short term – KM Jazz http://kmjazz.com/ Fri, 11 Mar 2022 09:30:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://kmjazz.com/wp-content/uploads/2021/10/icon-53-120x120.png short term – KM Jazz http://kmjazz.com/ 32 32 MoneyMutual Review – Reliable Loan Company Worth Using Or Not? https://kmjazz.com/moneymutual-review-reliable-loan-company-worth-using-or-not/ Fri, 11 Mar 2022 09:30:00 +0000 https://kmjazz.com/moneymutual-review-reliable-loan-company-worth-using-or-not/ Sometimes you may need a decent amount of money, and you may not have it on you, so what do you do if you are stuck in a situation like this? MoneyMutual is an online lending company that offers payday loans. MoneyMutual lets you borrow loans from $200 to $5,000; the best part is that […]]]>

Sometimes you may need a decent amount of money, and you may not have it on you, so what do you do if you are stuck in a situation like this?

MoneyMutual is an online lending company that offers payday loans. MoneyMutual lets you borrow loans from $200 to $5,000; the best part is that they approve the loans in less than 24 hours. All you have to do is fill in the form provided to you, and you will see a list of lenders from whom you can borrow the required amount.

But the main question running through your head is, “Is MoneyMutual a legit company?” and we’re here to answer that question so you can reassure yourself.

MoneyMutual – What is it?

MoneyMutual is an online payday loan provider from which you can borrow money ranging from $200 to $5000. They are also known for their fast service. For example, if you apply for a payday loan today, your loan will be approved and deposited into your account within 24 hours.

To see lenders who can offer you the amount you need, you must first complete a form at MoneyMutual official website. Once you complete the form, you will see lenders in your area that you can borrow money from.

When it comes to trust and transparency, MoneyMutual is one of the most trusted payday loan providers. One of the main reasons for their success is that they maintain transparency between the parties involved.

Over time, MoneyMutual has served over 2,000,000 customers; moreover, they are used to helping customers in any way they can. This payday loan website has come a long way in the last ten years. Several TV stars like Montel Williams are spokespersons for MoneyMutual and have been talking about their competence for a long time.

MoneyMutual – How does this payday loan website work?

Getting loans has never been easier, especially if you need a payday loan. MoneyMutual has made it super simple and easy to get payday loans, even if you have bad credit.

But like any lending company, certain eligibility factors come into play. Mentioned below are some necessary things if you want to get a payday loan:

  • You must be a permanent resident or US citizen
  • You must be 18 or older
  • You must have a current account
  • You must have a reliable source of income (this is important)
  • If you check all these points, you should have no problem getting a loan.

Once you have prepared the prerequisites, go to their website “MoneyMutual.com”, fill in the required information, and that’s it. After that, you will see a list of payday lenders in your area from whom you can borrow the required amount.

MoneyMutual has partnership links with more than 90 companies to make things more convenient.

Once you have chosen the lender you wish to borrow money from, be sure to visit the lender’s website and complete all remaining forms, and only after that will the funds be transferred. on your account.

Simply put, here are the steps you need to take to get a loan successfully:

  • Go to “MoneyMutual.com”, then fill in the required information and submit the form
  • These forms will be sent to several lenders for review
  • After reviewing your application, lenders will provide you with the best loan offer from their side
  • Now you can browse different loan offers from different lenders and choose the best option for you.
  • The minimum amount you can lend is $200 and the maximum is $5,000.

MoneyMutual – Do I have to pay to use this site?

The answer is no; MoneyMutual won’t charge you a penny for using their site. You can fill in the information free of charge.

But after choosing a lender through this site, the lender will charge you a certain percentage or amount for lending money. So always make sure to read the terms and conditions before taking out a loan.

Moreover, it takes practically no time. You only need 5 minutes to complete the form. On the other hand, if you have used MoneyMutual before, it will take you less than 5 minutes, and once you choose the lender, the loan money is deposited in your account within 24 hours.

MoneyMutual – How do lenders lend money?

As mentioned earlier, MoneyMutual partners with over 90 lenders. This is to ensure that everyone’s needs and requirements are met. Lenders carefully review your information and then make offers to give you the best possible suggestions.

Here is how the verification of information takes place:

  • Once you fill out a form and submit it, they are reviewed by lenders through the website.
  • Each lender has specific requirements that they review, which helps them make better decisions.
  • If the lender is ready to lend you the required amount, you will be redirected to their website. You should review the loan and the fees before accepting a loan.
  • Lenders usually call you to verify financial and personal details before finalizing the loan.

All lender associated with MoneyMutual is law abiding. By law, lenders must inform their customers of all fees involved in advance. Lenders aren’t supposed to keep any hidden fees and can’t charge big annual interest.

Before taking out a loan, wherever you are, you should always read the terms and conditions of the loan.

MoneyMutual – Is it so simple or is there a catch?

This website makes getting payday loans simple and easy, surprisingly. Moreover, there is no “trap”.

MoneyMutual is transparent about everything they do and connects lenders with people looking for a loan at no cost. But at the same time, before getting a loan, be sure to read the terms and conditions set by the lender.

MoneyMutual – Customer reviews and reviews

In an industry where scams are quite common, MoneyMutual is the one that stands out as one of the most trusted payday loan companies. There’s a reason this company has lasted so long and has TV stars as spokespersons; the main reason is that they are reliable.

According to reviews and comments left by customers, MoneyMutual has never disappointed anyone and has always provided short term loans to people when they needed it.

Most people, in general, prefer using MoneyMutual to take out short-term loans because MoneyMutual maintains transparency between lenders and borrowers. On top of that, according to a few other reviews, even MoneyMutual’s customer service is quite outstanding.

Also, all of the negative feedback left was related to unsuccessful interaction with the third-party lender or because the lenders may have tried to charge a high interest rate. None of the negative reviews go to MoneyMutual.

MoneyMutual – Requirements

Here are the eligibility conditions to meet if you wish to take out a loan:

  • It would help if you were a resident of the United States or a permanent citizen
  • You must have a reliable source of income of at least $800 per month
  • You must be 18 years or older
  • You must have a current account

Learn more about MoneyMutual

As you may have already understood, MoneyMutual is not a lender, but it connects you with several lenders for payday loans. MoneyMutual is based in Las Vegas, Nevada.

here are the MoneyMutual contact details :

  • Phone number – 844-276-2063
  • Email address – customerservice@moneymutual.com

Conclusion

According to statistics, nearly 40% of US citizens have problems getting money when needed, and these statistics are taken from the US Household Economic Wellbeing Report.

