What If I Can’t Repay On Time?

Tuesday, 23 October 2018 13:21

What will happen if you can’t repay the money you borrowed when it’s due? What will the consequences be? And why is it always better to take a quick loan from an online company instead of a bank? The answers to these questions are below.

A 2-3-Day Delay in Repayment

You might be asking yourself: why would I be late to repay my loan by 2 or 3 days? Even the most responsible people who know how to manage their money and are willing to repay their debts sometimes miss the payment schedule because they make money on commission or because of circumstances related to family, friends, health, or travelling. If you’ve missed the payment date by only 2 or 3 days, talk to the company and explain the problem.

A One-Week to One-Month Delay

If you haven’t repaid the loan, and it’s been between a week and a month of the payment date, and you haven’t told the company why, you can expect phone calls. If you borrowed from a bank, your guarantor will also get calls as well as questions as to why the payment is overdue.

Don’t avoid such calls; in fact, it’s best to call the company call first. Talking with the representatives of your bank or online company will help you avoid new problems as a result of the delay in repayment. After your first conversation with a loan company you can expect a fee and, sometimes, additional interest on the money you owe. But it’s important to note that online loan companies raise their interest rates modestly even when there’s a delay in repayment.

60-Day Delay

If you are late by two months or more, the best advice is to be honest. Be ready to cooperate with the representatives of the loan company and explain the reasons for the delay. Don’t forget to mention the date when will you be able to repay the loan or part of it. Make sure to stick to the new payment schedule. And remember the most important thing: the conditions are always more flexible with online companies than with banks, and there is always an opportunity to take out a new loan to cover the previous one. Just cooperate and be ready to negotiate.

And don’t forget to visit https://ezrapidloan.com/ again and click Apply Now!

Do you always repay loans on time? Even if you have a lot of experience with long-term and short-term loans, and the credit world in general, there is always a temptation to pay back an old loan by taking out a new one. This is especially true, since there are so many online loan companies ready to give you the money you need:

• without visiting a bank

• without filling out tons of documents

• at any time of the day

• on short notice

How can we avoid falling into a debt spiral? How can we develop financial discipline? The answer is in a thorough understanding of what taking out a loan entails and by simply following rules and advice. To check if you’re taking out a short-term loan for the right reasons, ask yourself the following three questions.

Question 1. Why Am I Accumulating Debt?

All debt (not just loans) can bring trouble if you do not repay them on time. If a person does not pay the electricity bills, the supplier will turn the power off. If money is borrowed from relatives or friends and a person can’t repay the debt on time, good relationships can be ruined. If a person previously took out a short-term loan and is now taking out another new short-term loan to cover that one, there will be a temptation to take out a third payday loan to repay the second... Then they may even lose the ability to take out loans from the companies they borrowed from. Ask yourself: do you really need such problems?

Question 2. Will I Be Ready To Repay On My Loan Repayment Day?

Short-term loans and microloans are granted for a short period of time, and a small percentage of interest accrues daily. Be honest with yourself: will you be able to repay the necessary amounts weekly and monthly? Do you really need all the money you’re requesting and do you really need it right now? Do you want to put yourself in a situation where you might let yourself down and ruin your credit history? Of course not. That’s why you should only take out a loan if you’re ready to pay it back in a timely manner (or if you’re willing to accept the risks of not being able to).

Question 3. How Will a Short-Term Loan Improve My Life?

The answer to this question is not in the things you want to buy or the things you’ll be able to do. It is in the opportunities that the borrowed money will open up for you. Be grateful for those opportunities and don’t hesitate to pat yourself on the back when you repay a loan on time. This is how you can motivate yourself to have financial discipline and avoid trouble in the future.

Visit https://ezrapidloan.com/ again and click Apply Now!

Borrowing Online: Quicker and… Higher?

Friday, 12 October 2018 20:13

We live in a fast-paced world and living at such a tempo requires quick reactions and an ability to adapt to changing circumstances. But even if we’re emotionally ready for unexpected situations, we can’t always be financially ready. Sometimes earning money and saving it just doesn’t cut it. So where can we find a little extra when we need it? In the same place we read the news and check e-mails: online.

Quickly Online or Slowly with a Bank?

