount range Loan term range Star rating
LendUp Variable $100-$500 30 days 10/10
ACE Cash Variable $200-$2000 7 to 30 days 9/10

Pros:

    • You do not need cumbersome paperwork to register for a loan at Heart Paydays.
  • You are able to register for a loan at an time of the day.
  • Disbursement is completed in one hour.

Cons:

    • There are certain loan offers that carry steep loan administration and processing fees.

Features of Best Online payday loans

Consumers get attracted to payday loans because of some excellent features that make it the best alternative credit source for certain circumstances. Some of the salient features of payday loans are mentioned in brief below.

Loan amounts are flexible

Online payday lending providers connect with lenders that can provide you with loan amounts ranging from $100 to $5000. The sums can vary by lender and state jurisdiction. Companies such as those mentioned above have claimed that they match their clients with the appropriate lenders that can meet their specifications.

Ease of application

Traditional loans and their application procedures involve a lot of time, documentation and hassle. Comparatively payday loan lenders can issue the money within a single day from the application date. There are few sites that provide payday loan registration within minutes and are available on a 24/7 basis.

Repayment

You may get a flexible repayment schedule with some lenders which would allow you to better budget your loan costs and interest rates. Some lenders even allow extensions, as well as early repayments which can help you save a lot of interest.

Types of Payday Loans in Michigan

Bad Credit Loans

Almost all payday lenders welcome individuals with bad credit who usually have bad credit histories and scores. Even though payday loans carry more interest, they are sometimes the only option left for people falling under this category.

There are some lenders that perform hard search queries on your credit report when you apply for a bad credit loan. This can severely impact your credit score in a negative way.

Get a bad credit payday loan here >

No Credit Check Loans

Some payday loan providers do not perform any credit checks on the borrowers. This allows them to provide the loan almost instantaneously once the loan agreement has been signed.

However, to offset this risk, such payday loans can come with higher interest rates. Borrowers should evaluate their repayment ability properly before taking out such loans.

Get a no credit check credit payday loan here >

Direct Lenders Loans

Borrowers sometimes prefer to apply with direct lenders because of favorable terms or a past relationship with them.

It is advised that they should seek to apply with payday loan providers instead of direct lenders. This will allow them to get better rates as well as increase their chances of getting a loan.

Get a direct lenders payday loan here >

Same Day Deposit Loans

Some of the best payday loan providers ensure that they provide same-day deposit facilities to their clients. As almost all the payday loan borrowers are in sudden need of cash, this feature is highly desired.

Heart Paydays and Viva Payday Loans are examples of same-day deposit loans that provide a myriad of options. They automatically pair the relevant applications from lenders from its network.

Get a same day payday loan here >

Unemployed Loans

People who are unemployed are disqualified from getting traditional loans. Because of the tough criteria put up by such lenders, they do not get to qualify. These applicants can approach payday loan lenders for a quick and guaranteed installment loan for bad credit.

Get a unemployed payday loan here >

SSI Benefits Loans

Individuals qualifying for SSI benefits are usually either visually impaired, disabled, or of old age(over 65).  They have limited income and resources and cannot apply for loans from traditional banks.

These individuals can qualify for a payday loan at any of the providers mentioned above. Because the requirements are less rigid and funds usually in a matter of hours.

Get a SSI benefits payday loan here >

Title Loans vs. Online Payday Loans in Michigan

We’ve discussed in detail in the section above about payday loans, but many people are unaware about what title loans actually are. Title loans are best described as a secured loan that requires the borrower to put up a vehicle as collateral. The lender holds the ownership of the vehicle throughout the tenure of the loan and the borrower will still be able to use it. There are some pronounced differences between title loans and payday loans.

Secured vs unsecured

Title loans are secured as they require collateral from the applicant. On the other hand, payday loans do not require any collateral and are thus unsecured. This means that payday lenders do not have the authority to repossess your asset if you fail to pay the loan back on time.

Loan amount

The loan amount of the title loan depends on the value of the car put up by the borrower. Payday loans on the other hand are usually restricted to $5000.

Interest rates

Because title loans are secure the interest rates are lowered compared to payday loans. It is higher for payday loans as lenders take up the additional risk of providing loans to financially struggling individuals.

Advantages of Payday Loans in Michigan

Payday lenders welcome individuals with bad credit

You have a much higher chance of getting a payday loan approved if you have a bad credit score when you go to a payday lender compared to a traditional lender. Payday lenders aren’t interested in the borrower’s credit history and are only concerned about whether or not the borrowers can avail of their services.

Less rigid

The primary attraction of payday loans is the less rigid acceptance criteria that favor such individuals. Payday lenders regularly approve applicants with a bad credit history and little income, as they do not meet the minimum criteria set by banks and other financial institutions.

It doesn’t require collateral

If you have a bad credit score, your payday loan will be approved in a day without requiring you to pledge an asset as security. Traditional lenders sometimes require applicants to place their automobile house or any other assets as collateral. They can repossess it if the borrower fails to pay the loan or time or misses subsequent payments.

Disadvantages of Online payday loans in Michigan

It is costly

Payday loans may be unreasonably expensive if you compare them with traditional loans. This is due to lenders imposing high-interest rates causing overall costs to skyrocket. This has led to cases where applicants struggle to pay back their loans on time, getting into more debt. Always prepare a budget before taking out a payday loan and be aware of all the costs involved.

Bank account access

Lenders require you to provide them access to your bank account when providing fast cash deposits. While this sounds very enticing as you receive the loan in no time, it can give rise to many other account security concerns.

Debt cycle

It is not uncommon for payday borrowers to be trapped in debt cycles. This means they have to take out other loans to pay off existing ones, leading to even more costs. Certain payday loans which carry high APRs may drive borrowers towards bankruptcy.

How to Get Online Payday Loans in Michigan

Payday loan providers usually create their websites in such a way that the maximum amount of people can apply within a short period of time. As convenience is a key factor in all the websites, we’ve decided to explain Viva Payday Loans and its steps for applying for payday loans.

Step 1: Visit the Viva Payday Loans Website

When you visit their website, go ahead and click on the “Apply Now” button found on the top right corner of the screen.

Step 2: Complete the Application Form

The forms of almost any payday lender including Viva Payday Loans are similar in nature. Almost all of them require your name, income details, personal information, banking information and employment details. Some providers may also ask you to provide proof of monthly expenses.

Step 3: Getting the Decision

Viva Payday Loans just takes a couple of minutes to authorize your loan. You should stay on the screen while the process is happening after which you will be notified promptly.

Step 4: Receiving the Loan

The provider will send you the loan agreement from the relevant lender as soon as it is accepted. After reading the terms and agreements of the loan and signing it, the loan amount will be sent directly to your bank account.

Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans

FAQs

How many payday loans can I apply for at once in Michigan?

Can a payday lender in Michigan sue me?

How can I avoid paying payday loans legally?

What happens if I get a payday loan and close my bank account?

How can I apply for Payday loans?

About Prodosh Kundu PRO INVESTOR

Prodosh Kundu is the Founder & CEO of SERP Consultancy, a prominent Digital Marketing Company in Kolkata, India. Starting his career in 2004, he is a Google AdWords certified internet marketing professional, SEO consultant, strategist, and analyst. With his strong understanding of financial market regulations, stocks, blockchain technology, cryptocurrency, & forex, Prodosh has written thousands of articles, blogs, broker reviews, guides, and offered critical analysis & recommendations on investment opportunities!


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California Payday Loans | 5 Best Bad Credit Loans Options in California (2021) https://ctxbay.com/california-payday-loans-5-best-bad-credit-loans-options-in-california-2021/ https://ctxbay.com/california-payday-loans-5-best-bad-credit-loans-options-in-california-2021/#respond Fri, 29 Oct 2021 10:53:31 +0000 https://ctxbay.com/?p=550 California payday loans can lend up to $300 and levy a maximum of $45 in fees. While this charge may not appear excessive, the average annual percentage rate for payday loans is 372 percent. This is far higher than the interest rate on most other loans or credit cards. Payday lenders frequently do not evaluate […]]]>

California payday loans can lend up to $300 and levy a maximum of $45 in fees. While this charge may not appear excessive, the average annual percentage rate for payday loans is 372 percent. This is far higher than the interest rate on most other loans or credit cards.

