10 tips on payday loans

When emergency situations strike, you want to get quick cash to solve your problems easily and quickly. Payday loans have helped many people. So, what are payday loans? They are loans which a borrower has to repay by his next paycheck. Payday loans help out people in situations where they need quick money. These situations could range from emergency medical bills to paying school fees for your kid to recurring bills. Fast payday loans could be the right choice when it come to getting help out of emergency situations.

Getting fast payday loans can sometimes become a great challenge for many people. This is largely because of the way they apply for fast payday loans and more so the time at which they look for such loans. This piece could give you tips on how to get a payday loan and how to get the best deals. The key lies in the small details.  

1. Limitation of application to lender matching sites

Limitation of application to lender matching sites

Limitation of application to lender matching sites

First of all, you have to understand that there are different types of lenders. There are two major types of payday lenders – payday loan direct lenders and lender matchers. Thus, when you are applying for fast payday loans online, you have to understand the difference between the two. The direct lender typically offers the payday loan directly to the borrower. Thus, when you are applying online for a loan, you are literally dealing with the lender here.  The lender matcher, on the other hand, is the kind of lende who simply acts a broker. He connects borrowers to payday lenders. Thus, he doesn’t offer loans. He is just interested in connecting the borrower to the lender.

In this case, both payday lenders can operate  online You would probably want to go with lender matching websites. You have to remember that not all lenders you approach are going to extend you the payday loan. In fact, most of them will turn you down. To improve your chances and get the loan faster, just go with the lender matching website. The lender matching website will improve your odds of getting a payday loan. You will have a lot of lenders to choose from and thus getting one is easier. Considering the fact that you’re getting a payday loan to solve an emergency situation and lender matching websites will be able to connect you to one faster.

2. Best time of the day for loan application

Mornings are the best time of the day to apply. Most quick payday loans lending companies will probably be buzzing at this time of the day. If you apply in the morning, this means you will probably have the best and most efficient staff attending to you. Work is also done more quickly in most offices in the morning.

If your application is reviewed in the morning, you probably have a good chance of getting your loan approved faster. Afternoons could be more hectic. Thus the likelihood that your application being pushed to the next business day when you apply in the afternoon is quite high. In the afternoon,  there may not be so many staff working compared to morning. Thus, you may have to wait longer before getting a response from the payday lender.

3. Avoid weekends and holidays

Avoid weekends and holidays

Avoid weekends and holidays

Most lending companies don’t open on weekends. Your loan application would have to wait till next week for review. Thus, you probably want to apply for a payday loan on a weekday to get it processed and approved faster.

Holidays are also not a good time to do your loan application.  You probably would want to wait till the holiday is over before submitting your payday loan application.

4. Revisit the site you initially used for past loans

If you had previously successfully applied for a payday loan on one site and had repaid it on time, you have a higher chance of getting another loan from the same website. Getting the previous loan repaid on time  the first time goes a long way to proving that you are worthy of granting a second loan. The financial sector is based on trust the lender has on the borrower. Having a great history of on-time repayment with the lender helps you get another one because you have proven your credibility as a borrower to the lender. This credibility  is very important if you are in need of a quick loan.

5. Include a reference in your application

You probably want to add a reference to your application. Normally, the lending company will not ask for a reference, but it wouldn’t hurt to add. Remember that you are just one of the many applicants applying for a payday loan. Thus, making yourself a bit unique by including a reference goes a long way in getting yourself noticed and your application approved.

6. The Christmas season

The Christmas season

The Christmas season

The Christmas season is always abuzz with activities. This is even more so on Black Friday. This means that a lot of people want money to spend. Now, it doesn’t  matter whether you approach lender matching sites or go to direct payday loan lenders. Your loan has a very high likelihood of getting approved. At this period, most lending companies are working at maximum capacity to make profits.

January could be the worst time to look for a payday loan. This is because most of the companies are focusing their attention on getting their money back from the people who borrowed from them during the Christmas season. Getting a loan approval in January could be difficult.