This can be quite problematic in the long run for many people, which is why MoneyMutual connects people to the best personal loan offers from various lenders, even if you have a bad credit score. You can take out a loan ranging from $200 to $5,000, and it only takes 24 hours to be deposited into your checking account.

If you want to apply or find out more about MoneyMutual, don’t wait. Just go to “MoneyMutual.comyou will find all the answers you need.

RELATED:7 Best Credit Repair Companies and Services to Use in 2022

Affiliate Disclosure:

The links contained in this product review may result in a small commission if you choose to purchase the recommended product at no additional cost to you. This serves to support our research and writing team. Know that we only recommend high quality products.

Warning:

Please understand that any advice or guidance revealed here does not even remotely replace sound medical or financial advice from a licensed healthcare provider or certified financial advisor. Be sure to consult a professional doctor or financial advisor before making any purchasing decisions if you are using any medications or have any concerns from the review details shared above. Individual results may vary as statements regarding these products have not been evaluated by the Food and Drug Administration or Health Canada. The effectiveness of these products has not been confirmed by the FDA or Health Canada approved research. These products are not intended to diagnose, treat, cure, or prevent any disease or to provide any type of enrichment program.

The news and editorial team at Sound Publishing, Inc. played no role in the preparation of this post. The views and opinions expressed in this sponsored post are those of the advertiser and do not reflect those of Sound Publishing, Inc.

Sound Publishing, Inc. accepts no responsibility for any loss or damage caused by the use of any product, and we do not endorse any product displayed on our Marketplace.

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MoneyMutual Review: Is Money Mutual Legit or Bad Credit Loan Scam? https://kmjazz.com/moneymutual-review-is-money-mutual-legit-or-bad-credit-loan-scam/ Fri, 04 Mar 2022 09:30:00 +0000 https://kmjazz.com/moneymutual-review-is-money-mutual-legit-or-bad-credit-loan-scam/ MoneyMutual is a payday loan company that lets you borrow from $200 to $5,000 in as little as 24 hours. By filling out a simple form on MoneyMutualyou can instantly connect to 91 lenders to find the best deal in your area. Is MoneyMutual legit? How does Money Mutual work? Keep reading to find out […]]]>

MoneyMutual is a payday loan company that lets you borrow from $200 to $5,000 in as little as 24 hours.

By filling out a simple form on MoneyMutualyou can instantly connect to 91 lenders to find the best deal in your area.

Is MoneyMutual legit? How does Money Mutual work? Keep reading to find out everything you need to know about this payday loan website.

What is MoneyMutual?

MoneyMutual, available online at MoneyMutual.com, is a payday loan website that lets you get anywhere from $200 to $5,000 deposited into your account within 24 hours.

Simply complete the form on MoneyMutual.com to get started and you can instantly see offers from lenders serving your area.

MoneyMutual is one of the most trusted payday loan websites available online today. With over 2,000,000 customers to date, MoneyMutual has a proven track record of providing customers with the payday loans they need. You can see MoneyMutual commercials on TV, and TV’s Montel Williams was a spokesperson for MoneyMutual for almost a decade.

How does MoneyMutual work?

MoneyMutual makes it easy to get a short term loan in 24 hours or less and is easily one of the best bad credit loan providers of 2022.

As long as you’re 18, have at least $800 a month of verifiable income, and have a checking account, you should be able to find a payday loan through MoneyMutual.

Simply enter your information into MoneyMutual.com, then view payday lender offers. MoneyMutual partners with over 90 companies to ensure customers can get the payday loans they need when they need them.

After choosing the offer via MoneyMutual’s online comparison screenyou visit the lender’s website, fill in additional information and get the money you need as soon as possible.

Here’s how it works:

  • Step 1) Provide your information: Fill out the form on MoneyMutual.com and MoneyMutual sends your information to the lenders.
  • Step 2) Lender Review: Lenders verify your information instantly to determine the right person. Then they show you their best offer on the next page.
  • Step 3) Get your money: Browse a list of loan offers and get funds deposited into your bank account in as little as 24 hours.

You can use MoneyMutual for loans ranging from $200 to $5,000.

How much does Money Mutual cost?

MoneyMutual is available for free. You fill out the form and submit your information for free via the online marketplace.

However, once you choose a lender through MoneyMutual, that lender charges a fee in exchange for lending money. Read the terms carefully to make sure you understand how much it costs to borrow.

How long does it take to use MoneyMutual?

It takes about five minutes to complete the MoneyMutual online form. If you have used MoneyMutual before and are a loyal customer, it takes even less time.

Once you fill in the online form and select an offer, you can get the money in your account in just 24 hours.

How do MoneyMutual lenders work?

MoneyMutual works with over 90 lenders to find the best deal for your unique needs. Each lender considers your personal information and financial data provided by you to ensure an optimal match.

Here’s how lenders look at your information, according to MoneyMutual:

  • Lenders automatically review your information after you submit an application through the website
  • Each lender follows the previously established requirements to make a decision
  • If a lender decides that they want to lend you money, you will be redirected to their website, where you can review the terms of the loan and accept the loan.
  • Lenders may also contact you to verify your personal information, confirm your bank account number and finalize the loan.

That’s it. Like other payday lenders, payday lenders with MoneyMutual are legally required to disclose all fees up front. The law also prevents them from charging excessive annual interest rates. Check all fees and charges in advance to avoid any surprises.

What’s the catch?

There is no “trap” in using MoneyMutual. The website genuinely connects you with payday lenders and short-term lenders in your area who can lend you money as quickly as possible.

Be sure to read the terms and conditions on your lender’s website to make sure you understand the terms of the contract. Although MoneyMutual is a free service, each lender has its own terms and conditions.

MoneyMutual Reviews: What Customers Are Saying

The payday loan industry is filled with shady companies. However, MoneyMutual is one of the best known and oldest companies in the industry. With celebrity endorsements from Montel Williams and over a decade of experience, MoneyMutual has helped over 2 million people access the money they need.

Here are some of the MoneyMutual reviews from verified customers online:

Most customers agree that MoneyMutual works as advertised to provide them with sources of short-term funding, bringing borrowers and lenders together in a transparent marketplace.

Customers love MoneyMutual because of the transparent rates and lending system, which makes it easy to see the best deal from each lender

Many use MoneyMutual after seeing the advertisements on television, finding that MoneyMutual lives up to its claims of providing efficient loans to people in need.

Some customers even praise MoneyMutual’s customer service, which is not the strong point of most payday loan companies.

