I admit to some pre-existing suspicion of the "payday loan" industry, but I am alarmed at the statement attributed to unnamed officials of Advance American in the Daily News-Record story ("Payday Loans Unfairly Judged," Dec. 11).
True, in Virginia, lenders can charge $15 for every $100 they lend. Calculated as an annual rate, the interest comes to 391 percent, according to industry officials.
However, it is only possible to accrue that high an interest rate if borrowers take out 26 such loans in one year, Advance American officials say.
To, the contrary, any victim who borrowed $100 from Advance America and paid $15 interest for 14 days, will have accrued and paid "that high an interest rate" (391 percent) whether he takes out no more, or 25 more, such loans for the year. Of course, your losses will be even higher in dollar amounts if you borrow more, or borrow more frequently.
According to the Virginia State Corporation Commission - Bureau of Financial Institutions' 2006 Annual Report, the annual percentage rates charged by licensed payday lenders in Virginia ranged up to 782 percent for each of the years 2003-2006, with the average annual percentage rate charged on payday loans ranging from 373 to 386 percent for those years.
The report includes the information that the average number of loans per borrower per year at these payday lenders was increasing for each of those years.
We can let our elected representatives know how we feel about the laws that permit such outrageous interest rates.
source:http://www.dailynews-record.com/opinion_details.php?LID=5738
Wednesday, December 26, 2007
AG Reaches Settlement With Payday Lenders
LITTLE ROCK -- The state has settled lawsuits against nine businesses and individuals accused of offering illegal payday loans disguised as instant cash rebates for Internet service, Attorney General Dustin McDaniel announced Monday.
Under the $1 million settlement, Arkansas customers will receive $800,000 in restitution and the remaining $200,000 will go to the consumer education enforcement fund in the attorney general's office, McDaniel said.
The settlement also stops any type of debt collection efforts on any outstanding contracts and requires the businesses to close. The attorney general's office estimated the agreement would cancel about $4.5 million in outstanding balances on existing contracts.
"This is a very aggressive settlement," said Hank Klein, founder of Arkansans Against Abusive Payday Lending. "I'm glad to see that this has finally been settled."
The lawsuits alleged customers were offered up to three Internet accounts and given a $100 rebate for each account, then required to pay $20 every two weeks for each account, or $120 a month for dial-up Internet access.
Currently, dial-up Internet access costs $5 to $10 a month, the attorney general's office said. McDaniel said the deal was nothing more than a disguised payday lending scheme with interest rates exceeding 500 percent.
The settlement did not address Arkansas' payday lending law, which is expected to be debated before the Arkansas Supreme Court next year.
In November, a Pulaski County circuit judge ruled that the 1999 Check Cashers Act that allows payday loan fees that exceed the state's interest limits is constitutional.
Payday lending opponents, who argue the law is unconstitutional because it frees payday lenders to make consumer loans with triple-digit interests that far exceed the state's 17 percent usury limit, have appealed the judge's ruling to the state's highest court.
source:http://www.nwaonline.net/articles/2007/12/10/news/121107lragpayday.txt
Under the $1 million settlement, Arkansas customers will receive $800,000 in restitution and the remaining $200,000 will go to the consumer education enforcement fund in the attorney general's office, McDaniel said.
The settlement also stops any type of debt collection efforts on any outstanding contracts and requires the businesses to close. The attorney general's office estimated the agreement would cancel about $4.5 million in outstanding balances on existing contracts.
"This is a very aggressive settlement," said Hank Klein, founder of Arkansans Against Abusive Payday Lending. "I'm glad to see that this has finally been settled."
The lawsuits alleged customers were offered up to three Internet accounts and given a $100 rebate for each account, then required to pay $20 every two weeks for each account, or $120 a month for dial-up Internet access.
Currently, dial-up Internet access costs $5 to $10 a month, the attorney general's office said. McDaniel said the deal was nothing more than a disguised payday lending scheme with interest rates exceeding 500 percent.
The settlement did not address Arkansas' payday lending law, which is expected to be debated before the Arkansas Supreme Court next year.
In November, a Pulaski County circuit judge ruled that the 1999 Check Cashers Act that allows payday loan fees that exceed the state's interest limits is constitutional.
Payday lending opponents, who argue the law is unconstitutional because it frees payday lenders to make consumer loans with triple-digit interests that far exceed the state's 17 percent usury limit, have appealed the judge's ruling to the state's highest court.
source:http://www.nwaonline.net/articles/2007/12/10/news/121107lragpayday.txt
Ground Breaking Payday Loan Provider Pushes Industry Boundaries
Cash Doctors has set themselves apart from their industry by giving their clients exactly what they want, when they want it. With a recently upgraded system, Cash Doctors' new clients are receiving loans within the hour, and returning clients within seconds. As a result, the Gold Coast-based online short-term loan company is now providing nationwide $100 - $600 loans, faster than any other Australian lender.
Company co-founders Greg Ellis and Séan Teahan have introduced system upgrades to their already paperless loan application to include fully automated application, messaging, and cash transfer systems. These upgrades have allowed their clients near instant access to their loan, faster than any other online payday loan provider in Australia.
Previously, people in need of a instant cash fix had to wait at least 24 hours before their payday advance could be transferred into their account, and even longer for a check to clear. Now Cash Doctors is providing instant cash relief to those who need it most.
With it's company policies based around a shared experience with the customers, Cash Doctors aim to help out it's customers in both the short and long term is right on the mark. "Having been in the very same situation ourselves in years gone by, we understand our clients need for an instant cash fix," says Ellis.
Keeping in line with their client welfare based policies, Cash Doctors also publishes finance articles, e-books, and news designed to keep their clients financially informed and in turn, help them have money to live freely.
Through the provision of instant cash relief within seconds, Cash Doctors has upped the standards of the payday loan industry. With their exceptionally short transfer times and the publishing of finance documents such as articles and e-books, it is evident that client welfare is central to every process within the company, and is exemplified by the availability of short-term loans being readily available to those who need it most.
source:http://www.emediawire.com/releases/2007/12/emw575411.htm
Company co-founders Greg Ellis and Séan Teahan have introduced system upgrades to their already paperless loan application to include fully automated application, messaging, and cash transfer systems. These upgrades have allowed their clients near instant access to their loan, faster than any other online payday loan provider in Australia.
Previously, people in need of a instant cash fix had to wait at least 24 hours before their payday advance could be transferred into their account, and even longer for a check to clear. Now Cash Doctors is providing instant cash relief to those who need it most.
With it's company policies based around a shared experience with the customers, Cash Doctors aim to help out it's customers in both the short and long term is right on the mark. "Having been in the very same situation ourselves in years gone by, we understand our clients need for an instant cash fix," says Ellis.
Keeping in line with their client welfare based policies, Cash Doctors also publishes finance articles, e-books, and news designed to keep their clients financially informed and in turn, help them have money to live freely.
Through the provision of instant cash relief within seconds, Cash Doctors has upped the standards of the payday loan industry. With their exceptionally short transfer times and the publishing of finance documents such as articles and e-books, it is evident that client welfare is central to every process within the company, and is exemplified by the availability of short-term loans being readily available to those who need it most.
source:http://www.emediawire.com/releases/2007/12/emw575411.htm
Tuesday, December 25, 2007
Instant payday loan
At times what matters most is the speed with which funds are available through a loan. Instant payday loan from Payday Loans UK works as no other loan to bring instant cash to the borrower.
Such urgencies normally happen when the borrower has finished his last month’s pay cheque and he is faced with an urgent expenditure all of a sudden. These expenditures can be any of the regular expenditures on gas, fuel, food bills etc. or those that emerge all of a sudden like an immediate medical need, car repairs, repairing a broken glass window. Payday Loans UK will arrange an instant payday loan that is well equipped to handle all these expenditures.
What makes instant payday loan well suited to deal with these expenses is the fast speed of approval of this loan. The instant payday loan is approved in 24 to 48 hours. Moreover, the loan proceeds of the instant payday loan are deposited directly into the bank account of the borrower.
The primary reason behind instant approval of payday loan is the smaller sum involved. People normally demand sums in the range of £80 to £500 under this loan. Smaller sum speeds up the process of approval of loan.
