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How to Get a Payday Loan in 8 Steps

A high-cost, short-term loan such as a payday loan enables you to meet sudden financial obligations. Their interest rates and fees are quite high. You can get a payday loan even with bad credit. While these loans are a quick and simple way to solve emergency financial needs, you can get trapped in a debt cycle if you aren’t careful. When applying for a payday loan, familiarize yourself with the renewal policies, late repayment penalties, rollover guidelines, and other policies.

While payday loan requirements are easier to meet than bank loans, and their approval rates are high, your application can still be denied. A payday lender may reject your application if you don’t meet the application requirements, don’t earn enough to qualify for a payday loan, have paycheck advances or outstanding payday loans, don’t meet the lender’s additional needs, your account has an overdraft and more. Before applying for a payday loan, consider addressing these issues to increase your approval chances. Here’s how to get a payday loan in eight steps.

1. Check your credit score

While most payday lenders, such as My Canada Payday, don’t check your creditworthiness, some do. A low credit score implies that these lenders will be at greater risk if they approve your loan application. Low credit indicates that you could have a bad history or no credit. To better your chances of getting credit, consider improving your credit rating before applying for payday loans requiring good credit.

2. Improve your credit rating

Your credit file mistakes may negatively impact your application as it shows your borrowing history and credit application. Consider checking it to ensure the recorded details are accurate. Pay your bills on time, and pay off existing debts to improve your credit score. You can also register on the electoral toll to enable lenders to confirm your address and identity.

3. Ascertain that you meet the loan lending criteria

To qualify for a payday loan, most lenders require you to be at least 18 years old, provide proof of income and identification, and possess an active checking account. Some payday lenders could also have additional lending criteria to be met before the loan approval. To increase your approval chances:

  • Meet the core lending criteria: Payday lenders will evaluate your situation for non-payment risk. As such, they’ll require you to have an income. They might also need you to be a resident within a specific geographical area and own a bank account where they send the money and recover payments from
  • Ascertain the affordability criteria: Take a closer look at your finances to ensure your monthly net income less the expenditure leaves you with sufficient income
  • Pay off your loans: Some lenders might not approve your payday loan if you have outstanding loans or debts. Paying off your loans first enhances your approval chances and reduces the risk of getting into a debt cycle.

4. Find the right lender

Before making any payday loan applications, consider looking through reputable payday lending companies offering affordable interest rates and clear terms and conditions. Look at their application process, loan repayment period, the maximum amount you can borrow, and the lender’s reputation. To ensure the lender’s legitimacy and licensure to operate within your state, check them with the Attorney General’s office or Better Business Bureau.

Consider whether they have an offering for people with bad credit and try understanding the consequences of getting a payday loan with a low credit rating. Choose a lender whose rates are competitive and ensure there aren’t any hidden costs that could increase your loan repayment amount.

5. Fill out the loan application form

Applying for a payday loan online is quick and convenient. Before filling out the application form, ensure you have all the required details. You’ll have to fill out the following elements of the payday loan application form:

  • Personal information

Enter your personal information, including full name, date of birth, current address, social security number, and residency status. This will help lenders ascertain your identity to ensure the loan goes to the right person. This reduces the chances of identity theft while ensuring you’re applying for a loan on your own accord.

  • Employment or income and contact details

Your income or employment details enable lenders to determine whether you can repay the loan per the agreement. They check your income source, when you’ve paid, and how much. Your contact details, including an active email address and phone number, for lenders to contact you.

  • Banking details

Payday lenders need your bank account details such as routing and account numbers to deposit the money once approved. They also need them to verify your account and ascertain your ability to pay. Other lenders also set automatic repayments on the loan’s due date.

If you’re applying with reputable lenders, your banking information will be safe, as they won’t keep your login details. Ensure the page where you submit your banking information and other personal details is secure and encrypted.

  • What if you don’t have or want to use a bank account?

While the chances of finding a lender who can extend a loan to you without a bank account are very high, you can still find one, provided you have proof of income. You can physically go to a payday loan lender, use your savings account, or look for a lender who can load the money into a prepaid debit card without requesting your banking details. You should be wary of payday loan lenders without secure websites.

  • Accept the terms and conditions

Before submitting your application, it’s essential to read the terms and conditions of the loan to ensure you’re okay with everything stated therein. It includes the fees and costs of the loan, implications of not repaying the loan as agreed, and more. If upon reading the terms and conditions of the payday loan, you’re convinced it’s the right offering for you, accept the terms and conditions of the payday loan.

6. Avoid lying on your loan application

All the details on your loan application form should be accurate and complete. Should anything be missing, the approval process may take longer. Lying about your income to enhance your approval chances might negatively affect them because they’ll likely cross-check your information against the financial records.

7. Submit your loan application

After filling out the loan application form, you must read it to ensure the information you’ve provided is accurate and complete. If all is okay, click the submit button, then wait for the payday lender to evaluate your application and decide whether to approve or reject your loan application.