7. Apply just once for fast payday loans

A payday loan is viewed as an emergency loan. this means if you apply for more than two times a month, the application has a high chance of getting rejected. The lender will be looking for new customers to offer their loans and not people who want to use it as a frequent source of income.

8. For military personnel, look for specific online sites

Online payday loan direct lenders and the other types of lenders have the tendency of not granting military personnel payday loans. Most of the look at the aspect of getting them the loan as a risk for obvious reason that they may not be able to pay say something unfortunate happened to them. As military personnel, you may want to go to specialized online sites that have programs that facilitate the needs of these military heroes.

When searching for a site to get your payday loan, it is important that you add the works military to the payday loan on the search engine to get the sites that cater to people in the military. The sites are fees thus it could pose a challenge but if you search well the companies are out there and the military personnel will get a chance to get their emergencies taken care of.

9. Get a separate email address from that of your spouse

 Get a separate email address

Get a separate email address

Payday loan lenders run a couple of background checks to determine that there are no fraud cases associated with the borrower. They will try to match the email address with the social security number. If you are sharing the same email address with your spouse, the social security number that pops up could belong to  your spouse and not yours. Thus, you could get disqualified for the loan. You should always make sure that the email address matches with your social security number.

10. Read the fine print

Be careful with the fine print of the loan contract. You want to get the best lender for the best deal. This is more so in the case of direct lender payday loans. Look for the best loan that suits your financial situations or you may end up in more trouble than you were in before.

5 ways to increase being approved of online payday loans

Times are tough and you may be forced to look for alternative sources of cash to tide over emergency financial obligations such as unexpected medical bills or household expenses. For a person with a normal day job and one source of income; the paycheck has a hard time dealing with emergency situations. First, you have to understand that everything the paycheck gets to his hand, he has to deal with bill payments and probably clearing a couple of debts. Essentially by the time mid month is approaching he is almost broke. When emergency incidences come up at this point, the online payday loans are handy in such pressing financial circumstances.

online payday loans gaining popularity

online payday loans gaining popularity

Payday loans are loans which a borrower has to pay back by his next payday. The borrower approaches the lender with a couple of credentials that are needed to get the loan. The borrower also gives the lender with a postdated check that contains the amount of money borrowed plus all interest and fees. This check will only be encashed by the lender should the borrower be unable to pay back the loan. Owing technological advancement, online payday loans are increasingly gaining popularity these days.

Payday loan is approved very quickly and this means people with an urgent need for cash get to resolve their issues faster. That’s why most people take the application of a payday loan very seriously. In fact, you probably would want to do so to avoid any delay in loan approval. This article explores ways to ensure that a payday loan application is approved within the shortest time possible.

   1.  Avoid blind applications

This is one of the most common mistakes when it comes to applying for payday loans. Most people try to make as many applications as possible so that if one application is rejected, the other one will accept. What they don’t realize is that they give the lender a bad impression for doing this. The lender will definitely find out about the numerous applications while verifying your background information. Especially when many payday loans online are applied online these days, it’s very easy for the lender to realize you’ve many payday loan applications. Such blind application gives a sense of desperation and this is not the impression you want to give to your potential payday lender.
Research is the answer to avoiding blind application. Look for a payday company that is compatible with your financial needs. It’s easy to research for a payday company or lender online. Doing this will go a long way in making sure you don’t get delayed or rejected by a lender.

2.   Fill out the online payday loans request form properly

Fill out the application form properly

Fill out the application form properly

Application forms are a vital aspect of a loan. Fill out all personal information carefully. Depending on the lender you approach, the form could be a physical or an online one. Whichever format you have, make an effort to fill out the form neatly with correct details.