If you are in immediate need of funds, the best way to remedy the situation is by taking out a rapid loan. Not only is it fast, but it’s easy. There is:

• no need to visit a bank

• no need to fill out a stack of documents

• no need to wait several days

All you need to do is take the following steps:

1) register on the company’s website

2) upload a few documents

3) enter the amount of money you want to borrow

4) spend an hour waiting for the money to be deposited in your account. During that time, you can do anything: work, be with your family, practice a hobby, etc.

Furthermore, online companies are much more flexible than banks regarding your credit history, and taking out short-term loans online can even help improve your credit score. Who knows? Maybe in a few years you’ll want to start your own business and take out a bigger loan. It’s good to be prepared.

More Interest or Less?

Is it true that payday loans come with high interest rates? Well, here’s the truth and a reason to jump for joy: high interest rates for payday loans is nowadays simply a myth. In most cases, the rates are even lower than rates for “real” long-term loans. Also, it’s easy to find an online loan company with the best possible terms. All you need to do is spend a few minutes searching.

What About Trust?

In order to find out if you can trust the online loan service you’ve chosen, you should:

• find links to the company on other sites and on social networks…

• …and read reviews.

It’s easy to skip this step, but it’s not a good idea. Once you’re certain of the lender, apply and wait for the money to come rolling in.

Don’t forget to visit https://ezrapidloan.com/ again and click Apply Now!

Do you often think of starting your own business or fulfilling your old dream? What makes the people who succeeded in this, so special? The answer is in financial discipline and proper planning. The planning can start right now, when you take an ordinary payday loan from an online loan company.

Negative numbers

Negative credit history requires more time to be redeemed. People having it are forced to rely only on themselves, because even relatives and friends do not always trust them as borrowers. What could be said about banks?

Solution: is also uncomplicated: having any credit history, you can always find an online loan company to achieve a rapid short term loan. Advantages of microcredits and rapid loans are:

• they will be easy to repay even with the interest;

• they will help you to believe in your financial opportunities again;

• they will significantly improve your credit history, being documented and shown to the bank.

Ground Zero

To start your business or afford a round-the-world trip you need to create a proper financial base. Here are several variants:

• you can save all your earnings, sell your belongings and property, deny yourself and your family everything, pursuing your aim, which does not need any further “positive” description;

• you can conveniently borrow from your friends and relatives without adding interest to the money taken, but do not forget about an obligation of sharing the details and listening to the opinions about your decisions, which could have remained private;

• you can visit the bank and ask for a substantial long term loan… and that’s where the story begins.

In the absence of credit history, you bank can refuse to grant the necessary loan. The financial system simply cannot know what kind of a loaner you are. As a result, you would need to:

• mortgage your family property of your favourite car,

• ask someone to become your guarantor,

• expect a higher interest rate or no loan at all.

Solution: having a history of successfully and timely repaid fast loans, you can always expect for better options. And this is one more positive argument in the dilemma of pros and cons of payday loan taking.

Even more positive…

Having a positive credit history and occasionally taking payday loans, you achieve a 100 per cent possibility of being approved for a big loan to spend on your dream or long considered business.

Thus, your convenient and timely repaid short term loans transform into small confident steps to fulfilling your life. Isn’t this worth it?

Also, do not forget to visit https://ezrapidloan.com/ again and click Apply Now!

Are you wondering about a Payday Loan?

Saturday, 25 August 2018 21:34

Summary

A personal short term loan or payday loan is a short-term loan with a high interest rate. The maximum amount that can be borrowed varies from state-to-state. However, it is normally $500 or less. Payday loans are often used to cover emergency financial situations and bridge the gap between paychecks. It’s nice to be able to get cash when you need it, but it’s important to remember that you have to pay back the amount you’ve requested plus interest.

The Consumer Financial Protection Bureau (CFPB) explains on their website that these loans are normally for small amounts, but that, in return, they give the lenders access to the borrower’s checking account or require that the borrower write a check for the full balance in advance, so that the lender can deposit it when the loan comes due. Additionally, payday loans have high-interest rates. We recommend that potential borrowers check state laws and regulations and any other factors that might influence charges so that they understand what they’re agreeing to when they enter into a payday loan agreement.

What Exactly Is a Payday Loan?