8. Receive the money

Once approved, most lenders will deposit the money into your account in 24 hours. Based on their policies, others may take between two to three business days.

Consider payday loan alternatives

While payday loans are convenient and quick to apply for and get, they are expensive and risky and should be your last resort. This is why you should look at payday loan alternatives to avoid falling into the debt cycle trap. You can borrow from credit unions, apply for bad credit loans, consider a low-interest credit card, try peer-to-peer loans, get a credit card cash advance, or join a lending circle to help with future emergency funds. You may also consider borrowing from family and friends, applying for a financial aid program, and looking for alternative earning ways.

Endnote

While unexpected situations may cause you to rush through your payday loan application process, consider taking your time to ensure all the details are accurate to increase your approval rate. Use these steps to get a payday loan.

How To Prepare For A Business Loan

Running a business is hard. It’s even harder if you don’t have the money to fund your business strategies and goals. Without a helping hand in the form of cash, you won’t be able to grow your business. 

That said, small business loans are the most reliable source of financing. Unfortunately, it’s not easy to get approved. Applying and preparing for a business loan can be tricky, particularly if this is your first time. However, you don’t have to worry as this article will share with you a comprehensive guide to help you prepare for and ensure a successful business loan. 

Understand Your Needs

The first step is to understand why you need a loan.

Perhaps, you need to hire a freelancer or build a website. Maybe, your clients are paying invoices late, and you need to pay your employees. Or, probably, you’re thinking of taking your business to the next level, opening a new branch, or simply revamping your commercial space. Regardless of the reason, ensure that you have a detailed plan so you can use it properly. 

Thus, you also need to identify how much funds you need, how much you can afford to repay, and how soon you need them. When considering these aspects, make sure to think of seasonal fluctuations or potential financial scenarios that your business may face. 

Prep The Necessary Documents

It’s good practice to document everything about your business. This includes your assets, revenue, debts, and expenses. You need to back these items up with the right paperwork. Avoid waiting until you’re finally applying to get organized. Otherwise, it can really slow down your application and receiving of funds. However, by establishing your bookkeeping and accounting processes right now, you can make the loan application process smooth and easy—both with current and future applications.

If you need someone to lead and manage your finances, outsourcing fractional CFO services is a good option. This way, you can have streamlined and proactive cash management, complete with services like bookkeeping, tax services, and accounting. They can also help you prepare the necessary documents you need, whether for applying for a business loan or optimizing your finances. 

Traditional VS Online Lenders

Decades ago, the only way to get a business loan was through traditional lenders, such as banks, credit unions, and other financial institutions. Today, however, getting a business loan online is also an option. But, which one should you choose?

Either option has its own pros and cons. Dealing with traditional lenders is generally cheaper. It’s also easier to get a loan if you already have an existing relationship with the lender. Plus, established banks and other traditional lenders have already established their reputations, ensuring minimal risks. That said, it can be difficult to get approved for traditional loans. Plus, getting your funds can take weeks. 

Meanwhile, online business loans are best known for their convenience. It’s relatively easier to apply for online loans, and they have a faster funding time. Some services also offer to fund those with bad credit. Take note, however, that the convenience you get comes with a higher interest rate than banks. If you’re not too careful in choosing your online lenders, you may also end up getting scammed. 

So, consider weighing in your needs and decide which option is best for your business. Consider your approval chances and for what you need the funding. 

Build Your Credit

Your credit score has a significant impact on the credibility of your business. It shows lenders that you can pay your bills on time and can manage your debt effectively. That said, you need to start small. As a startup, you probably won’t qualify for bigger bank loans; however, a business credit card should be a good starting point. 

As you responsibly use your business credit card, you can build your business credit and boost your credit utilization ratio. These can help boost your creditworthiness and help you get bigger and better loans in the future. 

Take note, however, that your business’s loan approval is more than your credit score. Most lenders also consider other factors, such as business reputation with your community and customers, your business’s age, and previous experience in the industry. 

Takeaway

Getting a business loan can be daunting. Obtaining a loan to grow your business can be an exciting venture, but, at the same time, it also makes you worried about making a mistake that could negatively impact your finances. Hopefully, this article has helped you learn how to become fully prepared when it’s time to take out a loan. 

Types of Consumer Credit & Loans In Florida

In this article, we will discuss the different types of consumer loans in Florida, we will let you know what you can expect for each type of consumer loan.

Banks, credit unions, private finance companies, and online lenders are the top providers of consumer credit and loans in Florida. Consumer loans and credit make it possible to get the financing to purchase high-priced items that you need to finance.

Student loans, Mortgages, and credit cards are forms of loans and credit, some are simple and some are more complicated for individuals to get.

All types of loans, no matter what type of loan that it is, will have their own terms and conditions, and all consumer loans are regulated by the CFPB.