Your loan application could be delayed or rejected if you don’t fill in the forms correctly or fail to fill out all fields. Lenders need all that information for loan approval. Most lenders will not accept an application that hasn’t  been properly filled out. This could lead to them requesting you to fill out the application form again. All this will take time and could cause delay and prevent you from getting the much-needed cash quickly.

The one easy and probably the only solution to this is taking the filing of the application with seriousness. The filling of the application should be done with keenness. The spaces should be filled correctly with correct and up to date information. By doing so you only need to wait for an approval from the lender about your loan. Easy as that!

3.   Preparation of documents

Preparation of documents

Preparation of documents

All loans will require you to provide a couple of documents for verification. Payday loans are no different. In order to minimize any delay in payday loan approval, the needed documents should be well arranged. By doing so, you can help the lender speed up  the verification which will in turn help you get your loan approved faster.

  As for online payday loan application, you have to make sure that you submit your details properly. The last thing you want is a loan rejection due to lack of proper and up-to-date documents and information.

4.   The co- borrower option

Having a co-borrower is a decision that is entirely up to the borrower. If you have good credit, you probably would want to take that option. It’s all about knowing the credit situation that you are in. The co-borrower you choose should be someone who has a good credit score too. We are talking about somebody who can help you repay the debt in the event that you are unable to do so. Thus, most online payday loans no credit check are the best option

It is also important to mention that the person should have the clear knowledge of what he is getting into. Otherwise, you will find yourself in the hot soup if you can’t repay your loan later on.

  The person should have the ability to help you pay off your debt should you are having difficulty repaying it. Having a co-borrower who is eligible by all standards is a form of reassurance for your lender.

5.   Stability issue

Being financially stable

Being financially stable

Being financially stable when it comes to borrowing is very important. A lender is always looking out to get his money back by the end of the day. This means that he will look for a borrower who doesn’t make him feel like he is gambling with his money. Stability is assessed from simple events like making your repayments on time every time. Things like late payment penalties and having rollover signify a lack of  stability.

The lender also judges the stability of the borrower by the amount of income he earns. The amount is directly proportional to the ease of debt repayment. It is important to give him the assurance should he decide to extend you the payday loan.

   All these tips will help you get approval for your payday loan application promptly. Always look for payday loans for bad credits if your credit score isn’t impressive. Don’t be running after lenders who are not interested in extending loans to people with bad credit. It’s always important to do your research thoroughly.

Payday loans advantages

There are times when the next payday is far away and you find yourself quite broke. Emergencies may hit, leaving you financially stranded. It could be a mortgage payment you had to make, your kid’s school fees or an unexpected hospital bill. When you need cash right there and then, you may need an emergency loan. This means you  have to look for fast borrowing alternatives. That is where payday loans come in. Payday loans are viewed in different ways all over. There are so many advantages of this personal financing plan. In this article, we explore the payday loans advantages.

Payday loans are short-term loans which a borrower is expected to pay it back once he gets his next paycheck. The payday amount can range from about $150 to about $1000. It all depends on what your needs are and how much you earn every month. Payday loans have been the alternative source of fast cash which people turn to in the middle of the month to solve emergency situations at hand.

payday loans is just quite easy

payday loans is just quite easy

Applying for emergency  payday loans is just quite easy. First, you look for a reliable payday lender. You then establish the loan amount. The lender gets your credentials and verifies your information. After you  sign the contract and get the loan, you are expected to repay by the next pay day. The requirement to pay up very soon is what makes a payday loan a short-term loan.

Payday loans are viewed in different ways all over. There are so many advantages of this personal financing plan. In this article, we explore the payday loans advantages.

Payday Loans Advantages

   1. Fast and simple

Getting fast payday loans is easy. You need to look for a lender whose terms suit your financial needs. Finding the lender is easy as there are many payday lenders online. This gives you many choices.

The application process takes less than a week. Your preferred payday lender will request for and verify your credentials. The loan amount is dependent on your income. The payday loan’s fees and charges are calculated. An interest rate is established and the loan contract is signed. All these takes just under 2 days.

