Have Bad Credit? How to Acquire a Loan
There are many people out there struggling to pay their bills. Times are tough and many people need a little bit of money to pay the bills until the next paycheck comes in. With few options, it can be tough for those in need to access money to help alleviate financial burdens. Due to poor credit, many are not eligible for credit cards or other small loans through a bank. However, there is an option out there for anyone with poor credit in the form of a payday loan but, do you know how a payday loan works?.
Payday loans are simple and easy to obtain. There are only a few requirements and the money can usually be accessed within hours of approval. In order to apply, one must simply provide proof of identity and income. Even those with poor or no credit can access a loan as long as they have a source of income. In order to apply, simply bring a recent pay stub and a representative can determine how much money one may be eligible for. During the interview, those applying will also be asked to provide proof of identity in the form of a driver’s license, state-issued identification card, etc.
At this time, the terms of the loan will be disclosed and discussed, including the interest rate and the repayment dates. Loans must usually be repaid within one month, which is enough time to reach the next paycheck and get back on your feet. Interest rates are reasonable and repayment terms can be negotiated depending on the applicant’s credit, but most payday loans must be repaid within one month. Once approved, the money can be transferred into the bank account almost immediately. Payday loans offer an affordable way to access a loan for those needing just a little extra money to get by until payday.
The Long-term Effects of the “Short-term” Payday Loan
Payday loans are an alternative finance source for those running short of cash. They work like a two-week advance on your paycheck. But while they can appear as a short-term solution to going broke, they can have serious long-terms effects. This article about loan costs might help you, and you can also consider the following example.
Raymond Chaney, a senior citizen from Boise acquired a payday loan in November 2013 to pay $400 in car damages. But when he couldn’t pay back in two weeks, he renewed it, and in Chaney’s own words, he “did a dumb thing”.
Soon, he was in a debt trap (to interpolate a macro-economic term), taking several payday loans from internet-based lenders. Failure to keep up with repayments forced him to evacuate his residence and also lose his Social Security savings, which was his sole source of income.
If you think that this is a rare scenario in the U.S., you should expose yourself to some stats. About 12 million Americans in need of instant finance turn to these short-term (but high interest) solutions, simply because they can’t resort to loans or credit cards. Click here for more info about loans and see how you can manage your finances.
The shocking thing is that more than 80% of these borrowers acquire more than a dozen loans, a predicament that in Chaney’s case leaves you homeless (he owed $12,000 on a $3,000 borrowing).
The authorities are well aware of the inherent dangers involved in this type of financing, and some states have simple outlawed payday loans. Recently, celebrity Kerry Katona starred in a payday loan company advert where the message was to lead a celebrity lifestyle by borrowing cash!
While a previous ad featuring the same celebrity was banned, the Advertising Standards Authority (ASA) rightly noted that banning is not a solution. Indeed, until serious efforts are not made to resolve America’s vulnerable consumer culture, we will see a lot more Chaney’s on our streets because they paid heed to some irresponsible ads by reality-show celebrities.
What we can take away from it? If you need money for the short term, be sure to choose a trusted provider like My Payday Place and pay it back on time. Payday loans and credit cards are not a solution for a gambling problem. Be aware of the risks and only use them when you really need them and can be sure to pay them off on time. If we handle them with responsibility, payday loans can be a lifesaver!
Zumba still growing in Popularity in 2012
Zumba has been available since 2001 and is pretty much the only Latin-inspired dance-fitness system around which mixes global popular music together with contagious steps which produces a thrilling “fitness-party” class.
The Zumba program has grown to become the world’s largest and most successful dance-fitness program with more than 12 million people taking weekly Zumba classes in over 110,000 locations across over 125 nations. With it’s growing recognition, it most likely will not be difficult to get a fitness center that provides Zumba classes. I think they even came up with a video or online casino game!
Zumba is mentioned to be liberating and magical which would explain why a lot of people have simply have become hooked! Zumba isn’t a fad and isn’t disappearing anytime soon therefore it may be really worth trying it!
Online casinos have taken the world by storm in 2014 – making them the most entertaining “new thing” of the year.