Payday lenders frequently do not evaluate whether you will be able to repay the loan since they may simply cash your check or access your bank account. This means you may not have enough money to cover other costs, requiring you to take out another loan.

#1 California Payday Loan in 2021 – Viva Payday Loans

Best California Payday Loans – Quick-Pick

  1. Viva Payday Loans – Overall Best Loan Provider in California. Visit now.
  2. Money Lender Squad – Best For No Guarantors. Visit now.
  3. Credit Clock – Best for Fast Approvals. Visit now.
  4. Very Merry Loans – Best for Same Day Payouts. Visit now.
  5. Heart Paydays – Best for Low APR. Visit now.

What Are California Payday Loans?

Payday loans are a sort of alternative financial service that provides quick cash to meet unexpected needs or assist borrowers in paying their bills from one paycheck to the next. These sources of finance have a short payback time and are aptly referred to as “payday loans” since the loan’s duration generally corresponds to the borrower’s payday timeline. A balloon payment is usually payable on the borrower’s following payday after the loan is issued.

The loans are usually for $500 or less and are payable two to four weeks after they are made. Loan terms vary depending on the borrower’s pay schedule or how frequently money is received—for example, the loan might be for one week, two weeks, or one month. Lenders who pay more often throughout a month can take out much more loans in a particular time than those who pay monthly.

Online payday loans are arranged the same way as traditional storefront loans, except that all communication occurs online. This comprises the loan application, authorisation for a lender to withdraw funds from the borrower’s checking account electronically, and direct deposit of borrowed funds into the borrower’s checking account.

Common Uses of California Payday Loans?

So why should you take California payday loans? Below are some of the common uses of California payday loans, according to most borrowers: 

1. Consolidate Your Debt To Pay Off Your Payments

One of the most common reasons for taking out a payday loan is to consolidate debt. If you can get a cheap interest rate, this strategy may make sense. If you use the money from a payday loan to pay off your other obligations, you’ll just have one set monthly payment, and you might be able to save money on interest.

2. Pay For Funeral Expenses

The surviving family members may face severe financial hardship whenever anyone dies without leaving adequate cash for funeral expenses.

In 2019, the average cost of a funeral, including viewing and burial, was $7,640, according to the National Funeral Directors Association. Many people will not have enough money saved to meet that amount all at once.

If you cannot afford the costs of a funeral, a memorial service loan may be an option. Even if you have terrible credit, you may be able to obtain a funeral loan.

3. Make A Significant Purchase

You can use a Payday loan to fund a significant purchase, but you shouldn’t borrow money to buy a new entertainment system, patio set, or automobile. Some significant expenditures are unavoidable, such as the unexpected requirement for a new major appliance.

While you can use a personal loan to purchase a car, auto loans are frequently preferred since they offer lower rates and simple qualification criteria.

How To Qualify For California Payday Loans? (Eligibility Criteria)

To apply for California payday loans poor credit online using any of the previously listed platforms, you must satisfy the following criteria:

  • Be at least 18 years old
  • A valid identification card is required.
  • You must show proof of earning at least $1,000 per month, as well as supporting papers such as pay stubs, bank statements, and proof of residency.
  • You must be a US citizen or a registered permanent resident of the United States.
  • You must have an active account with a recognized bank in the United States.
  • You must have an open bank account.

Best California Payday Loans – Fully Reviewed

If you have made up your mind to apply for California payday loans, find our 5 best California payday loans comprehensive review below: 

1. Viva Payday Loans – Overall Best Payday Loan Option in California

Viva Payday Loans will help you solve all of your financial problems fast by providing no-guarantor loans in just a few minutes. The best lenders examine clients’ applications and provide them with the loan amount they want.

Viva Payday Loans connects you with various lenders that offer you a loan after your application is approved. Viva Payday Loans can connect you to top lenders with flexible loan amounts, whether you need a few hundred dollars to deal with a sudden emergency or thousands of dollars for investment. 

Even if you don’t have perfect credit, the credit payday gateway will link you with reliable lenders, restricting your loan options elsewhere. Furthermore, Viva Payday Loans provides short-term credit loans to borrowers with high-interest debt due to their employment.

Please keep in mind that the interest rates at Viva Payday Loans vary from one lender to the next. However, they often range from 5.99 percent to 35.99 percent. Viva Payday Loans also provides loans to those with terrible credit, unemployed, and those who are on government assistance.

Pros 

    • Loans are disbursed on the same day that they are approved.
  • Flexible loan amounts of $200 to $5,000 are available.
  • The process of application and approval is quick.

Cons 

    • Some states do not allow Viva Payday Loans.

2. Money Lender Squad – Best For No Guarantors

The Money Lender Squad provides low-interest, non-guaranteed lending to the US market. For individuals with bad credit, the website offers payday loans with rapid approvals. Money Lender Squad may give a no-credit-check personal loan for up to two years or a short-term cash loan for up to two months.

Clients apply for a loan by completing an online application form with personal information and attaching supporting paperwork. There is no serious credit check because the Money Lender Squad is mainly concerned with affordability.

Money Lender Squad’s application for bad credit payday loans takes only a few minutes. Borrowers just need to enter their personal information into an online form and click “Submit.” Subsequently, the application form is submitted to lenders who are most likely to approve it using an automated method.

If your request is granted, you will be contacted by one of the Money Lender Squad’s lenders, and you will be sent to their website to complete the process. The lenders will then be able to assess whether or not you can accommodate your application. Fortunately, the entire procedure takes only a few minutes.

Pros 

    • Long-term loans are available.
  • The online application process is quick and straightforward.
  • To apply, users do not require a guarantor.

Cons 

    • If you have a poor credit score, your interest rate will be higher.

3. Credit Clock – Best for Fast Approvals

Credit Clock is the most suitable alternative for you. These dealers offer payday loans, personal loans, bad credit payday loans, and emergency loans to customers deemed qualified based on their applications due to quick payments, simple loan approval procedure, and acceptance of even low credit.

When a client is in a rush, the credit clock comes in helpful since its quick loan approval method saves time, and more payout takes a short time. To continue with the loan application, you must meet the credit clock’s minimum income standards.

Anyone over the age of 18 who is a recognized and legal resident of the United States can use this site to get financial help from certified lenders that accept customers with bad credit. You may be asked to produce proof of domicile and income during the procedure if the lender demands it.

Pros

    • The procedure of approval is quick.
  • Within 24 hours, funds are released.
  • Individuals with bad credit are allowed to apply.
  • Permanent residents of the United States who are 18 years old or older are eligible.

Cons

    • You may need your information due.
  • Because there is a $1,000 minimum earnings criterion, qualifying is based on affordability.

4. Very Merry Loans – Best for Same Day Payouts

The internet platform of Very Merry Loans links qualified borrowers with competent lenders across the United States. Even people with bad credit may get quick access to Very Merry payday loans. You can receive your payment in as little as a few minutes after submitting your application successfully—the loans are usually repaid in less than 24 hours.

People may apply for a payday loan that matches their financial situation on the site, with loan amounts ranging from $200 to $5000. Applicants must be at least 18 years old, citizens of the United States, and earn at least $1000 a month. Some lenders may need proof of your identification or residence. Very Merry Loans is known for its simple lending method, which combines a panel of verified and popular lenders with loan applications from clients to pay out loan requests quickly and legally.

Clients repay their payday loans, which are usually for 7 to 31 days. However, longer loan terms are available, allowing them to pay off their obligations in as little as 24 months. To avoid any difficulty, you must comprehend all of the terms and restrictions associated with taking out a payday loan from any money lending app.

Pros

    • Lenders accept unemployed and low-credit candidates.
  • The annual percentage rate (APR) varies from 5.99 to 35.99 percent.
  • Longer-term loans are also available.

