Category Archives: Payday loans

Online Cash Loans-Tips To Protect Yourself

Payday loans have a somewhat bad stigma attached to them, mostly because of supposed predatory terms and conditions and outrageous interest rates. Online-Cash-Loan

It’s true that using online cash loans as a lifestyle habit is not going to help you win financially, but they can be an invaluable tool in an otherwise hopeless situation.

Consider a case where someone has recently suffered some unexpected medical expenses that drained their cash savings. Their car breaks down and they have no way to get to work. They need a couple hundred bucks to cover public transportation costs to get to their job until they get paid, when they can get their car fixed.

This person was definitely living close to the edge, but they’re not being completely irresponsible with their money either.

A quick cash loan becomes the difference between just squeaking by and complete disaster.

How Do Online Cash Loans Work?

The beauty of going online for your cash loans at sites like http://cashloans.ca is that the loan gets automatically deposited into your bank account. Simply fill out the application and you’ll most likely get approved.

Unlike other loans, you won’t get a credit check run on you, so your credit score isn’t an issue at all. This is great because if you DID have a good credit score, you probably wouldn’t need a payday loan (since you’d likely have a credit card or line of credit you could use).

Rather they’ll check that you meet a few minimal requirements such as age (usually at least 18 years old), as well as a minimum annual income (varies between lenders, but probably not as high as you think).

How Much Should I Borrow?

The idea behind payday loans is, as the name suggests, to get a loan based on your next paycheck. Again this will vary by lender, but typically the maximum would be something around $1,500.

What To Watch Out For

If you agree to the loan terms and pay it back within the agreed upon timeline (usually about 10 days), you’ll pay some interest and everything will be fine. You likely saved yourself some NSF fees or other charges for being late, or, like the person in our example above, avoid losing your job because you couldn’t show up.

Payday loans become problematic when you miss the repayment due-date or start using one payday loan to pay off the other one. It’s at this point that interest rates will skyrocket and start compounding on each other, quickly creating a mess that will be very difficult to get out of.

If you know you’re going to be late on a payment, contact the lender immediately. There will be options to extend the loan agreement that you can use. These will cost you extra, of course, but it won’t be as much as defaulting on the loan without telling them ahead of time.

Payday loans and you

Are you ready to eliminate your payday loans? Perhaps you are tired of being in the cash advance cycle? What most of us lack regarding our finances is the ability to control our spending. We tend to get busy in our daily lives and forget about keeping track of how much we have spent. Here are a few personal finance tips that could help you get back on track. You can follow these tips to get your routine back, especially if you have some tools that can help.

1. Begin by finding personal finance software. There are some free software tools available online, as well as things like MS Money, QuickBooks, and Quicken. Personal finance software helps you keep track of what you have spent.

2. Once you have the software you need to remember to use it. There are some who will wait until the end of the month and enter in the data. This is due to online banking options. They can look at their account balance and continually double check how much they have to spend. This is not the best method. It could lead to missing a payment or worse forgetting about a payment and over spending.

3. You need to get into a routine whether it is daily or weekly. Your best option is a daily update of what you have spent. For those who do not spend on a daily basis a weekly data entry into the software will keep you updated as to your situation.

4. The software is best used by taking out the bills you know you will have. In other words at the first of the month enter in the date, company, category, and amount of your bills. Things like the mortgage, car loan, car insurance, and others that do not change month by month can be removed. This will keep you from forgetting about them when you budget.

5. After you know what a bill will be, like the electric, enter it into the account. Again this will keep you from forgetting about that bill and keeping you on top of how much you have in the account.

6. The typical person knows what they will be paid per week or bi- weekly unless they earn commissions. This means your income can also be entered based on your pay days.

7. As you spend money on groceries or eating out you can enter those into the personal finance software.

8. When you have a couple of months worth of bills, paydays, and other expenses you can begin to budget using the reports the programs can generate. It will also help you find some income that you can be saving in a savings or Roth IRA.

These eight tips are suggestions for how you can use the personal finance software to budget on a monthly and yearly basis. If you want to get your personal finances under control trying something like this might just be the answer you have been looking for.