Negative reviews tend to leave bad reviews because of bad interactions with the third-party lender, not because of bad interactions with MoneyMutual; some lenders have high interest rates and fees, for example, which may surprise customers who don’t read the terms and conditions

MoneyMutual Requirements

To borrow money through MoneyMutualyou must meet the following conditions:

  • Be at least 18 years old
  • Have at least $800 per month of verifiable income
  • Have a checking account

Some lenders require additional items from borrowers, such as an SSN. Others, however, require no additional information or data.

About MoneyMutual

MoneyMutual is a free online resource based in Las Vegas, Nevada. The company is not a lender: it partners with lenders to help people find payday loans for their short-term financial needs.

Between 2010 and 2018, Montel Williams was the spokesperson for MoneyMutual.

You can contact MoneyMutual via:

  • E-mail: customerservice@moneymutual.com
  • Call: 844-276-2063

Last word

40% of Americans would not be able to come up with $400 in an emergency, according to the Economic Well-Being of US Households report.

To get a fast, easy and affordable payday loan from a trusted lender, visit MoneyMutual.com today. The website connects you with dozens of lenders in your area to ensure you get the best deal, and you can get $200 to $5,000 deposited into your account in as little as 24 hours.

To learn more about MoneyMutual or to apply online today, visit the official website at MoneyMutual.com.

Affiliate Disclosure:

Links in this product review may result in a small commission if you choose to purchase the recommended product at no additional cost to you. This serves to support our research and writing team. Know that we only recommend high quality products.

Warning:

Please understand that any advice or guidance revealed here does not even remotely replace sound medical or financial advice from a licensed healthcare provider or certified financial advisor. Be sure to consult a professional doctor or financial advisor before making any purchasing decisions if you are using any medications or have any concerns from the review details shared above. Individual results may vary as statements regarding these products have not been evaluated by the Food and Drug Administration or Health Canada. The effectiveness of these products has not been confirmed by the FDA or Health Canada approved research. These products are not intended to diagnose, treat, cure, or prevent any disease or to provide any type of enrichment program.

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The news and editorial team at Sound Publishing, Inc. played no role in the preparation of this post. The views and opinions expressed in this sponsored post are those of the advertiser and do not reflect those of Sound Publishing, Inc.

Sound Publishing, Inc. accepts no responsibility for any loss or damage caused by the use of any product, and we do not endorse any product displayed on our Marketplace.

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This platform wants to disrupt the payday loan industry https://kmjazz.com/this-platform-wants-to-disrupt-the-payday-loan-industry/ Mon, 28 Feb 2022 15:39:47 +0000 https://kmjazz.com/this-platform-wants-to-disrupt-the-payday-loan-industry/ NAAC Finance will connect the unbanked with quick cash and financial education, helping them avoid predatory high-interest loans. More than 7 million U.S. households are unbanked, meaning no one living in that household has a checking or savings account, according to a FDIC investigation. Lack of a bank account can make it difficult to get […]]]>

NAAC Finance will connect the unbanked with quick cash and financial education, helping them avoid predatory high-interest loans.

More than 7 million U.S. households are unbanked, meaning no one living in that household has a checking or savings account, according to a FDIC investigation. Lack of a bank account can make it difficult to get a home loan, a small business, or a small dollar, leaving millions of Americans without access to finance.

To help address this issue, the National Asian American Coalition (NAAC), a California-based CDFI, launched NAAC Financesa digital lending service for low to moderate income communities who find it difficult to access traditional banking services. The service is a partnership with startup Asenso Finance from global venture capital studio Talino Venture Labs.

“It’s digital lending and financial management,” says Mel Dimacali, deputy director of CDFI at NAAC. “Rather than just asking people to borrow, it also helps them improve their credit.”

The digital lending service was created following an FDIC technology sprint competition exploring how to help banks meet the needs of the unbanked through new technologies and methods. NAAC and Talino Venture Labs won the market readiness category with the program, “Breaking Down Barriers: Reaching the Last Mile of the Unbanked.”

“The goal was to deliver a product that will not only be attractive to people to join in terms of the benefits of the loan portion and improving their credit, but also financial management training,” says Dimacali.

Increasing home ownership is the ultimate goal of NAAC and its programs. The organization is a HUD-approved nonprofit housing counseling agency that provides down payment assistance and homeownership counseling, as well as small business loans.

NAAC is currently accepting applications for the new NAAC Funding Program and plans to fully launch it in February 2022 with the SPRING Small Dollar Loan. Borrowers can apply for loans of $1,000, $2,000 and $2,500, with interest rates ranging from 10% to 20%, and loan applications will be approved quickly, within two business days. Funds will be disbursed within two weeks.

The quick turnaround is an effort to address the “short-term liquidity” issue that individuals and small businesses often face, Dimacali says. The program also aims to help people avoid payday lenders when they need money fast, because these loans can charge up to 400% interest and leave borrowers in a more difficult financial situation.

NAAC Finance also requires borrowers to complete financial literacy training where they will learn money management skills. “We’re going to teach you why money matters, why credit matters,” Dimacali adds. “We give them examples of why building your credit is important because by building your credit you can be a more successful small business owner and a more successful individual, in terms of credit and financial empowerment. .”

Low to moderate income individuals with a credit score below 680 who are employed are eligible for a NAAC Finance loan. Small business loans are also available to help small businesses access capital to grow or recover from the difficulties of the COVID-19 pandemic.

Dimacali says the program isn’t just available to the Asian-American community, and NAAC partners with other community organizations to reach underserved groups. “Once this is fully launched, it will only grow more and more in terms of truly serving communities with education,” he says.

Dimacali says he’s very pleased that NAAC Finance is helping unbanked, low-to-moderate income people become more financially independent, take an active community role, and achieve the “American dream of owning your own home.”

“Because really, when someone has a low credit score, statistics show it tends to stay that way,” he explains. “They tend to be trapped in a system. We offer them a springboard through our loans to get back on track. And it’s exciting because we have a lot of partners who are involved in this mission.

This story is part of our series, CDFI Futures, which explores the community development finance industry through the lens of equity, public policy and inclusive community development. The series is generously supported by Partners for the Common Good. Sign up for PCG’s CapNexus newsletter at capnexus.org.

Erica Sweeney is a freelance journalist based in Little Rock, AR. She covers health, wellness, business and more. Her work has appeared in The New York Times, The Guardian, Good Housekeeping, HuffPost, Parade, Money, Insider and more.

