Tag Archives: loans
Unsecured Personal Payday Loans Are Not a Long-Term Solution
Unsecured personal loans are sometimes called fast cash or payday loans. The good news is that anyone with a steady paycheck, even those earning minimum wage, can qualify for these types of cash advances. Pay day lending however, can be a very short and painful way out of a temporary situation.
The bad news with unsecured personal loans were payday loans is that you almost never can seem to catch up. A payday advance is extremely expensive! How expensive, you might ask? Some companies charge as much as 25% or more, every couple of weeks. This comes out to 650% for a year. But that’s not the worst of it…
Think about this:
A payday cash advance of $100 for two weeks, would cost $125. So if you pay the loan back in two weeks. You pay them the hundred dollars plus 25 dollars in interest.
So you would think that in four weeks, it would cost an it would cost you $150, right?
WRONG!
The way payday cash advance loans work is that they loan you $100, in two weeks it would cost you $125. But if you couldn’t pay the hundred and $25 in interest, they would simply give you a new loan to pay off the old one.
So for the next two weeks, you would have $125 loan and owe $31.25 in interest.
So a 100 loan, for one month would actually cost $156.25. Here’s a quick look at it just three months for a hundred all alone could cost.
Weeks w/Loan Amount Owed
$100.00
2 weeks $125.00
4 weeks $156.25
6 weeks $195.31
8 weeks $244.14
10 weeks $305.18
12 weeks $381.47
So after four weeks. The typical payday loan of 100 dollars would cost $156.25. After two months it would cost $244.14. And after just three short months. A cash advance of only $100, would cost you $381.47.
This figures out to 650% interest over one year! That’s not the annual percentage rate or APR, but just flat interest-rate.
The last problem with personal payday type loans is that most want access to your checking or savings account. They say this is to make it easier for you but it also allows them full access to your bank accounts. If there’s an error, you fight them about it all the while they take your money.
If however, you are in need of a fast cash loan and are able to pay it off on time, there are several programs that offer your first loan free of interest. I you need a one time short term unsecured personal loan, maybe one of these no interest one-use options are for you.
Remember though, the payday loan businesses will continue to contact you trying to get you to get back in debt. You must be able to ignore these types of marketing plans that would only end up hurting you long-term financial future. Just if you decide to use a payday loan, just make certain you have a plan to pay it back on time.
Unsecured installment loans-Get rid of financial crunches
Do you have financial predicament that creates uneasiness in your life? Moreover, if you are finding difficulty in arranging collateral to pledge against the loan money, here are unsecured installment loans for you. It would be one of the best financial solution that let you arrange the desired money to meet your fiscal qualms right within least possible time. When you are at high financial crisis and have no money to overcome your bad time, this is the finest loan approach.
Unsecured installment loans are feasible financial aid that does not bring any collateral from you. Thus, if you are incapable to pledge anything as collateral, enjoy this loan deal with ease. No collateral make the application and approval extremely simple and fast for you. There will be no hassle and risk related to collateral assessment and preparing extensive documents to fax. The amount of loan that you are allowed to access can be ranges from $1000 to $25000 with easy repayment period of 1 to 10 years. Swiftly cover your financial imbalances by paying off your emergency like meeting unexpected medical care costs, sudden car damage, paying off your phone bills, electricity bills, small home repair, education fee of your child and so on.
There are some of the eligibility criteria that are required to be met to get approved with high risk installment loans, such as:
1. The applicant should be a permanent resident of US
2. He should have a valid and active checking account
3. He should be in regular employment earning at least $1000 per month
4. Also, you should be above eighteen years or more.
5. A checking account is necessary to hold for direct online transaction.
There will be no apprehension if your credit scores are imperfect. Unsecured installment loans does not follow any credit checking process and let you enjoy the loan deal holding any type of credit scores. Thus, even if you are tagged with several bad factors like insolvency, foreclosures, bankruptcy, skipped payments, arrears, defaults and so on, you are welcome to get approve.
Swiftly get applied with unsecured installment loans with the ease of online application method. Do not leave the comfort of your home or office as internet helps you to grab the deal with affordable rates. There are numerous lenders that offer the loan deal at varied rates. Completing a single application form with let you arrange the instant money without any delay.