JustLendCash.co.uk

JustLendCash.co.uk

When looking for a direct online payday lender to help out with emergency costs, it's important to understand how these loans are supposed to work. The more knowledge you have going into to your search, the better equipped you will be in finding the best lender. There are too many predatory lenders out there waiting for inexperienced borrowers to come knocking on their online doors.

Most responsible lenders will be straight forward with their customers. They are easily reached and respond to questions efficiently. There are never unreasonable demands and will they ever ask for money up front. Some companies get away with applications fees as a way for obtaining extra income. It is important that a borrower knows what to look for during the application process or at least calls ahead to find out if the company charges application fees. There is no need to pay for filling out an application unless it is something you want to do. Most customers have no money to spare. It led them to a payday online lender in the first place. Keep your money safe and by finding a responsible company to work with.

Every now and then there is a story reported about a customer losing money in their search for quick cash. It is always sad to read how the customer is duped out of what little cash they do have. It is important to spread news like this in order to help educate another potential borrower from making the same mistake with this lender or any other fraudulent company.

A woman in Georgia lost $600 of her own money in an attempt to obtain a $1600 loan. Needless to say, the loan money never came in and her initial investment was not returned either. This situation stemmed from a woman desperate to obtain funds, a lack of prior knowledge about how the online payday lending industry works. She talked to the company representative on the phone and was instructed to send almost $600 to cover processing fees for her loan. She was concerned by the request as it was unfamiliar to her understanding of how the industry runs their loans. It didn't sound right and she was skeptical but her desperation to get the loan overwhelmed her.

www.JustLendCash.co.uk

www.JustLendCash.co.uk

Unless you have been living under a rock for the past year you will have noticed the rush of companies that are fighting to offer you a short term loan. Usually called payday loans, these lending solutions provide extremely short term loans for people that need a top up to get them through to the end of the month. The loan terms are usually 1 month but they could be as short as two days or as long as three months.

Are payday loans a bad thing?

The short term loan providers have come under intense criticism, some of it justified and some not. The main criticism has been because of the apparently massive interest rates they charge. There is no doubt that payday loans can be a dangerous thing if the customer doesn't understand them but the incredibly high representative APR values that are quoted are really not a true reflection of what you are actually going to pay.

You have to realise that these payday loans are only a short term solution. If you rigidly stick to the terms and conditions of the loan and pay back the amount you borrow and in the agreed timeframe then you will typically pay around 1% per day. The key is to pay the loan back on time, if you can't pay back on time then you should contact the lender as soon as possible because you will likely pay charges if you fail to pay back within the agreed time frame.

So why is the representative APR so high?

The representative APR is a figure that is used to compare loans and other banking products. It is a representative figure that shows the interest you would pay if your loan term was a single year. Representative APR values of short term loans are typically in the thousands of percent range. This looks like an incredibly high and scary number when you compare it to the relatively low values stated by credit cards or a standard unsecured loan but really the representative APR value of a payday loan is a completely nonsense value. It is only useful to compare the short term loans against each other.

You will never, ever pay 5000% on your payday loan even though the representative APR is shown to be 5000%. The loan term is never going to be anywhere near a year, it will more likely be one month. The representative APR that is stated is calculated by scaling the daily percentage up to a year and showing you what you would pay back if that same loan was paid back over the period of a year.

Show me an example!

The example below shows how a representative APR of 5000% equates to a much lower pay back than expected if the loan term is 30 days.

Day rate % = (representative APR/365) * (loan term/365)
Day rate % = (5000/365) * (30/365)
Day rate % = 1.13%

Say for example you borrowed $100. You wanted to pay back your $100 over one month or 30 days. So over the 30 day period you would pay back your $100 plus 1.13% per day. You would pay back a total of $133.90 spread over the month, roughly $33.50 per week. There are also usually admin charges on top of this as well so you would pay back slightly more but I am keeping the numbers simple!

www.BadCreditLoans.com

www.BadCreditLoans.com

If you are one of the millions of Americans drowning in payday loan debt, chances are you have probably already considered seeking help from a consolidation company. You have done all the work you had to do to gain the upper hand against your payday lenders: researched online for a good and reliable company, filled out all the paperwork, and finally, you are ready to get your finances back in control. Then suddenly, your lenders tell you something that stops you in your tracks. One simple statement that can make anyone in debt feel completely hopeless: "We do NOT work with consolidation companies."

