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We all know that payday loans are not the most popular financial product on the market, but that doesn’t mean people should automatically jump to conclusions when they see a “payday loan” sign. 

A lot of times it can be hard for someone who is in need of some extra cash to get approved for an unsecured loan from a bank or credit union. This is especially tough if you have been turned down by your local branches multiple times. 

But there are a few myths that people often believe about payday loans that aren’t actually true. 

Here are the top five myths about payday loans that keep lenders and consumers alike from making informed decisions. If you’re looking for a short-term loan, try to avoid these common mistakes. 

  1. There’s No Way To Get A Payday Loan Without An ID 

There’s no doubt that having identification will speed up the approval process for a payday lender. However, there are still many places where you won’t be able to get one without showing some kind of form of photo ID. 

Some states require proof of income like a W2 or tax return, while others may require government issued photo IDs such as a driver’s license, passport, or military ID card. 

You’ll also want to make sure that you don’t carry around too much cash because cashiers are allowed to ask for picture ID even if you’ve already shown them your driver’s license. 

In Texas, for example, if you’re going to a store and they ask for identification and then later find out you didn’t have any, they could charge you with criminal trespass. 

That said, there are still plenty of places where you won’t be asked for identification before getting approved for a payday loan. In fact, some places do not allow anyone under 18 to show their driver’s licenses at all. 

It’s important to understand what kind of restrictions apply in your state so you can be prepared for unexpected situations. 

  1. Every Payday Lender Is The Same 

Most payday loan companies work pretty differently than each other. Some offer better rates than others, some charge higher interest rates, some require collateral, and others offer more flexible repayment terms. 

Not all payday lenders are created equal. You may think you’re comparing apples to oranges when you look at payday loan websites, but chances are good that each company has different policies. 

Even though some sites may say that they offer the same type of loan, they may charge substantially different amounts for the exact same amount borrowed. 

If you’re unsure whether or not a company offers the best deal for you, always read through the fine print carefully. 

  1. If I Don’t Pay Back My Loan On Time They Will Come And Take Everything 

This is a big myth. While some companies may come after your paycheck and take everything you own if you miss a payment, this isn’t how it works for every single one. 

The truth is that many payday lending companies have very lenient policies regarding late payments. Some allow you to pay only 50% of the missed payment until the next month and others might let you pay only 25%. 

For example, if you owe $200 and you only pay back $100, the company may simply charge you $25 per month rather than $50 or $75. 

If you’re worried that the company won’t accept your partial payments, just call the number on the website and explain your situation. They might bend the rules for you. 

  1. You Can Never Qualify For A Personal Loan Unless Your Credit Score Is Perfect 

There is no set standard for qualifying for a personal loan, and that means that there’s no perfect score that you can have to get approved. 

The truth is that the average credit score for a person applying for a personal loan is between 700 and 750 points. It’s highly likely that you’ll qualify for a personal loan, regardless of the score you have. 

However, it’s important to remember that your score is only part of the equation. Other factors like employment history, income, debt ratio, and credit utilization play into the decision of whether or not you get approved. 

  1. All Payday Loans Are The SAME 

When you are shopping for a payday loan, you’ll notice that there are several different types. Some loans are secured by real estate, some are auto loans, and some are unsecured. 

Unsecured loans are typically easier to get than those two types. However, it’s important to note that the APR rate on an unsecured loan is generally higher than either of the other options. 

Auto loans are usually have lower rates than secured loans since the money being lent comes directly out of the borrower’s car. But again, rates vary depending on the type of vehicle being financed and the specific conditions of the loan. 

Secured loans are a bit harder to qualify for since the lender needs to get paid first. However, the interest rates are typically lower than unsecured loans, and in some cases, secured loans offer lower rates than auto loans. 

No matter which option you choose, it’s important to research the terms and conditions carefully. Many people assume that because a certain company advertises a low APR, it must offer the lowest rates available. 

But the truth is that some companies advertise lower rates and fees because they want to attract customers. They may not necessarily be offering the lowest rates possible. 

Bottom Line 

Payday loans are not the ideal way to borrow money, but they are a viable option for many people. Just keep in mind that you must be extremely careful when choosing a lender or else you could end up paying far more than necessary. 

Conclusion

The paydays are used for various money lending purposes and for that you must have a driver’s license, passport and many more such ids and documents for the sanction of a payday loan also your credit score needs to be perfect or else it will result in failure of your application. So be sure to keep all the documents before the application.

The state of the economy pushes a lot of people to file for bankruptcy. In fact, US statistics showed that more than 1.4 million people filed for bankruptcy in 2011. Although this number fell by 11.5% in comparison to the almost 1.6 million people who went bankrupt in 2010, the numbers are enough to make business owners and individuals look up various ways to avoid bankruptcy.