Apply online for instant payday loan at Payday Loans UK. Complete the entire loan processing by sitting at your home. Request free no obligation quotes from lenders now.
source:http://www.paydayloansuk.org.uk/instant_payday_loan.html
Such urgencies normally happen when the borrower has finished his last month’s pay cheque and he is faced with an urgent expenditure all of a sudden. These expenditures can be any of the regular expenditures on gas, fuel, food bills etc. or those that emerge all of a sudden like an immediate medical need, car repairs, repairing a broken glass window. Payday Loans UK will arrange an instant payday loan that is well equipped to handle all these expenditures.
What makes instant payday loan well suited to deal with these expenses is the fast speed of approval of this loan. The instant payday loan is approved in 24 to 48 hours. Moreover, the loan proceeds of the instant payday loan are deposited directly into the bank account of the borrower.
The primary reason behind instant approval of payday loan is the smaller sum involved. People normally demand sums in the range of £80 to £500 under this loan. Smaller sum speeds up the process of approval of loan.
Apply online for instant payday loan at Payday Loans UK. Complete the entire loan processing by sitting at your home. Request free no obligation quotes from lenders now.
source:http://www.paydayloansuk.org.uk/instant_payday_loan.html
Welcome to Instant UK Loan
Instant approval of a loan application forms one of the most important criteria for borrowing through loans. Many a time, borrowers face certain exigencies, and immediate transfer of funds becomes a necessity. For such instances, borrowers can make use of Instant UK Loan to arrange instant approval of loans in the UK.
We are associated with prominent banks and financial institutions. Thus borrowers in the UK are able to avail of a large number of deals in instant approval loan UK. Different lender groups will be contacted to source different kinds of deals in instant UK loans. The kind of instant UK loan deals may change given the borrower’s capacity to put up collateral, and his credit circumstances.For people who are facing difficulty in securing instant UK loan deals because of bad credit, Instant UK Loan is the ultimate destination.
There are a large number of products that Instant UK Loan will help to arrange.These are instant secured loan UK, instant car loan UK, instant payday loan UK, instant cash loan UK, instant bad credit loan UK, instant unsecured loan UK, and many more. All these products will be made available at cheanp and competitive rates of interest
source:http://www.instantukloan.co.uk/
We are associated with prominent banks and financial institutions. Thus borrowers in the UK are able to avail of a large number of deals in instant approval loan UK. Different lender groups will be contacted to source different kinds of deals in instant UK loans. The kind of instant UK loan deals may change given the borrower’s capacity to put up collateral, and his credit circumstances.For people who are facing difficulty in securing instant UK loan deals because of bad credit, Instant UK Loan is the ultimate destination.
There are a large number of products that Instant UK Loan will help to arrange.These are instant secured loan UK, instant car loan UK, instant payday loan UK, instant cash loan UK, instant bad credit loan UK, instant unsecured loan UK, and many more. All these products will be made available at cheanp and competitive rates of interest
source:http://www.instantukloan.co.uk/
Monday, December 24, 2007
The emerging use of payday loans
There are many different types of loans available these days, with something to suit most needs and circumstances, from secured loans for homeowners to mortgage loans for those wishing to buy their own home, unsecured loans for tenants or those living with family, and payday loans for those looking for a shorter term borrowing solution.
Payday loans have become increasingly popular over recent years amongst those that are looking for shorter term finance but do not have access to a credit card or other funds.
You will find a number of lenders that offer payday loans these days, and you can get these loans direct from high street payday loan specialists as well as from specified online lenders.
These loans are quick and easy to process, so you won’t be left hanging around, and although the interest rate is high the fee is charged at a flat rate depending on the amount borrowed, and is manageable for most borrowers. Below are some frequently asked questions relating to payday loans:
What are payday loans?
A payday loan is a short term loan, and as the name suggests is designed to tide you over until payday comes around. These loans are both short term and have modest maximum borrowing limits.
Why would I need a payday loan?
Many people find themselves running short of cash during the course of the month, and if payday is still a fair way off it can be difficult to work out how you will manage. Things can be even worse if an unexpected bill or emergency arises, and you need cash to make payment.
Many people don’t want to have to go to friends or family in order to borrow money, and if you have no access to savings or a credit card then you could find yourself in a difficult situation. However, the availability of payday loans means that you can still get the money you need for a short period until you get paid, so you won’t need to panic.
How much can I borrow with a payday loan?
The amounts that you can borrow on a payday loan are quite modest, and the most that you will usually be able to borrow on this type of loan is up to £1000. However, the exact amount that you will be able to borrow will depend on a number of factors, such as your income and employment status. The lending levels on payday loans can vary from one lender to another.
I have bad credit – will I still be able to get a payday loan?
One of the good things about payday loans is that there are no credit checks involved, and this means that even those with bad credit can qualify for a payday loan providing they meet the lenders own eligibility criteria.
What is the criteria for taking out a payday loan?
This can vary from one lender to another, but in general you will need to be employed and prove that you have a bank account for repayment of the loan.
You will need to provide proof of your identity and address, proof of your bank account, and wage slips to prove your employment and income. You should check with individual lenders with regards to their eligibility requirements and the documentation that you will need.
How long will it take to get the money from a payday loan?
You can get the money from your payday loan very quickly in most cases. If you go to a high street lender for the loan you will usually receive the money right away once you have presented your documentation and the loan has been authorised. In some cases, with online lenders for instance, you may receive your money into your account either later in the day or next day.
When do I have to repay the loan?
A payday loan is a short term loan and needs to be repaid within a set period, which is generally 28 days from when the loan is given to you. You will usually have to set up a one off direct debit for the money to be repaid on the specified date, or with some lenders you will need to write post dated cheques, which the lender will then bank on the date that the loan has be repaid.
source:http://www.thriftyscot.co.uk/Loans/122007/the-emerging-use-of-payday-loans.html
Payday loans have become increasingly popular over recent years amongst those that are looking for shorter term finance but do not have access to a credit card or other funds.
You will find a number of lenders that offer payday loans these days, and you can get these loans direct from high street payday loan specialists as well as from specified online lenders.
These loans are quick and easy to process, so you won’t be left hanging around, and although the interest rate is high the fee is charged at a flat rate depending on the amount borrowed, and is manageable for most borrowers. Below are some frequently asked questions relating to payday loans:
What are payday loans?
A payday loan is a short term loan, and as the name suggests is designed to tide you over until payday comes around. These loans are both short term and have modest maximum borrowing limits.
Why would I need a payday loan?
Many people find themselves running short of cash during the course of the month, and if payday is still a fair way off it can be difficult to work out how you will manage. Things can be even worse if an unexpected bill or emergency arises, and you need cash to make payment.
Many people don’t want to have to go to friends or family in order to borrow money, and if you have no access to savings or a credit card then you could find yourself in a difficult situation. However, the availability of payday loans means that you can still get the money you need for a short period until you get paid, so you won’t need to panic.
How much can I borrow with a payday loan?
The amounts that you can borrow on a payday loan are quite modest, and the most that you will usually be able to borrow on this type of loan is up to £1000. However, the exact amount that you will be able to borrow will depend on a number of factors, such as your income and employment status. The lending levels on payday loans can vary from one lender to another.
I have bad credit – will I still be able to get a payday loan?
One of the good things about payday loans is that there are no credit checks involved, and this means that even those with bad credit can qualify for a payday loan providing they meet the lenders own eligibility criteria.
What is the criteria for taking out a payday loan?
This can vary from one lender to another, but in general you will need to be employed and prove that you have a bank account for repayment of the loan.
You will need to provide proof of your identity and address, proof of your bank account, and wage slips to prove your employment and income. You should check with individual lenders with regards to their eligibility requirements and the documentation that you will need.
How long will it take to get the money from a payday loan?
You can get the money from your payday loan very quickly in most cases. If you go to a high street lender for the loan you will usually receive the money right away once you have presented your documentation and the loan has been authorised. In some cases, with online lenders for instance, you may receive your money into your account either later in the day or next day.
When do I have to repay the loan?
A payday loan is a short term loan and needs to be repaid within a set period, which is generally 28 days from when the loan is given to you. You will usually have to set up a one off direct debit for the money to be repaid on the specified date, or with some lenders you will need to write post dated cheques, which the lender will then bank on the date that the loan has be repaid.
source:http://www.thriftyscot.co.uk/Loans/122007/the-emerging-use-of-payday-loans.html
Mesa officials eye payday loan stores
A year ago, Mesa City Councilman Mike Whalen thought the business market would take care of the glut of payday loan stores in the city. Now, Whalen says he was wrong.