The CFPB protects consumers from unsavory practices, like charging excessive interest. all of the plan details, such as length, and default terms, need to be clearly disclosed to avoid any confusion and potential legal action.

All of the disclosures need to be clearly disclosed so, in the case of default, terms of collection, or the outstanding debt, all of the costs need to be disclosed.

Secured and Unsecured Consumer Loans In Florida

There are two types of consumer loans in Florida, secured, and unsecured, different lenders will offer either one, depending on the risk level they are willing to take.

A secured loan is when collateral is pledged to secure the loan in case of default. If the borrower defaults on the loan, they may lose the collateral that they have pledged.

With secured loans, lenders will typically offer lower interest rates, as they have the security of the collateral if the borrower defaults on their loan.

Unsecured loans have no collateral to secure them. The lender will have nothing to repossess if the borrower defaults on the loan. As the loan is riskier, the lender will charge a higher interest rate.

Information on consumer finance loans in Florida

Types of Credit Options in Florida

There are open-ended and closed-ended consumer loans in Florida. Open-ended or revolving credits are usually used for purchasing and are paid back monthly.

The most common form of revolving credit is credit cards, but home equity lines of credit (HELOCs) also fall in this category, they can both be paid off monthly but they do not have to, but higher interest costs will incur if it is not fully repaid monthly.

With credit cards, interest charges are incurred when the monthly balance is not paid in full every month. interest rates on credit cards can vary from 16% and can be as high as 30%.

Closed-ended consumer loans in Florida, are also called installment loans, because the consumer is required to follow a regular monthly payment plan, with interest and principal being paid every month.

The interest rates that are charged, are tied to the client’s credit score, the better the credit score, the lower the interest, and people with bad credit should expect to pay higher rates.

Types of Loans In Florida

Florida consumers can get a loan for just about anything they want to purchase, which tells you approximately how many consumer loan types there are available.

Here is a list of some of the most popular consumer loans in Florida:

  • Debt consolidation
  • Student
  • Mortgages
  • Auto
  • Veterans
  • Title Loans
  • Small business
  • Payday
  • Cash advances
  • Home equity

Each type of consumer loan in Florida is designed for different things, it is not one size fits all, so do your homework to find out what would be the best consumer loan for you in Florida.

Debt Consolidation Loans in Florida

A debt consolidation loan in Florida is to help you to simplify your finances by combining multiple loans that you have into a single debt, repaid with one monthly payment. This means fewer payments each month and lowers interest rates.

Consolidation loans are also called unsecured personal loans.

Personal Loans In Florida

Personal loans can be used for anything you want, they can be unsecured or secured, and they are usually used for people with high credit card debt.

With personal loans in Florida, you can transfer your outstanding balances from other loans and credit cards, to have a lower interest rate and only one payment.

Here is a look at some facts you should know about personal loans:

  • Common personal loan term: 12-60 months
  • APR interest range: 6% to 36%
  • Minimum loan: $1,000-$3,000, based on lender
  • Maximum loan: $25,000-$100,000 based on lender
  • Required credit score: Above 660, but some lenders allow it as low as 610
  • Collateral requirements: Required for secured loan; not required for an unsecured loan

Auto Loans In Florida

Auto loans are secured loans tied to the equity in your vehicle. They can help you afford to buy a vehicle, but you may lose the car if you miss your monthly payments.

This auto loan in Florida may be distributed by a bank, credit union, online lender, or car dealership but you should understand that while loans from the dealership may be more convenient, they often have higher interest rates and ultimately cost more.

  • Common loan term: 12-84 months
  • APR interest range: 1.04%-25.97%
  • Required credit score: 780 or above to get the very best interest rate; 600 or higher for average rate; under 600 gets the double-digit interest rate

Learn more about auto loans here.

Student Loans in Florida

Student loans in Florida are offered to college students and their families to help cover the cost of higher education. There are two types of student loans: federal student loans and private student loans. Federally funded student loans are better, as they have lower interest rates and more borrower-friendly repayment plans.

  • Common student loan terms: 10 years to 25 years
  • APR interest range for federal loans during COVID-19 crisis: 0%
  • APR interest range on undergraduate federal loans when COVID-19 rules are removed: 2.75%; on graduate loans 4.3%; on PLUS loans 5.3%
  • APR interest range for private loans: 2.8%-14.5%
  • Loan forgiveness is possible with federal loans, but it is not available for private loans.

Get the best consumer finance loans in Florida

Mortgages Loans in Florida

Mortgages loans are most commonly distributed by banks, credit unions, and online lenders to allow qualifying consumers to buy a home.

The mortgage loan is tied to your home, so you risk foreclosure if you fall behind on monthly payments. Mortgages loans have among the lowest interest rates of all loans because they are considered secured loans, as your home will secure the loan.