What is bankruptcy?

First of all, what does it mean if a person is bankrupt?

Simply put, bankruptcy is the term used for a financial state wherein you are no longer able to pay for your debts (given that you have exhausted all your resources and funds).

Some people would actually think that it is a good thing. If the court declares you as bankrupt, all your debts will be wiped clean and you would no longer have to pay for them. But what happens next is it would hurt your credit score so bad you would not be able to get a loan for seven to ten years.

Given the economic lifestyle of the majority of the population in the United States, having good credit is very important. So bankruptcy, in a lot of cases, may do more harm than good.

How do you avoid being bankrupt? There are many methods that you can do to prevent this situation, such as debt agreement, debt consultation, and even financial planning. The three easiest ways are discussed below:

  • Debt awareness

The initial stage of bankruptcy prevention comes from knowing all the debts you have. Determine how much every debt should cost, sort them by category (for example, separate the house and education loans from car and other personal loans), and then analyze how to get through them.

  • Cost cutting

Once you know how much you owe, the next step should be easy to follow. This is perhaps the easiest or hardest stage, depending on your mindset, since it requires self-discipline.

Do a self-evaluation and find out the things where you normally spend money that can be instead used for more important things. For instance, it wouldn’t hurt to eat dinner at a fast food diner instead of fine dining in a five-star restaurant. Better yet, you can even learn to cook and/or make your own meals at home. Your ego may be hurt more than once, but hey, it is a whole lot better than being bankrupt.

  • Debt consolidation

Sometimes called debt agreement, debt consolidation is a service commonly offered by credit card companies to “gather” all of your debts and turn it into one large debt. So instead of paying different people, you only pay one. Of course, do your homework first and know all there is to know about debt consolidation before availing of it.

There are many other ways to avoid bankruptcy through Personal Loans. But it is important to keep in mind that all the methods above are used to prevent it. Like the old saying “prevention is better than cure,” take utmost importance in planning ahead and thinking it all through so that you stay clear from filing for bankruptcy. The key here is to be proactive.

  • About the Author

Thirdy Rosales is doing marketing consultation for Debtconsolidation.com.au. This financial institution provides assistance to some personal monetary issues such as dealing with bad credit loans, providing debt consolidation loans and handling bankruptcy issues.

When financing a car, it is helpful to remember that the negotiated purchase price isn’t the only consideration. The terms on a vehicle loan are important to consider – such as interest rate and the length of the loan. To get the full picture, it’s useful to take a close look at any additional extras like “extended warranties” the dealer may introduce during the sales process.

Getting loans nowadays isn’t as easy as some people might think. There are a lot of terms and conditions you have to go through in order to get the loans that you want. You also need to be careful about the loans that you are thinking of getting as you need to be sure if that loan is beneficial for you or not. In the times that we live in, sometimes many of us feel the need that of getting emergency funds from a source. Recently, there has been news flooding the media about a second recession. In order for you to beat the recession, we will be telling you the assistance that secured loans can provide you with and who are eligible for the secured loan.

Title Loans Florida will offer the best results in the availability of the car loan. The services are the best one as secured loans are available. You should not perform any mistakes in the application of the loan. The process is simple and easy for the people. The assistance will offer the best results.

Many of us know that MoneyMole is one of UK’s largest national financial brokers, and the employees are experienced in providing people with secured loans to homeowners from all financial backgrounds. The option of secured personal loans can appeal to a wide range of people on the basis that there is a threat of more difficult economic time ahead of us and the thought of covering the never-ending costs of a family vacation, home improvement or the cost of a new vehicle, etc. can cause a lot of people to feel a lot of stress in their lives, which is unhealthy for their well-being. Referred to as ‘quick loans’ or ‘fast loans’, the personal loans can help people cover the costs of these things, and they can be offered to different individuals, families and various businesses, which means that anyone in need can ask for a secured loan.

Below you can read about the three reasons through which getting personal loans can help you live a better and stress free life and allow you not to worry about covering the costs of the things that you buy, etc.

Many of the financial companies that offer secured personal loans to people are aware of the fact that the economic downturn negatively affects the people’s income. Getting a secured loan means that you don’t have to provide proof of income. Companies that offer such loans are always quick to stress the importance of being financially responsible, but they also understand the benefits which a secured loan can provide for a person who is in need of some financial help. Through such loans, a person can relieve themselves from the monetary strains that they face and enable themselves to live the life that they want. There are many people out there who have past credit problems. For anyone who is unfortunate enough to be experiencing the attachment of past credit problems, they can take care of their problems through secured personal loans. Due to the fact that such loans carry fewer risks as far as the creditor is concerned, this option can be availed even by people who have bad credit rating. Many companies, like MoneyMole, even offer loans to people who previously have been declared as bankrupt. Getting a secured loan can be beneficial for those who are experiencing a credit crunch. During a credit crunch, such kind of loans can be a good alternative to re-mortgaging, for either consolidating debt or for providing extra money in order to give customers a sense of financial relief during difficult economic times. That is why, through such loans, you can easily take care of the financial problems that you might be experiencing.

