If a borrower is very late in repaying a debt to a bank or online loan company, and if he doesn’t answer his phone or talk to the representatives of those companies, the companies often turn to a collection agency to collect the debt. But what exactly are debt collectors and should borrowers be afraid of them?

Every company has its own point at which it decides to get debt collectors involved. But when a financial company does finally make an agreement with a collection agency, it usually assigns the right to claim a refund on the received loan to that agency.

At this point, debt collectors begin using their main tool: psychological pressure on the borrower. They scare the borrower with the threat of a bad credit score or even loss of property. Even so, collectors can be reasonable and it is possible to make a deal with them.

It’s important to remember that the only way a borrower’s property can be transferred to a creditor is with a court order. And banks and online loan companies usually don’t take debt collection cases to court, but instead try to get the money back in other ways.

One way a borrower can pay back a loan is through refinancing or, in other words, taking out a new loan to cover a previous one. (What else can happen when repayment is overdue? Read here: What If I Can’t Repay On Time?)

It should be noted that getting a collection agency involved is the last resort for banks and online loan companies. It doesn’t matter to them if the amount of money that was borrowed is large (as with bank loans) or small (as with payday loans). Since the financial companies lend money to so many people, even small loans can add up to a lot. That’s why they care about debt repayment. And if you’re a borrower, you should too.

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

Loans For The Unemployed: Is It Possible?

Thursday, 03 January 2019 15:51

Unemployment is not just a money problem. The absence of a steady job can cause damage to your reputation and self-esteem and can become the cause of stress and even depression. And while the support of loved ones can help with the emotional effects, it’s not easy to find someone to lend you money for everyday needs.

That’s why a person begins to think about taking out a bank loan. But banks are often reluctant to give loans to the unemployed, and even if they do, the process takes a long time. And if they do, the borrower will have to mortgage some property, depending on the amount of the loan. Is that something you really want to do? Maybe a small, short-term payday loan would be a better decision.

And unemployment isn’t the only situation when a person doesn’t receive income. There’s also maternity leave and retirement. So can people in these situations turn to payday loans as well? Let’s find out!

Payday Loans For The Unemployed

Online loan companies have flexible conditions for people in need of a moderate amount of money. If you’re sure that you’ll be able to repay on time, then a payday loan is your way out of today’s financial problem:

• if you are a student and have low or no income

• if you’re unemployed, but willing to start working as soon as possible

• if you’re not officially employed, but have a stable income

Quick Loans During Maternity Leave

You can continue working or have some other income during maternity leave, but it’s not always enough for the constant expenses that bringing up a child entails. You can apply for an online fast loan if you are:

• 21 or older

• familiar with the concept of interest rates

• confident you’ll be ready to repay on time

Online Loans For The Retired

If you’re living off your social security, a pension, money you saved, or the help of friends and family (or even if you have no money at all), you can apply for a loan from an online loan company (read more here: “Fast Food” Online Payday Loans: Is It Really That Simple?). The things you need to be ready for are:

• the moderate amount of money you can borrow

• the high enough interest rate

• repaying according to the repayment schedule

That’s it!

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

Scammers Online, Or How to Buy and Borrow Safely

Wednesday, 26 December 2018 22:58

Despite complex and highly reliable security systems, financial fraud still does exist. It may be unpleasant to lose your wallet in the street or have your smartphone stolen, but it’s even more depressing to lose money online. Here are the main dangers that await the unprepared.

Fake Online Shops

Sometimes, scammers put a lot of money into promoting fake online shops. Of course, you won’t find these ads on TV or on billboards, but they may appear on websites you visit, and, less often, on social networks. In these shops, you may see pictures and descriptions of things you’re interested in buying: clothing, food, household appliances, etc. The prices there may be tempting as well. But when a customer orders something from one of these sites and pays in advance, he gets nothing in return. These kinds of website don’t last long, and even if the owners are caught, they often just create new fake online shops.

Phishing

Imagine that you’ve decided to take out a payday loan from a respected and long-existing online company. You find the website, everything looks normal and legitimate, but…something’s wrong. You choose the amount of money, type in all the necessary information, and press “Send,” but you don’t get any confirmation or money within the hour or even in three days. What this means is that you accidentally went to an exact copy of the website you wanted to go to and this fake website was created by fraudsters to steal your information.

Sometimes, victims even let the scammers know their credit card’s PIN number! When that happens, it’s a serious problem. It means that online thieves have full access to your finances. So if this happens to you, immediately:

• Contact your bank

• Block your credit card

• Call the police as soon as possible

If the police track the IP address of the scammers, they may catch them.

How Can We Buy and Borrow Safely?