Mortgage loans have variable-rate loans, but most homebuyers prefer fixed-rate mortgages.

  • Common loan terms: 15 and 30 years
  • APR interest range: As low as 2.8 % and high as 5.6%
  • Credit score requirements: The higher your credit score, the lower the interest rate you pay. Generally, lenders like a minimum score of 660 or better, but you can qualify for an FHA loan with a score of just 500.

Home Equity Loans in Florida

If you have enough equity in your home, meaning your home is worth more than you owe on it,  you can borrow against that equity.

Home equity loans are good for renovating the house, consolidating credit card debt, major medical bills, paying off student loans, and many other projects.

Home equity loans and home equity lines of credit (HELOCs) use the borrower’s equity in their home as collateral, so interest rates are considerably lower than what you pay on credit cards.

The big difference between home equity and HELOCs is that a home equity loan is a lump-sum payout; has a fixed interest rate and regular monthly payments. A HELOC is a line of credit for 15-30 years. It has variable rates and offers a flexible payment schedule.

  • Common loan terms: 5-10 years for home equity loans; 15-30 years for HELOCs
  • APR interest range: 3.25%-11.99%
  • Credit score requirements: 660
  • Collateral requirements: the home serves as the collateral

Balloon Mortgage Loans in Florida

A balloon mortgage loan has very low or no monthly payments for a short-time period but then is required to pay off the balance in a lump sum.

These types of loans are extremely high-risk loans.  The borrower pays no interest or makes no payments for a short time period, but at the end of that time period, must make a “balloon payment” that covers the accumulated amount of principal and interest.

People use these loans if they intend to own a home for a very short time period and expect to sell it quickly, or if they hope to refinance the loan before the balloon period expires.

Loans for Veterans In Florida

The Department of Veterans Affairs (VA) has lending programs available to its veterans and their families. The money comes directly from the bank, not the VA. The VA guarantees the loan and the VA acts as a co-signer, helping you to get higher loan amounts with lower interest rates.

Title Loans in Florida

Title loans in Florida will use the equity that you have in your vehicle. The lender will use the equity to determine how much money you will qualify for.

Title loans accept all credit scores, you and even get a no credit check title loan in Florida, interest rates will vary from lender to lender.

With a title loan, you can get same-day funding, it is one of the fastest ways to get thousands of dollars without much paperwork or delays.

Small Business Loans in Florida

Small business loans in Florida are given to entrepreneurs or business owners to help them start or expand their businesses. The best source of small business loans is the U.S. Small Business Administration, which offers a variety of options depending on each business owner’s needs.

Cash Advances In Florida

A cash advance is a short-term loan against your credit card. Instead of using a credit card to make a purchase or pay for a service, you bring it to a lender and receive cash to be used for whatever purpose you need. Cash advances also are available by writing a check to payday lenders.

Payday Loans in Florida

Payday loans are a short-term, high-interest loan option designed to bridge the gap from one paycheck to the next. These payday loans in Florida are used predominantly by repeat borrowers living paycheck to paycheck.

The repayment period is short – and the 399% APR interest that goes with them is expensive. The government strongly discourages consumers from taking out payday loans because of excessive costs and interest rates.

Pawn Shop Loans in Florida

Pawn loans in Florida are high-interest loans similar to secured loans. The borrower offers some sort of property (jewelry, watch, electronics, etc.) as collateral for a loan.

The pawnshop owner provides the loan and sets the terms for repayment. If the borrower repays the loan on time, the property is returned. If the loan is not repaid on time, the pawnshop owner can sell the item to recover the unpaid amount.

Borrowing from Retirement & Life Insurance in Florida

Those with retirement funds or life insurance plans may be eligible to borrow from your account. This option has the benefit that you are borrowing from yourself, making repayment much easier and less stressful. However, in some cases, failing to repay such a loan can result in severe tax consequences.

What Type of Consumer Loan Should I Choose?

If you decide that you need to get one of these consumer loans in Florida, it is important that you fully understand all of the terms and the repayment conditions.

You need to fully understand all the terms, and if anything is unclear, it is important to ask for it to be explained to you, do not just sign it because you are embarrassed to ask.

If you are getting a consumer loan and it is tied to your collateral, make sure that you can make your monthly payments, or you could lose the asset that you are pledging to the loan.

Consumer Loans in Florida

 

 

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What You Should Know About Various Short-Term Funding Options And How They Can Help You

While many people may be hesitant to apply for loans or other credit and financial products, there can be some astounding benefits to utilizing short-term financing options to make your dreams come true, or simply achieve your goals in a financially and timely responsible manner.

There are many reasons you may need a fast influx of cash, and there are financial products specially designed to help in these instances. If you happen to be preparing for a large purchase or trying to deal with an unfortunate financial emergency, there are some great reasons why short-term financing can help you. 

