Payday loan laws in the state of Wyoming (overview)

In Wyoming, payday loans are legal according to the Wy. Stat. 40-14-362 et seq. Wyoming residents can easily apply for them and enjoy the benefits that payday loan services offer. In the statem there are about 77 locations where you can get access to payday loans or you can simply do it online. Actually, Wyoming payday loans laws do not restrict the cash amount that can be borrowed  in any way. However, the laws put certain restrictions on the time that the loan should be paid back.

  • Interest rate and loan limit

Wyoming payday loans interest rate

Wyoming payday loans interest rate

The annual percentage rate of Wyoming is one of the highest in the whole of United States. The APR goes up to 700%, so getting a loan in this state is definitely very expensive. In addition, unlike other payday loans in the country, the state of Wyoming does not have any loan limit so lenders are the ones that actually imposed the limit.

In Wyoming, lenders usually charge about 20% interest per $100 loaned or about $30 on a loan with rates based on the calendar month. For example, when a borrower applies for $200 loan in 30 days, the charge is around $200 for 20% interest rate. So the total payable is $240 per month even if the loan is just 14 days, or the charge is $30.

  • How to apply for a payday loan in Wyoming?

If you want to apply for a payday loan in person, you simply have to walk into a payday lender’s store. You can also apply it online. Whichever the case, you have to meet some eligibility criteria:

  • You’re at least 18 years of age
  • You’re an American citizen or a permanent resident of this country
  • You have a regular source of income
Regular source of income

Regular source of income

For your application to be successfully, you’ll have to provide some basic information:

  • Your name, date of birth and contact information
  • Your social security number along with a valid form of ID such as your driver’s license or passport
  • Details about your employment, income and pay schedule
  • Your bank account details, in case you’re applying online
  • Wyoming payday loans rollovers

Rollover is a loan that is taken to pay off a previous loan, which is seen as a disadvantage to borrowers. Wyoming prohibits rollovers and the borrower cannot refinance or consolidate the loan when it is not settled on time.

  • You can find Wyoming payday loans lenders in all the big cities in Wyoming, including Cheyenne, Casper, Laramie, Gillette, Rock Springs, Sheridan and others.

Payday loan laws in Wisconsin

Wisconsin is the 23rd largest state in the United States and its 20th most populous. It is among the nation’s leading dairy producers, which is why many refer to it as “America’s Dairyland”. As in many other states, you can apply for a Wisconsin payday loan.

  • Are payday loans legal in the state of Wisconsin?

Payday loan laws in Wisconsin are legal

Payday loan laws in Wisconsin are legal

Payday loans are completely legal in Wisconsin. All payday lenders function under the Wisconsin Statutes 138.14.  The maximum payday loan term under Wisconsin payday loan laws is limited to 90 days.

You can’t have an outstanding aggregate liability of more than $1,500 or 35% of your gross monthly income through all your existing payday loans. This includes the principal and interest as well as all applicable fees and charges.

You can repay a payday loan by using the proceeds of a subsequent payday loan made by the same lender or another one. If you do so, you can’t repay the subsequent payday loan using proceeds from yet another payday loan.

 

  • Payday loan fees and charges in Wisconsin

Wisconsin payday loan fees & charges

Wisconsin payday loan fees & charges

Wisconsin payday loan laws don’t impose any limits on the interest that lenders may charge before maturity dates of a Wisconsin payday loan. If a payday loan is not repaid before its due date, the lender may charge interest not exceeding 2.75% per month after the due date, except if you take a subsequent loan to pay off the original one.

If you take a subsequent loan from the same lender to repay the original loan and don’t repay the subsequent loan on time, the lender can charge interest not exceeding 2.75% per month after the due date. In Wisconsin, payday lenders can’t impose any penalties owing to prepayments, late payments or defaults.

A payday lender can’t present your check for payment more than once. This applies to electronic funds transfer authorizations as well. In the event of a payment dishonor, the lender can charge a non-sufficient funds (NSF) fee that doesn’t exceed $15.

