Cash Loans

Cash Advance Online

Cash  Online

From time to time, you may find yourself in financial situations that you need a little help with. Emergency medical bills, a broken car or a roof that needs fixing. In all these scenarios, you will need an emergency cash boost and that is where cash loans come in handy. Taking out a cash advance is a smart move to deal with emergencies. Typically, cash loans are small and unsecured loans that you borrow to deal with a financial emergency. Depending on where you live or lender, the loans come with different names such as installment loans, online loans, and payday loans among others. Accessing credit facilities from the conventional lending system is quite difficult because of their strict regulations. We are here to help you by linking you to a pool of lenders who will finance your loan.

What Will I Use The Loan For?

What Will I Use The Loan For?

What Will I Use The Loan For?

Payday loans are usually taken out to deal with emergencies. You should have a solid financial plan that will help you overcome poor financial choices. Some of the common reasons why people opt for instant loans include:

  1. Emergency dental work
  2. Paying unexpected bills
  3. Emergency home repairs

It is imperative that you do not end up relying on the loans to make ends meet each month or any type of frivolous spending. Instant credit is usually meant for emergencies and you should only use it if you are looking for a better way to overcome the financial challenge. We have many lenders in our network and you can find a solution for any financial emergency. It is imperative that you do thorough research on a lender before you take out a loan from them. Some of the most important questions that you must ask include interest rate, repayment period and the fees associated with the loan.

How Do Cash Loans Work?

How Do Cash Loans Work?

How Do Cash Loans Work?

Cash loans, just like any other type of loans, carry interest and a repayment period. If you are looking for a loan and opt for instant credit, you should understand the process and what is required from you as a borrower. The loan request process has been simplified with easy-to-fill-out forms. Once you have filled out the form and submitted it, we will link you to the lenders in our network. Your lender will evaluate your loan request and give you immediate feedback. If you are approved, you will get the money in your checking account and you can use it for whatever you wish.

Instant credit is meant for dealing with emergency situations. The terms of the credit may differ from one state to another or from one lender to another. Read the terms and conditions carefully before you take out the credit. You can check with your lender on the charges of the loan if you fail to repay it on time. An annual percentage rate is an important feature because it will determine the amount that you are required to repay in the future. When repaying any loan, you should look at the interest rate because it will tell you the amount of money that you are required to repay. You can use loan calculator. By varying the debt period and monthly installment, you will be in a position to know if a loan would suit your needs and requirements.

What Are The Requirements?

What Are The Requirements?

What Are The Requirements?

Different states and lenders have varying requirements and you should understand the prerequisite of the loan before you sign any document. Main requirements include:

  • A valid national identity card
  • A working checking account
  • A proof of income or employment
  • You are not an active military personnel

Your lenders will perform a soft credit check to verify the validity of the information that you have given to them. Once your information has been proven to be true, the next item will be loan disbursement. You will be notified on the progress of your loan and you should choose a solid plan that will allow you to repay the loan on time.

 I Have Poor Credit Score. Will I Get The Loan?

 I Have Poor Credit Score. Will I Get The Loan?

I Have Poor Credit Score. Will I Get The Loan?

A common fear that many people have is that their poor credit history will be an impediment when it comes to loan acquisition. The truth of the matter is that we connect you to lenders who will give you credit even when you have a poor credit score. As long as you fulfilled the criteria that your lender needs, you will be in a positioning access the loans. Affordability checks are also important because it will help your lender know if you can afford to repay the loan. It is important that you have a solid financial plan which you can follow up to help you overcome debt.

Late Repayment and Credit Score

Late Repayment and Credit Score

Late Repayment and Credit Score

Late repayment will affect your credit score because your lender may report you to credit bureaus if you fail to repay the loan and all collection practices have failed to work on you. While this does not mean that you should default the loan, look for ways that can help you deal with the loan with ease. Try to repay the loan on time to avoid complicating your credit issues with the bureaus.

  • We have made the credit request process faster and easier online.
  • Once you have filled the loan request form and submitted it to us, we will forward it to your lender and you will receive notification as soon as your request is approved.
  • The process is very fast and your money will be transferred into your account as soon as your lender approves your loan request.

Benefits Of Instant Credit

Benefits Of Instant Credit

Benefits Of Instant Credit

If you are facing a financial challenge and want to deal with it as soon as you can, instant credit can be your answer. We recommend responsible lending where you borrow money that will help you and you will be in a position to repay the loan on time.

  1. You can deal with emergencies with ease
  2. You can repay the loan by your next paycheck
  3. Poor credit score is not a problem
  4. You can negotiate a good interest rate with your lender

When you require cash on a short notice, these loans will always be readily available. Regardless of what you want to do with the cash, we partner with lenders who are willing to give you a loan to fulfill your specific need.  