Cons

    • Citizens of the United States are required to apply.
  • Clients must return high-interest loans within 30 days of receiving them.

5. Heart Paydays – Best for No Guarantors Required

Heart Payday is another well-known loan service in the populous United States. By providing appropriate online services loans, the website reduces the cumbersome aspect of retail loan applications. In addition, all candidates for this sort of payday loan must finish the entire online application procedure in under five minutes.

Heart Paydays completes the loan payout in one hour or less (at most one day). Furthermore, this payday loan is well-known for providing loans to those turned down by other lending companies.

Fortunately, you may obtain a loan via Heart Paydays even if you have bad credit, are unemployed, receive government assistance, or just need a cash boost until your next paycheck payday.

Heart Paydays is well known for its low-interest rates, especially on short-term loans. The bulk of lenders offering loans through the platform retain affordable rates, with maximum APRs reaching 35.99%.

Pros 

    • No paperwork or phone calls are required for applications.
  • Your payments will be available to you within one hour after approval or within 24 hours if there is a chance of a delay.

Cons 

    • Some loan offers may include exorbitant fees.

Features of California Payday Loans

  • Simple application: To apply for the loan, you simply need to download the app or log in to the company’s website, fill out a form, and upload the specified documents to prove your identity and income (as previously mentioned)
  • Quick, paperless, and no-show approval and disbursement: If you’ve got everything required, the loan will be approved, and funds will be deposited into your desired bank account in less than 60 minutes. The processes of credit score checking and completing your KYC process are done electronically, making the background verification completed almost instantly.
  • Flexible loan amounts: Depending on your monthly salary, repayment ability, and the terms and conditions of your prefered product, you can easily borrow between Rs.1,500 and Rs.1 lakh.
  • Micropurpose: like most personal loans, you can use the microloans for anything– paying your credit card bill before the due date, paying school fees, funding a medical emergency, wedding or travel, purchasing the latest smartphone or laptop – you name it.

Advantages of California Payday Loans

1. Simple To Acquire

The most important benefit for many lenders is the ease with which you may obtain payday loans. Unlike more typical loan options, you may apply online in a matter of minutes, and you might send funds to your UK bank account the same day. 

This is precisely what many individuals are searching for because these loans are frequently used to pay unforeseen expenditures such as vehicle repair bills or emergency house repairs.

Furthermore, borrowers have a wide range of options. Many lenders provide payday loan solutions, making this type of borrowing even more accessible.

2.  Fewer Restrictions Than Other Types Of Loans

Many applicants are drawn to payday loans since the approval requirements are sometimes less stringent than other financing types. Clients with bad credit and low incomes are frequently authorized by payday lenders, although they do not fulfil the fundamental eligibility standards of banks and other organizations.

3. You Can Get Accepted Even If You Have Poor Credit

Like all other types of borrowing governed by the Consumer Credit Act, payday loans have a 14-day cooling-off period. This implies that you have the right to rescind the contract within 14 days if you think otherwise.

You must return the loan and any interest that has accumulated if you cancel your payday loan. Moreover, the lender must reimburse you for any charges or fees that you paid.

4. A 14-Day Cooling-Off Period Is Available

Like all kinds of borrowing endorsed by the Consumer Credit Act of 1974, Payday loans have a 14-day cooling-off period. This implies that if you change your decision, you have 14 days to terminate the agreement.

However, keep in mind that upon cancelling the payday loan, you’ll have to repay the full amount plus the accrued interest, but you’ll be reimbursed for any fees or charges that you incurred.

5. Quick Cash For Unforeseen Bills

During emergencies, you may not have all the time to wait for the long-winded approval processes in most traditional borrowing institutions. Say if your car, which your business depends on, breaks down and you don’t have the cash to fix it. In this case, you can’t afford to wait for long as this will significantly affect your business. 

In addition to providing online forms to save you from the hassles associated with visiting a physical store, many lenders can transfer funds to your account within minutes after approving your application. 

For example, Lending Stream is reputable for disbursing funds in the applicant’s bank account within 90 seconds after approving the loan request. However, this may vary in different cases depending on the applicant’s bank policies—others may take longer.

6. Reliable Authorized And Regulated Lenders

Initially, you did not regulate the payday industry closely. However, the Financial Conduct Authority has been keeping a close eye on the payday lending industry in the recent past.

Before engaging in any restricted activity, such as offering loans or loan broker activities, lenders must register with the Financial Conduct Authority.

After being approved, the companies are listed on the Financial Service Register.

Individuals seeking quick loans can profit from the protection provided by the Financial Conduct Authority.

Before applying for the loans, borrowers are advised to check the Financial Services Register to ensure that they are dealing with an authorized and regulated firm.

Disadvantages of California Payday Loans

1. They’re Costly

Payday loans might be prohibitively costly at times. Some lenders charge interest rates of up to 1,500 percent APR, which can lead the cost of borrowing to spiral out of control. Fortunately, many alternative types of borrowing have lower interest rates—so it’s simple to notice how some individuals struggle to repay payday lenders when the fees are so high.

2. Payday Loans Target the Minority

Payday loans are viewed as predatory by some since they target those with low incomes and poor credit. While many other lenders and financial organizations do this, payday lenders have a terrible reputation for aggressively chasing unpaid loans in the past. Although the industry is more regulated than ever before, it is still vital to research your alternatives before applying for a loan.

3. It is Easy to Get Stuck In A Debt Cycle

Payday loans, which typically carry extremely high-interest rates, may put consumers in greater danger of getting into debt. Whenever you fail to pay back your payday loan on time, you may find yourself in a financial trap. As a result, you may need to borrow other loans from other lenders to settle your previous debt, leading to a terrible scenario.

4. They Have Unauthorized Access To Your Bank Account

Payday lenders frequently advise that payments be made through Continuing Payment Authority (CPA). This allows them to collect regular payments straight from your account. While you may revoke their authorization at any moment, some people consider this to be a terrible action to make.

How To Get California Payday Loans

Although each loan website operates independently, they are all linked in the application process. Most of their websites feature an easy-to-use structure, permitting you to request a loan with no difficulty. 

Below is an example of the Viva Payday Loan application process.

Step 1: Visit Viva Payday Loans

To obtain a basic layout, go to Vivapaydayloans.com and click the “Apply Now” option at the top right of the site.

Step 2: Complete The Application Form

You will be given an application form in which you must provide your official name and personal data, as well as your earnings and bank details.

Step 3: Get Your Decision

The approval process will take two minutes, so don’t leave the website before getting feedback. Besides, they’ll also inform you if your application has been rejected. 

Step 4: Receive Your Loan

Once your request is approved, you will receive an agreement form through your email so that you review and sign. You must comprehend the terms offered. When you submit a completed agreement form, the procedure of depositing cash into your bank account will begin promptly.

Step 5: What if I’m Not Approved?

If your application is denied, you are free to look into alternative loan choices, such as the Credit Clock or Heart Payday, among others.

You shouldn’t be concerned about your credit record because these services never perform a thorough credit report and are completely free.

Conclusion

Califonia payday loans can come in handy, especially when you have an emergency or facing a financial urgency you need to address. At Viva Payday Loans, you can apply for California payday loans and get approved in minutes. 

Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans

ALSO CHECK: Texas Payday Loans

FAQs

Does California Do Payday Loans?

How Many Payday Loans Can You Get in California?

Can You Have Multiple Payday Loans in California?

Can Payday Loans Sue You in California?

What Happens if You Don’t Pay a Payday Loan in California?

About Denzil Otieno PRO INVESTOR

A procurement graduate. Young business owner. A smart business investor.