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How does an installment loan process work at Heart Paydays? https://kmjazz.com/how-does-an-installment-loan-process-work-at-heart-paydays/ Thu, 17 Feb 2022 18:38:35 +0000 https://kmjazz.com/how-does-an-installment-loan-process-work-at-heart-paydays/ An installment loan allows the borrower to withdraw a certain amount of money over time. The loan is then repaid in installments. Typically, installment loans come with fixed payment amounts – they don’t vary throughout the loan. However, loan interest rates may vary depending on the lender and the terms of the loan. Examples of […]]]>


An installment loan allows the borrower to withdraw a certain amount of money over time. The loan is then repaid in installments. Typically, installment loans come with fixed payment amounts – they don’t vary throughout the loan. However, loan interest rates may vary depending on the lender and the terms of the loan.

Examples of Tribal Installment Loans

Tribal installment loans for bad credit

Bad credit loans are great short-term cash solutions for people facing emergency expenses, but who have a very bad credit history. Lending platforms that offer these services are often not concerned with the borrower’s credit history. Instead, they only focus on whether or not they can repay their loans on time.

Tribal installment loans for bad credit

Credit score plays an important role in determining whether one is qualified for a loan. Borrowers with good credit ratings are often eligible for more loans than those with poor credit ratings, i.e. riskier applicants.

Alternatively, if you have a bad credit score, you can turn to Heart Paydays for a quick tribal installment loan for bad credit. The loan broker will connect you with a perfect loan company to solve your financial emergency needs here.

Tribal installment loans with a co-signer

A co-signer is someone who signs a loan agreement with another person. The co-signer agrees to take on the legal obligation to repay the loan if the applicant does not repay the loan on time. Additionally, the co-signer can help the applicant obtain loans on reasonable terms to reduce the lender’s risk.

Tribal Installment Loans No Teletrack

Teletrack was incorporated into the lending industry in 1989, making it a relative newcomer to the world of business-to-business financial systems. Its main function is to follow the personal credit files of creditors in search of quick information on potential customers.

Teletrack is a modern approach used to check borrower’s credit history. It gives lenders details of all credit records, such as credit card applications or mortgages that an applicant has ever incurred.

A no-teletrack tribal loan, on the other hand, ensures your credit privacy while improving your chances of qualifying for a tribal loan.

Eligibility for Tribal Installment Loans

There are many requirements to be eligible for instant payday loans. Although these requirements are designed to be used as a guide only, they may vary from one payday lender to another. Therefore, borrowers should review each lender’s policies when applying for a payday loan. While some creditors may assess your source of income, most are only concerned with the reliability of your income.

Clients must meet the following requirements to apply with online brokers such as Heartpaydays:

  • Must be at least 18 years old
  • Have an active email
  • Must have a current bank account

Tribal Installment Loan Costs

  • APR: Depending on your state’s lending legislatures and the amount you want to borrow, the APR can vary between 10% and 30% of your loan principal. Typically, they charge $15 per $100.

This equates to an annual percentage rate of almost 400% for a two-week loan. Tribal installment loans are often applied as alternatives to payday loans, where APRs range from 200% to 400%. Heart Paydays Loans offer installment loans with APRs between 5.99% and 35.99%.

  • Late fee: Creditors charge different penalty rates on late repayments depending on state lending laws.

If you are considering applying for a tribal installment loanknow that you will face challenges, especially if you cannot repay the loan immediately. If you find yourself in such a state, you can try various loan options such as loan refinancing or loan discharge in bankruptcy.

Although no law protects defaulting borrowers from prosecution, it is unusual to see borrowers unable to repay their loans end up in jail. Most of the jail sentences are due to these borrowers refusing to appear before the judges or failing to comply with court directives and not due to non-repayment of the loan.

How to apply for an installment loan at Heart Paydays

Step 1: Decide how much you need

Whatever loan you are looking for, estimating the amount you need is perhaps the key concern when deciding on a loan. Applicants are qualified to apply for loans of up to $5,000 from Heart Paydays. Installment loans vary depending on the direct lenders you are matched with from their database.

Step 2: Complete the application

Applicants enjoy a smooth application process when applying for loans online. As an applicant, you need to complete a brief online form and select the loan provider that offers you the best terms. This will instantly initiate the approval process by your potential lender.

Step 3: Wait for feedback

After completing the application, the lender will send you a response confirming whether your application has been accepted or not. This process typically takes less than ten minutes for Heart Paydays loan applicants.

Step 4: Receive your loan

If the direct lenders confirm that you qualify for their loan, they will deposit the money into your bank account. However, if your application is rejected, you will be referred to other lenders who can help you.

Get your installment loan today

The main challenge of opting for a tribal installment loan is that you will have to approach the lenders separately. Another big concern is that direct lenders have the privilege of setting loan terms and application procedures.

Fortunately, your fees can be significantly reduced with loan brokerage sites such as Heart Paydays. Also, they will save you the lengthy application process of direct lenders.

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Easily find emergency loans in the Philippines https://kmjazz.com/easily-find-emergency-loans-in-the-philippines/ Mon, 14 Feb 2022 13:09:47 +0000 https://kmjazz.com/easily-find-emergency-loans-in-the-philippines/ Most Filipinos sometimes do not have enough savings in their bank account for emergencies. We are getting familiar with “utang” or budget cut loan, however, normal personal loans from private lenders or bank sometimes take a long time to be approved, it can take hours, days , and in case of bad luck, it can […]]]>

Most Filipinos sometimes do not have enough savings in their bank account for emergencies. We are getting familiar with “utang” or budget cut loan, however, normal personal loans from private lenders or bank sometimes take a long time to be approved, it can take hours, days , and in case of bad luck, it can take months. So, what is the best option if ever one needed money in an urgent emergency? What if you have to rebuild and repair your home or car due to flooding or disaster? Next, familiarize yourself with the power of an emergency loan.

What is an emergency loan?

A emergency loan (also known as cash advance) is a short-term unsecured personal loan that you can borrow instantly for urgent expenses. In the Philippines, individuals can primarily apply for emergency financing from private lenders, government agencies, and employers.

Unlike a normal personal mortgage, emergency loans often have shorter-term payment options and higher interest rates and fees. This is because the bank or other lending services know that you may not have many options other than accepting the deal.

SSS emergency loan

One of the most well-known emergency loans in the Philippines is offered by the SSS or the Social Security System and it is called the SSS Calamity Assistance Program (CLAP). The SSS Disaster Assistance Program is for any Filipino member affected by a calamity and in need of financial assistance.

Due to the continuous rise in the number of Covid-19 cases, the government declared a state of calamity in the Philippines and was under strict quarantine. This led to the temporary closure of businesses and many people lost their jobs. Almost every family faces financial difficulties in every household. Fortunately, the social security system offers calamity assistance to Filipino members affected by the pandemic to help them get back on their feet as the pandemic affects their lives tremendously.