Short-term funding, or high-risk financing, can also help in other ways, such as allowing you to build credit or repair credit after you have had some unfortunate experiences. No matter what you need financing for, or how your credit stands, there are some great options available to you.

“Pay Day” Loans Don’t Have to be Scary

Payday loans are called such, as they are meant to only be held between the date of financing and your next payday. If you need a quick $500 to hold you over until payday and handle some unforeseen expenses, payday loans can help you. With multiple options available to get quick online loans, there is no reason you need to struggle. A payday loan is a short-term option that is meant to give you a cash infusion when you need it the most, and keep you going until your next payday.

While these loans are not for everyone, and they come with their own set of risks, such as higher interest and larger payments, if you plan ahead when you take out a payday loan, you can have it paid off immediately after your next payday. As with any financial product responsibility is key, and ensuring you can pay it back with your next paycheck is of the utmost importance.

Credit Cards for Emergencies

While it is not often recommended to use credit cards, sometimes it is necessary, and in the case of credit cards having one set aside for emergencies can be a lifesaver.

If you have unexpected vehicle repairs, or simply need to keep food on the table until payday, a credit card can be a good short-term funding option that won’t cost you too much and will keep you going when you otherwise would falter.

Using credit cards can be done responsibly, and as with any financial product it is in your hands to budget and plan ahead if you need to make a large purchase on your credit card.

Having available credit ready and able to use can give you a lifeline when you don’t have any other options. Nothing is worse than having your car break down and having no way to repair it. If you have a credit card with a smaller limit set aside for emergencies such as this, you will find yourself struggling less should an unfortunate occurrence befall you.

Short Term Bank Loans with Open Terms

Even people with great credit can find themselves looking for a short-term cash influx and this can be achieved by taking out a short-term loan or line of credit from the bank. Lines of credit from the bank can be great options for short-term financing, as they can be paid off without penalty and often have a very low-interest rate.

If you are facing house repairs, vehicle repairs, or other large purchases that will otherwise be difficult to confront, you can always speak with your bank about what options are available to you for funding such as this. Banks also offer term loans, and you can take one out to purchase larger items and make anywhere from 12 to 36 (or more) payments to clear the debt.

While term loans tend to be longer than the shorter-term options listed above, they can also be open, meaning they can be paid off at any time. This allows you to make extra payments and have the loan paid off faster than the original loan term, reducing the overall lending costs.

No matter what your credit situation or what you need the money for, there are many options available to receive the cash you need fast and have it paid off in no time. If you are struggling with financial concerns and planning, it can be a great idea to research and discover what short-term funding options are available, to help you meet your needs.

Fast Short Term Title Loans

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan in your area, we are able to help you with our large referral network.

All of our referral partners are in compliance with the CFPB.

 

Great And Reliable Ways To Borrow Fast Cash Online

In the past years, there was no access and provision to quickly borrow money for urgent situations. However, with the widespread internet usage and the development of fintech, it is much easier to access fast cash, especially online.

The use of the internet makes it easier to track debtors and quickly determine an individual’s credit profile. Therefore huge collaterals are not required for quick loans and fast cash online. 

Although each financial institution has its own requirements, evaluation standards, and procedures for their customers to quickly access cash, some great ways are generic and allow you to quickly access cash. So, if you need a quick loan, you can easily apply online and get the funds in just a few minutes. Here are some great ways to do this;

1. Pay Advance Apps

These are very fast and easy apps to get cash and are usually designed for hourly workers. A worker is eligible to get a loan from a pay advance platform once they earn over a benchmark amount. Some of these pay advance apps give fast cash without paying any fees.

2. A Personal Loan From An Online Lender

An online lender is not a financial institution, so getting quick cash and fast loans from them is potentially faster, as there are fewer procedures and formalities to be met. Online lenders will still have to confirm your credit profile before you get cash from them. This will only take a couple of hours, and you receive your alert. An online lender caters to various individuals and even considers people with a low credit score.

3. Credit Card Cash Advance

This is using your credit card to buy cash rather than goods and services. It is a very quick method of getting cash. All you have to do is to make use of an ATm or visit your bank to activate your pin if you don’t already have one. The major disadvantage here is that the fees paid on a cash advance are usually higher than the fees paid on buying goods and services with your credit card.

4. Bank Account Overdraft

Bank overdraft is the easiest option to borrow fast cash because it is the most expensive. A $50 overdraft can attract a payment fee of $35. An overdraft is when you withdraw the money in a bank account until it has a balance less than Zero (0), leaving your account as negative and in credit.

5. Fintech Organizations

A fintech organization is not always a banking institution. It can as well be a non-bank financial institution. A lot of fintech organizations come in the form of savings and investment platforms. They have straightforward procedures that require a short amount of time for verification. In a couple of hours and sometimes a few days, you can quickly get cash from a fintech company that offers that service. Getting fast cash online through a fintech organization is one of the fastest and safest ways.