There are many names for this type of loan: payday loan, cash advance loan, short-term loan, personal loan, deferred deposit loan, and post-dated check loan. You can apply for a payday loan online or in person. Whether you apply online or in person, the process is essentially the same: you provide some personal and financial information, apply for a loan of a specific dollar amount, agree to a repayment schedule, sometimes pay a fee for the loan, and then receive the cash or a deposit in your checking account.

There are several factors that influence the overall amount you can borrow, but lenders normally don’t check your credit score. Payday loans can be very costly. Loan amounts generally range from $50 to $1,000; it all depends on state laws. Fees also depend on state laws, but the structure might be something like $15 per $100 borrowed, and some states may cap how high the fee goes. Because payday loans are unsecured (require no collateral from the borrower), they have high-interest rates.

How Do Payday Loans Work?

Let’s imagine that your car broke down and that you need to borrow $300 for the repairs, since you need to use the car to drive to work. In order to get a payday loan, you first write a post-dated personal check for $340: the amount you need, plus a $40 finance fee, made payable to the lender.

You have to enter this information online when you apply for the payday loan. Normally, if everything is okay, the application is approved within 24 hours. So, the lender advances you $300 for a set period, usually 14 days. After that period ends, you will have to either pay the lender the $340 in cash, let them deposit the post-dated check that you wrote, or write another post-dated check for the whole amount, plus another finance fee.

If you aren’t able to pay the debt in full at the end of the defined term, you will be charged additional fees.

Who Uses Payday Loans?

On average, twelve million Americans use payday loans every year. Normally, any individual with a checking account and a steady income can obtain a payday loan. However, it is most common for borrowers who don’t have access to credit cards or don’t have savings to use such kind of the loan. It is common for people who run into sudden emergency financial situations to use payday loans.

What are the Benefits of Payday Loans?

Payday loans can be a good tool for quickly and easily borrowing cash when something unexpected happens, especially if there are no other financial options. For example, a person might use a payday loan for an immediate and temporary financial need such as a medical bill, a car fix, home repair, or another one-time expense. Payday loans are helpful for individuals who don’t have credit cards or savings. Because the loans do not require a traditional credit check, they are easy for people with financial problems or a poor credit score.

What are the Risks Behind Payday Loans?

#1 It is highly recommended to pay back a payday loan as soon as possible. Many people get into trouble with these types of loans when they are unable to follow the payment schedule. In such cases, the borrower is charged with expensive additional fees.

#2 It is very easy to get into a debt cycle by taking out a new payday loan in order to repay the previous one. This often leads to bigger financial problems.

What are the Laws and Regulations?

Some states prohibit short-term loans. Other states have specific laws that regulate this sector of the market. Known as “usury laws”, these regulations define lending terms and interest rates. Some states also have laws that regulate the amount a payday lender can lend to a borrower and how much interest they can demand. These laws vary widely. Payday lenders often work around these regulations by partnering with banks based in other states, such as Delaware. It is very important to acquaint yourself with these laws and understand your rights and obligations before taking out a payday loan.

Should I Apply for a Payday Loan?

If you would like to apply for a short-term loan, first consider all the pros and cons, check to see if you have other options, and then build a plan.

Alternatives to Payday Loans

  • Negotiate a payment plan with your creditor
  • Charge the amount to your credit card
  • Ask for an advance from your employer
  • Use your bank’s overdraft protections
  • Obtain a line of credit from an FDIC-approved lender
  • Borrow money from your savings account
  • Ask a relative to lend you the money
  • Apply for a traditional small loan
  • Ask your creditor for more time to pay a bill
  • Use a cash advance on your credit card

If you have evaluated all these options and decided that a payday loan is right for you, be sure to understand all the costs and terms before you apply. Borrow just the amount you need i.e. an amount that you can pay back in its entirety with the money from your next paycheck. When you get receive your next paycheck, your first priority should be to pay back the loan as soon as possible.

You can apply to a network of our payday loaners here.

What is the Best Way to Prepare for a Financial Emergency?

Nobody can predict an emergency; it is always an unfortunate surprise. The most common way to react to a financial emergency is to use a credit card. However, the wisest way is to plan ahead by making a savings account and regularly transferring a certain amount of money to it. That’s the best way to prepare for an uncertain future.

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