So, after you gave read the above-mentioned three points, you can see how getting such a kind of a loan can help you in your financial stress.

Yes, the three options do provide you with a good idea through which you can help yourself during a financial crisis; however, there are a few things you need to keep in mind when you are applying for secured personal loans.

The first you need to keep in mind when you need a loan because of an emergency is that you need to borrow the exact amount that you require. This means that ask for the amount that you need in order to pay for hospitalization, etc. Don’t borrow any more cash or any less cash. Ask for the exact amount.

Go for the secured personal loans that carry a reasonable penalty if you decide to pay the loan before the period it will end. You need to read everything very carefully so that you can have the guarantee that you will not be charged a heavy administrative fee or loan processing fees. You also need to make sure that the loan repayment amount is within the monthly budget you have in order not to give rise to any more financial problems.

You also need to make sure that you aren’t being penalized to accept the option of payment breaks, also known as deferred payments during the life of the secured loan that you have, if the option is offered to you by the lender.

If you are a person who is experiencing some kind of financial problem, then a secured personal loan can be the answer to your problems.

It’s generally considered good advice to get a college degree no matter the cost, but as the cost of college rises, so does the amount of student debt most graduates acquire. While it may seem like a good investment , student debt can be debilitating, but for those pursuing a college education there is hope. With creativity and hard work, it is possible to achieve a degree without acquiring debt.

The earlier you commit to staying out of student debt, the more options are available. High school is the ideal time to start planning. I attended high school only one semester before deciding to withdraw. Instead I began taking classes from our local community college. Because I was a high – school – aged student , our community college provided classes for free. By checking with your high school and local college counselors, it is possible to create a plan to take advantage of available college courses, and possibly apply the credits for high school graduation as well.

Once you begin paying for college classes it is imperative that you have a plan s o your pre cious time and money is not spent on unnecessary courses. I graduated with my Associates Degree at the same time my peers were graduating from high school. I had already decided which un iversity to attend and which classes would transfer , so I began completing the major requirements immediately . If I had not decided on a major and researched the requirements I would not have been able to apply so many of the classes (which I completed at no cost ) . The getting of the college degree with debt implies no loans availability. In some cases, it is difficult for the students to get the college done with debt. The benefits available at promogreenloansvip2.com will offer the opportunity to the students and they should grab it with skills. 

V aluable resource s for funding college are sch olarships, grants, and work-study. To be eligible for financial aid from most universities you will need to fill out the Free Application for Federal Student Aid (FAFSA). The earlier this is filled out the more financial aid opportunities are available. State and school deadlines may be substantially earlier then the federal due dates. If you filled out the FAFSA, chances are you will be offered student loans, but you do not have to accept them to receive the other a id s .

Private scholarships can also be a help to funding a college education. High schools, service clubs, religious organizations, and state programs are all good resources. Apply for as many scholarships as possib le ; Fastweb is one resource for finding private scholarships for which you may qualify.

After outside funding has been exhausted, college can be funded by employment or investments. Some communities have classes or forums on how to fund college with real estate and other investments. Check with local colleges and community centers for community education courses in such topics. I worked both custodial and fast food jobs to pay for college. It is important not to take on too much at once. If necessary, it is best to work one job and take one class at a time. If you take on more classes and jobs than you can handle , you will only throw your money away on failed classes. If you pay for classes and do not pass , you may n ot be able to sign up for the next semester’s courses. I could have finished my last few classes in just one semester, but instead paid cash for one course at a time while working in a fu ll – time position.

It can be tempting to waste money on frivolous activities and things. Learn about frugal livin g and fi nd ways to cut costs. Every penny you save is that much less you have to work to get. By living as simply as possible, you free up more time and money for working toward your goals. New shoes will wear out and you can always rent that new movie later , but a college degree will be with you for the rest of your life.

College can be a worthy goal. Before embarking on a college educatio n you must ha ve a plan. Research the college’s requirements and plan ahead. Decide on a major before you begin. Get your paperwork in on time to maximize your opportunities. Don’t waste your time or your money on something you don’t feel driven to do. Going to college for the wrong reasons can be a bad idea and cause a lot of financial regret down the line. By refusing to accept deb t , w orking hard , and being creative and frugal, college can be a great investment.