District of Columbia loan laws

Nowadays, it is really tough for people to make their monthly payments. Life is getting more expensive and with that, the bills get higher. Whether you have a steady source of income or not, taking care of all expenses may still be a pretty hard task. And, of course, there is always the possibility for an emergency that emerges unexpectedly and so you will need to deal with that too.

Many times, the money you have is simply not enough

Many times, the money you have is simply not enough

Many times, the money you have is simply not enough. Which is why many people use the services of the loan lending industry. While taking out financial assistance from friends and family is a viable option for some, to others, the only way to deal with such tricky financial situations is by taking out a loan. There is a big variety of loans and with plenty of options for borrowers to choose from, it can become quite hard to find the type of loan that best suits your needs.

With that being said, however, there is a certain loan type that is commonly used by the majority of borrowers in the US and that is the payday loans. However, each state in the United States has its own loan law regulations governing the loan lending business. Even though payday loans are probably the most popular type of loans out there, they are not available to customers in every state.

This is mainly due to their extremely high interest rates and fees, which sometimes make them quite dangerous for the people who use them. Below, we will look at what the loan law regulations in the District of Columbia are, and are payday loans available to the residents of this state.

Are payday loans legal in the District of Columbia?

District of Columbia payday loan laws

District of Columbia payday loan laws

Mainly due to their extremely high interest rates and fees, payday loans in the District of Columbia are considered illegal by the Amended District of Columbia Code that governs the functionality of all small loan lenders in the District of Columbia. If a borrower takes out a small loan in the District of Columbia, an AOR cap ensures that the borrower will not have to pay more than 24% interest. This percentage is significantly lower compared to the annual percentage rates that most payday loans across the country have. Because of that, payday loan lending companies do not want to conduct their business in this state. You must not forget that if you want to apply for any type of line of credit or a loan, it is extremely important that you read all the terms and conditions of your loan contract carefully before signing it. You should also be absolutely sure that you are able to repay the loan you are about to take. Otherwise, you would end up owing a lot more than you have taken. And while payday loans are not available to borrowers in the District of Columbia, there are still some alternatives for the residents of the state to choose from.

Installment loans

Installment loans

Installment loans

With installment loans, the borrower is required to repay the money with a set payment (installment) at the end of each month over a scheduled period of time. There are loan lending companies that offer such loans even to borrowers that do not have a perfect credit score, as long as they are able to show proof of a stable monthly income that will allow them to repay their installment loan on time. Much like with payday loans, installment loans have rather high interest rates and so they can also be quite dangerous if not handled right.

Personal loans

In order to be approved for a personal loan from a traditional loan lending institution like a bank, or another reliable loan lender, you would need to have a pretty good credit score. If, however, your credit score is not that good, you may still have some other options available to you. Personal loans have lower interest rates than payday loans and installment loans and their repayment plans can be quite flexible as well.

Other payday loan alternatives in the District of Columbia

Even though payday loan lending is not legal in the District of Columbia, there are still some options that borrowers who are in need of financial assistance can choose from:

  • CREDIT CARDS

Credit cards

Credit cards

Regardless of your credit score state, there are numerous credit card providers who can get you what you need. Compared to payday loans, credit cards have lower interest rates and more reasonable payments.

  • CAR TITLE LOANS

With car title loans, you use the title of your vehicle as collateral to get a certain amount of money. If you fail to repay your loan, the loan lender can repossess your vehicle. So you need to be completely sure that you can make your payments, otherwise, you will be putting your car at risk.

  • TRIBAL LOANS

Tribal loans

Tribal loans

Even if you are a resident of the District of Columbia where payday loan lending is not legal, you may still be able to get a payday loan by using the services of a tribal lender. Because such loan lenders are based on tribal land, they are able to operate by their own laws.

  • PAYDAY LOANS FROM ANOTHER STATE

If you are currently living in the District of Columbia but  are a resident of another state where payday loan lending is considered legal, you can apply for a payday loan online. In order to do this, you will need to provide certain documentation proving that you are actually a resident of another state. You also better make sure that the online lender you choose to work with is backed by the OLA.

  • GET A SECOND JOB

If taking out a loan is not a viable option for you, you can always try to find a second job to manage your monthly expenses.