 

What Is An Unsecured Loan

An unsecured loan is a type of loans that are given without any collateral or asset tied to it. In the conventional lending system, the common type of loans that are advanced to borrowers is secured credit. Secured credit, as the term describes, is a type of credit where a borrower is required to offer collateral or an asset to back up the debt. In the event that the borrower defaults the loan, the lender will convert the collateral into cash and recover the money given to the borrower. Unsecured debt is highly risky because there is no surety that the borrower will repay the debt within the stipulated time and this has forced this type of credit to have high-interest rates. When you do not pay the loan on time, it will accrue additional charges and penalties.

 An Unsecured Loan

What Is An Unsecured Loan

You can borrow unsecured credit for any purposes as long as you are on time with payments. It is important that you understand how these credit facilities work before you decide to use them. Knowing the differences between secured and unsecured loan is vital as it helps you know what to look for in the market. Although unsecured credit can be easy to access, lenders have a method of recovering their debt mainly through wage garnishment and other options. Moreover, you may be forwarded to the credit bureaus, therefore complicating matters further. Lenders in our network understand your financial and will guide you on a debt that will suit your needs. Personal credit space has increased over the years and more lenders are joining the market. This has become difficult to identify the perfect lenders to get loans from.

You will have many options when dealing with us. Because we understand the market, and what you need to do as a borrower to get the best deals in the market. The process of loan request is simple. All you have to do as a borrower is fill out a form on our website. Once you have filled the form and sent it to us, we will forward it to the right lender. Your lender will evaluate and give you a credit limit. If you are happy with the credit offer, then you can sign the required documents for the loan to be disbursed. There are important factors that you consider before you take out any loans. These include:

  • Do I need the loan?

Do I need the loan?

Do I need the loan?

This is the most important question that you need to ask yourself. Evaluate your situation first before taking out the loan. It will give you an idea on how you will repay the loan. Your lender may ask you several questions to establish your ability to repay the loan and if you have poor credit history, this should not be a worry because lenders in our network do not consider credit history an issue. They will perform a soft credit check which is usually just to verify your documents.

 

  • What are the rates and terms of payment?

What are the rates and terms of payment?

What are the rates and terms of payment?

It is vital to note that when you are searching for credit, you should make a point to conduct thorough research. Never sign any documents or accept a loan when you have not fully understood the terms and conditions of the credit. The most crucial aspects are interest rates, late payment fees and other extra charges that could be associated with the debt. The annual percentage rate is a figure or an average rate of your loans. If it is higher, there is a chance you will pay a higher interest rate as well. Lenders will offer loans at different interest rates and it is vital that you understand these rates before you choose to take out a loan.

  • Alternatives

Alternatives

Alternatives

When looking for a personal credit, you should search through different providers in our network. Going through a number of lenders in our network will help you get the best loan interest in the market. Perhaps it is imperative that you understand all the features of the loan before you decide to take it. Every lender has different rates. If your credit score is low, do not fret. We will link you to lenders who will finance your credit. Moreover, you should have a sound financial plan because this will help you make a better financial choice. Understanding what led you to get into the debt will give you a chance to know what you will do in future to avoid a similar situation.

Choosing a lender can be tricky business for some people, especially if you do not know what to do or if this is your first time. Before you fill out the documents, it is important that you understand all the requirements from your lender. This will guide you on what is expected of you. A short-term credit should serve as a way of helping you through a financial emergency and it should not be used as a long-term solution to your financial problems. One of the main benefits of the loan is that you can clear your debts quickly and embark on getting your finances back on track. Some of the features to look into include:

  • Fees – the fees that are associated with the credit will determine the period that you will repay your debt. You should analyze your situation and the fees charged to see if this is what you can afford. Some lenders will charge you late payment fees and you should be aware of them.
  • Loan term – many people assume that credit terms are similar. This is not true because a term represents the duration that you will be required to repay the loan. Moreover, this will determine the total amount that you will pay. When it comes to money, choose a term that you are comfortable with and you can repay the amount on time. This will help you avoid extra charges that could be added on the loan.
  • Signature loan – this is the type of credit that is advanced to you as unsecured credit because you will sign documents with the promise to repay the loan. Once you have signed the documents, you will be in a position to access the credit facility. You should go for credit that gives you affordable or competitive monthly installments. With this, you do not have to change your lifestyle. Lenders in our network will look at your income and current financial obligation and customize a loan for you.

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.

Oregon payday loan laws overview

In today’s economy, it is really difficult even for hard-working people with a steady monthly income to meet their monthly bills. Even those who make the most out of what they have, cut their spendings, structure their budget in the best possible way by carefully planning and calculating their monthly earning and expenses, even they often struggle to sustain a stable financial state. And life is full of surprises, sometimes an unexpected event can bring unexpected expenses.