SSS Calamity Loan

The SSS Calamity Assistance Program (CLAP) offers a credit amount of up to PHP 20,000 based on your average monthly salary credit and has an average interest rate of 6% (previously 10%). As with any mortgage, you will need to pay payday every month. SSS Calamity support offers a payment term of 27 months. However, you won’t start paying until four months after you receive the approval date.

Filipino members can now request SSS emergency assistance online through SSS websites or using their MySSS account through the SSS mobile app.

How to get an emergency loan

There are many ways to get an emergency loan from a bank, pawnshop, private loan agency, and you can even get it from a friend. If you know you don’t have enough savings in your bank account or if you know it wouldn’t be enough in an emergency, it’s never a waste of time to be prepared.

Always check your credit score. Your qualifications to obtain a emergency loan depend on your credit score, especially if you are considering getting an advance from the banks. In addition, having a good credit score could get you a better interest rate and better payment terms, in short, a good deal!

Look for better alternatives. We understand that taking out an emergency loan means you need the money right away. Nevertheless, we strongly recommend that you research different options that could help you save money. Always plan and check the sites of the various online lending companies, pawnbrokers, banks and online government to ensure that you will get the best deal around.

Emergency loan with bad credit

Being hit with an unexpected need for cash can be overwhelming, especially when you don’t have enough savings in your bank account. Whenever this incident happens, we often think about getting emergency help. But what if we have bad credit on our credit reports? Well, you don’t have to worry. You can still qualify for a loan, but with limited options. The options available often offer higher interest rates with at least 30% or even more depending on how low your credit score is.

In addition to borrowing from a bank, you can also borrow from pawnbrokers, private loan agencies, government programs, and even from your family members. Always have emergency loan services, especially for borrowers with bad credit. You will never know when or where you will need cash or an emergency medical loan.

emergency loan request letter

Some conventional bank lenders or loan companies require a emergency loan request letter before the company approves your request. The letter should include the applicant’s name, address, and other personal information, the amount, and the reason for the emergency advance. Be sure to include your credentials in the letter or how you plan to pay off your debt and why you should be funded. This way, the bank will have more reason to quickly accept your request. There are tons of guides on the internet on how to write a proper letter request that might help you.

Remember to include the rest of the requirements with your letter to get your application approved.

Online emergency loan

Due to the pandemic, going to check out and asking for an advance is sometimes not an option. Luckily for us, we can now canvass different companies and agencies that offer emergency cash advances using our phone, laptop or computer online using UpFinance!

UpFinance has made financing and borrowing in the Philippines more convenient and faster. Visit the official website of UpFinance and choose the type of loan you are looking for, you will immediately see the best companies that offer the financing you need.

They have a large number of trusted partners to keep their customers safe. Some of their partners include well-known banks, cooperatives, investment companies and pawn shops, such as BDO, BPI, RCBC, Home Credit, Ayala Coop, Palawan and many more!

Author Jejomar Baccay of Upfinance

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8 Things People With Healthy Savings Accounts Always Do https://kmjazz.com/8-things-people-with-healthy-savings-accounts-always-do/ Thu, 10 Feb 2022 12:01:09 +0000 https://kmjazz.com/8-things-people-with-healthy-savings-accounts-always-do/ Saving Money / Savings Tips PeopleImages/iStock.com If your savings account seems thin or non-existent, you’re definitely not alone. It has been reported that around 50% of people have less than three months of emergency savings, and a recent GOBankingRates survey found that a staggering 40% of women have less than $100 in their savings accounts. […]]]>

PeopleImages/iStock.com

If your savings account seems thin or non-existent, you’re definitely not alone. It has been reported that around 50% of people have less than three months of emergency savings, and a recent GOBankingRates survey found that a staggering 40% of women have less than $100 in their savings accounts. saving.

See: 16 effective tips and tricks to help you save money in 2022
Find: where and when to shop to save money on clothes

Although the ability to save money sometimes depends on factors beyond your control, we spoke to several experts who offered a manual on how people with healthy savings accounts do it.

Set a monthly budget and stick to it

While budgeting might seem like the obvious answer, that’s because it works, according to David Frederick, director of client success and guidance at First bank. According to Frederick, an effective budget is your best tracking tool for knowing how much an individual or household is bringing in, how much they’re spending, and how much they can save.

“Expenses are the variable that people can most easily control,” he said.

Check Out: 7 Fastest Ways to Save $20,000, According to Experts

Use advanced savings tools

If the only tool you use to save is a savings account, you risk missing out on earning potential, Frederick warned.

“While it is okay to put money in a savings account, there are often better accounts for long-term savings purposes. People concerned about retirement should save in a 401(k) or IRA. People concerned about health care costs should consider saving in a Health Savings Account (HSA). People saving for a child’s education should consider opening a 529 savings account.”

GOBankingRates’ Top Picks: Best Savings Accounts of 2022

Avoid and mitigate debt

One of the most effective ways to increase savings is to reduce debt, Frederick suggested. Although some debts are difficult to avoid, from mortgages to student loans, he urged people to pay off those debts as quickly and deliberately as possible.

“Also, harmful debts like credit card balances and payday loans should be avoided whenever possible,” Frederick said.

To learn: 19 effective ways to manage your budget

Reduce lifestyle inflation

As we make more money, we tend to spend more money, a concept called “lifestyle inflation,” said Jeff Mains, CEO of Champion Leadership Group LLC, which helps entrepreneurs scale their business. It eats away at all the money we could spend on savings.

So, you should make it your goal to live below your means, says Amanda Howerton, Certified Financial Planner at RKCapital.com.

“People with the healthiest savings accounts are most often the ones who are truly living below their means,” she said. She acknowledged: “It’s so much easier said than done in the age of social media and targeted marketing, so the ‘wish list’ items you casually browse online appear daily. in advertisements.” However, it will be the difference between several thousand dollars over time.

Explore: 10 small changes to stay on track with your savings goals

Automate deposits

According to Brad Biren, Esq, LL.M., a tax law expert known as “RefundDrTax.”

“Calculate what would be a reasonable amount to allocate to savings and automatically transfer that amount into savings. This avoids forgetting and deciding not to.

Set savings deadlines

Additionally, Biren said, “There’s a certain magic that happens when you challenge a person to achieve a goal.” In other words, savings goals are more likely to get you to your amount faster.

“Assuming the goal is achievable, but a little stretched, it will probably become a new habit, as long as the discomfort of the race to save is not too high. For example, stretching or tightening the belt, savers realized they could live happily with less, don’t stop them, keep it up.

He recommends incremental savings goals rather than larger goals for more consistent success and a chance to celebrate accomplishments.