Everything has been made easy and convenient to get instant payday loans. Most payday loan lenders have websites which cater to your convenience. Hence, payday loans have become really convenient to borrow quickly for emergency situations.

2.   Requirements

The payday loan doesn’t require a lot of credentials. You just need documents for identification only. The lender will require your identification, proof of employment or a source of income. You may also need to include information such as your home address. What is important is the postdated check that you offer the lender. It contains the amount which is equal to the money borrowed plus fees and interest. This postdated check will be encashed by the lender only if you are unable to repay the debt. That’s just all you need to apply for a payday loan. The minimal requirements have gone a long way in making payday loans accessible to many people.

3.   No collateral
 No collateral

No collateral

Most loans in the market are characterized by requiring collateral such as car title loans, traditional bank loans, pawn loans and others. The fact that you need to possess an item to qualify for a loan becomes very hard for many people to access those loans.

Payday loans structured differently. You will issue the lender a postdated check that amounts to the same as the loan plus interest and other extra charges. This acts as a form of security for the lender; an assurance that. In the event that you can’t pay up, he will encash this postdated check to get his money back. Hence, there is absolutely no need for collateral in payday loans.

If collateral is put up for a loan, this means you run the risk of losing that collateral if you are unable to repay the loan. This risk is not present in the case of the payday loans as no collateral is involved.

payday loans is just quite easy

payday loans is just quite easy

4.    The rollover option

Payday loans are typically short-term loans. This means they are loans that are required to be repaid when one gets his paycheck. For this reason, payday loans are due in about 30 days. However, you may be unable to repay the debt in full when the time comes. If this happens, you can roll over the outstanding debt. This simply means that the lender gives you another 30 days to repay the outstanding amount.

However, payday loan rollovers come with a little catch. It involves paying a little penalty. Sometimes,  the lender may also review the interest rate. In a nutshell, payday loans are designed in such a way that you will not be pressured to repay it.

5.    Credit checks

Payday loan lenders don’t quite require you to have a good credit score. In fact, sometimes they don’t even check if you have a good credit score. This is because payday loans are mostly taken up by people who cannot get a traditional bank loan because of bad credit. Another reason which the lenders don’t check credit scores is because  they don’t need to use it to determine the security of their loans. The payday loan is already secured by the postdated check that you gave the lender when getting the loan.

The fact that credit scores don’t matter attracts a lot of people to payday loans. However, you must be fully aware of what you’re getting into when taking out a payday loan.

6.   Legislation

borrowers are protected by the lawUnlike merchant cash advances, a payday loan is a loan legislated up to a certain extent by the government. This may mean that the borrowers are protected by the law up to some point. However. Payday loans don’t necessarily work in the same way across all states. Some have tougher control in place about payday loans than others. Thus, this could be an advantage for people who live in the states where there are proper and well-established regulations for payday loans.

Differences between secured and unsecured personal loans

It is normal that at  some point in life you need a little financial assistance. A loan is a certain amount of money that is extended by an individual or an entity to another individual or entity at an agreed interest rate and repayment period. Whichever type of personal loans you are going to get, it is of utmost importance to consider interest rates, fees and charges. Choose a loan that suits your financial situation and meets your needs.

Personal Loans

Personal Loans

A personal loan will surely tide over most individuals in financial difficulties. Personal loans are generally for individuals and they include mortgages, equity lines of credit, installment loans and payday loans. Personal loans are taken out to meet unplanned expenses which could range from car repairs, medical bills, debt consolidation and other personal needs.

People struggling in a financial crisis opt for personal loans due to their various benefits for borrowers. Personal loans are personal gives the borrower the liberty of using these loans to finance several of their needs. Personal loans are easy to secure as their requirements are easy to meet. With personal loans, you do not wake up to hiked interest rates every dawn since personal loan rates are fixed from the moment of borrowing to the time of making your repayments. The interest rates of personal loans are comparatively lower compared to those of other forms of borrowing such as credit cards.