Oregon payday loans laws

Oregon payday loans laws

If you can barely afford to pay your monthly electricity bill, how are you going to afford to pay for an emergency expense? Seems like the only way to cope with such situation is by seeking financial help. When a person needs a quick money injection, his friends and family may be the answer. However, for some people, taking out a loan from a close person is a not a viable option. This leads us to the tremendous growth that the loan lending industry has had in the last decade.

There are numerous loan options for borrowers to pick from. Different loan types allow you to take out a loan with fewer application requirements, some loans you can take without having to leave your house by simply going online. Among so many loan types out there, probably the most popular type is payday loans. Payday loans are very popular among many borrowers. However, they are not legal in every state in the United States. Some states set really tough restrictions and limitations on payday loan lending due to the risks that they carry. Below we will see if payday loans are available to the residents of the state of Oregon and if so, why it can be a good idea to get one.

Are Oregon payday loans legal?

According to Oregon payday loan laws, payday loan lending in the state is considered legal and is regulated by the 54 Or. Rev. Stat. § 725A.010 et seq law. The loan lending industry in Oregon is growing and therefore there are more than 450 payday loan lending companies that conduct their business in the state. According to Oregon payday loan law regulations, the minimum loan term for a payday loan is 31 days with a maximum term of 60 days.

The maximum payday loan amount that borrowers can take out in Oregon is tremendously higher compared to what payday loan lending companies offer in most other states as borrowers in Oregon are able to take out payday loans up to $50,00 or up to 25% of the borrower’s monthly income. With that being said, however, there is a restriction on 36% annual percentage rate and the annual percentage rate for a $100 payday loan for 31-days cannot surpass 154%.

Oregon residents are not limited to a certain number of possible payday loans they can take, however, there must be a cooling-off period of 7 days between every consecutive payday loan. In Oregon, a payday loan can be rolled over twice. Payday loan lending companies in the state are not allowed to pursue any criminal action against their customers, however, civil trials in Oregon are legal. Payday loan lending companies are allowed to charge an NSF fee of $20 in  case of a check return.

Why are payday loans so popular in Oregon?

Why are payday loans so popular in Oregon?

Why are payday loans so popular in Oregon?

Despite being quite risky, payday loans can be a go-to option for many borrowers because of the benefits they offer.

  • Having a bad credit is not fatal

While it is almost impossible to get a standard loan from a traditional loan lending institution, such as a bank, if your credit score is not perfect or even good, taking out a payday loan with a bad credit score is rather common. Payday loan lending companies are more interested in your ability to repay the loan in full on the due date rather than what your credit history is.

  • Payday loans are fast

Since they are mostly used to deal with an emergency financial situation, payday loans are an extremely fast service. You can go through the whole application process in a matter of minutes after which, if approved, you will receive your money by the end of the following business day.

  • Payday loans give you multiple options

Payday loans are fast

Payday loans are fast

While it is most likely that if you live in Oregon, you can probably find a payday loan lender’s physical store near your home or your workplace. Payday loans also give you the option to submit your application online. That way you can go through the whole application process all without having to leave the comfort of your living room.

  • What you do with the money is entirely up to you

While most conventional loan lending institutions set certain limitations on what the borrower can spend the loan he’s been given, with payday loans, once you get your cash, you are free to use it in any way you like as long as you do not use the money for something illegal.

Cities in the state of Oregon where you can find payday loan lenders

  • Milton Freewater
  • Albany
  • Bend
  • Brookings
  • Burns
  • Canby
  • Central Point
  • Gresham
  • Hermiston
  • Clackamas
  • Coos Bay
  • Baker City
  • Beaverton
  • Corvallis
  • Cottage Grove
  • Dallas
  • Eugene
  • Forest Grove
  • Grants Pass
  • Hillsboro
  • Myrtle Creek
  • Newberg
  • Keizer
  • Portland
  • Klamath Falls
  • Lebanon
  • Lincoln City
  • Madras
  • Astoria
  • Mcminnville
  • Medford
  • Springfield
  • Molalla
  • Newport
  • North Bend
  • La Grande
  • Ontario
  • Oregon City
  • Pendleton
  • Salem

Conclusion

Even though payday loans in Oregon are quite popular and can be really useful in certain situations, you should be careful when you consider applying for one. You need to be absolutely confident in your ability to repay the loan on time, otherwise, you risk getting yourself into more financial trouble.

Montana payday loan laws overview

Montana payday loan laws

Montana payday loan laws

The state of Montana is the 4th largest state in the United States. However, despite its size, Montana is not very populated. The state of Montana is the 44th least populated state in the country. Montana has a number of different nicknames, including The Treasure State, The Last Best Place, Land of the Shining Mountains and Big Sky Country. The economy of the state of Montana depends largely on its agriculture. Of course, there are other industries that also contribute to Montana’s economy, that includes lumber, tourism, and mining of gas, coal, hard rock and oil. Favorite spots for tourists visiting the state of Montana include Glacier National Park, Yellowstone National Park, and Bighorn Battlefield National Monument.