Is this true? If payday lenders do not work with consolidation companies, then why do they even exist? Here are the three main reasons why your lenders will eventually work with your consolidation company.

1. Before you enroll in a debt help program, the first thing that payday loan consolidation companies will advise you to do is to close the bank account that your lenders have access to. Although consolidation companies send legal documents to your payday lenders to revoke their authorization to automatically debit your bank account, it is necessary that you close your bank account to make sure that there are no unauthorized charges coming out of your account.

2. Your payday loan consolidation company will also send legal documents to your payday lenders to cease and desist further communications with you. According to the Federal Trade Commission, lenders have to follow certain rules and regulations when collecting debt. If your payday lenders do not follow these rules and continue to make harassing phone calls, your lenders can be fined $1,000 per EACH phone call that they make. Because most loans are small amounts (between $200-$1,000), calling you becomes a risk that is just not worth taking.

3. Many are afraid that they will get sued if they do not pay off payday loans. Majority of borrowers do not know that most payday lenders (especially Internet-based) are not licensed to lend money to people residing in the United States. This means payday lenders do not have the ability to take non-paying customers to small claims court for a payday loan. Payday lenders often use this tactic to scare borrowers into paying them, and is effective because most customers are not well-informed about what lenders can and cannot do.

Now, sit back and think of this for a moment: Your payday lenders cannot debit your bank account for payment, cannot call you to ask for money, and cannot sue you for the unpaid loan. How else will they get paid? Who else can they turn to? There is only one answer: payday loan consolidation companies.

www.Loans-Payday.com

www.Loans-Payday.com

One of the big advantages of using payday loans is that they do not affect credit checks and credit history, in the same way as bank loans. There are however numerous misconceptions being circulated with regard to credit checks, which are highlighted to save you from unnecessary worries and stress.

Is There Such a Thing as a Credit Blacklist?
Contrary to the impression many individuals may have, there is no such thing as a list that contains the names of people who will never be able to obtain a mortgage or loan. Such a blacklist does not exist. Loan companies use the services of 3 United Kingdom credit check companies in order to determine each applicant's credit history. If one has a pattern of skipped or late payments, he or she will naturally have a more difficult time obtaining a loan, however, this does not mean the person will be forever blacklisted from applying for credit. Payday loans are however in a whole different arena and therefore can be used during many difficult times.

Credit Problems From Divorce
This is also a myth which many people erroneously believe. With regard to credit checks, the only way in which another individual can affect one's credit score is if there is still a legal marriage in effect, or if both names are on certain accounts. Where divorce is concerned, all one must do is become disassociated with his or her former partner. Once this has taken place, the other person's credit history will have no bearing on the credit history of his or her former spouse.

Checking One's Own Credit
Another common misconception with regard to credit is that if a person pulls their own credit report, he or she is ruining the chance to be approved for a loan. In reality, the exact opposite is true. It can be very beneficial for a person to check his or her own credit. Among other benefits, it is a way in which mistakes can be corrected and forgotten bills can be paid before they are seen by prospective lenders.

www.FiscalCashLoan.com

www.FiscalCashLoan.com

If you take a moment from your busy schedule to think about the history of money, you may remember how we humans used to barter whereas nowadays we deal with payday loans, hefty mortgages, credit cards and ultra-stressful lives. Do you think our predecessors wandered the countryside, while out hunting, worrying about how they would get to the end of the month without a payday loan?

Of course our predecessors did have basic survival concerns like being able to find food, but they lived in a very different type of society where bartering was used for mutual advantage.

So what is bartering? Bartering is when we exchange services or resources with others, to suit both parties. So let's say that I am good with wood, and I make excellent hunting spears from wood that your family needs to have. But I need clothes, which is what you do best, so it is a perfect barter and both of us are happy. So what went wrong to bring us from a seemingly perfect solution to a highly challenging mortgage, debt and payday loans driven society?

We could say that we have evolved; this however opens a whole can of worms in terms of opinions and discussions. A guy or girl who needs to avail of payday loans every now and again but is either skilled or willing to give time to another person or organisation, may be very happy to avoid taking out a loan but instead barter his/her time and skill.

The reality is that for an average working 21st century person bartering doesn't often appear as a viable option; at least not when there is an urgent financial need. Bartering is out there but you need to have an awareness of the relevant associations, companies or communities. What's more is that barter is potentially big business, with the modern day father of barter; Tom Mc Dowell quoting it as a 6 billion dollar business in America alone.