For individuals who have a dark past in borrowing such that their credit score is low can still qualify for personal loan for bad credit. This type of personal loan is independent of the borrower’s credit score.

When applying for a personal loan, you need to be on the lookout for scam lenders who are out to take advantage of vulnerable, unsuspecting individuals who are desperately in need of cash. It is imperative to be cautious and thorough when reviewing lenders and their loan terms. You should be dealing with a legitimate lender. Common scams in personal loans take the form of the following:

scams in personal loans

scams in personal loans

  •  Advance payment feesthe lender asks for a document fee, application fee or an insurance fee to process your loan. Legitimate lenders do not ask for money before giving you a loan. Usually, the fees are incorporated in the total cost of the loan.
  • Hiked up interest rates: Rogue lenders are known to inflate their interest rates or stretching the repayment schedule so that it extends for a few years. These two aspects result in an increase in the total cost of money of borrowing. It is, therefore, advisable that those taking out a personal loan to seek the help of a personal loan calculator. It uses the amount of money borrowed together with your credit score and repayment period to determine the interest rate to be charged on the loan. Avoid a lender that quotes a rate higher than what you are supposed to be paying.
  •  Copycat companies: Most fraud cases happen online. It is therefore of utmost importance that you do your homework thoroughly by verifying the business name and address before signing on with the company. Reading the company’s loan terms and conditions to ensure they suit your needs is also imperative.

Personal loans are either of a secured or unsecured nature. It is important to note the clear cut differences between these two types as it may influence your decision on which type of loan to take on

Secured loans
Secured loans

Secured loans

Secured loans are loans that require you to put up property as collateral for the loan, such that in the event that you default payment, the lender keeps the property. You will need to pledge some of your property such as your house or vehicle to back the personal loan. With a secured personal loan, the interest rate charged on the borrower is comparatively lower than that of a borrower taking out an unsecured loan. This is because, in secured personal loans, the lender’s risk of the borrower defaulting in payment is reduced. Most lenders of secured personal loans do not perform credit checks as they come with collateral. The main disadvantage of secured personal loans is that the borrower is at risk of losing property in case he is unable to make payments.

Unsecured payments

Unsecured personal loans do not require you to put up property as collateral, this type of personal loan is a great relief to borrowers who do not have property to pledge as collateral. With an unsecured loan, however, the borrower incurs high- interest rates. This is linked to the risk that the lender faces in the event that the borrower defaults in making payments. The fees charged are also comparatively higher than those in a secured loan. The loan limits an unsecured loan are low as the lender fears to extend large amounts of the loan to borrowers.

Eligibility for personal loans
Eligibility for personal loans

Eligibility for personal loans

Qualifying for a secured personal loan is quite easy. The major prerequisite for this type of loan is collateral, other factors such as minimum age of 18 of years and having an active account are also important.

In an unsecured personal loan, you have to convince the lender that you are in a position to make payments. That’s why you are required to provide proof of income by presenting pay slips, proof of identity by presenting a passport and government Id. You should also have active savings and checking account. Minimum age of 18 years or older is also crucial.

Ways to build your savings

build your savings

build your savings

Saving is a phenomenal activity that has taken root from time in memorial and still practiced by thousands around the globe. Saving helps you to manage unforeseen expenses. You get a brilliant opportunity to accumulate your cash to use them for use at a later date. Saving is geared towards reducing enormous and impulse spending. Motivation to save includes retirement, education, medical bills, unplanned car repairs or travels. It is healthy to start growing yours from an early age. The following are tips you can apply to build up your savings.

1. Forego expenses you can do without

Saving calls for discipline. Avoid expenses that are not absolutely necessary. Instead of taking three vacations overseas every year, you might consider going for one domestic trip. This would help you save a remarkable amount of money.