In Montana, much like with every other state in the United States, there are many people who struggle to make their payments each month. Life is surely getting more expensive and sometimes with the salary being weeks away, people are left unable to take care of their bills, especially if they have to face an emergency expense. In such situations, most people look for financial assistance and the residents of Montana are no different. Nowadays, there are plenty of loan options available to borrowers all across the country. One particular loan type stands out and that type is called a payday loan. Despite their popularity, payday loans are not legal in every state. Are payday loans legal in Montana? We are about to find out. But first let’s explain what a payday loan actually is.

What is a payday loan?

What is a payday loan?

What is a payday loan?

Payday loans, or cash advances as they are also known, are short-term loans, usually for a small amount of money. The borrower must repay in full by his next payday. The maximum amount of a payday loan usually does not exceed $500. The standard length of a payday loan does not exceed 14 days. With that being said, however, it is important to note that every state in the country has its own unique payday loan regulation laws and so the terms and conditions of a payday loan can vary depending on the state you are in, the payday loan lending company what you are working with and, of course, your own specific financial situation. Payday loans are known for their very high interest rates and fees and so they are better used as a last resort option.

Are payday loans in Montana legal?

Are payday loans in Montana legal?

Are payday loans in Montana legal?

In order to protect the residents of the state, Montana payday loan laws have imposed restriction  on payday loan lending. Payday loans in Montana are regulated by Mont. Code Ann. 31-1-701. In Montana, payday loan lending companies are restricted to charge a maximum annual percentage rate of 36%. Meaning that in this state, payday loan lenders cannot charge the 3-digit annual percentage rate that this type of loans is famous for. What that means is that for a $100 two-weeks payday loan, will only be charged with $1.39. The maximum loan amount of a payday loan in Montana is $300.

The minimum loan amount that a borrower can get with a payday loan in Montana is $50. In Montana, there are no rollovers allow, that also includes no loan renewals, extensions or refinances. The lenders are also not allowed to make a borrower take out a new loan in order to repay his previous loan, even more so, no interest can be charged for this. The collection practices in Montana allow payday loan lending companies to charge a single funds fee with an amount not does that not exceed $30. They can also charge a single, reasonable attorney fee.

Benefits that make taking out a payday loan in Montana a good idea

Despite the risks they carry, payday loans have proven to be quite helpful for many borrowers over the years. Here are some of the features that make them so appealing to many borrowers:

  • Multiple options

When applying for a payday loan in Montana, you have both the option to submit your application by visiting a lender’s on-ground store or by simply visiting a lender’s store online. Although you will probably find a lender’s on-ground store near your home or your workplace, having the option to go through the whole application process and receive your funds from the comfort of your home is a really great feature for many borrowers out there.

  • You may be able to get a loan even if you have bad credit

You may be able to get a loan even if you have bad credit

You may be able to get a loan even if you have bad credit

Yes, that is correct, unlike with most standard loans from traditional loan lending institutions, with payday loans, even borrowers with a credit score that is far from perfect have a pretty good chance of getting the loan they need. As long as you are able to prove to the payday loan lending company that you have a steady income that will easily allow you to repay the loan on time, you should not have problems regarding your credit score.

  • You decide how to spend your money

Once you get hold of your cash it is entirely up to you what you do with it. Whether you want to repair your car or pay your electricity bill, the money is yours and so is the choice.

Montana cities where you can find a payday loan lender

  • Shelby
  • Anaconda
  • Belgrade
  • Lewistown
  • Billings
  • Butte
  • Great Falls
  • Havre
  • Helena
  • Kalispell
  • Laurel
  • Bozeman
  • Livingston
  • Miles City
  • Missoula
  • Sidney

Conclusion

If you have decided to go for a payday loan, just remember to do it wisely. Find a good payday loan lender so that you can get the best possible loan terms. And also make sure you are going to be able to repay the money on time, otherwise, you risk falling into a debt cycle.

Maine payday loan laws overview

In recent years, the loan lending industry had a tremendous growth. Why has the loan lending industry grown so much? Nowadays, having a job and working hard simply does not guarantee you a stable financial state. Even people who make the best with what they have, calculating their monthly earnings and expenses and structuring their budgets in the best possible way, they could often struggle with their bills. And while for most people, things are hard on a regular monthly basis, the situation gets even worse when an unexpected event occurs and they do not have the cash to deal with that emergency. This is why so many people seek financial assistance in the loan lending industry, and this is why the industry is growing so fast.