“The mood of the city is, ‘We’ve got enough,’” he said Tuesday.
Last October, Whalen and the council voted down an ordinance that would have put a quarter mile between payday loan stores.
Whalen said he aims to bring the issue back to the City Council before his term ends in June.
The District 2 councilman’s apparent change of heart comes on the heels of Monday’s council vote against allowing a new Max-It pawn shop to open in west Mesa, and may indicate a change in the council’s usual approach.
For some members of the Council, private property rights and the free market have always governed city business.
For instance, Mayor Keno Hawker voted against the pawn shop, admitting it was a departure from his usual philosophy, but acknowledging the work that west Mesa residents had done to improve the area.
As for payday loans, Whalen said he bought the theory that bad operators would go away if the free market was allowed to dictate the business.
“I think enough is enough,” he said Monday. “When you’ve got a community that has fought so hard to come back from being so down, it’s the little things that make a difference to them.”
Discussions of pawn shops and payday loan stores in west Mesa always come down to improving the image of the area.
“It’s our neighborhood, why wouldn’t we want to change that?” said Dave Richins, a leader in the Mesa Grande Community Alliance, which vocally opposed the pawn shops and has spoken out against payday loan stores flooding the area.
Richins pointed to west Mesa developments such as Bass Pro Shops, Waveyard water adventure park, the Mesa Arts Center, light rail and the impending reinvestment at Fiesta Mall.
“That says something about what’s happening here,” he said.
Since 2000, the number of payday loan stores in the state has grown into the hundreds, and Mesa is home to several. Some stores are only a few feet away from each other.
“Residents don’t like the stores and they view it as a deterrent to what they view as healthier businesses,” said Vice Mayor Claudia Walters.
Walters heavily pursued the regulation of payday loan stores last time it came before the council.
She said she and Whalen already have started to revisit the issue.
“He came to me and said I’d like to fix it,” she said. “I said, ‘Wow.’”
But creating an ordinance to regulate the loan stores won’t be easy — even the second time around.
The City Council may face more difficulties now than they did last year with the passage of Proposition 207, and some council members still don’t like the idea.
The proposition approved by voters on the 2006 ballot says that property owners must be paid whenever state or local governments diminish the value of private property.
Walters said she is researching how Prop 207 would affect the regulation of payday loan stores.
Somers said he was surprised at Whalen’s change of heart, but said he would still vote against a distance requirement.
source:http://www.eastvalleytribune.com/story/104758
“The mood of the city is, ‘We’ve got enough,’” he said Tuesday.
Last October, Whalen and the council voted down an ordinance that would have put a quarter mile between payday loan stores.
Whalen said he aims to bring the issue back to the City Council before his term ends in June.
The District 2 councilman’s apparent change of heart comes on the heels of Monday’s council vote against allowing a new Max-It pawn shop to open in west Mesa, and may indicate a change in the council’s usual approach.
For some members of the Council, private property rights and the free market have always governed city business.
For instance, Mayor Keno Hawker voted against the pawn shop, admitting it was a departure from his usual philosophy, but acknowledging the work that west Mesa residents had done to improve the area.
As for payday loans, Whalen said he bought the theory that bad operators would go away if the free market was allowed to dictate the business.
“I think enough is enough,” he said Monday. “When you’ve got a community that has fought so hard to come back from being so down, it’s the little things that make a difference to them.”
Discussions of pawn shops and payday loan stores in west Mesa always come down to improving the image of the area.
“It’s our neighborhood, why wouldn’t we want to change that?” said Dave Richins, a leader in the Mesa Grande Community Alliance, which vocally opposed the pawn shops and has spoken out against payday loan stores flooding the area.
Richins pointed to west Mesa developments such as Bass Pro Shops, Waveyard water adventure park, the Mesa Arts Center, light rail and the impending reinvestment at Fiesta Mall.
“That says something about what’s happening here,” he said.
Since 2000, the number of payday loan stores in the state has grown into the hundreds, and Mesa is home to several. Some stores are only a few feet away from each other.
“Residents don’t like the stores and they view it as a deterrent to what they view as healthier businesses,” said Vice Mayor Claudia Walters.
Walters heavily pursued the regulation of payday loan stores last time it came before the council.
She said she and Whalen already have started to revisit the issue.
“He came to me and said I’d like to fix it,” she said. “I said, ‘Wow.’”
But creating an ordinance to regulate the loan stores won’t be easy — even the second time around.
The City Council may face more difficulties now than they did last year with the passage of Proposition 207, and some council members still don’t like the idea.
The proposition approved by voters on the 2006 ballot says that property owners must be paid whenever state or local governments diminish the value of private property.
Walters said she is researching how Prop 207 would affect the regulation of payday loan stores.
Somers said he was surprised at Whalen’s change of heart, but said he would still vote against a distance requirement.
source:http://www.eastvalleytribune.com/story/104758
Let’s rein in 21st century loan sharks
While it would be easy to think payday lending is some new phenomenon, nothing could be further from the truth. Payday lending is the modern form of usury. Usury and its regulation have been the subject of civil and religious debate for literally thousands of years.
Usury is not a word you hear used very often now. It has a musty, 19th century quality. Usury can mean the price paid for the use of money. It can also simply mean excessive interest.
State usury laws refer to a body of law regulating the amount of interest charged by lenders. Most states have long had laws specifying the maximum legal interest rates at which loans can be made. For almost our entire history as a state, until 1999, New Hampshire has had such laws protecting consumers.
In January, the Legislature will take up House Bill 267, a bill placing an interest rate cap of 36 percent APR on payday and auto title loans. The bill is modeled on legislation passed by Congress in 2006 to protect our military service members who were being victimized by payday lenders. It would restore an interest rate cap which has been our state norm.
There is a long history dating back to before the American Revolution of the use of interest rate caps to protect against usury. In his excellent book, “Taming the Sharks,” law professor Christopher Peterson recounts this history.
Originally, the colonies imported English law, which included an interest rate cap statute called the Statute of Anne. It imposed a maximum allowable interest rate of 5 percent per year. Most of the states initially imposed caps between 4 and 10 percent per year, although after independence most states set their maximum rate at 6 percent per year.
Early American society featured a very strong thrift ethic. Reckless borrowing for personal consumption was extremely frowned upon. The public had little sympathy for debtors. State law rigorously enforced debts and a sense of shame attached to personal debt. This was the era of debtors’ prisons. Even though low interest rates were the norm, imprisonment for debt was very common. In Massachusetts in 1830, there were three to five times as many persons imprisoned for debt as for crime.
After the Civil War, attitudes toward personal debt loosened. A new lending practice developed called salary lending — the historic precursor of payday lending. The principle was the same. A debtor would borrow $5 and repay $6 at the end of the week.
While that might not sound too bad to modern ears, it led to chain debt, an early version of the repeat borrowing trap characteristic of payday loans. Manipulative lender practices like the imposition of staggering late fees and shady calculation of interest trapped debtors into endless payments.
Salary lending was characterized by lenders collecting the most money while reducing the overall debt owed as little as possible. If the debtor lost his job or suffered illness or could not pay for some other reason, interest compounded and debt swelled.
The salary lenders targeted employed and married working class white men, seeing them as good credit risks and likely to repay because of their steady employment histories.
1,000 percent interest
The term “loan-sharking” did not originate with the 20th century Mafia. It actually comes from the period after the Civil War. In the Eastern cities, the salary lenders were infamous for charging interest rates over 1,000 percent annually.
The abuses and horror stories about this loan-sharking led to a series of governmental reforms and policy responses. Federal bankruptcy law reform allowing more discharge of debt, an increase in cooperative and charitable lending, and new small loan laws were all responses to the havoc created by usury.
The 20th century saw an explosion of credit and greatly expanded consumer debt. Old American stigmas about reckless borrowing disappeared and the credit card made its appearance.
In contrast to the New Deal period, when government took a wide range of regulatory, protective steps, government since the Reagan era has promoted deregulation, which opened the door to exploitation of the poor.