Discover: 50 ways to live the high life on a small budget

Organize short and long term financial goals

It can be more effective to have multiple levels of goals, said Amanda Sullivan, research analyst at CreditDonkey. “People who have a healthy savings account have it for a purpose. Whether it’s a mortgage, car loan, or retirement fund, the money in their banks is used for short-term or long-term financial purposes.

Most likely, they will do this using the bucket savings strategy, where a certain amount of money is set aside in pursuit of a certain goal.

Goals provide a concrete reason to save, said consumer credit expert Tanya Peterson, vice president of branding at Liberty Financial Network, a digital personal finance company. “When you work on things that are important to you, whether it’s saving money, exercising, breaking a bad habit or whatever, you dramatically increase the chances of that happening.”

Options: 16 Effective Ways to Cheat Yourself to Save Money

Look for small ways to save

Smart savers typically look for small ways to save, Petersen laments. “These little ways to work on building a smart spending habit and keeping that focus on your goals. It could be making coffee at home instead of buying expensive lattes or hanging clothes to dry instead of using the dryer. The little things will add up and also apply to bigger expenses.

More from GOBankingRates

About the Author

Jordan Rosenfeld is a freelance writer and author of nine books. She holds a BA from Sonoma State University and an MFA from Bennington College. His articles and essays on finance and other topics have appeared in a wide range of publications and clients including The Atlantic, The Billfold, Good Magazine, GoBanking Rates, Daily Worth, Quartz, Medical Economics, The New York Times , Ozy, Paypal, The Washington Post and for many commercial customers. As someone who had to learn a lot of her money lessons the hard way, she enjoys writing about personal finance to empower and educate people on how to make the most of what they have and how to live. a better quality of life.

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NOTICE: Small, short-term loans may be processed by mail https://kmjazz.com/notice-small-short-term-loans-may-be-processed-by-mail/ Tue, 08 Feb 2022 18:03:48 +0000 https://kmjazz.com/notice-small-short-term-loans-may-be-processed-by-mail/ Published on February 8, 2022 at 11:03 am This letter is provided as the author’s opinion/comment. You can submit your own letter to editor@abq.news This story also appeared in the commentary All opinions included were submitted by Albuquerque residents. Payday loans are high interest, short term and based solely on an individual’s salary. Apparently, these […]]]>

This letter is provided as the author’s opinion/comment. You can submit your own letter to editor@abq.news

This story also appeared in the commentary

All opinions included were submitted by Albuquerque residents.

Payday loans are high interest, short term and based solely on an individual’s salary. Apparently, these are small loans made to bridge a time gap or deal with an emergency, like an unexpected car repair. Payday lenders say these loans are needed to help disadvantaged people in dire financial straits. But one Pew Charitable Trusts study found that only 16% of payday loan borrowers used the money for unexpected expenses. A whopping 69% of borrowers used their payday loans for recurring expenses like bills, rent, and food.

According to Seven Pillars Institute for Global Finance and Ethics, payday loans are “a toxic mix of high operational costs and low returns.” A lender has access to your checking account on the day your paycheck is deposited and takes the entire lump sum payment. This is before you can pay other bills or withdraw money. That could leave you shorthanded again, precipitating another high-interest payday loan and another cut to your next paycheck.

Payday lenders claim to serve a segment of the population that does not have access to conventional bank loans or credit cards. Opponents of these practices say it creates financial slavery.

An intermediate solution, as proposed by Seven Pillars, could be to administer payday loans at reasonable rates through a government agency such as the US Post Office.

What do you think?

Yes, USPS!

When I started my “working” years in 1958, the post office had a bank. My first savings account was there. It was almost unanimous among the elders of our community that debt was avoided like the plague. Times have changed, but the essence of life has not changed. The post office should provide basic financial services in every post office. We also had decent wages required by law, with affordable housing, food and clothing available. Hospitals were run by city and county governments and churches, so medical services were affordable. We have degenerated and deteriorated considerably. We need less Wall Street and more New Deal to have a civilized country.

Yes, USPS!

Postal banking is a great way to start revitalizing underserved areas of this country. Post offices are located in many areas avoided by banks and retail outlets. They provide an existing infrastructure that would be impossible to replicate and an opportunity to start rebuilding the inner city and rural economies. Services should include checking and savings accounts; credit and debit cards; loans and internet access. They could partner with credit unions to provide financial services.

No, USPS!

As if that matters considering the lending lobby. We have many credit unions that can help those who need short-term loans. Please keep the USPO out of trouble; they will simply write off bad debts at our expense. Credit unions can help with advice; if they rate the loans at reasonable risk (not 36%), they should be able to make money and pay the loan officers. I don’t know what regulations need to be changed, but personal service with genuine care for people in need of money is important.

USPS is not a bank!

I am responding to your February 4, 2022 post regarding Payday Payout and Seven Pillars’ “middle-of-the-road” solution for the US Post Office to administer payday loans. First of all, I’m a fan of our local post office and the people who deliver our mail and provide the current services to move mail and packages from point A to point B – I have all the respect in the world for them! However, this famous phrase comes to mind from Pillars’ comments, “I’m from the federal government and I’m here to help. President Ronald Reagan called the phrase “the nine most terrifying words in the English language”. A clear statement that government is not always the solution and should probably be considered the last resort when all others fail. The last place the USPS needs to be is in the financial services industry. The United States Postal System (USPS) lost $6.9 billion in fiscal year 2021 and $7.6 billion in 2020 – USPS losses would only get worse as it tries to administer financial services products. When I visit the post office, the workers are often overstaffed, there are long queues, and it’s always a process that I’ve come to accept to endure when I go there. . The burden of providing and/or administering financial services and all the regulations associated with disclosures and the like would be overwhelming for an already overburdened staff. Furthermore, according to a publication known as Government Executive and an article by Eric Katz dated January 14and 2022, the USPS in a 4 post office pilot program in the Washington D.C. area, has provided financial services to only 6 people since September 2021 selling gift cards and reported earning 35, $70 during this period. The financial services industry is clearly not a place where the USPS should be and having the USPS to provide financial services is not the answer and is certainly not a “middle-of-the-road” solution! (This email is from a bank president.)

Yes, period

You asked if we should “administer payday loans at reasonable rates through a government agency like the US Post Office”. –
Yes.

Finance 1.0

I think personal finance should be taught in college and beyond.

