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Borrow Now, Pay Later With One Hour Payday Loans
Needs arise between paydays requiring immediate cash in today’s world on a daily basis. The demands on our monetary lives can become overwhelming. A small automobile accident, academic expenses or everyday bills can put a strain on budgets already spread too thin. If you do not have savings to rely on, the situation may become urgent. Taking heed of the economic situation these days lending institutions have devised the one hour payday loan to help overcome these financial hardships. Lenders who offer these loans are willing to extend cash to financially strapped consumers for a short time with no collateral or credit check.
The reason they can do this is because you as the borrower assure the lender that your next paycheck will cover the amount of the loan. Payday loans are generally issued for smaller amounts ranging from $100 to $1500 and for a short period of time, usually no more than 14 days. These types of transactions are speedy and available to you in a matter of minutes when conducted online. The requirements for acceptance are minimal. 18 years of age or older, employment of at least 3-6 months with a minimum income of $1000 per month and an active bank account set up with direct deposit. In some cases having filed for bankruptcy in the past will affect your approval status. Once your information is verified the lender simply wire transfers the money to you directly to your account, at which time they become available to you.
Interest rates on payday loans are not cheap. Anywhere from 15 30% is generally charged by the lender. That means that at the high end of this scale for every $100 that you borrow you will have to repay $130. That is some serious interest but the lender needs to charge this amount to make his involvement worthwhile as they are generally only going to collect one payment from you. In effect you are writing the lender a post dated check for the amount of the loan plus interest and any fees.
Repayment of one hour payday loans on time is extremely important. Do not forget that you had money problems to begin with. Many people after repaying a payday loan find that they now have no cash to carry them through until the next pay period so they turn around and immediately apply for another one hour payday loan. This does nothing but begin a vicious cycle that many consumers can not recover from. Short term one hour payday loans are an excellent and many times the only option available to most but be responsible and judicious in their use. Plan ahead. Know exactly what your costs are going to be. Keep in mind that once your loan is paid off you still need enough money on hand to carry you through to the next pay period. One hour payday loans should only be used in true emergencies. Use them sparingly and they can be a real savior in times of need.
Loans: 4 Keys To Better Loans and a Better Credit Score! (Page 1 of 2)
How you manage loans impacts your FICO score more than any other factor in your credit history. It’s true, you are scored heavily on the kinds of loans you have, how many months or years you have had those loans, how much you owe, and your repayment history, are key clues that credit bureaus use to arrive at your credit score. If you can wisely manage your loans, you will add points to your credit score quickly. Here are 4 key tips…
1. When the time is right you should try to refinance your high interest loans.
If you have high interest rate loans, especially on big ticket items like a motor vehicle or home mortgage and interest rates drop two points or more in the market, investigate refinancing some or all these loans. This is especially true if your credit score improves to above 700, even above 750 would be better. But, be wise about how you carry out this tactic.
First, shop loan sources other than the creditor that has your loan now. This way you may force your current lender to compete for your continued business by offering a more favorable interest rate. At the same time, do this only with those lenders who are obviously only interested in making money on you. Stick with lenders with whom you have a good long-term relationship but advise them that you are looking for a lower rate on your loan.
When shopping for credit give potential creditors only your credit score, not your Social Security number, for them to come up with a quote. Giving your S.S. number results in inquiries on your credit report which can damage your score. When they use only your score, no inquiries are recorded.
When seeking loans, you are looking for a lower interest rate or better repayment terms or both. By getting a better interest rate you will save hundreds, perhaps thousands, of dollars in interest. At the very least, getting more favorable monthly repayment terms that you can comfortably afford, will enhance your loan repayment history and automatically improve your score.
Refinancing is ideal for someone who is living from pay-to-pay and having a tough time making their monthly bills and who has been getting late notices or collections recorded in their credit history. It’s also a good idea for someone who has been paying bills on time with no recent negatives in their credit history and who has a good credit score. They will have an easier time refinancing for a better interest rate and more favorable repayment terms.
2. This is not my favorite solution but, if you must, there are loans available for folks with a poor credit history.
If your credit score is really low and you need a loan, you should look into services that provide loans to people with poor credit scores. But, be very careful you do not go even deeper into interest rate debt. There are legitimate lenders who know that some folks with poor credit scores will still make their payments on time if given a second chance and they are willing to speak with anyone that other lenders have denied.