  • How to apply for a payday loan in Wisconsin

How to apply for a payday loan in Wisconsin

How to apply for a payday loan in Wisconsin

You can apply for a payday loan in Wisconsin by visiting a store or online. Applying for a payday loan requires the following:

  • You’re over 18 years of age
  • You’re American or a permanent resident of the U.S.
  • You have a regular source of income

To complete the application successfully, prepare the following information:

  • Your name, email address, residential address and phone number
  • Your social security number and a valid form of ID such as your passport or driver’s license
  • Your employer’s name and contact information
  • Details about your income

You can find payday loan lenders in Milwaukee, Madison, Green Bay, Kenosha, Racine, Appleton and many other cities in the state of Wisconsin.

Payday loan laws in Washington

Payday loans are small, high interest, unsecured, short-term loans. Usually, payday loan consumers write a post-dated, personal check for the loan amount, plus a fee. The lender holds the check for the loan period and deposits it afterwards. Alternatively, the customer pays up and reclaim the check. Payday loans are available in many US states, among them is Washington. Washington payday loans lenders are available online and in stores.

  • Washington Payday Loans facts

  • Washington Payday loans

    Washington Payday loans

    You may borrow a total of $700 or 30% of your gross monthly income, whichever is lesser.

  • Your information will be registered in a state-wide database. This is done to ensure that all payday lenders have your most up-to-date loan information.
  • If you can’t repay your loan before its due date, you may request for an installment plan with no additional fees.
  • You may only take out a maximum of 8 payday loans per 12-month period.
  • If you already have an installment plan, you may not receive another loan.
  • Lenders cannot  harass or intimidate you when collecting a the loan. If you are being harassed, contact DFI and file a complaint.
  • Who licenses and regulates payday lenders in Washington?

In the state of Washington, payday lenders and the payday loan industry is licensed and regulated by the Washington State Department of Financial Institutions (DFI) . You can verify the license of any payday lender in Washington State by calling 1-877-RING-DFI (746-4334) or verify a license online.

  • Maximum loan amounts & terms in Washington

  • Maximum Loan Term: 45 days
  • Maximum Loan Amount: $700 or 30% of your gross monthly income, whichever is lesser
  • Maximum Fee: 15% on the first $500 and 10% above $500.
  • Payday lenders online

Payday lenders online

Payday lenders online

According to Washington payday loans laws, online payday lenders that do business with Washington residents must be licensed by the DFI and adhere to Washington’s loan terms and limits. Before doing business with an online payday lender, you have to make sure that they are licensed by the DFI.

  • Your rights as a Washington resident

  • Your rights as a Washington resident

    Your rights as a Washington resident

    If you have taken out a payday loan from a lender that is not licensed by the DFI,  even if you fail to repay the loan, the lender can’t collect it or pursue any legal action against you in Washington State.

  • If you have doubts about the loan you’ve taken out, you have the right to change your mind about it within one day.
  • You have the right to know all the costs involved. You also have the right to a payment plan.
  • Payday lenders may not use criminal prosecution as a method of collecting a past due loan.
  • Payday lenders may not allow borrowers to use a new payday loan as a way to pay off a previous payday loan he has with the same lender or an affiliate of that lender.

You can find Washington payday loans lenders in many cities including Seattle, Spokane, Tacoma, Vancouver and Bellevue.

Virginia payday loan laws

Virginia holds the 35th place for the biggest state in the United States and it is the 12th most populous. It is also the 14th least densely populated state in the country. There are many payday loan businesses in Virginia. You can either go and see what the different lenders offer in person or go online and check out their sites to find a payday loan that suits you. After all, a payday loan can be exactly what you need to take care of an urgent financial situation. In the state of Virginia payday loans are legal.