When interest rate caps were scrapped in our state in 1999, the legislative history shows that the Legislature expected interest rates to go up to only 20 to 25 percent. There was no expectation interest rates would soar into the stratospheric rates of the payday lenders where the sky is the limit.
Five hundred percent APR? No problem if you are a payday lender. It is a sign of our moral confusion that we do not readily see payday lending as a gross form of usury. There are reasons the Christian, Jewish and Islamic traditions have all rejected usury as pure, unchecked greed. I expect ethical atheists would too.
This is not some moderately priced consumer credit. While payday lenders and auto title lenders strive for acceptance and legitimacy, they are 21st-century loan sharks. This is the dark side of deregulation where the administrative state has failed and consumer protection has been junked.
The issues around payday lending are just the latest round in an American fight over predatory lending that has been longstanding. No strategy will completely stop the payday lenders. They are foxy and will try to work around legislation. Still, restoring an interest rate cap is the time-tested reform which has proven most effective in curbing abusive money lending.
source:http://nhbr.com/apps/pbcs.dll/article?AID=/20071221/NEWS01/580026208
Usury is not a word you hear used very often now. It has a musty, 19th century quality. Usury can mean the price paid for the use of money. It can also simply mean excessive interest.
State usury laws refer to a body of law regulating the amount of interest charged by lenders. Most states have long had laws specifying the maximum legal interest rates at which loans can be made. For almost our entire history as a state, until 1999, New Hampshire has had such laws protecting consumers.
In January, the Legislature will take up House Bill 267, a bill placing an interest rate cap of 36 percent APR on payday and auto title loans. The bill is modeled on legislation passed by Congress in 2006 to protect our military service members who were being victimized by payday lenders. It would restore an interest rate cap which has been our state norm.
There is a long history dating back to before the American Revolution of the use of interest rate caps to protect against usury. In his excellent book, “Taming the Sharks,” law professor Christopher Peterson recounts this history.
Originally, the colonies imported English law, which included an interest rate cap statute called the Statute of Anne. It imposed a maximum allowable interest rate of 5 percent per year. Most of the states initially imposed caps between 4 and 10 percent per year, although after independence most states set their maximum rate at 6 percent per year.
Early American society featured a very strong thrift ethic. Reckless borrowing for personal consumption was extremely frowned upon. The public had little sympathy for debtors. State law rigorously enforced debts and a sense of shame attached to personal debt. This was the era of debtors’ prisons. Even though low interest rates were the norm, imprisonment for debt was very common. In Massachusetts in 1830, there were three to five times as many persons imprisoned for debt as for crime.
After the Civil War, attitudes toward personal debt loosened. A new lending practice developed called salary lending — the historic precursor of payday lending. The principle was the same. A debtor would borrow $5 and repay $6 at the end of the week.
While that might not sound too bad to modern ears, it led to chain debt, an early version of the repeat borrowing trap characteristic of payday loans. Manipulative lender practices like the imposition of staggering late fees and shady calculation of interest trapped debtors into endless payments.
Salary lending was characterized by lenders collecting the most money while reducing the overall debt owed as little as possible. If the debtor lost his job or suffered illness or could not pay for some other reason, interest compounded and debt swelled.
The salary lenders targeted employed and married working class white men, seeing them as good credit risks and likely to repay because of their steady employment histories.
1,000 percent interest
The term “loan-sharking” did not originate with the 20th century Mafia. It actually comes from the period after the Civil War. In the Eastern cities, the salary lenders were infamous for charging interest rates over 1,000 percent annually.
The abuses and horror stories about this loan-sharking led to a series of governmental reforms and policy responses. Federal bankruptcy law reform allowing more discharge of debt, an increase in cooperative and charitable lending, and new small loan laws were all responses to the havoc created by usury.
The 20th century saw an explosion of credit and greatly expanded consumer debt. Old American stigmas about reckless borrowing disappeared and the credit card made its appearance.
In contrast to the New Deal period, when government took a wide range of regulatory, protective steps, government since the Reagan era has promoted deregulation, which opened the door to exploitation of the poor.
When interest rate caps were scrapped in our state in 1999, the legislative history shows that the Legislature expected interest rates to go up to only 20 to 25 percent. There was no expectation interest rates would soar into the stratospheric rates of the payday lenders where the sky is the limit.
Five hundred percent APR? No problem if you are a payday lender. It is a sign of our moral confusion that we do not readily see payday lending as a gross form of usury. There are reasons the Christian, Jewish and Islamic traditions have all rejected usury as pure, unchecked greed. I expect ethical atheists would too.
This is not some moderately priced consumer credit. While payday lenders and auto title lenders strive for acceptance and legitimacy, they are 21st-century loan sharks. This is the dark side of deregulation where the administrative state has failed and consumer protection has been junked.
The issues around payday lending are just the latest round in an American fight over predatory lending that has been longstanding. No strategy will completely stop the payday lenders. They are foxy and will try to work around legislation. Still, restoring an interest rate cap is the time-tested reform which has proven most effective in curbing abusive money lending.
source:http://nhbr.com/apps/pbcs.dll/article?AID=/20071221/NEWS01/580026208
Instant Approval Loan
Looking for an instant approval loan?
Look no further. Priority Payday Loans has made the process of obtaining fast cash easier, and more beneficial, than ever before. Thanks to our proven instant approval loan program, applicants can request help online, consult with our staff members at no cost or obligation, and receive the money they need in under 24 hours. Period. No delays or roadblocks pertaining to credit scores. No waiting around. No faxing of any documents. What we can offer you is a quick loan in the truest sense of the word. Just apply above and talk with a representative when contacted. Ask any questions you have about the process. Then give us the go-ahead and your instant approval loan will be waiting in your account by this time tomorrow!
Before applying for an instant payday loan...
... Make sure that you have the appropriate pieces of information ready to go. While our acclaimed instant approval loan procedure is simple and safe, it behooves you to make it as seamless as possible by coming prepared. That way you will reduce the potential for snags and guarantee yourself the fastest receipt of the loan you need to pay off debt. When you click on the link to our secure application (above) you will be asked for the following:
Current, accurate I.D. and contact information.
Proof of employment, salary/wages, and pay schedule.
Savings or checking account numbers / routing numbers.
It's a basic list of requirements, ones needed to ensure the security of everyone involved. Obviously, with identity theft prevalent in this modern age, we must take precautions to make sure fraud is kept away from our instant loan system. The reason the info. about your job is needed is that it allows us to get around the credit checks that many companies require. As long as we know that there is money coming your way, we will have no problem granting you eligibility for instant approval loans. Once your next check comes, you can pay back the money just as easily, by simply approving the transfer of funds back to Priority via email.
That is pretty much all there is to it. Get an instant approval loan directly deposited to your account today. Pay off debt and begin a new chapter in your life. We look forward to hearing from you.
source:http://www.prioritypaydayloans.com/loan/instant-approval-loan.rss
Look no further. Priority Payday Loans has made the process of obtaining fast cash easier, and more beneficial, than ever before. Thanks to our proven instant approval loan program, applicants can request help online, consult with our staff members at no cost or obligation, and receive the money they need in under 24 hours. Period. No delays or roadblocks pertaining to credit scores. No waiting around. No faxing of any documents. What we can offer you is a quick loan in the truest sense of the word. Just apply above and talk with a representative when contacted. Ask any questions you have about the process. Then give us the go-ahead and your instant approval loan will be waiting in your account by this time tomorrow!
Before applying for an instant payday loan...
... Make sure that you have the appropriate pieces of information ready to go. While our acclaimed instant approval loan procedure is simple and safe, it behooves you to make it as seamless as possible by coming prepared. That way you will reduce the potential for snags and guarantee yourself the fastest receipt of the loan you need to pay off debt. When you click on the link to our secure application (above) you will be asked for the following:
Current, accurate I.D. and contact information.
Proof of employment, salary/wages, and pay schedule.
Savings or checking account numbers / routing numbers.
It's a basic list of requirements, ones needed to ensure the security of everyone involved. Obviously, with identity theft prevalent in this modern age, we must take precautions to make sure fraud is kept away from our instant loan system. The reason the info. about your job is needed is that it allows us to get around the credit checks that many companies require. As long as we know that there is money coming your way, we will have no problem granting you eligibility for instant approval loans. Once your next check comes, you can pay back the money just as easily, by simply approving the transfer of funds back to Priority via email.
