How to Get a Pay Day Advance (payday loans)

100480391.jpg

A pay day loan, also known as a payday advance or a cash advance, is a loan that you take out against your next check. When you apply and receive one of these loans, you have until your next payday to come in and pay it off. Millions of people now use these loans to cover the bills and expenses they face between checks.

 

How Long Do You Have to Pay Off a Loan?

One question that many borrowers have before they apply is how much time they have to pay off their loans. Many companies will look at your pay schedule and then require that you pay back the loan and any interest when you get your next check. We understand that you might have that cash earmarked for other bills like your mortgage or water bill, which is why we give you the freedom to pick your repayment terms. Some of our borrowers come in the following week and pay off their loans because they needed just a little extra help. Other borrowers take weeks or even months to pay us back. We work with you to decide on the best repayment plan for your unique situation.

 

How Much Can You Borrow at One Time?

Borrowers often turn to use because they need a small amount of cash and cannot go through a bank. Even if you have a good credit score and an account with a local bank, that bank will generally not loan out smaller amounts. It may even limit you to loans unless you want to buy a new car or home. With our loans, we will base your amount on factors like the amount you bring home with each check and your total expenses without pulling your credit report. Some borrowers take out loans in amounts as little as $50, but others borrow thousands of dollars at one time. We can often get that cash to you the same day that you apply or by the next business day.

 

How Can You Apply for a Loan?

Thanks to the online application available at Money4UPayDayLoans.com, you can now apply for a pay day advance online in minutes. This application asks for your full name, phone number, email address, location you want to work with and the size of the loan you want. Once you apply, we’ll contact you about the length of your loan and the interest charged on your payday loan. You can borrow up to $500 and pay only $14 in interest, though the rate depends on both the size and duration of your loan. We can even deposit the loan right into your bank account. When you apply today, you’ll find out in minutes if you qualify for one of our loans to help you between paychecks.

 

At Money4UPayDayLoans.com, you can get all the money you need between paychecks in less time than you ever expected. Visit our site to learn more about the payday loan process and to fill out our online application for a payday advance.

About the Author:

Mr. Money Mike is the owner of Money4YouPayDayLoans.com in Utah. He has been serving the community for over 20 years and has kept that small-town, friendly business feel ever since.

Money4YouPayDayLoans.com

Holiday Savings & Prep: Layaways

bottle_money_sea92235055

Here at Money4You, we’re everything about making your monetary life much easier. And with the vacations showing up, that indicates discussing how to pay for all those goodies without breaking the bank. So today, we’re going to talk about layaway plans.

Pros of Layaway Strategies

1. Interest-Free Purchasing
While layaway does come with costs, you won’t be charged interest on your purchases. That can save you a lot of money. For example, expect that you charge a $900 TELEVISION to a credit card with 18% interest. If you take 2 months to pay the total off, you’ll have paid one month’s interest, or $162. This makes the $5 service charge more appealing.

2. Availability of High-Demand Items
Layaway comes in handy throughout the hectic holidays when popular electronic devices and toys can sell out rapidly. Putting a popular product on layaway now guarantees you will have it for the holidays.

3. Offered Online
Some sellers offer layaway for online purchases. That saves you the annoyance of dealing with holiday season shopping, waiting in long lines, or going to a number of shops trying to find a popular product.

4. Easy Acceptance Criteria
Unlike a charge card, layaway programs do not carry out earnings or credit checks before approval. To be eligible for layaway you just require identification revealing that you are at least 18 years of age and enough money for the down payment. Hence, even people with previous credit problems can be eligible for a layaway program.

Cons of Layaway Plans

1. Postponed Gratification
Unlike the majority of purchases, layaway strategies require that you make payments for weeks, or sometimes, even months, before you get access to the product.

2. Fees
Merchants typically charge a cost to put an item on layaway, which is usually quite low. It might however be more than you would pay in credit card interest if you simply charge the merchandise rather, especially for lower cost items. Likewise, if you change your mind later on and choose to drop the plan, merchants will charge a cancellation or restocking fee.