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Payday Loans Kentucky | 5 Best Loans in Kentucky (Title & Payday) https://ctxbay.com/payday-loans-kentucky-5-best-loans-in-kentucky-title-payday/ https://ctxbay.com/payday-loans-kentucky-5-best-loans-in-kentucky-title-payday/#respond Fri, 29 Oct 2021 10:53:02 +0000 https://ctxbay.com/?p=553 The term Payday loan refers to a relatively new loan product that is short-term in nature. These loans are usually granted in smaller amounts with high interest rates. They are usually priced at a fixed dollar fee, representing the finance charge to the borrower. The interest rates are high because of the short-term to maturity. […]]]>

The term Payday loan refers to a relatively new loan product that is short-term in nature. These loans are usually granted in smaller amounts with high interest rates. They are usually priced at a fixed dollar fee, representing the finance charge to the borrower. The interest rates are high because of the short-term to maturity.  These loans are generally meant for less-credit-worthy individuals. Payday loans are available in numerous U.S. states, with Kentucky payday loans being in great demand.

In spite of such awareness regarding payday loans, there still exist a substantial number of people who still do not know how to apply. This guide aims to address that, by presenting reviews of numerous payday providers as well as explaining how to sign up and apply for a loan.

#1 Kentucky Payday Loan in 2021 – Viva Payday Loans

Best Kentucky Payday Loans – Quick-Pick

With the advancement of internet connectivity, payday loans can be applied from a number of online lenders and brokers. We’ve decided to include 5 of the best online payday loan providers in Kentucky, with detailed reviews included in later sections.

  • Viva Payday Loans – Overall Best Loan Provider in Kentucky. Visit now.
  • Money Lender Squad – Best For No Guarantors. Visit now.
  • Credit Clock – Best for Fast Approvals. Visit now.
  • Very Merry Loans – Best for Same Day Payouts. Visit now.
  • Heart Paydays – Best for Low APR. Visit now.

What are Kentucky Payday Loans?

The southeastern state of Kentucky has always been a major hub for payday loan providers. As mentioned before, Payday loans are small-term loans with high interest, usually provided to individuals with low credit scores and bad credit history. These individuals normally do not qualify for traditional loans and thus have to seek alternative sources of credit and payday loans fit the bill. Payday loans can be known by many names, such as bad credit loans, no credit check loans, and installment loans for bad credit.

The laws regarding payday loans can vary from state to state, with some U.S. states making payday loans illegal. These states include the likes of Arizona, Arkansas, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, New York, North Carolina, Pennsylvania, Vermont, West Virginia, and the District of Columbia.

Luckily, if you live in Kentucky, you can easily apply for a payday loan with several payday loan providers. According to state laws, Kentucky limits payday loan amounts to a maximum of $500 and a maximum loan term of 60 days. Many borrowers take out multiple payday loans if they want a larger amount, even though that is not preferred. State regulatory authorities keep track of payday lenders and their transactions via the Kentucky Deferred Presentment Transaction System.

Common uses of Kentucky Payday Loans

Payday loans should only be used in situations where you cannot delay the payment of bills for a particular product or service. According to numerous surveys around the world, some of the most common reasons for getting payday loans include expenses related to vehicles, family and children, travel, healthcare, entertainment, and repayment of other loans.

  • Expenses related to car repairs are the most common reasons given for taking out payday loans as a car is essential for going to work for most Americans.
  • You can take a payday loan if you intend to cover unexpected expenses like a vehicle or medical bill that can come up between your salary cycles.
  • Many consumers also use payday loans to take care of credit card payments, mortgage payments, gas and groceries, utilities, and other financial emergencies.
  • As healthcare costs are pretty high in the United States, consumers use payday loans to deal with unexpected medical bills.
  • Other uses include replacing broken appliances, buying groceries, paying for past due utility bills, family vacations, new furniture items, and vet bills.

How to Qualify For Kentucky Payday Loans (Eligibility criteria)

The very nature of payday loans is to allow as many low credit-worthy individuals to apply for loans. These individuals are normally disqualified from applying for loans from traditional lending institutions, leaving them scrambling for other options. Generally, payday lenders include very favorable eligibility requirements allowing the maximum number of applicants to apply. These include:

  • Being 18 years or older. (It is 19 years in case of Nebraska and Alabama).
  • Being a valid United States citizen.
  • Being a US bank account holder.
  • Being able to provide some sort of employment proof for at least 90 days, such as a pay check.
  • Possessing a valid social security number.

Top 5 Best Kentucky Payday Loans – Fully Reviewed

Let’s now dive into the above-mentioned payday loan lenders for Kentucky. Almost all of them guarantee fast approvals for low-credit-worthy individuals.

1. Viva Payday Loans – Overall Best Payday Loan Option in Kentucky

Viva Payday Loans is a well-known name in the lending community, providing payday loans for bad credit across the country. Presented with a smooth and seamless portal, this payday loan provider works with a variety of lenders under its belt. You can apply for up to $5000 with loan tenures ranging from 2 to 24 months, depending on local laws. Once approved for a loan, the website will redirect you to a direct lender who will then be in charge of providing you with the loan.

Lender APR rate Loan amount range Loan term range Star rating
Rise Credit 50%-299% $500 to $5000 2 to 24 months 10/10
LendUp 30%-299% $100 to $500 2 to 24 months 10/10

Pros

  • Viva Payday Loans offers same-day pay-outs.
  • Loan amounts can range from $200 to $5000 depending on your state.
  • The application process is seamless and can be completed within mere minutes.


Cons

  • The service is not available in all US states.


2. Credit Clock – Best for Fast Approvals

You cannot miss Credit Clock with its bright green designs and seamless website. This payday loan provider offers short-term loans for bad credit, ranging from the low hundreds to $5000. The approval process for the broker is very easy as it takes only 2 minutes. You will be required to meet the $1000 monthly earnings requirements to be eligible. You can only apply with Creditclock if you’re a registered permanent resident of the United States.

Lender APR rate Loan amount range Loan term range Star rating
OppLoans Variable $500 to $4000 9 to 18 months 10/10
GreenDay 5.99% to 35.99% $100 to $5000 24 months 9/10

Pros:

  • Creditclock welcomes bad credit borrowers without any problems.
  • Loans get approved within 2 minutes
  • You will get your loan amount within 24 hours of applying.


Cons:

  • You will have to submit a proof of income of at least $1000 per month.


3. Money Lender Squad – Best For No Guarantors

Money Lender Squad provides some of the best APR rates in the market. It offers no guarantor loans for people with bad credit within 24 hours of applying. Depending on how the lenders get connected to your application, you can get a loan with APRs ranging from 36% to over 400%. Once the 2-minute registration form is filled up and submitted, the broker wastes no time to connect you directly to one of the lenders under its network.

Lender APR rate Loan amount range Loan term range Star rating
OppLoans 99% -160% $500 to $4000 2 to 48 months 10/10
Rise Credit 89% – 449% $300 to $3500 2 to 24 months 10/10

Pros:

  • Money Lender Squad does not require a guarantor for loans.
  • Lending application is one of the fastest in the market.
  • Loan terms can be extended.


Cons:

  • Interest rates can get a lot higher if you have a very low credit score.


4. Very Merry Loans – Best for Same Day Payouts

Very Merry Loans is an online bad credit loan provider which has some of the leading US-based lenders under its network. It presents a very easy-to-understand panel that contains some of the most reputable lenders in the United States which increases your chances of getting a loan.  You can get a loan that can either be extremely short (7 to 31 days) or longer (up to 24 months). It offers APRs ranging from 5.99% to 35.99%. To apply, you have to be 18 years old, a permanent American citizen, and $1000 monthly income.

Lender APR rate Loan amount range Loan term range Star rating
CashNet USA Variable $500-$1000 8 to 31 days 9/10

Pros:

  • Very Merry Loans welcomes both bad credit borrowers and unemployed individuals.
  • It allows extended repayment methods when requested.
  • You can apply for up to $5000 as the loan amount.


Cons: 

  • 30-day loans from Very Merry Loans carry very high interest.


5. Heart Paydays – Best for No Guarantors Required

Heart Paydays allows any individual to apply for a loan no matter what credit score the individual has. You can get a loan applied and receive it within 60 minutes from the application. You can choose loan amounts of up to $5000 with 24-month loan tenure. They are known for their APRs especially in the case of short-term loans. In some cases, it may go up to 35.99% APR.