What is a payday loan?

What is a payday loan?

Today, there are many different loans that borrowers can choose from. Some are easier to get, and some are not so easy to get. Some loan types have better terms than others and so in that sea of options, it is pretty difficult for most people to find the loan that suits them the most.

However, there is one loan type that attracts the attention of many borrowers due to its flexible terms and accessibility and that loan type is payday loans. Even though payday loans are probably the most popular loan type out there, they are not completely legal in all states. In this article, we will look specifically at payday loan law regulations in the state of Maine and will explain whether payday loans there are available for borrowers who live there.

What is a payday loan?

Payday loans are a certain type of short-term, small-sum loans (known also as cash advances) where the person borrowing the money must repay the amount in full within his next payday. Payday loans are usually granted with a maximum amount of $500 for a time period of no more than two weeks. It is important to know that every state in the United States has its own payday loan law regulations and so each payday loan may have different terms. Sometimes the amount can go as high as $1,000 for a period of 31 days.

Payday loans have extremely high interest rates and fees which make them quite dangerous if they are not repaid on time. However, they do offer lots of features that attract the interest of most borrowers. Still, you should not go for a payday loan unless your financial situation really calls for it. If you fail to repay your payday loan on time, you can get yourself in lots of financial troubles. So it is best that you use payday loans as a last resort option.

Are payday loans legal in Maine?

Maine Payday Loan Laws

Maine Payday Loan Laws

Payday loan lending in Maine is considered legal and payday loan lending companies can  conduct their businesses as long as they adhere to Me. Rev. Stat. Ann. tit 9-A §1-201 and Me. Rev. Stat. Ann. tit. 9-A §1-301 law. Even though payday loans are considered legal in the state of Maine, payday loan lenders in the state must operate under certain restrictions. According to Maine’s payday loan laws, only supervised loan lenders are allowed to grant payday loans to borrowers. Therefore, getting a payday loan in Maine is not that easy after all.

In order to operate in the state of Maine, such payday loan lending companies need to comply with some very strict loan regulations that are also quite unfavorable in terms of profit. In Maine, there is a small loan rate cap, prohibiting payday loan lenders from charging more than 30% interest on a loan that is for an amount less than $2,000.

Maine payday loan laws forbid loan lending companies from charging more than $5 for any loan up to $75. They are not allowed to charge more than $15 for loans with an amount between $75 and $250, and they are also forbidden to charge more than $250 for any loan exceeding $250. Such interest rates are quite low when talking about payday loans and they surely protect the borrowers from falling into debt cycles.
When we talk about online payday loan lenders, things are a bit more complicated. Online payday loan lending companies are harder to monitor when they deal with the checking account of a person and do not involve post-dated checks. This is the reason why in the state of Maine, there are online payday loan lending companies which operate illegally. Therefore, in case you are thinking about taking out a payday loan in Maine, you should be really careful when dealing with online payday loan lenders. Getting a loan with high interest and fees can lead you to a worse financial state.

What are the eligibility requirements for a payday loan in Maine

What are the eligibility requirements for a payday loan in Maine

What are the eligibility requirements for a payday loan in Maine

In order to be eligible for a payday loan in Maine, you must meet certain eligibility requirements such as:

  • You need to be a permanent resident of the state or to have an American citizenship
  • You need to be 18 years old or above
  • You need to have a steady source of monthly income

You will also need to provide the following info:

  • Your birth name, home address and phone number
  • Your social security number
  • Details of your income and employment
  • A valid form of identification

Cities in Maine where you can find payday loan lenders

  • Bangor
  • Biddeford
  • Brunswick
  • Ellsworth
  • Fairfield
  • Portland

Conclusion

Payday loans could be the answer for your financial needs. However, you must be careful when taking out a payday loan. Do research on different payday loan companies before you choose one to work with. Also make sure that you are absolutely capable of repaying the loan on time because the last thing you want is a default on your payday loan.

 

Payday loans vs installment loans

A loan refers to money borrowed by a debtor from a creditor that is to be paid back at an agreed time at an agreed interest rate. There are different types of loans for the borrower to choose from depending on which type suits his financial circumstances best. These loans include car loans, payday loans, personal loans and consolidated loans. Most of these loans are considered installment loans since the borrower pays the lender back in scheduled monthly payments. Borrowers should understand the differences between payday loans and installment loans to know what loan works best to their advantage.

Payday loans

 

 short-term unsecured loan

short-term unsecured loan

A payday installment loan is also referred to as a payday advance. It refers to a short-term unsecured loan that is given to a borrower where he is expected to make payments on his next payday. Payday loans are usually associated with high interest rates as compensation for creditors who face dangers of the borrower defaulting repayments. The creditor cannot perform collection activities if the borrower does not make payment as payday loans are of an unsecured nature. Hence, they do not require you to put up property as collateral.