That is pretty much all there is to it. Get an instant approval loan directly deposited to your account today. Pay off debt and begin a new chapter in your life. We look forward to hearing from you.
source:http://www.prioritypaydayloans.com/loan/instant-approval-loan.rss
Instant approval on Payday loans
I’ve been lucky so far in that I’ve never needed to take out an emergency loan. When I’ve needed money there’s always been people to help me - like the parents. I know that’s not always going to be the case, and that’s what I like knowing about places where I can get a loan fast if I need it. It seems to me that a Payday Loan fits that category nicely.
I’ve been to visit the site and it looks like it couldn’t be simpler to get Payday Cash Advance Loans. You just fill out the Quick Qualify box on the main page where you are asked questions like whether you are employed and if you make at least $800 to $1000 per month. Once you’ve filled that out you’re taken to a page where you give more information about yourself and your employment history. Hit submit when you’re done and you’ll find out almost instantly if you qualify for a Payday Advance. It’s unbelievably easy.
I think it’s great that there’s such an easy online method of getting a quick loan.
source:http://feverishthoughts.com/oddplanet/2007/01/23/instant-approval-on-payday-loans/
I’ve been to visit the site and it looks like it couldn’t be simpler to get Payday Cash Advance Loans. You just fill out the Quick Qualify box on the main page where you are asked questions like whether you are employed and if you make at least $800 to $1000 per month. Once you’ve filled that out you’re taken to a page where you give more information about yourself and your employment history. Hit submit when you’re done and you’ll find out almost instantly if you qualify for a Payday Advance. It’s unbelievably easy.
I think it’s great that there’s such an easy online method of getting a quick loan.
source:http://feverishthoughts.com/oddplanet/2007/01/23/instant-approval-on-payday-loans/
No Fax Instant Approval Payday Loans
I guess you all know that with the rapidly growing popularity of payday loans, more and more people are now looking for no fax instant approval payday loans. Well, it is so fortunate for them that a number of payday loan companies are now operating both online and offline to give them access to those no fax instant approval payday loans that have been considered as one of the hottest trends in the payday loan industry.
So if you are one of those people out there who often looked for no fax instant approval payday loans, I think you should first know that no fax instant approval payday loans are generally provided for the purpose of helping you to cover whatever financial worries you may have. You can certainly use these loans in times that you found yourself trapped between paydays and short on cash.
For that matter, one of the most trusted and commonly noted companies for no fax instant approval payday loans these days is ChooseOK.com. This company is actually an Internet service that basically operates just to provide the payday loan customers like you with access to the fastest and easiest no fax instant approval payday loans online. Their no fax instant approval payday loans are also there so for you to obtain the amount you need and use it for whatever purposes you have.
At ChooseOK.com, almost anyone can apply and be eligible for the no fax instant approval payday loans. This is mainly for the reason that ChooseOK.com does not run any credit check on your credit history, so whether you have a bad credit or no credit at all, you still have the chance to obtain the no fax instant approval payday loans anytime, even at the comfort of your own home. However, just like some no fax instant approval payday loans companies, ChooseOK.com has placed certain requirements for the loans. So, as long as you are 18 years of age or older, a US citizen, have a permanent job and a monthly income of more than $800 take-home, you have that great opportunity to qualify for their no fax instant approval payday loans. Once you are approved, the money will be wired directly into your checking account instantly.
For further interest, another portal that have made a great name in the payday loan industry by delivering no faxl payday loans to thousands of customers is NationalPayday.com. Basically, this company allows you to obtain no fax instant approval payday loans as well as cash advances anytime of the day or night so long as you met the loan requirements, such as you must be of 18 years of age or older, has an active bank account, and has a regular employment. And, just like the first mentioned site, NationalPayday.com certainly allows you to obtain no fax instant approval payday loans even if you have a bad credit or no credit at all. There is no need for faxing any documents since faxing is highly eliminated, hence no fax instant approval payday loans. And in particular, you are given a chance to receive cash with the amount of up to $300 once your application is approved.
source:http://www.neverstoptrying.com/help-pages/PaydayLoan/No_fax_instant_approval_payday_loans.html
So if you are one of those people out there who often looked for no fax instant approval payday loans, I think you should first know that no fax instant approval payday loans are generally provided for the purpose of helping you to cover whatever financial worries you may have. You can certainly use these loans in times that you found yourself trapped between paydays and short on cash.
For that matter, one of the most trusted and commonly noted companies for no fax instant approval payday loans these days is ChooseOK.com. This company is actually an Internet service that basically operates just to provide the payday loan customers like you with access to the fastest and easiest no fax instant approval payday loans online. Their no fax instant approval payday loans are also there so for you to obtain the amount you need and use it for whatever purposes you have.
At ChooseOK.com, almost anyone can apply and be eligible for the no fax instant approval payday loans. This is mainly for the reason that ChooseOK.com does not run any credit check on your credit history, so whether you have a bad credit or no credit at all, you still have the chance to obtain the no fax instant approval payday loans anytime, even at the comfort of your own home. However, just like some no fax instant approval payday loans companies, ChooseOK.com has placed certain requirements for the loans. So, as long as you are 18 years of age or older, a US citizen, have a permanent job and a monthly income of more than $800 take-home, you have that great opportunity to qualify for their no fax instant approval payday loans. Once you are approved, the money will be wired directly into your checking account instantly.
For further interest, another portal that have made a great name in the payday loan industry by delivering no faxl payday loans to thousands of customers is NationalPayday.com. Basically, this company allows you to obtain no fax instant approval payday loans as well as cash advances anytime of the day or night so long as you met the loan requirements, such as you must be of 18 years of age or older, has an active bank account, and has a regular employment. And, just like the first mentioned site, NationalPayday.com certainly allows you to obtain no fax instant approval payday loans even if you have a bad credit or no credit at all. There is no need for faxing any documents since faxing is highly eliminated, hence no fax instant approval payday loans. And in particular, you are given a chance to receive cash with the amount of up to $300 once your application is approved.
source:http://www.neverstoptrying.com/help-pages/PaydayLoan/No_fax_instant_approval_payday_loans.html
Instant Approval Payday Loans: Assist To Sidetrack Cash Concerns
The best of times are those when you have the finances available with you. The day your salary arrives, you feel like buying out the whole world. Gradually after meeting all the needs, the available cash in hand starts depleting. And by the end of month, there is not much cash left in hand. In these circumstances, if an unplanned or unwanted expenses crop up, then it becomes an up hill task to deal with. You can turn towards friends or relatives for help, but what if they are not in a position to do so. In these situations, it is preferable to opt for Instant approval payday loans.
Instant Approval Payday Loans can be obtained by fulfilling certain criteria's. They are:-
* You must be employed for the last 6 months.
* Your monthly income should not be less than $1000.
* Age should be at least 18years or more.
* A valid bank account along with a residential proof where you have been staying for the last 6 months.
When these criteria's get fulfilled, the amount gets deposited in to the borrower's bank account within 24 hours.
These loans are designed to help borrowers meet their needs which requires small amount of cash. This loan is beneficial for purposes like buying a dress, meeting hospital bills, paying credit card dues, electricity bills, store utility bills, purchasing furniture's, repairing of home and car etc.
Under these loans, amount in the range of $100-$1500 can be borrowed to supplement the needs. It has a very short repayment term and usually lasts up to 14-31 days. On the day you get the salary, the amount is electronically deducted by the loan provider. However, if there is any problem, the period can be extended by paying an extra fee to the lender.
Borrowers with bad credit also qualify for the loans but they have to pay a higher rate of interest. Usually these loans are offered at high rate of interest to cover the risk factor. But with a proper research of the market using the online application, competitive rates can be gained.
Instant approval payday loans has become an instant hit among the borrowers as it offers cash to meet the needs at an amazing speed. Virtually all the unplanned or unwanted expenses can be taken care with the help of these loans.
source:http://www.ideamarketers.com/?Instant_Approval_Payday_Loans_Assist_To_Sidetrack_Cash_Concerns&articleid=265906
Instant Approval Payday Loans can be obtained by fulfilling certain criteria's. They are:-
* You must be employed for the last 6 months.
* Your monthly income should not be less than $1000.
* Age should be at least 18years or more.