Lender APR rate Loan amount range Loan term range Star rating
LendUp Variable $100-$500 30 days 10/10
ACE Cash Variable $200-$2000 7 to 30 days 9/10

Pros:

  • You don’t require any paperwork or to call anyone when registering for a loan.
  • Disbursement is typically completed within 60 minutes.
  • 24/7 availability.


Cons:

  • Certain loan offers carry very high fees.


Features of Kentucky Payday Loans

While the exact definition of payday loans can vary depending on definitions, they are generally regarded as any short-term, high-cost products that can range from $300 to $5000. While the state and federal restrictions on payday loans may vary, some of the features are common, no matter which state you reside in.

Principle amount

The principal amount of payday loans is typically smaller compared to traditional loans. This is due to the purpose of the loans as applicants use them to take care of sudden small expenses.

Structure

With a payday loan, you either get a single or multi-payment structure, depending on the lender chosen.  The lender has the obligation of providing detailed information regarding the terms and conditions of the loan in a transparent way. While some lenders do not let applicants deviate from the agreed repayment schedule, there are others that allow repayments before due dates, which can help applicants save on interest rates.

Credit requirements

These lenders and brokers deliberately lower their credit requirements to allow as many people as possible to apply. These loan products are specifically aimed at individuals with very low credit scores and credit histories. Lenders do not take into account the applicant’s repayment ability. This is why borrowers should always ascertain their own repayment capabilities before applying for a loan.

Higher interest rates

Perhaps the most eye-catching feature of these loans is that they have higher interest rates. This is due to the nature of the loans and the borrowers in question, most of which are less credit-worthy individuals.

Types of Kentucky Payday Loans

Bad Credit Loans

Some lenders term their payday-like loans as bad credit loans which are specifically meant for people who have a less than spotless credit record or little to no credit history. They have higher interest rates and restrictions than normal loans and can be useful to people if used properly.

When applying for bad credit loans, some lenders perform hard search queries on your credit report while others do not. It is preferred that you approach bad credit loan lenders that perform security checks.

Get a bad credit payday loan here >

No Credit Check Loans

Many individuals prefer payday loan providers with no credit check. These loans are usually granted quickly and have the most approval success among all payday loan types.

However, bad credit loans or payday loans without any credit check usually have some of the highest interest rates in the market. This is to offset the risk of providing loan amounts to sometimes financially bankrupt individuals.

Get a no credit check credit payday loan here >

Direct Lenders Loans

Some borrowers prefer to apply for loans with direct lenders. This is either due to a past relationship with the lender or because they perceive that they are getting the best loan rates and terms possible.

Instead of applying with direct lenders, borrowers can get better terms and conditions if they apply with payday loan providers like those mentioned above. Payday loan providers work with numerous direct lenders under their network which also increases the chances of loan approval.

Get a direct lenders payday loan here >

Same Day Deposit Loans

The best payday loan providers always ensure that they try to provide same-day deposits and payments. As most of the applicants are usually in a hurry to pay outstanding bills, this feature is much sought after.

Payday loan providers like Viva Payday Loans and Heart Paydays can provide same-day approval and deposit of loans depending on the lender you’re paired up with.

Get a same day payday loan here >

Unemployed Loans

People who are unemployed often find themselves in financial turmoil with no credible sources for accessing credit. They do not qualify under the tough criteria put in place by normal financial institutions and banks.

Bad credit loan providers for unemployed people can be the only solution for them. These payday loan providers have low credit requirements with some of them not requiring a paycheck from a conventional job.

Get a unemployed payday loan here >

SSI Benefits Loans

Individuals that receive SSI benefits are usually disabled, visually impaired, or aged over 65. They are usually characterized by having limited income and resources. They usually cannot apply for loans from banks and other financial institutions because of their status.

Payday loan providers allow low credit-rated individuals to apply for loans, which include those living with SSI benefits.

Get a SSI benefits payday loan here >

Title Loans vs. Kentucky Payday Loans

While we’ve discussed in detail what a payday loan is, title loans are a bit different. They are a type of secured loan that requires your vehicle as collateral, with the amount of money depending on the valuation of your vehicle. They are short-term loans where the lender holds the borrower’s car title during the duration of the loans. The borrower will still be able to drive their vehicle when in collateral.

  • The main point of difference between title loans and payday loans lie in their characteristics. While a title loan is secured, a payday loan is unsecured which means they do not require any collateral such as a vehicle.
  • The amount of money that you will be able to get as a title loan depends directly on the value of the vehicle you put up. This is not the case for payday loans, which usually range between $500 to $5000
  • Title loans pose a greater risk of asset repossession if you do not pay back according to the repayment schedule. Because of this, they have lower interest rates, compared to payday loans which are unsecured. Payday loans on the other hand do not pose a risk to your assets but are often with higher APRs than usual.

Advantages of Kentucky Payday Loans

Like most forms of loans, payday loans in Kentucky also have their fair share of attractive features as well as less desirable ones.

Convenience

The biggest advantage of payday loans is the convenience. Because the borrowers do not have the required time to make other arrangements, they need the funds at the quickest. Payday loan providers with their same-day approvals and deposits can ensure that the borrowers receive the funds at the soonest possible moment.

Unsecured

The unsecured nature of these loans is an advantage for many borrowers. This means that the lenders do not have the privilege of repossessing your assets if you fail to pay back the loans on time. Some payday loan lenders allow borrowers to request an extension for their repayment.

Bad credit approval

The chances of getting approved with a low credit score are high compared to traditional lenders. Payday lenders are not interested in knowing whether the borrower has a questionable financial past. They’re more concerned about whether the loan is affordable to the borrower or not.

Disadvantages of Kentucky Payday Loans

Very expensive

Payday loans are considered a very costly alternative to a traditional loan. It is not uncommon to find some lenders charging upwards of % APR for some loans, which increases the total cost of borrowing. This is also one of the main reasons why many borrowers struggle to pay back their payday loans on time.

How to Get Kentucky Payday Loans

Applying for a payday loan is as simple as it gets. While the exact details of the loan application process may differ slightly from provider to provider, some of the common steps are given below. We are taking the example of Viva Payday Loans.

Step 1: Visiting the Viva Payday Loan Official Website

You can visit the official Viva Payday Loan official site here. Navigate to the right corner of the screen and click on “Apply Now”.

Step 2: Completing the application form

Viva Payday Loans will require your name, personal information, income details, employment and baking information. The form will also require a summary of your monthly expenses.

Step 3: Getting your decision

Viva Payday Loans takes two minutes to authorize your loan. You will have to stay on the screen before you get your response. You will be notified in case your loan does not get approved.

Step 4: Receiving the loan

After approval, the payday loan provider will send you the loan agreement that you have to read and accept. After signing, submit the loan agreement after which you will receive the amount immediately to your bank account.

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Request Your Payday Loan at our Top Rated Provider – Viva Payday Loans

ALSO CHECK:

– PAYDAY LOANS NEVADA

– TEXAS PAYDAY LOANS

– PAYDAY LOANS UTAH

FAQs

Are payday loans legal in Kentucky?

What happens if a payday loan is not repaid in Kentucky?

What is the statute of limitations when it comes to payday loans in Kentucky?

Can I apply for more than one payday loan in Kentucky?

Why are payday loans expensive?

About Prodosh Kundu PRO INVESTOR

Prodosh Kundu is the Founder & CEO of SERP Consultancy, a prominent Digital Marketing Company in Kolkata, India. Starting his career in 2004, he is a Google AdWords certified internet marketing professional, SEO consultant, strategist, and analyst. With his strong understanding of financial market regulations, stocks, blockchain technology, cryptocurrency, & forex, Prodosh has written thousands of articles, blogs, broker reviews, guides, and offered critical analysis & recommendations on investment opportunities!