1. Use only known and reliable online shops and loan companies.

2. Never enter your PIN code. Anywhere.

3. Be attentive when you use a website for the first time.

4. Read reviews of the companies whose services you use.

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

Often, people need to borrow money, and it’s not because they’re incapable of saving or because of huge consumer appetites. It’s because there are lots of interesting opportunities they don’t want to miss. And sometimes these opportunities can help a person in the future (like when someone takes a course or visits a country with a different culture). Opportunities inspire us, and that’s why we need to catch them in time! The question is: where can we find financial support to afford these life-changers? There are a few options:

• Friends and Relatives

• Loan Shops

• Banks

• Online Loan Companies

Option 1: Friends and Relatives

If you have good friends and relatives, you might be able to borrow from them. The advantages of doing so are:

• There is no interest rate

• Sometimes they don’t even ask for the money back (but rarely)

There are also disadvantages. What are they?

• Your relatives and friends might not have the money you need

• You will have to talk to them about any plans or problems related to not having money

• If you don’t pay on time, you may lose their trust or even their friendship

Option 2: Loan Shops

Quick financial refill is another name for loan shops. You can get cash instantly, simply by bringing a piece of property (or a document for it) to the shop.

The disadvantages are as follows:

• You have to physically go to the loan shop

• You need to have something to pawn

• You might lose the property you pawned or it might be damaged when you get it back

Option 3: Banks

If you ask a bank for a loan, you can expect a long procedure, a process of filling out documents, and the task of finding yourself a guarantor. In most cases, it isn’t easy, but when you need official paperwork, a low interest rate, and a large sum of money, this is the option for you.

Option 4: Online Loan Companies

Online you can find a reliable financial company to get the necessary fast loan within the hour. Online loan companies have many of the advantages of the other options:

• No need to talk to anybody

• Availability to borrow any time of day, any day of the week

• No need for collateral

• No paperwork or guarantors (See here: Who is a Guarantor).

The only disadvantage is that you get a relatively small sum. But even a small amount can help you pursue your goals and…take advantage of opportunities!

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

Think Twice. Let's talk about money. Tips

Friday, 14 September 2018 11:13

Let's talk about money. Talking about money is not idle chatter; it's a serious matter that has a huge influence on our lives. Money may not be everything, but it does play a very important role in everyday life. But we all know this; let's move on to more interesting, but related topic.

How should we relate to our money? What is the best way to spend it?

We receive money and we spend money. Very often, we are not the ones who choose how much we receive. Other people do that for us. But even when that’s the case, we still have complete control over how we spend the money we get.

In this article, we won’t be talking about great sums of money or mergers and acquisitions. We’ll be talking about everyday decisions and actions.

Here is some advice that can help you manage your finances wisely.

First Tip: Build a finance plan. You should plan your expenses for a month, for a year, or for every week of your life. And don’t just have a plan, but stick to it. Yes, It's difficult to do, but it can be done. Most of the time.

When you drive down a highway, you probably assume that the other drivers are relatively clearheaded people. But every once in a while, you see strange driving and accidents. Nobody can predict those things. Such things can suddenly appear in your life and ruin your financial plans. And then unexpected expenditures are necessary.

In order to prepare for such situations, you should create your own safety net / reserve fund.

Second Tip: Create an emergency fund. Some banks may offer such a service. You can determine what percent of your income you want to go to your savings account. A normal amount is between 5 and 10%.

Ad instead of having your bank do it automatically, you can manually transfer a certain amount of your earnings to another account (or under your bed).

Five to ten percent is not a big amount. After you start saving it, you might not even notice its absence as you go about your life. But if you do start saving, you can walk around with a sense of security knowing that you have something put aside if you ever need it.

Another way to create or replenish an emergency fund is by selling old or unnecessary things. You can do this yourself or with somebody's help, by having a garage sale or by selling online. If you look around, you’ll probably find that you have more useless things than you think you have. Old cell phones, TV’s, computers, and other electronics, even an old armchair - these are things that take up space but don’t earn their keep. Turn them into money and then put that money in your emergency fund. It’s a strong move in the game of life.

However, sometimes our life presents us with surprises that even an emergency fund can’t cover. That’s when a loan is necessary.

Third Tip: Be very careful if you get a credit card. Spending with credit is always more expensive than spending with cash. The only positive thing about spending with credit is time. Look at the time you gain and the money that you will lose. On the one hand, you get the essential thing or service you want right now, and on the other hand, you have a payment that can stretch for months or years.

It's like if you’re planning to go to a high school reunion and so you decide to buy a nice suit or a nice dress. For one night, you look great and you feel great. But then for months afterward, the clothes hang in your closet and you have to keep paying the money back. Reunions/parties are great and maybe you do need a new suit, but think about how many months it will take to pay back such loans.

Examine the repayment schedule, determine your estimated income during that period, and pay special attention to the penalty if you miss a payment. And remember that the most important provisions are usually in small print.

Last Tip: You can plan your life; you can plan your expenses. What you can’t do is foresee unexpected events or emergency situations. However, you can prepare for them. Manage your money. Don’t let your money manage you.

Think twice before getting a credit card.

If you decide to get a loan, a short-term loan is the best decision.

Go to EZ https://ezrapidloan.com/, because EZ is the best marketplace for short-term loans.

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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