Monday, April 6, 2009

The benefits of a Payday Loan over Traditional Loans


By:
MichaelYee
A payday loan is a short term loan of a relatively small amount of money to carry one over until payday. It is expected that these loans are no greater than one month. When other loans just would be too much, a payday loan can be exactly the boost one needs to survive until payday.
Unlike traditional loans, a payday loan does not normally require a credit check or any collateral other than a personal check to hold until the date the loan comes due. Most payday loan providers only require a valid address and proof of employment in order to secure one of their loans.
It is important to be aware that these are nontraditional loans are for a very short term. The APR interest rate for such loans is quite high when compared to a traditional mortgage. However, in terms of convenience, it may very well be worth the higher interest to satisfy a short term need without the hassle of dealing with a bank and trying to arrange to mortgage something to secure the funds.
The process of acquiring a payday loan is really very simple. One must fill out an application with information that includes one’s address, place of employment with address and phone number, bank that one uses (where the money will be deposited), and other minor details used for identification purposes. In most cases, once one is approved for a payday loan, it is a simple matter for future loans without having to go through all this again, unlike a traditional loan that requires a new application and credit check to acquire each time. The only thing that is required is that a client needs to make at least the minimum payment each period. It is generally better to pay off the entire balance of the payday loan as soon as possible.
Additionally, many companies, such as Ripe Apple, offer an online application and will match the information provided with the best possible online pay day lender. All one needs do is fill out the online application and wait for an approval email from the best matched company. Once approved, the money borrowed will be placed in one’s bank account so it is available for use. Once credit is established and customer rapport is built, it is generally easier to get additional funds. Just send a request for funds and the date for repayment, the money will be transferred to your account.
A payday loan is more expensive than traditional loans in some ways. Mostly, though, the fees are quite reasonable for the convenience of borrowing a small amount for a short term. Most do not require a credit check, just proof of employment. No collateral is required and the application and money transfer is handled online. These features can often make a payday loan more beneficial than standard loans when one has a short term need for a small amount.

Article Source: http://www.articlesnatch.com

About the Author:
Ripe Apple will match you up with the perfect payday loan lender to most Canadians. Unlike bank loans , this is more convenient as you can apply online.

Personal Loan Limits Will Affect Your Credit


By: Alisdair Cosgrove

One of the things you have to know when you are planning to obtain a personal loan is the limits of your spending ability.

Your spending limits on a personal loan can vary, it is dependent on several contributing factors, but it is unwise to spend up to what your limits are. You can jeopardize your accessability to get another loan when you need to, by doing this.

Among the things that a lender or the loan consultants want to know is what your spending habits are; they want to know if you spend up to the total limited amount you have acess to, or do you try to save some for extra expenses. They also want to know if you are making substantial payments as you are spending, or are you only making minimum payments.

It is simply not realized by some people, that a big part of what affects your credit score is how you conduct yourself regarding personal loans. To keep your credit score high, do not spend above your spending limits, or you will not have an easy time getting additional loans from the lender.

The common practice of timely payments is very key to getting additional personal loans. The quicker you get the number of remaining payments down and proceed to get them paid off, the better chance you'll have of getting personal loans in the future. With that in mind, if you are still paying on some of the debt and have a lower debt to higher income ratio, you could also find yourself as a favorite for getting another loan.

When you are an experienced borrower, you do know how to leverage your debts and income. For instance, they will earnestly work to pay off the debt as quickly as possible because this can help them to get another loan in a matter of a few months. If you have been making payments every month, but they have not been on time payments, you could have a problem.

Being timely with your payments will show that you have taken responsibility for your actions. That is one trait the lenders will reward by giving you access to more money they want to make available to for personal loans.

If you have been borrowing for several years and making timely payments, you have the advantage over a person who doesn't have an established pattern of making timely payments. They know when to cut off before they reach their limit, while on the other hand, the second person would have a rough time because they have no established pattern of timely payments.

The person who is a more experienced borrower may be the one who is much more deeply in debt, so there could be a change in this scenerio if the less experienced borrower is more prudent with their spending.

To find out your spending limits for personal loans, a loan consultant would be the best person to speak with. These people should be able to tell you what to do in order to receive additional financing.

You will be advised on how much you can borrow based on your credit history and ability to make timely payments.

Article Source: http://www.articlesnatch.com

About the Author:
Alisdair Cosgrove is an expert in the field of personal finance in the UK and has been writing articles on the web for many years and can find more of his articles at the UK site Glitec Finance, offering compare loans and also a great deals on unsecured personal loans. Visit Glitec.co.uk today for a great loan offer and to read more articles from Alisdair.

Student Credit Cards: The 7 Golden Rules


By: Max Anderson

Many college students can't wait to apply for their first student credit cards. The problem is, if a student is too eager, the student credit cards they apply for can quickly go from being a wonderful financial tool to being a huge financial burden.

Here are seven tips every single student needs to know about managing student credit cards.

1. More is NOT Merrier

The person who said you can't have too much of a good thing definitely wasn't referring to student credit cards. The more student credit cards there are in a student's wallet, the more tempted they'll be to go on little spending binges.

A good rule of thumb to follow is to not have more than two student credit cards open at any given time.

2. They Aren't a License to Spend

When some students get their very first student credit cards, they like to think of it as a license to spend. This couldn't be further from the truth. That cute little designer purse can wait until you have a full-time income. Save your student credit cards for emergency purposes only.

3. It's Cash -- Spend Accordingly

When a student gets their very first student credit cards, it is too easy to forget that every time a purchase is made with the card, the student is going to need the cash to back that purchase up.

Sliding a plastic card for a $100 purchase usually doesn't cause as much pause for thought as handing over $100 in cash does.

Every time you use your student credit cards, make sure you understand it IS cash that you're spending.

4. You're Not a Big Shot

When you get a student credit card, it may be hard not to flash that card in front of your friends -- buying a few rounds of beer or a lunch or two. Avoid the temptation.

Flashing your student credit cards will not make you the big man (or woman) on campus. It will just put you into debt you don't need.

5. Pay On Time, Every Time

Every single credit card statement that you pay during your college years is going to affect you into adulthood.

What does this mean?

This means that you HAVE to pay your student credit cards on time each month or you're going to pay for it with bad credit in the future. That can result in not being able to rent an apartment or buy a home. It can even affect your job opportunities.

6. It's Not Nice to Share

Once your friends see that you have student credit cards, they may be tempted to ask you to borrow them or they might want you to let them use it to make a purchase.

Financial arguements can really put a strain on friendships.

Do yourself a favor -- unless you are willing to pay for your friends purchase and take all of the responsibility associated with it, don't let them borrow your student credit cards.

7. Don't Be Afraid To Ask For Help

Now that you're in college, you probably don't want to run to mom and dad for help unless you absolutely have to. Don't get too big for your britches when it comes to student credit cards.

It's a new experience and you're going to need the advice of those more experienced than you at times. Make sure you turn to your parents for advice when you have questions about your student credit cards.

Article Source: http://www.articlesnatch.com

About the Author:
For more tips on getting the best student credit cards, saving money and avoiding getting taken, check out CreditCardTipsEtc.com, a website that specializes in providing credit card tips, advice and resources.