Payday loans have a simple but expensive application procedure which. It involves you writing a personal check for the amount of money you want to borrow. You are also expected to pay a certain amount of money for borrowing as application fee. Payday loans take a very short time to be processed. Borrowers receive their funds in their checking account electronically, fast enough to meet their immediate financial needs. Lenders of payday loans ask for few verifications which make qualifying for payday loans quite easy. Payday loan lenders require verification of employment or income which is determined through recent paystubs and bank statements. This financial information acts as a guarantee that the borrower is in a position to make repayments.

Online payday loans offer consumers fast application and upon approval the funds are deposited directly into the borrower’s checking account. The repayment procedure involves financial charges being withdrawn electronically on the borrower’s next payday. Payday loans come with certain advantages that appeal to many borrowers.

Advantages of payday loans

 

Payday loans are easy to get

Payday loans are easy to get

1.Easy to get: Payday loans do not involve tiresome procedures and complicated requirements. This makes it easy for borrowers to get a loan. The basic requirements are quite simple and the lender only requires you to have a stable job and a recurring income to qualify.

2. Fast to get: Most payday loans are transferred electronically into the borrower’s checking account. Upon filling out an application form and having your loan approved, you will have the cash you need really fast.

3. Convenience: Payday loans are convenient as they are readily available. Payday loan companies are located throughout most cities. Availability of online payday loans has made it easier for all borrowers to access this loan online.

Disadvantages of payday loans

 

Payday loans can harm your credit score

Payday loans can harm your credit score

1. They are expensive: This is a major reason why most people shy away from payday loans. Interest rates of a payday loan are extremely high which is linked to the risk faced by the creditors if the borrower defaults payment. Application fees are also charged to borrowers which makes borrowing a payday loan expensive.

2. Payday loans can harm your credit score: As payday loans are expensive, borrowers are often burdened by this high cost. So they may delay in making payments which would adversely harm their credit score.

Installment loans

 

Installment loans considered to be less risky

Installment loans considered to be less risky

An installment loan is a type of loan where the principal amount and interest are repaid back in scheduled payments known as installments. Compared to payday loans, installment loans are considered to be cheaper and less risky.

Installment loans are either secured or unsecured, depending on the type of installment loan. Mortgages and car loans are secured where the borrower is expected to put up his house or vehicle as collateral to get the loan. Personal installment loans, on the other hand, are unsecured and their borrowing is based more on the borrower’s creditworthiness and proof of income.

Advantages of Installment loans

 

do not have credit checks

do not have credit checks

1. Fixed interest rates: It is quite distressing when you wake up to hiked interest rates. Some traditional forms of borrowing have varying interest rates which would in the long run, thereby increasing the borrower’s sum of repayment. With fixed interest installment loans, your payments remain the same since its interest rates are fixed right from the beginning. You know exactly how much to pay every month. With this knowledge, you can budget your finances carefully so that you can make repayments promptly every month.

2. Longer terms: Long term installment loans can be as long as 30 years. During this period, the borrower can spread out their repayments over the loan term at his or her convenience. This makes installment loans more flexible than other short-term loans.

3. Easy and fast to acquire: Once you have applied for an installment loan and it is approved, you can get the money when the lender deposits the funds directly into your checking or saving account. Qualifying for an installment loan is very simple. The borrower has to meet the minimal age requirements of 18 years and older. You should also have a recurring income source. You must also provide a valid checking or savings account where you can receive your funds.

4. No credit checks: Some installment loans do not check the borrower’s credit score. Borrowers with bad credit or no credit can borrow payday installment loans.

Installment loans disadvantages

 

Risk of losing property

Risk of losing property

1. High Interest rates: Due to the fact that interest rates for installment loans are fixed, some lending companies may take that opportunity to charge outrageous rates. This would adversely increase your loan repayment amount. With the help of an installment loan calculator, you may avoid this pitfall. The installment loan calculator estimates for you the monthly payments and interest rates you are required to pay for the type of loan you choose.

2. Risk of losing property: There are installment loans that require borrowers to put up a collateral in order to secure a loan. In the event that he delays repayment, the creditor has the legal right to call for collection activities. In the long run, the borrower could lose his collateral.

Differences between payday loans and installment loans

 

Difference B/w payday & installment loans

Difference B/w payday & installment loans

Both payday and installment loans are associated with high interests and they can be easily available without subjecting the borrower to any credit checks. Despite their similarities, they also have their differences.

1. Payday loans are unsecured while installment loans can be both secured and unsecured depending on the loan type.

2. Payday loans are short-term loans that should be repaid on the borrower’s next payday. Installment loans provide longer term borrowing of up to 30 years.