  • Virginia Payday Loan Laws

Virginia Payday Loans Laws

Virginia Payday Loans Laws

Payday lending companies have the legal right to operate in the state of Virginia. The laws governing payday loans in Virginia are more standardized compared to other states in the US. The maximum loan amount that can be taken out is $500 and there is no minimum loan amount. The standard charge for a $100 payday loan for 14 days is $26.38. In Virginia, you cannot have more than one payday loan at a time. Extensions are not allowed.

As payday loans are legal, there are hundreds of payday loan centers in the state of Virginia. Nowadays, because of the internet, that number has increased tremendously.

  • Virginia payday loans costs

Virginia payday loan rules restrict costs associated with your loan. Here’s what you need to know:

  • Maximum finance rate and fees

The lender can charge a loan fee not exceeding 20% of the amount advanced. It can also charge a $5 verification fee. The maximum charge for a 14-day $100 loan is $26.38. The maximum APR for a 14-day $100 loan is 687.76%

  • Collection fees

Payday loan lenders in Vermont can charge one NSF fee not exceeding $25. A payday lender can also charge court costs and reasonable attorney fees not exceeding $250.

  • Rollover fees

Virginia payday loan laws do not permit refinancing, renewal or extension of payday loans, so any rollover fees do not apply.

  • How residents can apply for Virginia payday loans

How Virginia residents can apply for a payday loan

How Virginia residents can apply for a payday loan

Applying for a payday loan is easy. You can do it online or visit a payday lender’s store. There are certain criteria you have to meet before applying:

  • You are over 18 years old
  • You are an American citizen or a permanent resident of the US
  • You have a regular source of income

Completing the application successfully requires that you provide some basic information, which includes:

  • Your name, residential address, phone number and email address
  • Your date of birth, social security number and a valid form of ID such as your driver’s license or passport
  • Your employer’s name and contact details
  • Details about your income
  • Biggest cities that offer payday loans in Virginia

  • Norfolk
  • Chesapeake
  • Virginia Beach
  • Richmond
  • Newport News

 

 

Utah payday loan laws

According to Utah payday loans laws, payday lenders who operate in this state have to be registered with the Department of Financial Institutions to be eligible to issue payday loans to the consumers residing in Utah. Clear disclosure of all terms and conditions of the loan contract in writing and also verbally is also required by the law. There should not be any hidden clauses in the contract. It is best for consumers to read the fine print thoroughly before signing anything.

  • Federal Laws

Utah Payday Loans Laws

Utah Payday Loans Laws

There are number of federal laws that payday lending companies in Utah must abide by. For instance, they must comply with the Regulation Z of the Truth in Lending Act. The loan terms such as the amount of finance charges,annual percentage rate (APR), repayment period and others must be displayed clearly in the loan contract.

  • Utah Payday Loans Laws

The regulating authority in Utah that enforces payday loans laws is the Department of Financial Institutions. It also reviews the business operations of each payday lending company that is offering payday loans to the residents of the state. Here are some important points regarding the state laws that you should be aware of.

  • If your loan account goes to the collection department and you are in default, you have the right to ask your lender not to contact you or your employer while you are at work.
  • If the post-dated check you give to the lender gets dishonored because of insufficient funds in your bank account, the lender cannot bring criminal charges of any kind against you. Lending companies are strictly prohibited from threatening their borrowers.
  • There is a maximum of 10 weeks of rollover on a loan balance after the default allowed by the Utah payday loans laws (that is from the date when the loan was initially issued). A due date extension of up to 10 weeks can be given. During that time, you will be charged at the same APR. After this 10-week period, no further interest can be charged.
  • The phone number of a person with authority (from the lending company) must be included in the loan contract. This lets borrowers file their complaints (if there are any). The borrowers can also contact the Department of Financial Institutions.
  • In the loan contract, there must be clear explanation of the schedule of fees and other finance charges, including the dollar amount of the fees and the annual percentage rate
  • Actions lenders may take on non-payment of debt

can make it difficult for you to get credit in the future

can make it difficult for you to get credit in the future

If you default on your loan, Utah payday loans laws allow lenders to take some action against you:

  • They can make it difficult for you to get credit in the future by listing all your accounts in default to various credit bureaus.
  • They can charge at least $20 in the form of NSF fee (Non-sufficient fee).
  • They can also file a civil suit against you and seek judgment from the court. If the judgment of the court is against you, the lending company may be allowed to recover reasonable attorneys fees and other court costs from you. Adding to that, the court can also order you to pay up the outstanding balance at the federal rate plus an additional 2%. The current federal rate is 2.99% per annum.
  • Cities offering payday loans in Utah

  • West Valley City
  • Provo
  • West Jordan
  • Sandy
  • Orem
  • St. George
  • Ogden
  • Taylorsville
  • Layton

Tennessee payday loan laws

Payday loans have proved to be a popular choice in the loan market, especially for people with a less than stellar credit score and for people in need of emergency cash to take care of urgent bills. Tennessee payday loans laws are explained in this article.

  • Payday loans laws in Tennessee

Payday loan laws in Tennessee

Payday loan laws in Tennessee

In Tennessee, there are number of rules governing payday loans. These laws and regulations dictate how many loans you can get at any one time and the overall maximum amount you can get. For residents who are in need of a payday loan, having the right information can really help ease strress.

  • Tennessee Payday Loans Regulation

According to Tennessee Code 45-17-101, borrowers who are residents in the state of Tennessee can apply for loans that are worth no more than $425. The maximum loan term of these types of loans is 31 days. Moreover, the rates and fees can only encompass 15% of the check. For borrowers, this means that 14-day loans for $100 will usually have a charge of $17.65.

Borrowers cannot have more than three outstanding loans. Two are allotted per licensee. Rollovers for borrowers are not allowed. If a borrower can’t or decide not to pay his loan, the institution can take that borrower to court. There, they can seek court costs. However, Tennessee payday loan laws do not allow lenders to pursue criminal charges. If a borrower  believes that their lending company is acting illegally, they can send a complaint to the Tennessee Department of Financial Institutions. This regulator can also be used when the borrower has questions about loans or payment requirements.

  • Tennessee payday loans laws status and specifications

  • Status:

Legal (Tenn. Code Ann. 45-17-101 et seq.)

  • Lending specifications:

  • Maximum loan amount: $425 ($500 on check)
  • Loan tenure: Max 31 days
  • Fees and finance charges: 15% of the face value of the check
  • Finance charge on a 14-day $100 loan: $17.65
  • APR on 14-day $100 loan: 459%Tennessee payday loans laws status & specifications

    Collection restrictions:

  • Collection fees: Court fees
  • Criminal procedures: Prohibited
  • Debt limits:

  • Maximum no. of outstanding loans at a time: 3 (2 on each licensee)
  • Rollovers allowed: None
  • For complaints:

  • Regulator: Consumer Resources Division, Tennessee Department of Financial Institutions (TDFI)
  • Address: 414 Union Street, Suite 1000, Nashville Tennessee 37219
  • Phone: (615) 253-2023
  • Fax: (615) 253-7794
  • Toll-free: 1-800-778-4215
  • Regulatory contact: Alan Smith, Director
  • Website: http://www.tennessee.gov/tdfi/crd/index1.shtml
  • To file complaint: http://www.tennessee.gov/tdfi/crd/complaintprocess.shtml
  • Cities in Tennessee that offer payday loans
go online to get a payday loan

go online to get a payday loan

In Tennessee, you can visit a lender or go online to get a payday loan. There are many cities where you can get your payday loan:

Memphis

Knoxville

Nashville

Chattanooga

East Chattanooga

Murfreesboro

Clarksville

Jackson

Johnson City

Franklin

and many more…

15 signs you’re overspending

Are you nervous when you present your credit card. We all like buying stuff.  With credit card interest rates soaring, this is probably the worst time to let your desire get out of hand.

One in five Americans spend more than what they earned in the last 12 months, according to a Federal Reserve Board survey. Some may be relying on credit or dipping into savings to cover their spending because they are having trouble making ends meet. And some might be living beyond their means.