Bad Credit Loans Approval Guaranteed

Bad Credit Loans Approval Guaranteed

Bad Credit Loans Approval Guaranteed

Financial mistakes may happen anytime and when an urgent financial need arises, a bad credit loan could solve your problem. Many people have bad credit scores because of previous financial blunders. We all understand that with bad credit score, there is a slim chance of getting the loan. Conventional moneylenders and financial institutions will look into your credit score and this could present a challenge in your quest for financial help. However, payday loans offer help to many people with poor credit scores. Bad credit lenders offers direct loans from lenders and they typically don’t only look at credit scores when assessing how much loan to offer you.

Current economic conditions, credit crunch and financial meltdown could all lead to bad credit. Even if you are struggling with your financial right now and you need a quick loan to take you to your next paycheck, bad credit loans approval could probably work for you. The loan is applied online and there is no huge amount of paperwork needed for the lender to approve the loan. Once you have shown a recurring payable job history, you are above 18 years old and have a current checking account, then you are good to go. All the applications are checked in an automated system and depending on your income, repayment of previous loans, your loan application will be processed very quickly. Lenders consider many factors and you should conduct thorough research to find the best lender whom you can ask for a loan.

Does Credit Score Affect Your Loan?

Does Credit Score Affect Your Loan?

Does Credit Score Affect Your Loan?

This is a common question among people who have poor credit history and they are seeking for a quick approval loan. Credit score is a financial parameter that is calculated with reference to your repayment of loans and based on the level of trust that the financial agencies have on an individual. They will give you a score from 0 to 1000. Zero is the least and with scores heading to zero, it means that you can never be trusted to repay any loan. On the other hand, 1000 is the highest score and it indicates that you are highly recommended to take out loans from any financial institution because you are in a good financial standing. However, do not be dismayed by the ratings and figures because it may discourage you from taking out that much-needed loan. Factors that contribute to poor credit score include loan default, filing bankruptcy, late payments among others.

The lender will check your commitment to repay the loan and make sure that you have a recurrent paycheck before giving you the loan. Different lenders have different parameters to access credit worthiness, so you should not give up when looking for a bad credit loan. If you are applying for a loan, it is essential that you understand all terms and conditions given by the lender before signing off the documents. Always look for a trustworthy and reliable lender who will give you peace of mind.

Why Bad Credit Loans?

Why Bad Credit Loans Approval Guaranteed?

Why Bad Credit Loans Approval Guaranteed?

Most people have bad credit scores and they are looking for a financial solution, therefore the loans offer a platform where they can access this quick cash. It is important to keep in mind that these loans differ from conventional loans in that they are repaid quickly and have a higher interest rate. For you to make the most of bad credit loans, always make sure that you are able to repay the loan within the stipulated time frame. It is recommended that you do not extend the duration of the loan because it will increase your financial burden. An integral part in the loan application process is to understand the laws and regulations of bad credit lending in the state where you are living in. There are limits for the loan depending on the state or country where you are staying. Some cap will cap the loans at $1000, others will reduce the limit to $500.

Poor Credit Rating Is Not a Problem

Poor Credit Rating Is Not a Problem

Poor Credit Rating Is Not a Problem

If you have poor credit because of previous financial difficulties, do not be discouraged because bad credit loans could possibly solve your financial crisis. The loans are useful and often help tide people through tough financial crisis before they get to their next paycheck. Emergencies always arise when you least expect them and they usually occur in between paychecks. Bad credit could offer short-term financial help. An online lender will quickly assess your financial situation before giving you the loan. If you find sites that claim that there is completely no credit check, you should think again. There are minimum standards that you should meet before the loan is approved – you should have a verifiable source of income and a valid national identity card.

Bad credit loans are loans are given on a short notice that need to be repaid by the time you receive your next paycheck. This type of loan is designed to get you through urgent financial obligations and unexpected expenses. When you repay the loan by its due date, you will pay it with a flat charge. Extending the repayment period could lead to a roll over and this complicates the situation because it will be charged. Roll over occurs when the borrower fails to repay the loan within the agreed period. This often attract huge interest because the loan is calculated based on the previous capital plus interest charged. This increases the interest by two times and most people find it difficult to repay the loans. Bad credit loans are loans that are given within a short period. Unlike the traditional lending system and banks where verification process is stringent with a lot of documentation required, your bad credit loan will be processed as soon as possible. The money will then be deposited into your active checking account.

What Do I Need To Get A Bad Credit Loan?