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How to protect yourself from overdraft fees https://ctxbay.com/how-to-protect-yourself-from-overdraft-fees/ https://ctxbay.com/how-to-protect-yourself-from-overdraft-fees/#respond Fri, 29 Oct 2021 10:52:57 +0000 https://ctxbay.com/?p=562 Citing the impact of Covid-19 on many consumers’ finances, some banks, including Ally Bank and KeyBank, have stopped charging overdraft fees or have offered relief from them. Other banks, however, have gone in a different direction. Between March 13, 2020, and September 20, 2021, account holders filed over 1,600 complaints against various banks to the […]]]>

Citing the impact of Covid-19 on many consumers’ finances, some banks, including Ally Bank and KeyBank, have stopped charging overdraft fees or have offered relief from them. Other banks, however, have gone in a different direction.

Between March 13, 2020, and September 20, 2021, account holders filed over 1,600 complaints against various banks to the Consumer Financial Protection Bureau (CFPB) about overdraft fees, the agency’s records show.

“Wells Fargo picks and chooses when they are going to charge overdraft fees and when they are going to pay a bill or not,” one complaint filed against Wells Fargo on September 1, 2021, reads. “I will go to sleep and my account [is] positive and there is enough to cover pending charges. Then all of sudden days later the date of the [charge] is changed and I have been charged an overdraft fee. They have recently even had notices within the app that says your balance amount may not be accurate.”

These fees, which can be as high as $35 per overdraft transaction, are an incredible hardship for some consumers. As the complaint continues, “I have a second chance checking account and because of some hardships I am limited in who I can bank with. I feel like Wells Fargo takes advantage of the underprivileged.”

Though some US banks temporarily paused on charging overdraft and other service fees, an analysis of banks with more than $1 billion in assets and some smaller institutions that chose to disclose data suggests that banks are on their way to charging service fees at pre-pandemic levels even as the Covid-19 pandemic resurges. A March 2021 report from S&P Global Market Intelligence indicated that banks collected $3.6 billion in service fees in the fourth financial quarter of 2020. Overdraft fees composed $2.32 billion of those service charges in the quarter, a 64 percent spike from just six months prior in the second quarter of 2020, the report noted.

Put simply, these fees amount to another tax on the poor, an extraction from the country’s poorest Americans to its wealthiest banks, experts say. Overdraft fees are meant to safeguard banks from risks associated with covering account holders’ overspending, but they can disproportionately hurt low-income consumers who need protection the most, experts told Vox. Lawmakers and advocacy groups had called for the curtailing of these fees even before the Covid-19 pandemic disrupted the US economy. Now, the call to regulate bank fees has returned as the coronavirus crisis continues to upend consumers’ financial lives.

Why do banks charge account maintenance and overdraft fees?

The FDIC defines overdraft fees as a fee assessed whenever an account holder spends more than what’s in their account. Banks may also charge an account maintenance fee, also known as monthly service fees, just for having the account or for falling below a certain minimum balance, per the FDIC. Banks, of course, can charge a range of other fees, including ATM use fees, per-check fees, and stop-payment fees.

It’s hard to pinpoint when banks began charging overdraft fees in the US. Vox reached out to JPMorgan Chase, Wells Fargo, and Bank of America to ask when they started charging account maintenance and overdraft fees, but none of them shared when they implemented these charges. According to a 2020 report from the Center for Responsible Lending, banks historically declined debit card charges when account holders lacked the funds to cover charges. But over time, banks — at the urging of software consultants who were promoting overdraft programs on a contingency fee basis — began allowing overdraft transactions to go through and charging customers fees.

“I think that at some point it was clear that it was a helpful situation, so that bills didn’t bounce, checks didn’t bounce, mortgage payments didn’t bounce,” said Peter Smith, senior researcher at the Center for Responsible Lending. “This was a fairly informal service, but when people started using debit cards more [and] people started using electronic payments more, I think banks began to see this as an opportunity for revenue and not just a convenience service they could offer their account holders.”

Though overdraft fees can be costly for low-income households, they make up a small share of banks’ overall income. Per the Center for Responsible Lending’s analysis, bank overdraft fees average $35. That fee tends to be higher than the value of the transaction that triggers it, which is $20 on average. For banks with assets of $1 billion or more, overdraft or insufficient funds fees are about 5 percent of their non-interest income, the report noted.

Banks charge overdraft fees to account for the risks associated with covering charges on overdrawn accounts, said Deeksha Gupta, assistant professor of finance at the Tepper School of Business at Carnegie Mellon University. Though banks are profitable without charging these fees, they want to avoid risks for paying merchants’ charges and deter account holders from overspending, Gupta said.

Bank fees’ impact on vulnerable consumers

Banks don’t want to take on the risks of covering consumers’ overdrawn transactions, but it remains up for debate whether the fee is truly worth it given its impact on low-income consumers. Overdraft fees tend to prey upon low-income consumers, Rebecca Borné, senior policy counsel at the Center for Responsible Lending, said. The center’s 2020 report found that 9 percent of bank account holders pay 84 percent of the more than $11 billion overdraft fees banks collect every year.

Borné said while other fees serve a function — it does cost banks to administer checking accounts, rendering account maintenance fees somewhat necessary, for instance — with overdraft, the effect is different. Besides charging a high overdraft fee per transaction with insufficient funds, banks engage in a range of practices that can leave customers with compounding overdraft fees, including charging more than one fee per day, charging fees for debit card purchases and ATM withdrawals, and imposing another overdraft fee if previous fees aren’t paid within a set period of time, the Center for Responsible Lending’s report explained.

As some banks resume charging overdraft fees, pre-pandemic research suggests such fees play a role in excluding unbanked consumers from accessing traditional bank accounts. According to the FDIC’s 2019 How America Banks report, about 5.4 percent (7.1 million) of US households were unbanked, meaning nobody in the household had a checking or savings account at a bank or credit union. Among the reasons why respondents said they don’t have a bank account: Almost half of respondents said they don’t have enough money to meet minimum balance requirements, and more than a third said bank account fees are too high.

Complaints filed to the CFPB offer a window into consumers’ struggles with overdraft charges. “In … 2021, US Bank had enrolled me into an overdraft protection program which I never authorized. One time I was out traveling and forgot to put money in my checking account, and my balance hit negative. I was unaware and kept using my debit card for small transactions like coffee,” reads one complaint filed August 27 against US Bancorp. “The majority of these transactions are below [$10]. Instead of declining these charges, US Bank charged me a series of overdraft fees, each of them [$36]. In the end, the total overdraft fees ended up being [$360] for over a couple of days. They waived three of them, bringing my loss down to [$250] … Talking to their customer service, they never offered an option to opt out of their overdraft ‘protection’ program. They offered some even more predatory protection options instead which I declined.”

With bank fees pushing consumers away from traditional bank accounts, vulnerable consumers may be driven to use even costlier alternative financial services. According to a May 2020 Federal Reserve report, 16 percent of US adults were underbanked in 2019, meaning they had a traditional bank account, but also used alternative financial services like check cashing services, money orders, and payday loans. The report also noted that unbanked and underbanked Americans were more likely to have lower education levels, be people of color, or have lower incomes. For consumers who are worried about overdraft fees, they’d rather turn to riskier alternatives instead.

As for why consumers turn to alternative financial services, some consumers have no other option, and these alternatives are actively targeting them. The Federal Reserve report noted that 43 percent of credit applicants with incomes of less than $40,000 were denied credit, compared to 9 percent of applicants who earn more than $100,000. Even for underbanked consumers who have traditional bank accounts, payday lenders and other high-cost installment lenders aggressively target customers in low-income neighborhoods, communities of color, and people who need extra cash, Borné wrote in a follow-up email. Meanwhile, banks don’t always offer affordable small loans for consumers, and they have little incentive to do so because regulators can allow them to charge high overdraft fees for each overdraft, she added.

“Those who go to payday lenders because they believe they will be in and out of the loan quickly are often stuck for the long term, incurring a lot of overdraft fees when the payments are extracted from their accounts,” Borné wrote. “Ultimately, they often lose their accounts. These wealth-draining products tend to feed each other, creating needs rather than filling them, and leaving customers with fewer credit options down the line.”

Gupta agreed underbanked and unbanked consumers are often forced to turn to more expensive alternatives. As the coronavirus pandemic continues with no discernible end in sight and assistance programs come to an end, overdraft and account maintenance fees can compound for households that are struggling now, she added.