Application Process For Borrowing Fast Cash on A Loan Platform

The process of borrowing cash online differs based on the type of organization and the organization itself, but some processes are generic to most online borrowing platforms.

  • Eligibility Criteria To Apply For Loans

There are eligibility standards in every borrowing platform, and some are extremely strict while others are more flexible. The eligibility criteria involve things like your age, employment status, salary range, etc.

  • Documents Required

The most important document you will need to borrow fast cash online is a valid means of identification. You can scan and upload it to the platform, or for convenience’s sake, a photo is allowed as well. Other documents include your employment identification, proof of employment, etc.

The entire process of borrowing cash online takes only about 20 minutes and sometimes less. The vetting process usually takes a couple of hours, and most times, you’ll get feedback and your cash in a day or less. Paying your loan back is just as easy and straightforward as borrowing it. It is as well done online and doesn’t require your physical presence in a banking institution. Some apps even have the option for an automated payment based on your authorization. Payments can be one-off or in a couple of installments based on your choice as well.

When you’re cash-trapped and in urgent need of cash, you can explore some of the options listed above. They are some of the safest and fastest ways to quickly borrow cash online.

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan in your area, we are able to help you with our large referral network.

All of our referral partners are in compliance with the CFPB.

How Payday Loans Work

A payday loan can be a lifesaver when you are faced with certain financial difficulties that are not expected. It is a short-term solution when you are in a financial crunch that requires urgent attention. However, if you are faced with a problem that will be long-term before you can repay the money needed to fix the problem, then you might have to consider some other options.

Payday Loan Tips

There are a few things that can help you get a payday loan and also utilize it well so that you don’t compound your financial woes. Some of these tips are as follows;

  • Search around: we have a whole lot of payday loan companies around and you need to be sure that you are dealing with the right ones. There are some out there to scam people or exploit people’s ignorance. Hence, it is important that you search round to make sure you are dealing with a lender that is reliable, dependable, licensed, and will also offer you something not too expensive at the same time.
  • Don’t borrow too much: avoid borrowing more than you can pay back as fast as possible. If you borrow a sum that is too large, it may affect your other expenses and you will struggle to repay the loan. So, make sure you borrow a reasonable amount.
  • You can open an emergency savings account that can help you cover unexpected or unplanned financial responsibilities. You can ask your employer if they offer direct deposit if they do, then you can ask your employer to always help you save 5% of your paycheck into a savings account. This will enable you to have something to cater for emergencies when the need arises.
  • In addition to your payday loan, you can also take out a small loan from other institutions such as credit unions, online lenders, and banks. However, make sure you are getting something small that will still allow you to cater to your other monthly primary needs.
  • Try to set out a low-interest credit card to help you attend to emergency needs. This is because, in some states like Wisconsin where there are no laws controlling payday lending, the interest rate on payday loans can be very high.
  • Have a chat with your credit card company to discuss options available to lower your monthly payments and/or APR.
  • Apply to get a credit card cash advance. The rates here are high and you have to be careful. If you have money charged to a card already, your payments are usually credited to the debt with a lower interest rate and this will cause your high rate debt to balloon in the process.
  • Apply with a bank to get an unsecured loan with low interest. This type of loan depends on your credit score and will not need you to provide collateral. Although, it may be more difficult to get this type of loan than it is to get a payday loan. The rates for this type of loan are much lower than the rates on payday loans.
  • Try to get renegotiate your loan terms to see if you can get a more favorable payment plan or an extension if you are struggling with your finances. Most utility companies can also be of help as some of them offer different billing plans that can help you pay your bills easily without having to go into debt.
  • Request to have overdraft protection if you have a checking account. If you depend on your paycheck and you have payday loans you are servicing, you might turn out to incur overdraft fees if you have unexpected bills that alter your budgets in the course of the month.

  Online Title Loans from TFC

You can get a car title loan from TFC by applying online. TFC Title Loans is a loan company with a high reputation and antecedents that have seen us stand out over the years.

Title loans are a type of secured loan and as such our borrowers are required to use their car as collateral when they apply for our loans. When you apply to get the loan, you will only need a few documents that are readily available. You will need the title of your car in your name, proof of residence, an ID, and car insurance among others.

Why choose TFC Title Loans

  • We do not charge prepayment penalties.
  • You can apply online without leaving the comfort of your home or office.
  • We offer low and affordable rates.
  • No hidden charges.
  • It is easy, safe, and secure to apply on our website.
  • We will not keep you waiting to know whether you qualify or not. We will get back to you almost immediately.
  • There are no credit checks when you apply to get a car title loan from us.