3. Opportunity Costs
With layaways, in order to get your product paid off on time, you may need to start shopping in October, well in advance of a few of the very best sales and discounts of the holiday shopping season.

4. Losing Your Investment
In today’s tough economic environment, it’s not unusual for a retail chain to go bankrupt with little warning (recall CompUSA or Circuit City). If you have a layaway plan established at a store that winds up closing its doors, it will be tough to recover your product or your cash.

Can’t get a layaway? You still have options! An installment loan can help you get back on track.

What if Payday Loans Didn’t Exist?

 

The payday market’s critics like to accuse lenders of hiding exorbitant interest rates or fees in the paperwork that often snares the most vulnerable clients in a cycle of debt. Excellent payday loan providers clearly disclose their loan terms and conditions, such as the dollar amount of any fees and the APR. Moreover, payday lenders are controlled and monitored by state agencies as well as the new federal Consumer Financial Protection Bureau (CFPB). However, there’s no denying that payday lenders have a terrible reputation. So what if we just got rid of them completely?

If Payday Lenders Disappeared Completely

Even those who loathe the industry confess it satisfies a consumer demand. Roughly 12 million Americans take out a payday advance loan each year, spending more than $7 billion, according to the Pew Charitable Trusts. What then will people who are underbanked do? Well, let’s look at their options:

  1. BANKS: Critics and the CFPB have been quite public in saying the very best option would be for traditional banks, with all their regulations, to take over payday lending. Banks are easily accessible, have plenty of money, and can make loans at much lower interest rates and still be successful. However, payday advance loans are seen as very risky and costly. The expenses for underwriting and processing such small loans would eat into banks’ profits despite the high rate of interest they carry. So banks aren’t interested.
  2. CREDIT UNIONS: There are currently some experimental options going on to attempt to replace payday loans. One program offered through credit unions is called the Payday Alternative Loan (PAL), where a client can obtain a loan under $1,000 at 28% interest and a flat charge of $20. But interest in the program has been restricted. The federal regulator for the PAL program approximates only 20% of cooperative credit unions supplied such loans and the total loans made only added up to $123.3 million last year, which is nothing compared to the roughly $7 billion the mainstream payday lending market performed in the same year. What will everyone else do for short term loans?
  3. PAWN SHOPS: A 2015 Cornell University study discovered that states that prohibited payday advance loans saw more activity at pawn stores and more bank accounts being closed involuntarily, probably due to individuals over-drafting their accounts. However, pawn shops still charge high interest rates, so they don’t offer an improvement over payday loans. They just change the legalities.

How Payday Loans Help

Payday loans aren’t people aren’t looking for a hand-out. They need to have a job, a checking account, and proper identification. Most of them work hard to handle their finances so that all their obligations are met. But when something unforeseen appears, such as a flat tire, an unexpected illness, or a desperate home repair, they need help.
Some rely on loved ones or pals for help in a crunch. But when that isn’t enough, they face the terrible choice of deciding what will hurt the least: losing their home, their car, their job, or their electricity. Payday loan providers offer a better way out.

Critics of payday lending mention the high rate of interest they charge. A $15 fee on a $100 advance for two weeks amounts to a 391% yearly interest rate. That’s huge when considered as an annual rate, but keep in mind that these loans only last a few weeks. It’s likewise significant that the interest on a typical payday advance is much lower than the fees for a bounced check or a late mortgage or credit card payment.

The truth is that millions of Americans have an extremely beneficial experience with the short-term lending item, and that’s why the industry has survived so long.

Payday Loans in Utah

This is the excerpt for your very first post.

Applying for one of our loans is fast, easy, and friendly. You can call 855-MY-MRMONEY for a quick phone approval or stop by any one of our 22 locations in Utah and Idaho. All you need is a month old checking account, a state issued ID with your picture, and proof of your social security number. Call us today with any questions you might have or to apply for your loan. We also invite you to fill out our application online and learn how much you are eligible for between the range of $50 – $3000 dollars. Don’t hesitate to get the help you need today. We have lenders in many areas including Salt Lake City, Layton and Clinton.

Learn More at Money4YouPaydayLoans.com.