“Ideally, the banking system should be helping low-income consumers. We don’t want that type of money to be flowing from lower-income households to banks because they’re in overdraft,” Gupta said of the billions of dollars in overdraft charges.

Even though overdraft fees and other service charges make up a small share of major banks’ revenue, some experts questioned whether limiting these fees would disincentivize banks from offering affordable financial services that could attract low-income consumers. As Gupta explained, some banks could opt not to offer certain affordable bank accounts to avoid taking on additional risk. An April paper from the Consumer Financial Protection Bureau also suggested that capping overdraft fees could cause banks to offer fewer affordable account options for low-income people.

What to do if you’re being charged too much in overdraft fees

Banks could do a better job of disclosing bank fees to consumers, said Desmond Brown, assistant director of the CFPB’s office of consumer education. He said depending on the institution, overdraft fees can be structured in a complex way. Some bank accounts offer the option to opt in to overdraft fees, so consumers should see whether it’s an option to opt out when looking for a new account. When signing up for a new account, Brown said, consumers concerned about fees should shop around and ask for bank accounts that are tailored to low-income consumers and learn about the bank’s cost structures. Consumers can also look for banks that provide alerts when their funds are low, he added.

Brown also encouraged consumers to file complaints with the agency if they’re experiencing fee problems with their bank. Doing so not only allows CFPB to assist consumers directly, but it also helps the agency assess issues happening in the marketplace, he said.

“If we have seen a spike in an area of complaints, then we can look to other tools at the bureau to help drill down and find out exactly what’s going on, and be more responsive to consumer needs,” Brown said.

For consumers looking for affordable bank accounts, Brown pointed to the FDIC’s Model Safe Accounts program, which works with banks to determine how they can offer affordable bank accounts. Some financial services firms offer accounts with no overdraft or account maintenance fees. (In their respective statements, JPMorgan Chase said during the pandemic it has waived $650 million in fees, including overdraft fees, between January 2020 and March 2021; and Wells Fargo touted its low-cost, no-overdraft-fee bank account, its zero balance alerts, and its overdraft fee waivers.)

When asked what the agency is doing to assist consumers who’ve been charged excessive overdraft fees, a CFPB spokesperson said, “Overdrafts have the potential to be very costly for consumers, and we are continuing to closely monitor developments in this area.”

But as consumers file complaints or seek low-cost bank accounts on their own, advocacy groups and lawmakers have pushed for more restrictions on overdraft fees. On June 30, Rep. Carolyn Maloney (D-NY) introduced the Overdraft Protection Act of 2021, a bill that aims to regulate the marketing and charging of overdraft fees at financial firms. During a House Committee on Financial Services hearing on July 21, Borné provided a statement on behalf of the Center for Responsible Lending calling for Congress to hold regulatory agencies like the CFPB to protect consumers from harmful overdraft fee practices.

“What to me is especially frustrating is that financial inclusion is all the buzz in a lot of circles. I feel like in a lot of these conversations people just try to talk around the elephant in the room, which are bank overdraft practices,” said Borné. “We’re talking about billions of dollars every single year being drained, disproportionately from Black and brown communities, and kicking people out of the banking system, eroding trust in banks. It’s just a huge barrier to real financial inclusion.”


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Forget payday loans, this is Canada’s new generation of high-interest loans – National https://ctxbay.com/forget-payday-loans-this-is-canadas-new-generation-of-high-interest-loans-national/ https://ctxbay.com/forget-payday-loans-this-is-canadas-new-generation-of-high-interest-loans-national/#respond Fri, 29 Oct 2021 10:52:53 +0000 https://ctxbay.com/?p=565 All Kathleen Zane wanted to do was buy a couch. Instead, she says she ended up with $5,850 in debt and a personal loan with an annual interest of 29.99 per cent. “I was crying,” Zane says of the moment she says she realized how high her interest rate was. Debt from high-interest installment loans, […]]]>

All Kathleen Zane wanted to do was buy a couch. Instead, she says she ended up with $5,850 in debt and a personal loan with an annual interest of 29.99 per cent.

“I was crying,” Zane says of the moment she says she realized how high her interest rate was.

Debt from high-interest installment loans, a fairly new product which has gained popularity in recent years, is becoming increasingly common among Canadians with low credit scores or short credit histories. And critics say the loans can be as treacherous for consumers as payday loans.

Borrowers can only take out a maximum of $1,500 through a payday loan, notes Donna Borden, a national leader at anti-poverty group ACORN leader and acting chair of the organization’s the East York Chapter in Toronto.

“Now, if somebody wants more … then (lenders) just say, ‘Well, we’re providing installment loans,” she says.

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ACORN says it has seen a 300 per cent increase in the share of borrowers taking out high-interest installment loans between 2016 and 2021.

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Payday lenders are exempt from federal rules capping the maximum annualized interest at 60 per cent and can charge interest rates of up to 500 or 600 per cent. But they are also small, short-term loans — and often tightly regulated. Canadians cannot borrow more than $1,500 through a single payday loan and usually must pay the loan from their next paycheque, according to the Financial Consumer Agency of Canada (FCAC).

High-interest installment loans, on the other hand, are subject to the 60 per cent limit on interest. But they also allow Canadians to borrow up to tens of thousands of dollars for terms of up to several years, sometimes resulting in consumers paying more in interest than they received through the loan payout.

The public profile of the lenders that offer high-interest personal loans is also often quite different from that of payday lenders. Zane’s loan, for example, is from Easyfinancial, a division of Goeasy, a Mississauga, Ont.-based alternative lender that counts more than 400 retail locations across Canada.

Goeasy, boasts an A+ rating from the Better Business Bureau, awards for best corporate culture and place to work, and says it has raised more than $3.8 million to support the Boys and Girls Clubs of Canada and Habitat for Humanity. An Easyfinancial airy storefront on Toronto’s trendy Queen Street East features high ceilings, exposed brick interiors and a “Proudly Canadian” sign on the window.

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In an email to Global News, Goeasy said its Easyfinancial loans help credit-challenged Canadians rebuild their credit profile until they can borrow at lower rates from banks and traditional lenders.

“With over 8.4 million Canadians with non-prime credit scores, our customers are hardworking everyday Canadians that have typically been turned down by banks and traditional lenders,” the company wrote. “Often met by life’s circumstances that have negatively impacted their credit, they turn to easyfinancial for financial relief and a second chance.”

Some payday lenders are also offering personal installment loans. On its website, for example, Money Mart mentions installment loans before its “cash-advance” loans, which work like a traditional payday loan.

The company did not respond to several requests for comment.

Traditional lenders, such as big banks, also offer installment loans but at much lower interest rates. However, people with low credit scores are often turned away.

Global News has interviewed borrowers who took out high-interest personal loans and reviewed their loan agreements. The documents all contain plain language that clearly lays out the terms of the loan. They also allow borrowers to repay part or all of the loan at any point as a lump sum without penalties.

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But two of three borrowers told Global News they did not understand that the loans came with such high-interest rates. And two out of three borrowers said their lender proactively contacted them about taking on more debt just months after signing their first loan agreement. A third borrower said he filed a consumer proposal because he couldn’t keep up with his loan.


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In Grimsby, Ont., Zane, a now-retired call-centre employee, says when she signed up for financing for a $1,466 couch from Surplus Furniture and Mattress Warehouse in November 2019, she says she didn’t understand she’d taken out a high-interest personal loan with Easyfinancial.

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Her loan agreement shows she borrowed the amount for couch, an additional $395.50 and a fee of $102 for a total of just under $1,965. The loan had an annual interest rate of 29.99 per cent. The annual percentage rate (APR), which indicates the total cost of borrowing including interest and other charges, was just over 39 per cent.


Image courtesy of Kathleen Zane.

Easyfinancial offers unsecured and secured personal loans, auto loans and financing for the purchase of goods and services through over 4,000 retail and merchants such as Surplus Furniture and Mattress Warehouse, the company told Global News via email.