What Do I Need To Get A Bad Credit Loans Approval Guaranteed?

What Do I Need To Get A Bad Credit Loans Approval?

There are a few requirements that borrowers must fulfill for their loans to be approved. You must be at least 18 years old, have a steady source of income and an active checking account. The law states that you are not allowed to get a loan until you are 18 years old. The application process is quite simple. All you have to do is fill out an online application form and submit the required documentation. After this is done, the lender will then analyze the financial position of the borrower before issuing the loan. Direct lenders are the ones you should go to for your loans because you will not have to deal with third parties and other issues arising from referrals. It is imperative to note that when dealing with a broker, brokerage fees are passed on to the final consumer. This will considerably increase the overall cost of the loan.

The first few loans approved are usually of low amounts before you need to build trust with the lending company. In some cases, you may qualify for the maximum loan amount for subsequent loans.

The accessibility and flexibility of the bad credit loans have made them popular among many people. These small loans could cover your financial emergencies. You should always conduct thorough research online to find a lender who best-suits your needs and expectations. The safety and privacy of your financial and personal information is also important and you should find a lender with a secure website where your information will not be sold to third parties.

Benefits of merchant cash advances

Merchant cash advances have become a lifeline for many businesses in the last couple of years. If you are planning to get a merchant cash advance but have doubts, this article may provide more information.

What are the benefits of the merchant cash advance?

benefits of the merchant cash advance?

benefits of the merchant cash advance?

1.  No credit check or collateral at stake

 

 Traditional bank loans will require you to have a good credit score before they approve your loan. The credit score may not even guarantee you a reasonable interest rate and worse, you are not even guaranteed for a loan. This means that if you have bad credit, you may not be able to get a bank loan at all. This could eventually mean that your business is at a risk if you cannot get the money your business needs urgently. This is when merchant cash advances rise to the occasion. Merchant cash advances providers are not interested in your credit score. They only deal with your business. Thus whether or not you get the cash advance all depends on the state of your business.

The plan also gives you peace of mind. This is because merchant cash advances providers do not look for collateral when granting you a merchant cash advance. This is because the merchant cash advance is not considered a loan. It’s an exchange of cash in exchange for future credit card sales and debit card sales. Thus in the case of things don’t go as planned, you don’t give in to stress yourself about the risk of losing your home or car or whatever is used as collateral. Your house and car are always safe when it comes to taking out a merchant cash advance.

2. Easy application

 

Easy application

Easy application

Merchant cash advances are just one of the easiest financial plans you can get as there is not much that is required to process the cash advance. Comparing this with a traditional loan, the merchant cash advance is pretty easy to apply. It takes weeks and probably months to apply for a traditional bank loan. This is because of the numerous background checks they make. All these will take more than a month to review. A merchant cash advance usually takes less than 24 hours to approve. You will get your cash advance in about 7-10 days.

If two merchants decide to take out a merchant cash advance and a bank loan respectively, the one who went with the bank loan will probably have a hard time before finally getting his money compared to the one who took out the merchant cash advance. A merchant cash advance is very convenient, simple and attractive to anyone who knows that time is money.

3. Quick access to cash

 

 Quick access to cash

Quick access to cash

The simplicity of the financing plan makes access to cash easy for a business. This is because of the simplicity if the paperwork that is needed for the application. While commercial companies offering loans are looking at tax returns, credit scores and all types of documentations and credentials, merchant cash advance companies just need the percentage rate at which the sales will be divided and the amount of time that will take for them to get their money back. It becomes possible to get your cash injected into your business in about a week or so instead of the months it takes for commercial loans to be approved. With merchant cash advances, you get the  money quickly to turn around your business.

The main benefit if this plan is the accessibility it provides. Many businesses can apply and benefit from it. As long as you are making sales, you are just as qualified as another person who applies for a merchant cash advance. 

4. High approval rate

 

High approval rate

High approval rate

This is largely because of the opportunities it presents to the users if this financing plan. Technically the business is judged by the average amount of money it makes monthly. This means you get the average for the previous year to determine the state of the company and the trend at which the company is moving. Due to this, the plan has been having a high approval rate especially from those who have benefited from it.