Whatever the reason, overspending is harmful because it can be a sign that you’re not in control of your finances. Your overspending might be making it hard to pay bills, have money for emergencies and save for the future. It could also lead to serious consequences such as bankruptcy. If you have to often stop yourself from overspending, you may have some financial issues you need to take care of.

Let’s look at 15 warning signs that indicate you are spending way too much.

1. Maxed out credit cards

Maxed out credit cards

Maxed out credit cards

Often, one of the first signs that suggests you’ve exceeded your shopping budget is maxing out two or more credit cards.  While pushing the limit on one of the cards can be easily explained because the initial credit availability is low or a large purchase happens to max out the entire credit line at once. However, the chance of having two or more credit cards maxed out due to pure necessity is highly unlikely.  In most cases, that means you are overspending.

2. You go shopping every week

If you have a habit of coming home with shopping bags every time you visit the mall, and you do that at least once a week, then you are probably overspending.

3. Fear of credit card rejection

t checkout counters?  If you’re saying a silent prayer every time you hand your card to the waiter after dinner, you’re probably overspending.

4. Paying credit card minimum is all that you can afford

Lagging behind on your bills

Lagging behind on your bills

Do you have to empty your money jar for the minimum payment everytime you get the credit card billl? Sending in the smallest possible dollar amount actually benefits the card company more than you. When you pay interest for the daily balance, your credit provider makes lots of extra money on top of the normal rate for purchases. Bottom line is, a minimum payment means only two things – you’re lagging behind on your bills and the reason for that is you probably have the habit of overspending.

5. Flipping debt from old cards to new all the time

Accepting a card company’s line of credit and using it to pay off another balance with a higher rate is okay.  However, when applying for numerous credit cards to stay ahead of rising debt is your best method of dealing with the situation, you’re probably drowning in debt and overspending is most likely pulling you under.

6. Always asking family and friends for money

Always asking for money

Always asking for money

Knocking on doors with your hand out is not the best feeling in the world. If friends and family members have decided to cut off their purse strings or refuse to take your calls, they’re simply tired of lending you money. You’re probably just as tired of asking and feeling guilty of overspending.

7. You look at selling your blood or plasma as a real option

No one is going to blame you for making a blood or plasma contribution as countless lives are saved by selfless donors. However, lining up to sell your precious life force so that you can buy a new outfit and matching accessories may indicate that you’ve a real issue with your spending habits. it’s safe to say that you have a problem with overspending.

8. Your monthly income is lower than your credit card debt

In life, there are simple financial rules you should live by. One of it is to never allow credit card debt to rise above monthly income.  Pre-set controls and self-proposed debt limits are crucial in helping to keep spending from getting out of hand. They help manage your income, expenses and control your appetites for overspending.

9. There are clothes in your closet with their tags on

overspending & you’re paying interest

overspending & you’re paying interest

You’ve bought clothes but still haven’t gotten around to wearing them? Unless having so many new clothes in your closet doesn’t bother you, then you’re overspending. You see, most consumers can’t afford to hang up money in their closets. And if you charged the clothes on a credit card, you’re not only overspending, you’re paying interest for them as well.

10.  You see payday or title loans as your best options for cash

Some payday and title loans lending companies provide good services at reasonable terms regardless of what you may think of them. However,  you must remember that industry loan products are short-term answers to your financial issues. Quite often, you could end up paying more than you had planned for extending the term of the loan, So read the fine print carefully.

11. You dig into your retirement account

Avoid borrowing from retirement account

Avoid borrowing from retirement account

You might think there’s no harm in borrowing from your retirement account because it’s your money anyway. About 20 percent of 401(k) plan participants have taken a loan from their account, according to the Pencil Research Council Working Paper. You may borrow up to half of your 401(k) balance, up to a maximum of $50,000. However, that’s rarely a good idea. If you borrow from your retirement account, you’ll have to pay yourself back with interest — which can be lower than the rate of return than you would have gotten if you had left the money in the account. So really, you’re just short changing your retirement savings.