The installment loans provided by Easyfinancial for purchase-financing are separate from a lease-to-own program for household goods such as furniture and appliances that is available through Easyhome, another division of Goeasy, the company said.

Zane says she doesn’t remember receiving communications from Easyfinancial until a few months after she bought her couch. Her first payment was due at the beginning of February.

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In mid-March, though, just as Ontario went into lockdown due to the spread of COVID-19, Zane said she received a call from an Easyfinancial representative saying she’d been pre-approved to borrow up to around $5,000 and inquiring about whether she needed to borrow more.

At the time Zane says she, like several others of her co-workers, had just taken a leave of absence out of concern about contagion in the Barrie, Ont.-based call centre where she worked.

“I’m sitting there thinking, ‘I’m not going to get paid by anybody at my company … the government’s not going to pay me. So I better take out this loan because I have to pay the rent,’” Zane recalls.

At the time the federal government had not yet announced the Canada Emergency Response Benefit (CERB), the first of Ottawa’s COVID-19 income support benefits for individuals.

Zane’s second loan agreement with Easyfinancial shows she borrowed $5,850 with a loan term of 36 months and an APR of around 30 per cent. At the time, she was also dealing with her critically ill mother, who would pass away a few days later, she says. She says she did not realize what the conditions of the loan were until several months later, when she says she asked the company to provide details on the balance of her loan.

For months she says she had “no idea” of how expensive the loan was.

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Easyfinancial said it provides “a copy of the full loan agreement either in printed form, or electronically, to every customer immediately after signing.”

In Scarborough, Ont., Salvatore Costa, who works as a caregiver for mentally and physically disabled adult men, also says he didn’t understand the terms of the high-interest installment loan he took out with EasyFinancial in December 2018.


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Costa says he needed money for a second-hand car and the first and last months of rent on a new apartment after moving to the Greater Toronto Area from Regina. He’d seen a TV commercial for Easyfinancial, so he headed to one of the lender’s retail locations and signed an agreement to borrow just under $7,420.

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The loan had an APR of more than 47 per cent and a term of 3.5 years, according to documents reviewed by Global News. Costa’s total interest obligation was $7,837, more than the principal he had borrowed.


Salvatore Costa.


Image courtesy of Salvatore Costa

Costa says he didn’t check the details of the agreement and felt rushed into signing.

“I didn’t do my due diligence like I should have before signing anything, but everything was like ‘rush, rush, rush,’” he says. 

Eventually, Costa says he couldn’t afford the loan’s $234 biweekly payments and filed a consumer proposal to reduce his debt load. He says he didn’t fully understand the conditions of his loan until the licensed insolvency trustee who administered the proposal explained them to him.

Costa, who says he is still paying down part of his debt to Easyfinancial, says filing the proposal came with a sense of relief.

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“I was overjoyed that there was a deal with the stuff,” he says.

Easyfinancial said that, either in person or over the phone, it verbally walks customers through “all key elements of the loan, including the interest rate and the total cost of borrowing, which are disclosed in plain language on the first page.”


‘They keep telling me refinance your loan’

In North Etobicoke, Ont., Patricia Edwards says her current 36-month loan with Money Mart for $4,850 at an interest rate of 46.9 per cent represents her second refinance agreement with the company.

Edwards, who currently works as a cleaner for a grocery store chain, says she initially took out a $1,500 high-interest installment loan with Money Mart to help her two daughters pay rent while the younger one looked for a job after transitioning off welfare.

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Patricia Edwards.


Image courtesy of Patricia Edwards

Since then, she says, she has received regular communication from the company asking her whether she’d like to refinance and borrow additional funds.

“They keep telling me, ‘Oh, refinance your loan, you’ll save some money,’” she says.

After borrowing the initial $1,500 in the spring of 2019, Edwards says she refinanced and borrowed additional funds later in the year to buy Christmas presents for her family. Then on April 1, 2020, worried about her ability to pay her bills during the pandemic, she refinanced again borrowing just under $2,840 on top of $2,010 to extinguish her previous loan.

“I said, it’s best to have some extra money in the bank,” she recalls.

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Global News has only been able to review Edwards’ April 1 loan agreement, which shows her payment will total just over $9,000 by the end of the term.

Edwards says she’s now borrowing to pay for public transportation to get to work or to cover her rent.

“It’s an endless cycle. It’s like being in a tornado and you’re just whirling around month after month,” she says. “It’s never a catch-up.”


Breakneck growth, little oversight

ACORN’s 2021 report on high-interest loans found that, out of 376 low-income survey respondents across Canada, 70 per cent had used payday loans and 45 per cent had taken out at least one high-interest installment loan.

The share of borrowers with costly installment loans had more than tripled since the organization took a similar survey in 2016, according to the report.

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Between 2016 and 2020, Easyfinancial parent company Goeasy saw its annual earnings after expenses skyrocket from $33.2 million to $117.6 million, a 250 per cent increase.

Boren links the breakneck growth of lenders like Easyfinancial to a lack of regulation targeting high-interest personal loans.

While nine out of 13 provinces have regulations specifically targeting payday loans, “far fewer” provinces have specific rules around other forms of high-cost lending such as installment loans, the ACORN report notes.

Only Alberta and Manitoba have regulations in place for high-cost credit, while B.C. is in the process of establishing stronger regulations protecting financial consumers. Quebec, on the other hand, is unique among the provinces for having set the maximum allowable annual interest rate at 35 per cent, far lower than the federal threshold.

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ACORN is asking that Ottawa lower the federal ceiling on interest rates to 30 per cent from 60 per cent for installment loans.

In its 2021 federal budget, the Trudeau government said it would launch consultations on “lowering the criminal rate of interest in the Criminal Code of Canada applicable to, among other things, installment loans offered by payday lenders.” The Liberal party reiterated that promise in its 2021 election campaign a few months later.

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Easyfinancial, for its part, does not offer payday loans and includes a clause in its loan agreements demanding that its borrowers pay off any debt from payday loan using the proceeds of their new installment and refrain from using payday lenders until they’ve paid off their installment loan.

“We believe that it is in a customer’s best interest to pay off any outstanding payday loans and avoid using them in the future,” Goeasy told Global News.


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Goeasy and other alternative lenders Global News has spoken to in the past argue they are a better alternative to payday lenders for borrowers who cannot get credit at mainstream financial institutions such as banks and credit unions. Goeasy noted the APR on its loans ranges from 9.9 per cent to 46.9 per cent, adding that the APR for a payday loan is more than 200 per cent.

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Goeasy also said another “key point of differentiation” is that debt repayments made for installment loans are reported to credit bureaus whereas repayment for payday loans are not.

“That is extremely important for consumers with non-prime credit scores, as it helps them rebuild their credit so they can reduce their cost of borrowing over time and get back to qualifying at a major bank,” it said via email.

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The company added that since 2016 it has reduced its weighted average interest rate by almost 30 per cent and now offers the vast majority of its loans at interest rates below its maximum stated rate. Sixty per cent of its customers improve their credit score and a third of them are able to access credit from mainstream lenders within 12 months of borrowing through one of Goeasy’s divisions.

But Canadians who have no credit history or want to rebuild their credit score can do so through a secured credit card, without taking out an expensive secured savings loan, licensed insolvency trustees have previously told Global News.

Global News reporting also indicates alternative lenders don’t always grant a “cooling off” period for installment loans during which borrowers can return the funds and cancel the loan if they change their minds. Many provinces require this of payday lenders by law, according to the FCAC.

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Goeasy said it provides customers with a cooling-off period of 10 days. However, Global News could not find a mention of this in the three Ontario-based loan agreements it reviewed from the company.

The company said that the cooling off period is a standard benefit provided by provincial consumer protection legislation but that not all provincial guidelines require a corresponding clause in the loan contract itself.

Goeasy also said it highlights the cooling period in a new version of its easyfinancial website.

Borden, who says her own experience borrowing through a high-interest installment loan led her to join ACORN years ago, says another issue is a lack of recourse for consumers who have grievances linked to the costly loans.

“I had nowhere to complain,” she says.

© 2021 Global News, a division of Corus Entertainment Inc.


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