* A valid bank account along with a residential proof where you have been staying for the last 6 months.
When these criteria's get fulfilled, the amount gets deposited in to the borrower's bank account within 24 hours.
These loans are designed to help borrowers meet their needs which requires small amount of cash. This loan is beneficial for purposes like buying a dress, meeting hospital bills, paying credit card dues, electricity bills, store utility bills, purchasing furniture's, repairing of home and car etc.
Under these loans, amount in the range of $100-$1500 can be borrowed to supplement the needs. It has a very short repayment term and usually lasts up to 14-31 days. On the day you get the salary, the amount is electronically deducted by the loan provider. However, if there is any problem, the period can be extended by paying an extra fee to the lender.
Borrowers with bad credit also qualify for the loans but they have to pay a higher rate of interest. Usually these loans are offered at high rate of interest to cover the risk factor. But with a proper research of the market using the online application, competitive rates can be gained.
Instant approval payday loans has become an instant hit among the borrowers as it offers cash to meet the needs at an amazing speed. Virtually all the unplanned or unwanted expenses can be taken care with the help of these loans.
source:http://www.ideamarketers.com/?Instant_Approval_Payday_Loans_Assist_To_Sidetrack_Cash_Concerns&articleid=265906
Saturday, December 22, 2007
Christmas Loans - What’s So Great About Them?
Christmas loans are always offered when we reach this time of the year. Everywhere you go you find Christmas loan advertisements featuring special terms that are hard to find any other time of the year. However, not everybody knows what Christmas loans are really about and what is so interesting about them.
Following is a brief explanation of why Christmas loans are your best choice of financing during these holidays.
When you are looking for financing, there are different loan conditions that you may be focusing on: the interest rate on the loan, the repayment program or maybe the amount of the monthly payments. Christmas loans feature very advantageous figures on all these loan terms and conditions. And that is the main reason why Christmas loans are so popular.
Lenders Competing For You
At this time of the year the demand for personal loans is very high but fortunately, all lenders jump to the market voraciously wanting to obtain the biggest share possible and thus, they compete vigorously by featuring more and more valuable Christmas loan offers. That is the main reason why you can obtain such advantageous terms on Christmas loans; because the lenders are competing for you.
So what can you expect of Christmas loans? Simple: these loans feature lower interest rates that common unsecured loans, credit cards, payday loans and other short term, non secured forms of financing and they also feature lower payments thanks to the flexible repayment schedules that you can choose. All in all, Christmas loans provide many benefits for the applicant and some of them even offer grace periods so you won’t have to start repaying the loan till two or three months later, the following year.
Christmas Loans Terms and Conditions
As explained above, Christmas loans feature very advantageous terms but the interest rate is not the only thing that can be highlighted on Christmas loans. The rest of the loan conditions are also optimized both for the season and for the type of applicants that require these loans. Therefore, by applying for a Christmas loan you will get flexible repayment schedules that can last up to a year or more (compared to pay day loans and other short term unsecured personal loans, this is a great improvement), you can also get minimum monthly payments that are very easy to afford and most importantly, you can get fast approval without delays or hassles and sometimes even without credit checks or long verifications.
source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=44022
Following is a brief explanation of why Christmas loans are your best choice of financing during these holidays.
When you are looking for financing, there are different loan conditions that you may be focusing on: the interest rate on the loan, the repayment program or maybe the amount of the monthly payments. Christmas loans feature very advantageous figures on all these loan terms and conditions. And that is the main reason why Christmas loans are so popular.
Lenders Competing For You
At this time of the year the demand for personal loans is very high but fortunately, all lenders jump to the market voraciously wanting to obtain the biggest share possible and thus, they compete vigorously by featuring more and more valuable Christmas loan offers. That is the main reason why you can obtain such advantageous terms on Christmas loans; because the lenders are competing for you.
So what can you expect of Christmas loans? Simple: these loans feature lower interest rates that common unsecured loans, credit cards, payday loans and other short term, non secured forms of financing and they also feature lower payments thanks to the flexible repayment schedules that you can choose. All in all, Christmas loans provide many benefits for the applicant and some of them even offer grace periods so you won’t have to start repaying the loan till two or three months later, the following year.
Christmas Loans Terms and Conditions
As explained above, Christmas loans feature very advantageous terms but the interest rate is not the only thing that can be highlighted on Christmas loans. The rest of the loan conditions are also optimized both for the season and for the type of applicants that require these loans. Therefore, by applying for a Christmas loan you will get flexible repayment schedules that can last up to a year or more (compared to pay day loans and other short term unsecured personal loans, this is a great improvement), you can also get minimum monthly payments that are very easy to afford and most importantly, you can get fast approval without delays or hassles and sometimes even without credit checks or long verifications.
source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=44022
Get Instant Cash With Same Day No Fax Payday Loan- No Documentation Required
It is easy to get cash now in case of an emergency, with same day no fax payday loan. When cash is needed urgently, a quick cash payday loan can provide cash amounting from $100 to $1500. The interest range varies from $10 to $30 per $100. If you apply for a conventional loan, certain criteria have to be met, such as property evaluation, bank statements etc. In case of same day no fax payday loan however, all you need is a valid bank account and a job. Once the loan is approved, you can get the cash the same day.
Why Payday Loans Are So Popular
1. Payday loans are easy to apply and are approved within 24- 48 hours.
2. Anyone can apply for a payday loan. This includes people who have a bad credit history, are broke or in debt. There is no credit check involved thus; it is a boon for those who cannot get loans, otherwise owing to their financial history.
3. Getting a fastest online payday loan is easy, as there is least documentation involved. Same day no fax payday loan is easy to apply for, as there is no paperwork involved.
The cash loan has to be paid back in a fixed period of two weeks to 31 days from the time of the loan approval. In case, if you cannot repay on time, then the loan period can be extended as per suitability by paying an extra fees.
No Fax Payday Loan Online
Same day no fax payday loan is also available online. You just need to enter your basic details and your bank account number. Once all details are verified, the loan will be approved the same day. Applying for same day payday loan online is easier and hassle free as a trip to the lender is saved. You can apply online and have the cash in your account the same day. Payday loan applied for over the net should be through an authentic payday loan provider. Be careful about giving your personal and financial information over the Internet, as a fake site may misuse that information.
Same day no fax payday loan is a big help in case of a monetary emergency. However, care should be taken to look for genuine loan providers. An important tip goes to sticking to the due date, as these loans are there to get you out of a financial emergency. Prolonging the repayment period would simply mean more interest rate and being stuck in the debt cycle.
source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=44884
Why Payday Loans Are So Popular
1. Payday loans are easy to apply and are approved within 24- 48 hours.
2. Anyone can apply for a payday loan. This includes people who have a bad credit history, are broke or in debt. There is no credit check involved thus; it is a boon for those who cannot get loans, otherwise owing to their financial history.
3. Getting a fastest online payday loan is easy, as there is least documentation involved. Same day no fax payday loan is easy to apply for, as there is no paperwork involved.
The cash loan has to be paid back in a fixed period of two weeks to 31 days from the time of the loan approval. In case, if you cannot repay on time, then the loan period can be extended as per suitability by paying an extra fees.
No Fax Payday Loan Online
Same day no fax payday loan is also available online. You just need to enter your basic details and your bank account number. Once all details are verified, the loan will be approved the same day. Applying for same day payday loan online is easier and hassle free as a trip to the lender is saved. You can apply online and have the cash in your account the same day. Payday loan applied for over the net should be through an authentic payday loan provider. Be careful about giving your personal and financial information over the Internet, as a fake site may misuse that information.
Same day no fax payday loan is a big help in case of a monetary emergency. However, care should be taken to look for genuine loan providers. An important tip goes to sticking to the due date, as these loans are there to get you out of a financial emergency. Prolonging the repayment period would simply mean more interest rate and being stuck in the debt cycle.
source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=44884
Easy Cash Loans – A Word Of Advice
Whenever you are undergoing a financial crisis easy cash loans will help in easing your problems. Quick cash loans are short term finances that borrowers can borrow to meet their unexpected expenses. These loans are easily available today. Anyone who is above 18 years of age and a US citizen qualifies for the loan if he has a regular income and a bank account. The credit history of the borrower is not a deterrent to getting the loan.
