If you’re looking for a temporary solution to a financial emergency, a payday loan – also commonly referred to as a cash advance – is an ideal solution. By definition, a payday loan is a small, short-term loan (between $100 and $1,500), usually secured with a postdated check, that is intended to help a borrower with his cash flow before his next paycheck.
In the United States, payday loans are legal and regulated in 37 states – in one state in particular, issuance of payday loans is permitted only to licensed lenders. Payday loans are, however, prohibited in Georgia and 12 other states. Ohio also recently passed laws to curtail payday loan practices.
Where the payday loans are permitted, the APR (interest) charged and payment options are dependent on the laws of the state as some jurisdictions tend to impose strict usury limits. Typically, payday loans are easily accessible on the internet as well as in retail shops.
Only a few payday loan companies will do a credit check before lending to a customer. In most cases, bad credit will not stop you being granted a payday loan. However, how much you borrow will depend on your income. Additionally, lenders will usually require that you have been in the job for at least two months (sometimes more). And if you’re a first time customer, it is highly likely that they will want to verify your employment and income status to make sure that the income you declared is real. Read more
Credit cards are becoming almost a necessity in today’s modern world. People of all ages would rely on credit cards to make their payments. However, many have also been declared bankrupt due to their uncontrolled spending habits. With an abundance of types of credit cards in the market, consumers are spoilt for choice. Low interest credit cards are one of the favorites and with low interest in mind, it is not surprising that it is popular. Let us examine the pros and cons of a low interest credit cards.
1. The advantage of choosing the low interest credit card is that the credit card company basically lends you money with zero or no interest. If you have difficulty making payments on time, this card would definitely help you as the company charges you a minimal interest rate or some zero interest rate.
2. Another plus point of the low interest rate credit card is that your woes of unwanted financial charges lofting around you would not be there. This is because there are no interest rates and with late payment the penalty for it would be minimal. Just ensure that you understand the fine prints before making a decision on which card you wish to apply for. Understanding and reading the fine prints well is important because many have been caught by surprise when invoices arrive at their door steps. Read more