Payday Loans: Boon or Bane?

All working people face unexpected difficulty once in a while. If your salary barely covers your exact financial needs every payday, any unplanned expenses can cripple and leave you in deep financial distress. This happens when financial emergencies occur like: a busted kitchen sink, a house heater needing repair, a leaking pipe, and other minor accidents at home that has to be attended to immediately.

Payday loans are one option that you can avail of when these situations occur. In times of extreme financial need, these types of loans can be resorted to as a stop-gap measure to help tide you over the hard times. What then are payday loans? These are otherwise known as cash advance loan, which covers cash emergencies in between paydays. The requirements are basically simple, and availment is quick. However, there are things that you need to know before getting a payday loan, to wit:

1. These loans have higher APR’s (Annual Percentage Rate) than regular bank loans. The term is short – the next payday, or roughly around two weeks. Hence, you should not borrow what you cannot comfortably afford to pay the next pay day. Most lenders charge 15% interest for two (2) weeks. Hence, if you borrow $300, you need to pay $345 in two (2) weeks. The effective interest rate of that loan spirals to around 391% per annum, exclusive still of other financing charges. If you are unable to pay at due date, you will be charged an additional $45 plus financing fees for rolling over the loan.

The payday loans have a short maturing period and would be quite expensive if not paid on time. Interest rates are going to shoot up in such levels that paying would become untenable at some future time. Hence, you should only avail of these loans in times of emergencies and in an amount that you can well afford to pay the next payday.

2. The requirement for this loan is quite simple. The payday lender would require you to submit a proof of income, pay stubs, and a valid identification card with photo. You have to submit an application for loan request that would state the amount that you want to borrow, plus interest fees and other financing charges. The payday lender would furnish you a copy of their legal documents that you need to sign. The terms of the loan agreement will be stated which includes: the loan amount, interest rate and financing charges, loan maturity, roll-over fees, among others. You need to issue a postdated check (PDC) to the lender to cover the payment of the loan on maturity date. After all documentation is signed and receipt of the PDC by the lender, cash is given to the borrower corresponding to the amount applied for.

3. You should always consider that payday loans are not modes of regular personal financing. These types of loans can be quite expensive if not paid on time. The rollover cost leads to an upward spiral that can make payment untenable. One thing to remember is that, in payday loans the lender would exert all legal means to exact payment if the PDC you issued bounced on due date. You may have to shell out the cash to fund the bounced check to avoid costly litigation battles later on.

Where to find payday loan lenders?

You can find reputable lenders in various states. Most regular lenders offer payday loans in their pool of financing services. You can search these payday loan lenders from your state and talk to them personally as regards their financing fees and charges. Most states require that lenders give this information to prospective borrowers. You can check on the credibility of these lenders through various government agencies for any complaints regarding fraud or scamming.

There are many materials online that can help you understand about payday loans. There are also some lending institutions that process loan requests online. It is suggested however, that you go into online forums to better understand the mechanics of payday loans. Going to said forums would enable you to find a reputable lender that you can do business with, when times get rough!

Why Consolidating Student Loans Can Effectively End Graduate Misery

The costs linked to college education are so high these days that graduates now look forward to beginning their working life on the back foot. This is not a dramatic overstatement, with statistics showing that most 25 year olds emerge from college with consumer debts of $30,000 and educational debts of double that. The answer? In most cases, consolidating student loans is the best method of debt management.

The reality is that, with debts of almost $100,000 hanging over them, most graduates need to set about organizing their finances straight away. Re-negotiating repayment schedules is one way to do this, but in seeking consolidation financing to clear debts, they get a fresh start.

Understand that this does not mean that student loans, and the obligation to repay them, evaporates away. The debt cannot simply be gotten rid of. Instead, the loan is effectively re-issued but with better terms.

What is Consolidation?

To explain, consolidation means taking control of existing debt by buying them out with a loan that boasts better terms. WIth regards consolidating student loans, this entails buying out the loans taken out over 4 or 5 years of college living, centralizing them into one loan debt and repaying that debt under one interest rate.