5.  Revenue-based collection

 

The merchant cash advance company only gets paid when their customer (your business) gets paid. The financing plan is designed in such a way that repayment money comes from credit card and debit card sales of the business. This if a business doesn’t make money, the merchant cash advance provider doesn’t get paid. It’s that simple. Thus, the business proprietor has nothing to worry about.

The commercial loans work in such a way that, for a loan lend to a business, there is the principal payment plus the interest. Now repayment comes as followed: you have to pay a monthly amount of cash to the lender each month, failure to which you risk hefty penalties and even worse, loss of your collateral item.

When it comes to merchant cash advance industry, you just need to keep your thoughts and concentration on making sales. The merchant cash advance debt will slowly repay itself. This allows you to keep a clear mind and focus on improving your business.

A merchant cash advance is one of the many business financing plans you can get. Typically, it helps you upgrade your business or help pay off other debts or help you solve all sorts of business-related problems. The most attractive feature is the repayment factors. They keep you focused on the business instead of worrying about repayment.

 

10 Things you need to know about installment loans

When facing financial constraints, most people may be forced to approach lending companies. They may not have carefully thought about whether they may end up losing more or sinking further into debt and even hurt their credit score. With the current economic situation, there are various forms of lending which are out there to make profit. Borrowers should be careful not to borrow from such companies to avoid regretting the poor choice they made. Borrowers need to have better understanding and knowledge of the type of loans they want to take out. There are certain things you need to know about installment loans before deciding whether they are suitable for your financial needs.

  • What is an installment loan?

Installment loans are repaid in scheduled payments

Installment loans are repaid in scheduled payments

An installment loan generally refers to any type of loan that is supposed to be repaid in scheduled payments known as installments. Installment loans relieve the borrower of the burden of having to repay a whole lump sum at one go like other types of loans such as payday loans.

  • Installment loans can be secured or unsecured

There are various forms of installment loans such as auto loans, mortgages and personal loans. These loans are both of a secured and unsecured nature. Mortgages and auto loans are typically secured loans. In both cases you put up your house or car as collateral in return for a loan. In the event that you default in payment, the lender has the legal right to sell your house or car to recover the outstanding amount.

Personal loans, on the other hand, are unsecured. This means to apply for a personal loan, the creditor does not require you to put up any property as collateral. Instead, the creditor checks your creditworthiness which is determined by your credit score and proof of income which guarantees that you are in a position to make repayments in the future. Installment loans are more flexible as they allow borrowers to distribute payments throughout the loan term.

  • Requirements for application

Requirements for application

Requirements for application

Before applying for an installment loan, you need to meet a few set requirements to secure this loan. These requirements include: minimum age legal age of at least 18 years. Secondly, you must reside in the state you choose for your loan option so you cannot approach a lender in Ohio when you reside in Colorado. If you are applying for online installment loans, you must provide your social security number and a saving or checking account. That is because upon loan approval, your funds will be transferred directly into your savings account. Upon meeting these requirements, then you are eligible for an installment loan.

  • You do not have to be employed to get an installment loan

Most people shy away from loans as some of them require you to provide a letter from the employer as proof of employment. Installment loans relieve you of such pressure. With an installment loan, you do not need to be employed as long as you have a steady source of recurring income. This guarantees the lender that you are in a position to make scheduled repayments (installments) throughout the loan tenure.

  • Additional fees  

It is always important to consider the cost that you are likely to incur while applying for a particular loan before you even start the application process. When applying for installment loans, make sure you’ve checked the interest rates and other fees such as application fees and processing fees.

  • Installment loans have fixed interest rates

Installment loans have fixed interest rates

Installment loans have fixed interest rates

Very often, borrowers suffer from rising interest rates. Some traditional forms of borrowing have varying interest rates such that they end up paying more in the long run. This makes it even expensive for the borrower such that he/she may delay in making payments which could adversely have a negative effect on the credit score. By providing fixed rates, installment loans give borrowers a golden chance to budget their finances over the repayment period, hence keeping them more at ease.

  • Installment loans improve your credit score

Borrowers strive to maintain a clean credit score for future borrowing. A good credit score opens up avenues for borrowing and somehow acts as a guarantee that the borrower cannot default in making repayment. There are forms of traditional borrowing which could hurt your credit score if you are late in making payments or if you default altogether. Installment loans improve your credit score with time. With every payment or installment made, your credit score improves. Borrowers with bad credit therefore can redeem their creditworthiness. Installment loans have no credit check.