2. Cut your credit cards expenditure

Credit cards often tempt you to over-shop for things you might not even need at the moment. Credit cards are also expensive to maintain due to their high late charges. To cut credit card spending, consider making payments in cash. This would save a substantial amount of money in the long run.

3. Come up with a financial plan for savings

 A financial plan helps you to set out your goals. With your goals set, you are less likely to go on expensive shopping frenzies.

4. Invest

 In this world, there are various niches that are not yet filled that need to be explored.

When you receive your salary, invest part of it into, say, bonds or stocks which may work towards increasing your wealth in time to come. With the  investment, you forget about the money you put in and after some time you stand to reap the benefits.

Save part of your salary

 

5. Save part of your salary

 The best saving strategy is to make sure that a certain percentage of your income goes to your savings accounts on every payday. As this becomes a habit, you would have saved a substantial amount quickly.

6. Compare prices

 Every commodity in the market has a cheaper alternative. It does not hurt to consider the cheaper options.

7. Minimize utility bills

 control your electricity, water and phone usage at home to minimize utility expenditure as much as possible.

8. Keep track of your spending

 Small adjustments to your spending habits would result in large savings. For instance, it would save you some money if you were to bring lunch to the office daily instead of lunching out.     

10 healthy habits that can save you money

To avoid uncontrolled borrowing and combat the future financial crisis, individuals should cut spending by a substantial amount and shift their attention to healthy saving money habits. It is, therefore, important that you consider options on how to save money and try to get them to work to your advantage. You should check your spending habits as they are key determinants on how much money you can save.

saving money habits

saving money habits

Saving today guarantees a better tomorrow. Saving requires practice and a high level of discipline. It involves setting a goal and accumulating the necessary resources that help you meet your objectives. There are many ways to save money that an individual can adopt.

1. Compare alternatives

 Almost every product in the market has a similar counterpart that tends to be cheaper. For instance, when shopping for gas, it is advisable to go for that type of gas that leaves a few pennies for the following day.
When it comes to shopping for clothes, you could visit multiple stores and compare prices. You may consider purchasing from second-hand stores where you are likely to find high- quality fashion items at lower prices.

2. Watch your credit card debt

Credit cards are the most common types of debt. They are dangerous in the sense that they may influence users to over-shop and pick items they may not even need. Credit cards also come with high- interest rates that make them expensive to use. You should reduce the frequency of using your credit cards. If possible, use cash so that you can keep track of your spending.

saving money habits

saving money habits

3. Avoid impulse buying

 Before you buy anything, you should take your time and think about it. Thinking over it gives you the chance to make wiser decisions and you can find a better way to better spend your money.

4. Cut down on utility bills

Electricity and water bills are easy to control. Switch off your electrical appliances when they’re not in use and make sure that there are no drips or leakages from taps to avoid unnecessary wastage. By doing this, you would save a lot on your utility bills.

5. Use ATMs

 ATMs are cheaper when you need to withdraw cash from your account compared to withdrawing it in other ways such as over the counter.

6. Save your monthly salary

Upon receiving your monthly salary, you should set aside a certain percentage in your savings account. This way, you save part of your income even before you start spending it. It saves you from forgetting the initial savings plan.
Refinance your mortgages: A mortgage is a secured loan taken to buy a house. By refinancing mortgage loans, you lower the interest rates of the loan and could save a substantial amount. You can also use a mortgage loan calculator to calculate your interest rates.

Set out a budget7. Set out a budget

Budgets work for most people although they require much discipline to stick to them. Budgets prevent you from impulse buying and spending recklessly.

8. Take advantage of discounts

Discounts and incentives offered by your employer are a great way for you to save. You should consider offers for movie tickets and passes or groceries instead of paying the full price.

9. Bring lunch to work

Buying lunch every day could be huge expenses in the long run. To avoid this, simply bring your own lunch to work.

10. Shop online

Shopping online is cheaper than buying at the shops. Some online merchants even offer free shipping services, saving you some money.