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Loans that help you solve your car problems https://kmjazz.com/loans-that-help-you-solve-your-car-problems/ Fri, 28 Jan 2022 15:57:34 +0000 https://kmjazz.com/loans-that-help-you-solve-your-car-problems/ In our daily tasks, we rely on our ability to move from one point to another. We humans have to move to survive, without movement we couldn’t get to work, buy groceries and toiletries or even go to important places. Most of this problem can be solved by getting a car. A car really solves […]]]>

In our daily tasks, we rely on our ability to move from one point to another. We humans have to move to survive, without movement we couldn’t get to work, buy groceries and toiletries or even go to important places.

Most of this problem can be solved by getting a car. A car really solves the travel problem, but cars break down and need to be repaired.

So how do you deal with car trouble, when all you can think of is “how to pay for car repairs without money when I need my car repaired but don’t know where to borrow »?

How Auto Loans Work

If you’re struggling with emergency car trouble, guess what, you’re not alone. Auto loans are also called car loans or car loans. These loans are sums of money taken out by borrowers to buy a new or used personal or utility vehicle.

Auto loans are secured unlike personal loans which are unsecured, the loan is used to purchase serves as collateral in an auto loan.

Today, the total number of Americans has increased dramatically over the past 10 years. On average 1 in 4 people spend 10% of their income on car debt.

Interest rates on car loans

Auto loans are secured loans taken out by people to purchase vehicles. The average interest rate for a car loan is 4.09% for new cars and 8.66% for used cars. Auto loan interest rates are provided as an annual percentage rate or APR.

The interest rate depends on various factors such as debt, income and credit rating. Credit score had a major influence on the interest rate, people with a credit score of 780 and above have a better chance of getting a loan with around 3% interest.

According to Experian Information Services, here are the applicable rates based on credit score

CREDIT RATING Average APR for a new car Average APR for a used car
Super Premier

781-850

2.34% 3.66%
First

661 – 780

3.48% 5.49%
not first

601 – 660

6.61% 10.49%
Subprime

501 -600

11.03% 17.11%
deep subprime

300 – 500

14.59% 20.58%

How long do car loans last

Car loans are so important in the process of acquiring a car. The loans can last between a period of about 12 months to about 8 years. Auto loans are for 12 months.

Car loans: effect on credit score

Auto loans, like all types of credit services, have both good and bad effects on our credit score.

  • The car loan is important in the acquisition of a car.
  • Payment history accounts for 35% of our credit score.
  • Paying off our car loan on time and within the repayment window positively affects our credit score.

Car loans do not affect the use of credit, which positively affects our credit score. Loans when not repaid can accumulate which negatively affects our credit score.

Battling with emergency car issues can be stressful enough, but knowing the right credit service to use takes a lot of the stress away.

According to American Automobile Association, the average car upkeep that includes routine maintenance and repair in case of damage costs about $1,200, and only about a third of American drivers are financially strong to afford unexpected car repair costs.

Some automotive problems are covered by the vehicle’s warranty or insurance, but sometimes our vehicle may develop a fault that neither our warranty nor our insurance covers, so we have to pay cash, and situations may arise where we don’t have no cash on hand, there are few ways to get the funding we need, so let’s review

#1 Personal Loans

Personal loans are unsecured loans characterized by high interest rates. Personal loans can be used for a variety of things like home renovations, car repairs, vacations, etc. Personal loans for car repairs can be obtained at fitmymoney.com

#2 Credit cards

Credit cards are a way to pay for auto repairs that aren’t covered by insurance and warranty. Auto repairs can be placed on a card with an open credit limit.

#3 Payday Loans

Payday loans are also called payday advances. A payday loan is a short-term, unsecured loan, often characterized by a long interest rate. Payday loans are usually repaid when you get your next paycheck, but some lenders may give you more time to repay. Payday loans can be obtained to pay off automobile problems. Payday loans for auto trouble can be obtained at fitmymoney.com.

#4 Car Title Loans

Car title loans are short-term loans in which the lender deposits the title of their car as collateral to obtain a loan. When the borrowed money is repaid, within the repayment window which can last up to 30 days, the title of the car is returned, otherwise the person risks losing their car to the lender.

Conclusion

Car loans are very important in our daily lives, not only because they allow us to buy a car, but also because, if managed well, they can be a major way of increasing our credit score.

The loans available for repairing our cars are so important in filling the gaps in economic situations such that today only one-third of Americans can afford to maintain their vehicles without resorting to loans.

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What to know before borrowing https://kmjazz.com/what-to-know-before-borrowing/ Tue, 25 Jan 2022 22:36:00 +0000 https://kmjazz.com/what-to-know-before-borrowing/ Payday loans usually come with very high interest rates and are often based on your income. Personal loans are long-term installment loans that generally have lower rates than payday loans. Payday loans are always a worse option than personal loans due to their high rates. Read more stories from Personal Finance Insider. Loading Something is […]]]>
  • Payday loans usually come with very high interest rates and are often based on your income.
  • Personal loans are long-term installment loans that generally have lower rates than payday loans.
  • Payday loans are always a worse option than personal loans due to their high rates.
  • Read more stories from Personal Finance Insider.

Taking out a loan can be a useful way to pay for expenses that you might not otherwise be able to cover at the moment. You may want to borrow to cover medical bills, home renovations, or maybe even a vacation.

The most common forms of loans for quick cash are payday loans and personal loans, although one is a much better option than the other.

payday loan vs. Personal loan: In one look

  • A payday loan is a short-term, high-cost unsecured loan with principal as part of your next paycheque.
  • A personal loan is an unsecured long-term loan with higher minimum loan amounts and lower interest rates.
  • You can use either money pretty much however you like; other than that, they have few similarities.

Stefanie O’Connell Rodriguez, host of Real Simple’s Money Confidential podcast, recommends avoiding payday loans whenever possible.

“It’s an option of last resort, like avoiding it at all costs,” says O’Connell Rodriguez. “If you’re considering something like, ‘OK, do I use a payday loan or a credit card or a personal loan,’ understanding that a payday loan is the option of last resort might help make that decision a little easier.”

What is a payday loan?

Payday loans are often for small amounts of money, usually $500 or less. They are designed for borrowers who are in need – perhaps you need money to cover an unexpected medical bill or a damaged item. Payday loans provide immediate funds, come with extremely high interest rates, and are generally based on your income, not your credit history.

“Payday loans come at a price,” says Kendall Clayborne, Certified Financial Planner at SoFi. “They can have interest rates over 600%. Such high interest rates, not to mention the other associated fees, can quickly lead to situations where you end up falling behind on the loan and have to borrow money. more and more to pay it comes back.”

Payday loans are never a better option than personal loans. They come with extremely high interest rates and are often predatory in nature.