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan local to you, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

How to Avoid Payday Loan Pitfalls

Over 12 million Americans depend on payday loans every year to cater for unexpected expenses and income volatility. The truth is that some lenders still exploit borrowers who need financial help and this even makes most people come off worse after taking out a payday loan

To make matter worse, the lack of adequate regulation of these lenders and few lending options available has seen most people have terrible experiences in the hands of lenders who are scams. Lots of people are already stuck in debt traps of charges worth in excess of 100% APR. this is not a good thing for a person looking for financial succor only to fall into even precarious situations.

Once you are stuck in a debt that is draining you with lots of hidden charges and rollovers, you will start experiencing a downturn in your credit score and you will still struggle to pay your bills at the same time. This can be seriously disheartening.

Because of the unscrupulous lender who manipulate people via payday loans charging rollovers, and high-interest fees, 22 states in the United States have had to ban or limit payday loans. This is in a bit to safeguard unsuspecting borrowers.

We will consider some of the major pitfalls that can put you into trouble when you get a payday loan;

Pitfall 1: Failure to consider cheaper alternatives

One thing you must do when you need to get a payday loan is that you should go for a cheap alternative. Request quotes from more than one lender and makes the right choice.

To avoid taking out a payday loan, you can consider other options that can help you. Some of these options include the following;

  • Start a side hustle to make more money. If you can make more money and limit your debt profile, you will have enough left.
  • Reduce expenses. You should look at your bills and check for the ones you can cut out. Look at some things that you can do without and strike them out.
  • Consider selling items that you don’t need or wouldn’t need any time soon.

Other borrowing options that are cheaper than a payday loan that you can explore include; getting a credit card advance, getting a salary advance from your employer, borrowing from family and friends, and you can also take out a personal loan.

Pitfall 2: Deal with only licensed lenders

Avoid taking out a loan from a lender that is not licensed. These unlicensed lenders are referred to as a loan sharks and you should avoid them at all costs. These lenders do not follow state laws guiding payday loans, and they take advantage of their clients by tricking borrowers into debt traps, charging exorbitant interest rates, and also practicing illegal measures to collect a debt.

Hence, it is important that you deal with only a licensed lender who is authorized, controlled, and regulated by state laws. You can contact your attorney general or state regulator to check and confirm if your lender is licensed.

Pitfall 3: Avoid Payday loan Middlemen

This is another pitfall that you should avoid. Middlemen are brokers or third-party agents that do not learn money directly but search around for lenders on your behalf. This option can be unsafe and even more expensive. These middlemen will have access to your personal information.

Do everything you can to avoid middlemen negotiating on your behalf. Relate directly with your lender as you will be safer with them and you can keep your confidentiality as well.

Pitfall 4: Understand terms such as Annual Percentage Rate (APR)

You need to take your time to understand what an interest rate is and what APR stands for. APR is the term that describes how much the loan will cost in its entirety. The APR puts together all the interest rates you will pay on the loan and all charges that you may incur from your lender. Depending on the life of your loan, a higher APR will result in a higher cost across the life of the loan.

You need to understand the financial terms; interest and principal for you to know what the APR actually means. Interest is the amount you pay your lender in addition to the actual amount you have borrowed, while the principal is the actual amount that you borrowed. APR is the number that shows how expensive the interest rate is compared to the amount you borrowed on a yearly rate.

Pitfall 5; Hidden charges

You need to find out from your lenders what are the charges that you may incur in the course of the loan. You need to find out if they charge a loan-application fee, late payment fee, customer service fee, prepayment fee, prepayment fee, and returned check fee among others.

This will help you to know how much you will incur if you miss a payment and you can be stricter in adhering to payment dates.

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan local to you, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

Learn how to obtain a local title loan here.

 

ARE PAYDAY LOANS WORTH THE RISK?

This article was brought to you by TFC Title Loans, we try to bring to you the most informative information. If you are interested in getting a title loan local to you, we are able to help you with our large referral network.

We will help you to get the most money by using the equity that you have in your vehicle, the application is fast and we can provide you with same-day funding.

All of our referral partners are in compliance with the CFPB. We will help you to get the money that you need but from a trusted and reliable title lender.

Payday loans are meant to help people get the money they need as fast as possible so that they don’t experience financial jams that come with other loan types. But it is quite unfortunate that people now see payday loans as a scam just because of their high risk and some lenders use this form of loan to trap people in perpetual debt that never ends.

To be candid, payday loans can put someone in a cycle of debt especially if the money borrowed is not used judiciously or responsibly. For you to not fall, victim to payday loans, here are some tips that can be of good help;

  • Take out payday loans for emergency purposes only

The fact that payday loans are easy to get, doesn’t mean that you should consider getting one at every slight financial crunch you experience. Yes!! Payday loans are very easy to access but you must be sure that you have the capacity to manage it so that you don’t make your finances experience a further downturn. Before you apply for a payday loan, ask yourself if what you want to use the money for is that important. Is it a necessity or a luxury? If it is a necessity, then you can consider getting a payday loan in that case. But if it is not a necessity but a luxury, then you might just want to explore other means of getting the thing in a way that will not offset your finances.