12. You’re always late in paying your bills

According to an Urban Institute report, about one out of 20 people with a credit file are at least 30 days late on a credit card or a non-mortgage account payment.

Paying bills late because you don’t have the cash is also a sign that you’re overspending.

13. Hiding

If you hide your mail so that no one else can see your bills,  that’s usually a clear symptom that things have gone out of hand and you are probably overspending.

14. You often buy things you don’t need

Have you ever looked through your cabinets, drawers and closet and found absolutely new and unused things just lying around your house? Do you remember buying them? If not, you’re most likely overspending on things you don’t need.

15. One job is not enough

you’ve to work part-time

you’ve to work part-time

If you’ve to work part-time on top of your full-time job  to keep up with your debt, it’s time to reduce your spending so as not to overspend.

If you find yourself with any of these 15 signs of overspending, it’s not too late to rein in your spending habits. Set a monthly budget for yourself and get rid of all bad habits of spending unnecessary money or buying things which you don’t actually need. 

Payday loans vs installment loans

There are many different types of loans for borrowers to choose from. Car title loans, mortgages, consolidated loans, payday loans, personal loans and loans from insurance policies are all examples. Many of these loans are considered installment loans because the borrower pays the lender back in scheduled monthly payments. A payday loan is usually made in one repayment amount by the borrower’s next paycheck. That’s the main difference between any type of installment loan and a payday loan. However, is one better or worse than the other?

  • What is a payday loan?

What is a payday loan

What is a payday loan

Payday loans are a relatively new invention that came into existence in the early 1990s. Originally, payday lenders began exclusively as small shops where borrowers could visit them personally to apply for quick cash. Today, while those physical shops still exist, many payday loan transactions are done online from the comfort of one’s very own home.

Taking out a payday loan is one of the fastest and best ways to get instant cash. No matter what your emergency is, applying for a payday loan will get you the needed amount of money in no time. Since the service is really fast and easy to get approval for (you usually get no credit check payday loans), payday loans have very high interest rates which are higher than conventional bank loans. That’s because payday loan lenders take a risk in not seeking collateral from borrowers, only asking for basic personal information and lending money to applicants with bad credit. With payday loans, the borrower usually borrows an amount of money that he is confident of  repaying on his next payday. Being late in repayment will result in hefty penalties.

  • Payday loans advantages

There are many advantages of payday loans.

1. Very easy to obtain

Just about anyone with a stable job can apply for a payday loan.

2. Really fast

All you have to do is fill out an application and in a few minutes, you will be approved and have the cash you need. The loan amount can also be transferred to your bank account.

3. Very convenient

Payday loan companies are located throughout most cities and are really easy to find. Nowdays, there are many online payday loan services. This means when you are ready to take out a loan, there is always going to be one available somewhere near you.

4. Always a last resort option

When there seems to be no way to get out of a difficult financial situation  payday loans are always there as a last resort option. Since their terms are relatively lenient, payday lenders will provide instant cash  even when no other options are available.

  • Payday loans disadvantages

It’s expensive

It’s expensive

There are a few downsides to payday loans that are worth considering before taking out a payday loan.

1. It’s expensive

The interest rates of a payday loan are known to be some of the highest. For many borrowers though, the convenience and speed of being able to obtain money with a fast payday loan when it’s needed is enough to make up for the high interest rate that comes with one.

2. Scams

There are some scam lending companies, so it is important to know you are dealing with a qualified and legitimate lending company before taking out the loan.

3. Borrowing can become cyclical

It’s important that you do a careful financial planning to prevent lagging behind on your repayments. It’s easy for you to fall into a debt cycle that only gets worse over time.

  • What are installment loans?

installment loans?

installment loans?

An installment loan is a loan in which the principal and interest are repaid in equal installments at scheduled intervals (usually monthly). Installment loans are considered to be less risky and cheaper to borrow than payday and title loans. The repayment terms of an installment loan can be as short as a few months or as long as 20 years. Installment loans are usually secured by the personal property of the borrower.