“If someone asked me personally, I wouldn’t recommend a payday loan under any circumstances,” says Annie Yang, strategic financial advisor at Real Estate Bees.

You can get a payday loan by going to a physical lender or through an online lender. When you take out a payday loan, you often agree to authorize the lender to withdraw funds from your bank after your check has been deposited. The lender may request a signed check in order to receive the funds soon after your next paycheck.

what is a Personal loan?

With a personal loan, you ask to withdraw a specific amount of money. The lender will show you available offers based on financial factors such as your credit score, debt-to-equity ratio, and ability to repay the loan. You can use a personal loan for a variety of reasons, including home renovations, medical bills, and vacations.

“Personal loans come with a credit check to qualify, but will give you a longer term to pay them back,” says Clayborne. “Your repayment schedule can be less stressful, giving you the flexibility to pay over a few years rather than a few months. With a longer repayment term, your personal loan can be easier to manage than a payday loan. .”

Personal loans are always a better option than payday loans because they come with lower interest rates and the loan decision is based on your ability to repay.

Online lenders, banks and


credit unions

will give you money that you will repay over a fixed period, say a year or five years. Personal loans are almost always unsecured, meaning they don’t require collateral – like a house or car in the case of a mortgage or car loan – to be received. Most personal loans have fixed interest rates that remain the same for the life of the loan.

Whether you decide to take out a loan or not, O’Connell Rodriguez advised you not to judge yourself too harshly based on your financial situation.

“Have compassion for yourself,” O’Connell Rodriguez said. “Understand that where you are, if you’re in an emergency, if you’re in debt, if you’re in a really bad financial situation, it doesn’t say anything about who you are, it doesn’t say anything about what you’re capable of. of, or who you are. It doesn’t define your goodness or your dignity.”

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Using payday loans during the COVID-19 pandemic https://kmjazz.com/using-payday-loans-during-the-covid-19-pandemic/ Mon, 24 Jan 2022 15:38:14 +0000 https://kmjazz.com/using-payday-loans-during-the-covid-19-pandemic/ On a day-to-day basis, paying bills can be a real challenge for most individuals and households. Unfortunately, with the COVID-19 pandemic, the financial situation has worsened, highlighting the need for most people to obtain emergency cash. Payday loans give you access to short-term funds, but usually at a higher interest rate. Most payday loans are […]]]>

On a day-to-day basis, paying bills can be a real challenge for most individuals and households. Unfortunately, with the COVID-19 pandemic, the financial situation has worsened, highlighting the need for most people to obtain emergency cash.

Payday loans give you access to short-term funds, but usually at a higher interest rate. Most payday loans are usually between $500 and $1,500 or less. In addition, your personal loan is due when you receive your monthly salary.

One could easily imagine that the pandemic will be helpful to the business of payday lenders. However, quite the opposite happened, as fewer people took out payday loans. This can be attributed to a number of factors.

First, at the height of the pandemic, most states made it easier for households to access cheaper loans. In reality, small business administration (SBA) has undertaken a Paycheck Protection Program to ensure businesses can access loans to stay afloat and keep employees working.

Also, with the federal relief and child tax credit available to many people along with other social benefits, the need for payday loans has diminished. Nevertheless, many finance experts believe that there could be an increase in demand for payday loans very soon. Although there are fewer lockdowns and restrictions, COVID-19 is still in full swing. So the pandemic lending rules may apply to most payday lenders.

Either way, here’s how to navigate getting and using a payday loan during the pandemic. In this article, you’ll also learn about the pros and cons of payday loans in these circumstances and whether it’s the best cash advance option for you.

How to get a payday loan during the pandemic

For starters, payday loans aren’t as popular as they were a few years ago. Only about 31 states allow payday loans while the rest have banned the loan structure at varying levels. So, you may need to check with your state loan policies to see if payday loans are allowed.

If so, you can visit payday loan stores near you or access a lender app from your mobile device. Applying for a payday loan can be done through an application form with the lender. Since payday loans are unsecured, you don’t have to worry about collateral when applying for a loan.

Applying for a payday loan during the pandemic, or at any time, requires that you have a current job. You will need to submit your payment stub and authorize your lender to transfer the amount electronically or you can write a post-dated check for this amount.

Common payday loan terms

Payday loans are a special form of financing because they differ from most conventional loans. Here are the common loan terms you should expect when taking out a payday loan during this pandemic.

  • A short payment period: Most people refer to payday loans as a two-week performance loan. Indeed, the time window for reimbursement is very short, generally not exceeding two weeks.
  • High interest rate: It is best to calculate the interest rate for payday loans using the annual percentage rate (APR). Most loans have an average APR of 400% or more, which makes them very expensive.
  • Single payment: Unlike most loans, you cannot repay your personal loan in installments. All payments are usually made in one installment on the next payday.

What happens if you can’t repay your payday loan?

Most of the time, borrowers are unable to complete the repayment of their payday loan. Usually, the lender tries to cash the check or make an electronic transfer. If you have an insufficient balance, your bank will charge you an overdraft as often as it happens.

If you continue to default, lenders may call endlessly, contact relatives, or hand you over to collection agencies. To avoid this, you can contact the lender to offer extended payment plans if you think you won’t be able to meet the payment due date. Most lenders are generally open to this feature. You can also take out a debt consolidation loan or declare bankruptcy if you are truly unable to repay the loan.

In extreme cases, after a long period of default, the lender may seek a settlement requiring the borrower to pay less than agreed. Since the interest is usually exorbitant, the lenders end up losing nothing. However, this can ruin your credit score.

Alternatives to payday loans

If you decide that payday loans aren’t the ideal pandemic option for you, there are several alternatives you can try. Here are some other types of emergency loans without the drawbacks of payday loans.

  • Bad Credit Loans: These loans are ideal for times of emergency, especially if you have a low credit rating. They are secured unlike payday loans and they have lower interest rates.
  • Cash Advance Apps: Cash Advance apps are mobile software that can offer loans in anticipation of future income. Although they also charge by APR, they are cheaper and won’t put you in a debt cycle.
  • Lending Circles: Instead of getting payday loans with ridiculous repayment terms, you can pool resources from family or friends with little or no interest.
  • Pawnbroker: This type of loan requires you to provide collateral in exchange for a loan. If you pay as agreed, your property will be returned to you. This process is less expensive than payday loans.

Final Thoughts on Payday Loans

While payday loans are undeniably useful for emergency financing, they leave you with more than just debt to settle. This is why many financial experts advise borrowers to avoid loans. If you’re already in this one and the pandemic is affecting your ability to pay, you can follow one of the recommended steps in this article. Otherwise, you better look for other emergency loan options.

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