Payday loans attract a very high APR and you can even incur more charges if you don’t pay up by your next payday. This way you will only add to the life of the loan and you just get trapped in there, thus creating a cycle of debt that keeps holding you down.

Payday loans should only be considered after you have tried other options available and you couldn’t get a headway.

  • Go through your loan terms and agreement diligently

Most times deals concerning payday loans are done and concluded online or over the phone. As a result of this, you might not be able to go through the terms thoroughly so you can ask adequate questions where necessary. Most times, borrowers are more concerned about knowing how much they can borrow, neglecting how much they have to pay monthly, and for how long the loan will last. It is very important that you crosscheck every line in your agreement and ask questions wherever you need clarity. This way you can be sure you are not signing an agreement that will get you trapped.

  • Do not borrow more than you need

In cases where your monthly paycheck is above the required threshold that your payday lender offers, it is likely that you will be offered a loan amount that is higher than the amount you want to borrow. If you don’t need as much money as your lender wants to approve for you, you can request a lower loan amount. Don’t see it as an opportunity to get more money. If you decide to take a loan amount higher than the actual amount you need, you might be putting yourself in trouble and you continue to go round in cycles of debt.

Before you apply for a loan, make sure you have a plan on the ground regarding how much you want, and how it will not affect your finances, and for how long you want to keep paying for the loan. This will help you to be the focus so that you don’t run into trouble or incur debts that will affect your monthly budget and finances.

How Car Title Loans at TFC Title Loans

Another option available aside from payday loans is title loans. TFC Title Loans is an auto title loan near me that offers borrowers quick cash loans while they use their car as collateral. Using your car as collateral doesn’t mean that you will not have access to drive your car around. You will still be able to drive your car around while you are paying off the loan.

What we will take into our possession is the title of your car. We will place a lien on the title. And as soon as you completely pay off the loan, we will lift the lien and release the title to you.

We do not carry out credit checks. Hence, those with bad credit or no credit history at all can qualify to get our loans. You only need a few documents such as proof of residence, an ID, car insurance, and the title of your car in your name to apply for our car title loan.

All applications can be started and concluded online. Immediately you submit your application online, one of our loan representatives will get in touch with you almost immediately.

 

Disclosures

DISCLAIMER: As our policy to make sure you know what we do and what are our limitations, we offer you these disclaimers. We are NOT A LENDER and we do not make short term cash loans or credit decisions. We are a referral service and work only with licensed lenders/brokers.

We may act as the broker for the loan and may not be the direct lender. Loan proceeds are intended primarily for personal, family and household purposes. We do not offer or service student loans.

*Loan amounts by the lenders vary based on your vehicle and your ability to repay the loan.

*Since we do not lend money directly we cannot offer you a solicitation for a loan, except in the state of California. In all other serviced states we WILL match you with a lender based on the information you provide on this website. We will not charge you for this service and our service is not available in all states. States that are serviced by this Web Site may change from time to time and without notice. Personal Unsecured Loans and Auto Title Loans are not available in all states and all areas.

*Auto Title Loan companies typically do not have pre-payment penalties, but we cannot guarantee that every lender meets this standard. Small Business Loans typically do have pre-payment penalties and occasionally will use your car as collateral to secure the loan.

*All lenders are responsible for their own interest rates and payment terms. TFC Title Loans has no control over these rates or payments. Use of the work competitive or reasonable does not mean affordable and borrowers should use their own discretion when working directly with the lender.

*The amount of people who applied for a loan and we helped and those who received a loan is not the same. We cannot guarantee we will find a lender who will fund you.Just because you give us information on this web site, in no way do we guarantee you will be approved for a car title loan or any other type of loan. Not all lenders can provide loan amounts you may see on this web site because loan amounts are limited by state law and/or the lender. Some lenders may require you to use a GPS locator device on your car, active all the time. They may or may not pay for this or charge you for this. This is up to the lender and we have no control over this policy of the lender. Typically larger loans or higher risk loans use a GPS.

*In some circumstances faxing may be required. Use of your cell phone to receive updates is optional.

*Car Title Loans are expensive and you may have other ways to get funding that is less expensive. These types of loans are meant to provide you with short term financing to solve immediate cash needs and should not be considered a long term solution. Residents of some states may not be eligible for a loan. Rejections for loans are not disclosed to our firm and you may want to contact the lender directly.

*Car Title Loan lenders are usually licensed by the State in which you reside. You should consult directly with these regulatory agencies to make sure your lender is licensed and in compliance. These agencies are there to protect you and we advise making sure any lender you receive money from is fully licensed.

*Trading Financial Credit, LLC dba TFC Title Loans, Car Title Loans California, Dineromax. If you are using a screen reader and are having problems using this website, please give us a call at 1-844-242-3543 for immediate assistance.

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