  • Installment loans do not have credit checks

do not have credit checks

do not have credit checks

For those who are haunted by a low credit score, installment loans offer a ray of hope to them. Borrowers on this bumpy road of bad credit installment loans can apply for bad credit installment loans from installment loan direct lenders who do not check your credit score but transfer your funds directly to your bank account.

  • They are fast

Installment loans with bad credit are tailored for emergency situations such as unexpected medical bills, funeral expenses or car repairs. Installment loans transfer funds to the borrower’s account on the same day or on the next business day. Application of an installment loan also does not require a lot of documentation, making the loan processing much faster.

  • Installment loan companies

This is a very important aspect to consider before applying for an installment loan. Borrowers should carry out research to ensure that they are dealing with a licensed company. Rogue lenders are on the rise nowadays and borrowers need to be more vigilant. The borrower should ensure that the lending company is licensed by the state before borrowing from them. Direct lender installment loans are the most preferred option.

Benefits of debt consolidation

Debts have heavy burdens for a lot of people in the recent years. Debts can range from payday loans, credit card loans, student loans and cash advance loans, among others. All of them have one thing in common – stressing you out financially and emotionally. It’s never easy to get out of debt, more so if you are juggling repayment of two or three debts. The situation is worsened by roll overs where the outstanding amount is rolled over to the following month and interest rates increase as a result.

Most people decide to look for ways out before they are crippled by their financial woes. One alternative is consolidating your payday loans. This plan involves getting a loan that covers all your debts and their interests, then repaying it back slowly.
Direct loan consolidation comes with a lot of benefits as it is a lifeline for your financial difficulties.

  1. Single payments

Single payments

Single payments

Here we are talking about the borrower getting the ability to move from numerous debt consolidation, to just one. As it is the arrangement of debt consolidation, the borrower gets a loan that covers all the debts that he may have. He repays all of them and is now left with just one single payment to take care of. The borrower now just needs to service one loan monthly, as opposed to having juggle several loans..

  1. Less stress

Debts are stressful. Debt consolidation loan helps relieve the financial stress you are having. The fact that you now only have one loan to service may relieve some of your pressure. It gives you some breathing space to get your financial situation in shape. It lets you focus your energy on other meaningful aspects of life and not just worrying about drowning in debt.

  1. Lower interest rates

Lower interest rates

Lower interest rates

Loans like payday loans, cash advances, credit cards loans all have very high interest rates. Imagine the terrible financial situation if you have more than one loan to repay. In the instance of a payday loan, it usually has an annual percentage rate of about 300-350%. This translates to about a very high 25% interest rate monthly. The stress would be unimaginable should you have to repay 2 or 3 of such loans.

Now if you have a consolidation plan for the loans, you have a huge burden taken off your shoulders. You can move from paying large sums of money monthly in interest to just one monthly payment with a lower and standardized interest rate. Repaying your debts becomes easier.  

  1. Stop collection calls

Stop collection calls

Stop collection calls

One of the worst things that could happen should you have debts is the debt collection calls from collection companies. You have debtors breathing down your neck all the time.Imagine the pressure you would be facing every time the phone rings. Living with such anxiety is unbearable. Your best option is to get out of these debts as fast as possible.

Debt consolidation can help you eliminate the number of debtors coming after you. Debt consolidation allows you to negotiate your stand and try to match it with the current financial situation that you may be in. Debt consolidation loans help you get out of debt so that you could be leading a normal, debt-free life again.

  1. Credit score

Loan consolidation can improve financial situation

Loan consolidation can improve financial situation

Many people have bad credit scores. Credit scores are badly affected by making late payments all the time. It could worsen to a point that you cannot apply for a traditional loan and get a good interest rate anymore. With nowhere to get a loan, bad credit score may push you into getting loans that are more risky than the traditional bank loan, which is akin to jumping from the frying pan into the fire. You may just plunge into worse financial situation.

Loan consolidation is a solution that could improve your dire financial situation. You get a loan that repays all the debts you had in the past. Before taking up a consolidation loan, you had so many loans to service that could lead to late repayments. With a consolidation loan, you just have one repayment to make every month. Now, if you keep up with that one repayment every time, your credit score actually improves. This could mean you could qualify for a traditional bank loan with good interest rates in the future.

Debt consolidation puts your finances in order and it makes quite a good long term financial plan.