The mathematics behind this exercise make it possible for a particular graduate to save money, lowering the monthly repayment sum and, in that way, lift some of the pressure off their shoulders. What is perhaps most important is that turning to this kind of financing to clear debts has more advantages than simply making life easier.

There is also the chance to increase credit scores, improve the credit status of the graduate over time, and allow them to concentrate more on building their careers and earning power by clearing their student loans.

Advantages of Consolidation Loans

As mentioned, the mathematics of these kinds of loans make it possible to lessen the pressure on a graduate while also offering a brighter financial future. Basically, consolidating student loans means pulling all of the individual loans taken out while in college into one sum, then buying them out using another loan.

Because the new loan has one interest rate, the repayments are inevitably lower. For example, one loan of $100,000 will have one interest rate, with a repayment sum of perhaps $1,000 per month over 10 years. But previous to this, the situation was bleaker. Perhaps 4 individual loans of $30,000, $40,000, $10,000 and $20,000, each charged at different interest rates, could mean total monthly repayments of $1,300.

Clearly, getting financing to clear debts is the right step to take in such cases, but there are factors that need to be considered before anyone signs up to such a deal. After all, the move needs to be beneficial before the student loans can be bought out.

Factors to Consider

Do your homework properly. There is no point in consolidating student loans if the repayments are higher. The process can be complicated, but try to keep the perspective simple, that way the best decision is sure to be made. Look at the balance due, the term of each individual loan, and the interest rate charged.

Before seeking financing to clear debts, it is essential to know exactly where one stands but know what the effect a longer term would have also. For example, a 10-year repayment schedule may mean more in interest is paid, but should lower monthly repayments, making it more practical to clear the student loans.

Plastic Surgery Financing in This Day and Age

Today, more and more people are open about procedures like plastic surgery, gastric bypass, cosmetic surgeries, implants and dermatological procedures. With the rise in technology come the many options available for people to improve their physical appearance. The technology in the medical field is just amazing as it helps make procedures easier and faster. There are also non invasive and non surgical procedures made possible by technology. Since there is an easy access and a greater acceptance of plastic surgery and other procedures, there is an increase in the number of people who want to undergo such. In fact, in other countries, medical tourism is very popular. Tourists primarily flock their country to get cheaper procedures from experienced surgeons.

Although surgery services have dramatically decreased in price over the years, this kind of service still doesn’t come cheap. For the wealthy population, it is very easy to pay for such a procedure. However, for the middle class, it is not possible to pay for plastic surgery upfront without disrupting one’s budget. That is where medical loans and plastic surgery financing comes in. Plastic surgery financing makes it easier for more people to afford procedures. So if you are in need of such service, you don’t have to worry too much about how to finance it. It should be the least of your worries.

There are instances where plastic surgery is a must and you have to set aside a budget for it. Plastic surgery financing will take care of how you will be able to afford needed medical procedures. That will be less stress on your part. Plastic surgery is something that can change one’s life for the better. So if there is an easier way to avail of it through financing, then why not?

Before you actually apply for plastic surgery financing, you must understand what type of loan it is. This is categorized under unsecured personal loan. This simply means that there is no need for collateral for this loan. There are no repossession agreements in case the patient ceases to pay for the loan. For assurance of payment, banks or lending companies carefully check the person’s background to analyze his or her capability to repay the loan.

One of the things that you have to prepare when applying for a surgery loan is your credit report. You do not necessarily have to present your credit report but you need to have a good credit score. You get good points and a higher chance of getting a higher amount of loan through your credit score. To make sure that you have a good one, you must monitor your finances properly. Pay for your bills on time and check if there are errors in your credit report. You may need to do some credit repair before you apply for plastic surgery financing or any other loan for that matter.

If you need more information on plastic surgery financing, you can simply go online and search on different lending companies that can help you.