3. Payday loans are paid using a post-dated check. For installment loans, lending companies electronically withdrawn or the borrower pay using a check every month.

4.  Payday loans have extremely hefty interest rates that may be as much as 390% whereas an Installment loan can only go up to about 90%.

How to choose the best loan for yourself

 

There are certain things you should consider before deciding on the type of loan to use. These include:


Interest rates

 

choose loan with lower interest rate

choose loan with lower interest rate

It is imperative that you choose the type of loan with a lower interest rate. This is because with a higher interest rate, you may end up paying much more in the long run which may force you to take out another loan to repay the former one. Installment loans have considerably lower interest rates compared to payday loans.

Effect on your credit score

 

Both types of loans may have a negative effect on your credit score if you delay in making payments or in the event that you default. However, making your installments on time every month can help repair your bad credit score. Payday loans, on the other hand, do not improve your credit score.

Repayment preferences

 

Payday loans are short-term loans. This means they have faster maturity dates and you are expected to repay the loan within a short time, usually by your next payday. Long-term installment loans can take up to 15 years, hence allowing you to plan manageable repayment schedules. This makes installment loans more flexible compared to any other forms of short- term loans. Get an installment loans calculator and see what you are missing on!

How to save money with loan consolidation

Debt is not new topic for most people. It has helped some people through difficult times. However, debts have also trapped some people in a vicious cycle. Debts should be managed carefully. They are headaches to deal with and it is worse if you have more than one debt to repay.

Debts come in all forms, from car title loans, payday loans, student loans, credit card loans, cash advances and the list goes on. All In all these have to be paid back in full. This is where problems happen. With the high interest rates on these types of loans, you will be spending a lot of money on loan repayment.  

With debt consolidation loans, you have a chance to reduce the amount of money paid. Consolidated loans work in such a way that the lender grants you a loan to repay all the debts that you may have, then you are left to slowly repaying that loan back slowly.

How can loan consolidation help?

 

  1.     Lower interest rates
How can loan consolidation help?

How can loan consolidation help?

Typical loans have quite high interest rates. Interest rates are even higher in loans such as  payday loans and car title loans. These loans typically have annual percentage rates ranging from between 250%-450%. This translates to between 20% and 38% of the loan amount. If you have more than one loan with such high interest rates, you are definitely going to feel the pressure.
Loan consolidation could help to solve these issues. It gives you the chance to get out of all these debts, and gives you a reasonable interest rate that matches your monthly income. In doing so, you save a lot of money on interest rate.

Every borrower dreads the inability to repay a loan due to rising interest rates. A consolidation plan keeps you out of such situations. All it requires from you is to do the math and make sure that the consolidation plan works for you and not against you.

  1.     Roll overs and payday cycle
 the ultimate way out of debt

the ultimate way out of debt

Assuming you took two or more payday loans. Now you know that when it come to payday loans, you have to make the payments in a lump sum all at once. However, you may be facing hard times and you are forced to apply for a postponement of repayment. This leads to the rollover situation which involves pushing the repayments to the next month. The lender may also subsequently review your interest rates and add other fees and penalties. If roll overs are done frequently, your debt grows and you may fall into a payday cycle scenario which you have to keep coughing up money every month to servicing loans that seem never ending. This is where you need to consolidate loans

For this reason, consolidation loans have become the ultimate way out of debt and at the same time save a large sum of money. The consolidation loan lets you clear up the debts that you have and help you avoid the lethal payday cycle. You have just a specific amount of money as to pay each month, for a specific time until you can repay back the loan.

  1.     The “good credit” factor

Financial decisions are and should always lean into the future of the individual in question. By saying this I mean you have to make a decision that ensures that your future is guaranteed to be easier that the situation you are presently. Look at it this way, you may require to take up an unsecured loan. Depending on your credit score, the interest rates will lean in that direction. If bad, then the interests will be high, but if it’s good, the interests will be lower.

Debt consolidation helps you build up a good credit score. This is because it moves you away from the numerous monthly payments that you are prone to skipping or forgetting. You now have just one monthly payment to focus on. When you follow up all repayments on time, you get to improve your credit score. This may mean you have a brighter financial future. With a good credit score, you can get a traditional bank loan with affordable interest rates. You have less to pay when it comes to loans in the future, thus saving you money. A debt consolidation loan is a great money saver for most people who know how to get the best out of it. Bad Credit Consolidation loans are also available with few lending institutions

The basics of car title loans

Need fast cash?

Need fast cash?

Every person would love the idea of receiving fast cash when  they need it. More often than not, they meet with some obstructions along the way. Having a bad credit score is a huge disadvantage when it comes to borrowing bank loans. Luckily, there  are some types of loans which do not take into account credit scores at all.

Car title loans are one type of such loans. A car title loan is a secured loan that allows borrowers to use their cars as collateral.

