What is Loans for People? 2
A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.
Pls See: en.wikipedia.org
The article talks about the following:
- Payday Loans
- Benefits of Short-term Loans
- Disadvantages of Pay Day Loans
What are Payday Loans?
A payday loan or cash advance is an excellent way to get immediate funds directly deposited into your bank account. With no credit check required, simply fill out our application online and your loan can be approved and deposited into your bank account. Once the funds are deposited and the loan is accepted, the loan plus the fees will be debited from your bank account. Once your loan has been paid in full, you can request a new loan by logging into the members’ area of our website. All fees are explained and you can view a full copy of the terms and conditions as well as the contract in the company website. A payday loan is intended for a short period of time and therefore, higher fees may be involved. it is not intended as a resolution to solve long term financial difficulties. Those who need assistance should seek the services of a credit counselling program.
Pls See: zippycash.ca
What are the Benefits of Short-term Loans?
If you run into a financial emergency and are short on money until your next payday, then getting a short term loan may be the most solution. Some emergencies will cost much more if you wait until your next payday to take care of them. Some of the benefits of short term loans secured through the Canada Cash Advance network include:
Short term loan providers in the Canada Cash Advance network will not check your credit.
Payday loan providers will never check your credit. If you have bad credit, it will not affect your chances of getting a payday loan. Your most recent pay check stub is your credit. As long as you have been employed at least 90 days, earn at least $1,000 a month and have an active checking account and working phone number, you will qualify for a payday loan.
Banks will not only check your credit, but will also ask you to provide extensive documentation to verify your income. Usually you must provide your tax forms for the last several years to qualify for a bank loan.
You can get short term loans faster than bank loans.
It takes about an hour to secure a payday loan through the Canada Cash Advance network, whereas a loan secured through your bank can take days or even weeks. Time is money in an emergency. You may not have a few days to wait for approval on a bank loan. Maybe your water pipe just burst and water is pouring into your living room. You need to get it fixed right now. You can get a payday loan through the Canada Cash Advance network within minutes.
Your application for short term loans through the Canada Cash Advance network is kept private.
Payday loan providers in the Canada Cash Advance network will never contact your friends, family, employer, bank or anyone else to discuss your financial situation. No references are required to get a payday loan through the Canada Cash Advance network.
Repayment for your short term loan is automatic.
You don’t have to worry about when your payday loan is due. On your loan’s due date, which is usually your next payday, your lender provider will automatically debit your checking account for either the full amount of the loan, or your instalment payment, depending on whichever you agreed to when you signed your loan contract.
If you think you might not be able to repay your payday loan on the due date, just contact your payday loan provider ahead of time and request an extension. Most payday loan providers in the Canada Cash Advance network will provide you an extension until your next payday, as long as you pay at least the interest that has accrued on your loan
Pls See: cashadvance.ca
What are the Disadvantages of Pay Day Loans?
When applying for the payday loan, make it a point to pay special attention to the agreement. Rates range from 10% - 30% which are considered high, and failing to fulfill the repayment on time will consequence in doubling the interest for the next repayment schedule. You have 30 days maximum to pay back the loan with the interest, depending on your repayment plan. People in debt are recommended not to use a payday loan as a debt consolidation loan because they will find themselves deeper in debt. Borrowers should pay extreme caution when dealing with online lenders due to fraud issues and reading the fine print is essential.
If you don't have a fixed workplace or salary you will not get the payday loan no matter how much you beg and promise for it. If you don't have a checking account you can't write a check meaning you cannot secure the loan and the lender will not process your order. If you need cash advance but don't qualify for a payday loan for any reason, ask friends and family to lend you the money. Anyway a payday loan only supports small amounts of money therefore, asking your close ones shouldn't be too difficult
Pls See: ehow.com
Importance of Loans
Loans are important to people particularly during difficult economic times. However, you need to be very careful in obtaining many loans that you are not capable of paying. This will only destroy your credit reputation.
Article Created: 2012-07-09
Article Updated: 2013-08-05
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