Installment loans have been around much longer than the 90s. They were initially offered only by small, independent lenders, but eventually were adopted by most major banks.

installments at scheduled intervals over an agreed period of time.

Installment loans typically grant borrowers much larger amounts than payday loans. For $1,000 to $10,000, borrowers can approach installment lenders for a loan to pay off recurring bills, home mortgages or medical expenses.

Installment loans are usually repaid over a long period of time which can be as long as 30 years. When taking out an installment loan, the borrower must use a lending institution that operates in the same state where he is staying in as all installment loans are serviced locally.

Similar to payday loans, you can get Installment loans for bad credit or installment loans with no credit check at all.

Installment loans are fast as they take only one business day for the money to be deposited into the borrower’s bank account.

  • Installment loans advantages

Similar to payday loans, there are a lot of installment loan advantages such as:

1. Predictable monthly payments

When you take out an installment loan, there is a fixed interest rate. Your payments will always be the same because the interest rate is already set up at the time when you take out the loan. You will know exactly how much to pay every month.

2. Longer terms

The repayment terms of an installment loan can be as long as 20 years or even more.

3. Easy and fast

It’s very fast to get your hands on the money when you take out an installment loan. Usually, you can get the money deposited directly into your account in just a couple of days after being approved for the loan. Otherwise, you may get the loan amount in cash.

  • Installment loans disadvantages

There are some disadvantages in installment loans that are worth careful consideration before signing up for one:

1. High interest

Even though the APR (annual percentage rate) of an installment loan is not as high as that of a payday loan, it’s still going to be high. After making the payments in full, you can even end up paying more than you would with a payday loan.

2. Penalties for missed payments

If you fail to make your payments on time, it can cost you a lot more than you thought.

3. Personal property risk

There are types of installment loans that require you to put up your personal property as collateral.

  • Payday loans and installment loans differences

Payday loans and installment loans differences

Payday loans and installment loans differences

Both payday loans and Installment loans are considered to be “high-cost, small-dollar” loans. Usually, they come with high interest rates and are extended to people with rather imperfect credit scores or with a specific income level. Even though the two types of loans are similar, there can be some big differences too.

1. Payday loans range from $100 to $1500; installments loans range from $150 to several thousands of dollars.

2. Payday loans are short term and are to be paid back within 30 days. The shortest tenure for installment loans are a few months.

3. Payday loans are repaid through a post-dated check; installment loans are directly withdrawn or paid using a check each month.

4. Payday loan’s APR can be as much as 390%; APR on an installment loan ranges from 25 to 100%.

5. Payday loans are unsecured; installment loans are usually secured but can be unsecured too.

6. Payday loans can be rolled over when it’s due (plus new fees); installment loans can be renewed every few months (with additional fees and interest).

  • Which loan should you get?

There are a lot of things to consider when deciding

Can you get out of debt with a payday loan?

When you are in debt, it’s sometimes important for you to take care of it immediately. You may be willing to take up another debt by taking out another loan just so you can deal with the current debt. If having instant cash is what you need, then payday loans might be the thing for you, though using a payday loan to get out of current debts might get you into even more trouble.

  • What is a payday loan?

Payday loans are monetary loans

Payday loans are monetary loans

Payday loans are monetary loans provided to borrowers that must be paid in full when the borrowers receive their next paychecks. The loan amounts granted are typically small and are based on how the borrower’s salary.

Taking out a payday loan is certainly one of the fastest and best ways to get instant cash. No matter what your emergency is, applying for a payday loan will get you the needed money in no time. Since the service is really fast and easy to get approval for ( bad credit is almost never an issue as you can take out a bad credit payday loan just as easily), payday loans have very high interest rates which are higher than conventional bank loans. This is because of the risk that payday lenders take by not seeking collateral from borrowers, lending money to applicants with bad credit history and only asking for basic personal information. With payday loans, the borrower usually borrows an amount of money that he can repay on his next payday. Being late in repayment is not a good idea as that will incur heavy penalties.