The lending company determines your car’s price based on the worth of the car in relation to the price that it would cost in the auction market. The lending company holds your car’s title until you pay off the whole loan within the stipulated time frame.

In the event that you default on your repayment, the lender is allowed to repossess your car and sell it to recover outstanding debts. However, if the borrower repays the loan on time, the lender will return the car’s title back to you. 

Car title loans are generally short-term loans and are associated with higher interest rates than other types of loans. The high-interest rates act as a guarantee for lenders as they cover the risk of lending to borrowers who are already in financial difficulties. In loans such as car title loans, the borrower’s credit history is not the lender’s concern. The value and condition of the car that is being used as collateral are of utmost importance. Hence, it is possible for borrowers with bad credit to secure a loan.

  • Eligibility of car title loans

Eligibility of car title loans

Eligibility of car title loans

1. Proof of your income


To secure a car title loan, you are expected to show your payslip and other necessary evidence of a regular income. As car title loans are associated with hefty interest rates, the lending company expects you to have a regular income so that you can fund the repayments.

2. Minimum age


You must be 18 years and older for you to secure a car title loan.

3. Personal identification


To secure a car title loan, you are required to have certain forms of valid identification These include a driver’s license, car registration number, and car insurance.

4. Proof of residency


You are also expected to give proof that you live in the said state. To prove this, you can provide some form of relevant mail.

  • Car title loans online

Car title loans online

Car title loans online

Many title loan companies offer online application for title loans. This application requires you to give basic information. Such information include:

1. Personal information


This includes your name, address, and contact telephone numbers.

2. Vehicle information


This includes the make, mileage, color and vehicle identification number.

3. Insurance information


You may need to reveal your insurance policy numbers or increase the coverage amount while taking up a car title loan.

  • Loan calculator

The amount of loan that you can secure is dependent on the worth of your vehicle. The lender generally offers a loan that is about 30% of the vehicle’s worth. This guarantees the lender of good profit in the event that they repossess the vehicle and sell it at an auction if you were to default on repayments.

  • Why car title loans are good borrowing options

No credit checks

No credit checks

Most borrowers take out car title loans due to their benefits.

1. Fast approval


With car title loans, you can get your money in just a few days or in a matter of hours. The money is either sent to your bank account or you can receive a check.

2. No credit checks


Many people who struggle with a poor credit score. With car title loan, lenders are not concerned with your credit score. Instead, the value and condition of the vehicle that is put up as collateral are very important to them.

3. You get to keep your car


With car title loans, you get the loan while still getting to keep your car. The only thing that the lender requires is that you give them a set of the car keys and its title until the loan is fully repaid.

4. Easy to qualify for


Title loans are very easy to secure. There are only a few requirements that should be met for you to be eligible. These are proof of income and residency, meet the minimum age and own a vehicle.

5. Less paperwork


Car title loans are available online. This minimizes tedious paperwork.

  • Disadvantages of car title loans

 Danger of losing your car

Danger of losing your car

1. Higher interest rates


Car title loans come with unreasonably huge interest rates. Interest rates may even exceed up to 300% at certain times.

2. Payment and fees


Lenders of title loans frequently charge outrageous fees and interest rates which end up leaving you even more in debt.

3. Danger of losing your car  

   
Car title loans are secured with your vehicle as collateral. In the event that you default in repayment, the lender has the right to repossess your vehicle and sell it.

  • Car title lenders

things you should consider

things you should consider

Most people are susceptible to fraud from rogue lenders and companies. Before committing to a car title loan, there are certain things you should consider.

1. You should apply for car title loans during emergency financial situations only.

2. Always borrow the smallest amount possible to avoid burdening yourself with unnecessary debt that would land you in more financial difficulty.

3. Many lenders are out to charge outrageous interest rates. Before committing to a car title loan, make sure you negotiate for the lowest possible interest rate.

4. Look for a lender that has won high approval ratings from customers over time.

  • Alternatives to car title loans

It is of utmost importance for any person who wants to take out a loan to evaluate what other alternatives are available. Compare the interest rates, penalties, fees and other options before making a decision.

1. Payday loans


Although payday loans also come with high interests, you do not stand the risk of losing your car in case of loan  default or late repayment.

2. Personal loans


Personal loans have a fixed number of months which you have to pay back your loans. With this, you can easily come up with a repayment plan. Personal loans come with interest rates that are lower than those of car title loans.

3. Sell your valuables (pawning)


If you are in dire need of fast cash, you can consider pawning some of your valuables such as jewelry. You can sell these items on online platforms such as eBay and Amazon.

4. Emergency loans 

       
These are short-term unsecured loans that come with low-interest rates. Emergency loans can be offered by companies with an emergency loan program for employees making the borrowing experience cheaper and easier.

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.