Borrowers can apply for the loan on the net itself. The lender verifies the application on the basis of the application. He does not require giving any additional proofs for disbursing the loan. The application process and eligibility criteria are so simple that this loan is rightly called easy cash loans. Once approved this money is directly made available in the borrower’s account. The whole process of verification and approval of the loan happens in less than 24 hours. Therefore easy cash loans are also called the fast payday loan. Repayment is also simplified by directly debiting the borrower’s account on due date is possible. Due date is usually the next payday since these loans are fast cash advance payday loans meaning they are advanced against the next pay check of the borrower.
Though the quick cash loans appear to be simple and quick there are few points that every borrower must be aware of before he applies for the loan. This will help him make the right choice.
1. Since easy cash loans are very popular with short term borrowers there are many lenders in the market offering easy cash loans. The borrower therefore has a wide choice before him. He must therefore settle for a lender after thorough research. He can compare the offers of various lenders online and select the lender giving him the best deal.
2. The cash advance payday loans come with a higher rate of interest as compared to the traditional secured loans. This is attributed to the fact that these loans are unsecured and short termed. Hence the borrower must carefully evaluate the urgency of his requirements and wait for the next pay check to spend if it is possible.
3. The borrower must go through the rules, regulations and tariffs of the lender before he applies for the fast cash loan.
4. Rolling over the loan attracts a penalty. The borrower must try to pay back the debt on the due date itself. Else the cost of the loan escalates. The borrower will then find it difficult to repay the loan.
5. If these points are heeded to, then easy cash loans are the best choice for meeting emergency cash exigencies.
source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=46488
Borrowers can apply for the loan on the net itself. The lender verifies the application on the basis of the application. He does not require giving any additional proofs for disbursing the loan. The application process and eligibility criteria are so simple that this loan is rightly called easy cash loans. Once approved this money is directly made available in the borrower’s account. The whole process of verification and approval of the loan happens in less than 24 hours. Therefore easy cash loans are also called the fast payday loan. Repayment is also simplified by directly debiting the borrower’s account on due date is possible. Due date is usually the next payday since these loans are fast cash advance payday loans meaning they are advanced against the next pay check of the borrower.
Though the quick cash loans appear to be simple and quick there are few points that every borrower must be aware of before he applies for the loan. This will help him make the right choice.
1. Since easy cash loans are very popular with short term borrowers there are many lenders in the market offering easy cash loans. The borrower therefore has a wide choice before him. He must therefore settle for a lender after thorough research. He can compare the offers of various lenders online and select the lender giving him the best deal.
2. The cash advance payday loans come with a higher rate of interest as compared to the traditional secured loans. This is attributed to the fact that these loans are unsecured and short termed. Hence the borrower must carefully evaluate the urgency of his requirements and wait for the next pay check to spend if it is possible.
3. The borrower must go through the rules, regulations and tariffs of the lender before he applies for the fast cash loan.
4. Rolling over the loan attracts a penalty. The borrower must try to pay back the debt on the due date itself. Else the cost of the loan escalates. The borrower will then find it difficult to repay the loan.
5. If these points are heeded to, then easy cash loans are the best choice for meeting emergency cash exigencies.
source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=46488
Magnum Cash Advance – Instant Cash Advance With No Paperwork
Magnum cash advance is a source of financial aid, designed for emergencies, that helps people who are looking for a quick solution to their fiscal needs. This cash advance is a short term loan that is to be repaid with the borrowers’ next paycheck. These cash advance services are readily available if you need instant cash for an amount between $100 and $1000. However, cash advances may be even taken to a limit of $1500. Like the loan amount, these cash advance services are available with a wide range of features, which end up creating a number of benefits for the customers.
Online And Instant Loan Procedures
Magnum cash advance is one of the most advantageous cash loans. Quick cash transfer facility is one of the prominent features of these loans making them easy and extensively popular. Magnum online cash advance loan, espouse a simple loan approving procedure to make the cash available to the borrower within 24 hours of getting a loan application. An easy and online loan application procedure helps the customers complete the application formalities within a few minutes. Since the entire application process is online, the customers are absolutely free from any paperwork or faxing documents. This is why the customers opting for these loans are miles ahead of other loan customers when it comes to getting the loan approved.
Cash loans top the list of things that we prefer being instantly available at the stretch of our hand. And now, with Magnum cash advance services, cash loans are available at our fingertips. This cash advance service is designed to make loans accessible to the consumers without the usual nuisance of other regular loans. Some people may find asking for a loan and its accompanying requirements rather embarrassing. Now, with an online and discreet loan application procedure, facing an awkward situation that is associated with a traditional loan application method has become history. Moreover, emergencies leave people with little time to spend at the crowded counters of loan officers and follow the drawn out loan application procedures. Therefore, payday loan lenders have introduced this particular cash loan with short, precise and swift online loan application.
Benefits Of Online Loan Procedures
Instead of counting the hours in your local lending offices, people requiring cash loans can now complete loan application procedures at home itself. Magnum no fax cash advance service is offered through a secure, easy and discreet web form. Customers can place loan requests telephonically, as the numbers are open all the time. Within a few hours of applying for the Magnum cash advance, the loan approval is mailed and within 24 hours, the money is transferred to the customer’s account electronically.
source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=46480
Online And Instant Loan Procedures
Magnum cash advance is one of the most advantageous cash loans. Quick cash transfer facility is one of the prominent features of these loans making them easy and extensively popular. Magnum online cash advance loan, espouse a simple loan approving procedure to make the cash available to the borrower within 24 hours of getting a loan application. An easy and online loan application procedure helps the customers complete the application formalities within a few minutes. Since the entire application process is online, the customers are absolutely free from any paperwork or faxing documents. This is why the customers opting for these loans are miles ahead of other loan customers when it comes to getting the loan approved.
Cash loans top the list of things that we prefer being instantly available at the stretch of our hand. And now, with Magnum cash advance services, cash loans are available at our fingertips. This cash advance service is designed to make loans accessible to the consumers without the usual nuisance of other regular loans. Some people may find asking for a loan and its accompanying requirements rather embarrassing. Now, with an online and discreet loan application procedure, facing an awkward situation that is associated with a traditional loan application method has become history. Moreover, emergencies leave people with little time to spend at the crowded counters of loan officers and follow the drawn out loan application procedures. Therefore, payday loan lenders have introduced this particular cash loan with short, precise and swift online loan application.
Benefits Of Online Loan Procedures
Instead of counting the hours in your local lending offices, people requiring cash loans can now complete loan application procedures at home itself. Magnum no fax cash advance service is offered through a secure, easy and discreet web form. Customers can place loan requests telephonically, as the numbers are open all the time. Within a few hours of applying for the Magnum cash advance, the loan approval is mailed and within 24 hours, the money is transferred to the customer’s account electronically.
source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=46480
Friday, December 14, 2007
Cash Advance Loans – The Facts You Need To Know
Cash Advance Loans – The Facts You Need To Know
Cash advance loans is just another term for payday loans. These loans or cash advance services are frequently availed by people. There are certain facts about this kind of service though that you ought to be aware of.
Cash advance loans today enjoy a lot of popularity. They are considered as a convenient way of managing unexpected expenditure during the (mid-month) spells of money-scarcity. Most of you must be aware that these loans are actually payday loans. Their amount is essentially limited ($200 to $1000) – sufficient to take care of only those relatively small-time financial emergencies that emerge between paydays. Millions of people use their cash advance loan to tide over their crises. In spite of such widespread usage, most of the people continue to be unaware of certain basic facts relevant to these services.
Cash Advance Loans – Describing The Facts:
Everybody knows that online cash advance service entail high interest rates. The reason being that they are bad credit cash advance services i.e. no credit checks are required to qualify for them. Few, however, are aware that it’s possible to get cash loans at much lower interest rates. Cheap cash loans are offered by a good number of companies. You just need to put in sufficient effort to search for such companies. Especially, military personnel can avail cash advance service at surprisingly economical rates.
Flipping or rolling over of cash advance loan is generally not advisable. There is a flip side to this too. In some of the states of the U.S., it is a legal obligation for payday lenders to provide extended payment plans. If you live in one of these states, and genuinely require an extension of repayment period, you may avail this facility.
Usually there is no limit on the number of cash advance loans a person can borrow at one time. But this is not so in all the states of the U.S. Some of the states impose restrictions on the number of loans that a borrower can take at one time. Not only this, they also limit the number of loans that can be taken in a given year.