  • How much can you borrow?

Usually up to $1,000, though some lending companies restrict the size of the first loan they offer. Loan tenures could be less than a week or months occasionally. There are usually no early repayment charges, but there are fees for setting up the loan as well as interest which is usually calculated daily.

  • So, can you get out of debt with a payday loan?

The answer is yes. However, there is another important question you have to ask yourself and that is, should you get a payday loan to fix your debt?  The answer for that question is entirely dependent on your situation. If you are very sure that you can repay that loan on your next pay day, then go for it. However, if there is even a hint of doubt, or you are just hoping that things just might somehow come together in a way that you’ll be able to repay the debt, it’s best that you look for other options.

10 ways to make extra income

Are you ready to start earning more money this year? Whether you want to be more aggressive about paying off student loans, dig yourself out of credit card debts, save for a down payment or vacation, earning extra money on the side is a smart strategy for working toward your goals.

Let’s look at some fun, creative and unusual ways on how you can bring home extra dough.

1. Sell your body

ways on how you can bring home extra money

ways on how you can bring home extra money

No, it’s not what you’re thinking about… We are talking about selling plasma, sperm or blood. These are completely legal.  In most larger cities, there are clinics that will pay you up to $35 or so for some of your plasma. To donate, you’ll need to be relatively healthy and drug-free. Just make sure you don’t give away too much because that won’t be good for you.

2. Be a mystery shopper

Get paid to shop and report back about services and products from small to well-known large companies. There are numerous sites which are looking for mystery shoppers or will even pay you to shop. How cool is that!

3. Become a virtual assistant

Become a virtual assistant

Become a virtual assistant

If you have experience as an office assistant, you can become a virtual assistant. You need to consider your charges before committing. You may contact the many personal concierge companies which may be looking for someone like you to handle some of their workload.

4. Become an artist

Probably you’re not Vincent van Goghi, but if you have a decent camera or the ability to create digital illustrations, there are plenty of sites where you can register and upload your works of inspiration and get paid a small royalty if people use your images. It’s a good way to earn extra money online.

5. Sell your hobby

Sell your hobby

Sell your hobby

Sell the things you make as a hobby. Most cities and towns have a variety of craft markets where you can rent a stall and sell your wares. Do some budgeting before you take up a stall. Stall rental might not be much, but if you haven’t budget for things like materials or ingredients, you could end up making a loss.

6. Sell your stuff

Having a garage sale or e on different sites can provide a twofold benefit. You’ll earn money fast and you’ll have a good clean out of all the items you no longer need. Things such as designer label clothes and perfumes can command good prices, especially if they are popular but discontinued items. Always remember to do some research before listing item so that you can list your items at competitive prices.

7. Be the hero parents need

Be the hero parents need

Be the hero parents need

There are plenty of worn out moms and dads with young children who could barely remember when was the last time they enjoyed a leisurely dinner at a restaurant and not spend the evening quelling tantrums and picking up after mischievous kids.

Babysitting  is one of the most immediately lucrative option of making extra money. Reliable babysitters are in great demand. You can almost name your price.

8. Rent out a room

If you have a spare room, you can rent the space for a pretty good weekly or nightly return. Look into some collaborative websites to help you find takers. This an easy way to earn a bit of extra cash.

9. Walk dogs

Walk dogs

Walk dogs

Love dogs and exercise? Great. Walking dogs is a great way to earn some extra money while doing something you love on a flexible schedule.

10. Create a blog or a website

Some successful bloggers can make a great income, but it’s not guaranteed.  If you’re passionate about something, consider starting your own blog or website. It may start out slow but if it attracts many followers or subscribers, you might have advertisers knocking on your door. It’s a great way to earn money from home.

We hope these 10 ideas will be of help. There are many other different ways to earn a little extra cash, you just have to be creative and go for what you think is the right thing for you.