About Interest Rates:
Most of the people think that loans are an expensive affair. In direct sense, this is rightly so as APR for payday loans range from 300% to 700%. However, these interest rates seem low when compared to the percentage of penalty amounts that one might have to pay by not availing cash or payday loans. For instance, if a person fails to pay a $200 utility bill in time, he would end up paying as much as $100 as late payment fee. This translates into approx. 1300% APR (annual percentage rate). Similarly, a bounced check for an amount of $100 may cost you about $45, which also encompasses APR in excess of 1000%. So when seen in context of genuine utility, cash advance loans are not that expensive.
Cash advance services provide cash advance loans that help people tide over their cash crunch mid month. Do a bit of research on the cash advance service that you wish to avail. If you are taking bad credit cash advance services, remember these loans have very high interest, so do not roll over, just take the amount you need.
Source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=45936
Cash advance loans is just another term for payday loans. These loans or cash advance services are frequently availed by people. There are certain facts about this kind of service though that you ought to be aware of.
Cash advance loans today enjoy a lot of popularity. They are considered as a convenient way of managing unexpected expenditure during the (mid-month) spells of money-scarcity. Most of you must be aware that these loans are actually payday loans. Their amount is essentially limited ($200 to $1000) – sufficient to take care of only those relatively small-time financial emergencies that emerge between paydays. Millions of people use their cash advance loan to tide over their crises. In spite of such widespread usage, most of the people continue to be unaware of certain basic facts relevant to these services.
Cash Advance Loans – Describing The Facts:
Everybody knows that online cash advance service entail high interest rates. The reason being that they are bad credit cash advance services i.e. no credit checks are required to qualify for them. Few, however, are aware that it’s possible to get cash loans at much lower interest rates. Cheap cash loans are offered by a good number of companies. You just need to put in sufficient effort to search for such companies. Especially, military personnel can avail cash advance service at surprisingly economical rates.
Flipping or rolling over of cash advance loan is generally not advisable. There is a flip side to this too. In some of the states of the U.S., it is a legal obligation for payday lenders to provide extended payment plans. If you live in one of these states, and genuinely require an extension of repayment period, you may avail this facility.
Usually there is no limit on the number of cash advance loans a person can borrow at one time. But this is not so in all the states of the U.S. Some of the states impose restrictions on the number of loans that a borrower can take at one time. Not only this, they also limit the number of loans that can be taken in a given year.
About Interest Rates:
Most of the people think that loans are an expensive affair. In direct sense, this is rightly so as APR for payday loans range from 300% to 700%. However, these interest rates seem low when compared to the percentage of penalty amounts that one might have to pay by not availing cash or payday loans. For instance, if a person fails to pay a $200 utility bill in time, he would end up paying as much as $100 as late payment fee. This translates into approx. 1300% APR (annual percentage rate). Similarly, a bounced check for an amount of $100 may cost you about $45, which also encompasses APR in excess of 1000%. So when seen in context of genuine utility, cash advance loans are not that expensive.
Cash advance services provide cash advance loans that help people tide over their cash crunch mid month. Do a bit of research on the cash advance service that you wish to avail. If you are taking bad credit cash advance services, remember these loans have very high interest, so do not roll over, just take the amount you need.
Source:http://www.americanchronicle.com/articles/viewArticle.asp?articleID=45936
Sunday, December 9, 2007
Payday-loan bans backfire
Maybe "payday loans" aren't so bad after all, according to a new staff report by the Federal Reserve Bank of New York.
It says that after Georgia and North Carolina banned all such high-interest loans, former patrons tended to migrate to even costlier alternatives, such as bouncing checks — and paying expensive bank charges to cover them — or filing for bankruptcy. The former patrons also report being hounded more by debt collectors.
"Our findings raise obvious policy questions," authors Donald P. Morgan and Michael R. Strain wrote. "Progressives may call for something better than either payday credit and (check) bounce protection. We are all for that, but banning payday loans is not the way to motivate competitors to lower prices or invent new products."
Debate over payday lenders has been growing in Utah, which is seen as one of the states with the fewest rules and oversight for the payday industry. However, a growing number of Utah cities have restricted the number of such businesses they allow in their borders.
A working group of the Utah Legislature is preparing legislation to require collecting more information from the industry here, including how many of its loans are really paid on time, how many are extended, what interest rates are charged, how many loans are made overall, and where loans are being made.
Ed Leary, commissioner of the Utah Department of Financial Institutions, told the Legislature in October that "additional data collection is probably warranted so we can better understand the industry." Now, the industry and its critics often wage a he-said, she-said battle over whether it is harmful or helpful to the poor.
Payday loans are usually given for two weeks. A Deseret Morning News study in 2005 found that median annual interest on them in Utah was a whopping 521 percent, or $20 for a two-week $100 loan. Critics contend that the needy often cannot pay them off on time and must take out more loans to cover them — creating a spiral of debt.
The industry itself says the loans help the needy avoid even costlier forms of financial help. The new preliminary report by the Federal Reserve Bank of New York agrees, after studying what happened when Georgia and North Carolina recently totally banned payday loans.
The report said, "Georgians and North Carolinians do not seem better off since their states outlawed payday credit: They have bounced more checks, complained more about lenders and debt collectors, and have filed for Chapter 7 ('no asset') bankruptcy at a higher rate."
The reserve bank added that its findings are consistent with industry arguments "that payday credit is cheaper than the bounce 'protection' that earns millions for credit unions and banks. Forcing households to replace costly credit with even costlier credit is bound to make them worse off."
Not surprisingly, the payday-loan industry hailed the new study.
Darrin Andersen, president of the Community Financial Services Association of America, said the study and experience from industry customers show "that people need access to short-term, low-denomination loans, and deprived of these, they are forced into other less desirable alternatives."
Source:http://deseretnews.com/article/1,5143,695234215,00.html
It says that after Georgia and North Carolina banned all such high-interest loans, former patrons tended to migrate to even costlier alternatives, such as bouncing checks — and paying expensive bank charges to cover them — or filing for bankruptcy. The former patrons also report being hounded more by debt collectors.
"Our findings raise obvious policy questions," authors Donald P. Morgan and Michael R. Strain wrote. "Progressives may call for something better than either payday credit and (check) bounce protection. We are all for that, but banning payday loans is not the way to motivate competitors to lower prices or invent new products."
Debate over payday lenders has been growing in Utah, which is seen as one of the states with the fewest rules and oversight for the payday industry. However, a growing number of Utah cities have restricted the number of such businesses they allow in their borders.
A working group of the Utah Legislature is preparing legislation to require collecting more information from the industry here, including how many of its loans are really paid on time, how many are extended, what interest rates are charged, how many loans are made overall, and where loans are being made.
Ed Leary, commissioner of the Utah Department of Financial Institutions, told the Legislature in October that "additional data collection is probably warranted so we can better understand the industry." Now, the industry and its critics often wage a he-said, she-said battle over whether it is harmful or helpful to the poor.
Payday loans are usually given for two weeks. A Deseret Morning News study in 2005 found that median annual interest on them in Utah was a whopping 521 percent, or $20 for a two-week $100 loan. Critics contend that the needy often cannot pay them off on time and must take out more loans to cover them — creating a spiral of debt.
The industry itself says the loans help the needy avoid even costlier forms of financial help. The new preliminary report by the Federal Reserve Bank of New York agrees, after studying what happened when Georgia and North Carolina recently totally banned payday loans.
The report said, "Georgians and North Carolinians do not seem better off since their states outlawed payday credit: They have bounced more checks, complained more about lenders and debt collectors, and have filed for Chapter 7 ('no asset') bankruptcy at a higher rate."
The reserve bank added that its findings are consistent with industry arguments "that payday credit is cheaper than the bounce 'protection' that earns millions for credit unions and banks. Forcing households to replace costly credit with even costlier credit is bound to make them worse off."
Not surprisingly, the payday-loan industry hailed the new study.
Darrin Andersen, president of the Community Financial Services Association of America, said the study and experience from industry customers show "that people need access to short-term, low-denomination loans, and deprived of these, they are forced into other less desirable alternatives."
Source:http://deseretnews.com/article/1,5143,695234215,00.html
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