1. Don’t Use Them If You Don’t Have To.
First of all, you need to decide whether a payday loan is right for you. The question is an important one, and the answer is relatively simple and easy to understand. A cash advance is a payment or distribution of cash that happens in advance – which is why these are called “cash advance” loans. So the money gets advanced or fronted to you, the borrower, the same way that you might ask an employer to give you an advance on your pay. That means you are getting paid ahead of time or in advance of your normally scheduled pay day because otherwise you’ll run out of money and that will create serious problems. But if you don’t have a compelling and urgent need to get your hands on your paycheck money ahead of time, don’t use this kind of loan because you will just wind up paying way too much for that convenience or earlier than usual access to the cash.
2. Look for Cash Advance Payday Loans with Lower Fees.
With any loan you want to use those that charge the least amount of money, and loan expenses are generally two kinds. You pay an interest rate that is calculated as a percentage of the total amount you’re borrowing, and the higher the interest rate happens to be the more it is going to cost you to borrow the money. The other way you pay is through one-time fees or other miscellaneous charges. So to get the best deal on a cash advance payday loan you will want to look for those that have the lowest possible interest rate and no other additional hidden fees or special one-time charges.
3. Pay Back Your Cash Advance Payday Loans Fast.
Time is money, especially when you are borrowing money from somebody else with your cash advance loan. So make sure that as soon as you get paid you pay back the full amount of the payday loan. Otherwise you could end up paying lots more, and that should not be necessary. Don’t go out with your cash advance, for example, and buy some expensive items that you cannot afford or use the cash advance as a down payment on a much larger purchase that is not within your budget. Use the cash wisely, keep your expenses under control, and then pay back the debt immediately.
4. Make them Work for You, Not the Other Way Around.
Because the typical payday cash advance loan is a rather expensive way to borrow money, you want to make certain that this kind of financial tool is working in your favor. If you use this type of loan for all sorts of random reasons that cannot be adequately justified, you’re going to just end up wasting lots of money that you would be better off saving. Since your paycheck is going to come soon anyway, you don’t need to be spending a huge chunk of it ahead of time just to get your hands on extra spending money for various whimsical purchases.
Use these kinds of loans as a way to cover your expenses and tide you over so that you avoid more serious and expensive problems, because a cash advance loan should only be viewed as a way to get cash in a real emergency. Just because you want to go out on the town, buy a new dress or pair of shoes, or put a down payment on a gigantic plasma TV in time for the Super Bowl, that doesn’t mean you really must pay someone a big fee in order to give you some money between paychecks. You can do that, of course, if you want to. But that sort of strategy only makes the lender richer as you get poor in the process.
Follow these four guidelines and use common sense and a little bit of financial discipline to get the best possible deal on your cash advance payday loan. Used carefully and deliberately this kind of short-term borrowing may be able to help you avoid more expensive problems that come up when you unexpectedly run low on cash a week or two before the next pay day. That might happen because of an accident, an illness, or some other extreme situation. In that case this kind of loan could work for you just fine, but if you abuse the payday loan concept it can be too expensive and not a very smart way to handle your hard-earned paycheck.
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To help you get the best used car loan here are four tips for receiving pre-owned vehicle loans in today’s changing and challenging credit environment.
1.Think like a Banker
Even if you are convinced that the auto you have your heart set on buying is valuable your banker may be harder to persuade. After all it is not going to be the banker’s or loan officer’s driveway but in yours, and if they hand you a big pile of cash to go buy it and all you hand them is some loan paperwork and a car title, they may feel a little bit insecure about the whole arrangement. We all know that car titles have value, but they are really nothing but pieces of paper that are backed-up by a vehicle, and if the vehicle they represent is a clunker then that piece of paper is not worth all that much. But the paper money your lender gives you has pictures of historical presidents on it and is fully backed by the Treasury of the United States Government. Think like a banker, not like a car buff, and you’ll begin to understand why those lenders have such tight purse strings. Would you trade a suitcase full of cash for a car title to a pre-owned car you’ve never taken for a test drive? Now you get the picture.
2.Adjust Your Expectations
Now that you see the banker’s perspective it is easy to “get it” why they might want to charge you higher closing costs, ask for a larger down payment in order to approve your loan, or require better credit and a higher FICO score. Or they might be willing to assume what they think of as added risk – but only if you are willing to pay them more by agreeing to a high interest rate. Get ready to make some kind of compromises along the way, because nothing is going to be handed to you on a silver tray. The banker is only there to make a profit for his or her bank, and one way or another you’re going to have to contribute to that profit margin.
3.Work on Good Credit and a Hefty Down Payment to Save Money over Time
Lenders love borrowers who come in to the office armed with high credit scores and a good down payment, because those things reduce the lender’s risk and fear that you will not repay the loan they give you. Larger down payments also convey the idea that you have assets like a good job or other source of steady income and that you know how to save money and handle for finances. Add it all up and a higher than normal FICO score and an impressive down payment of 20 percent or more translates into a VIP borrower that the bank will want to keep as a customer. You’ll likely be entitled to a lower preferential interest rate and reasonable pre-owned loan terms which will add to your overall savings and financial strength over time.
4.Let Your Computer Do the Heavy Lifting
Now that you know how to think like a lender and impress the lender, start haggling with them over your loan from the strongest possible negotiating position. The best way to do that without walking your legs off is to use a computer to compare loan prices and terms from a number of competing banks or pre-owned car loan lenders. There are many websites that will give you up-to-date information and quotes from multiple lenders, so you can narrow down your choices online before you ever go to visit with a lender in person.
Make the loan work in your favor by getting a reasonably priced loan with a good rate of interest and manageable monthly payments. That gives you the keys to the car, and with a car at your disposal you might suddenly have more prestige, more fun, or more facility to get to school or work and eventually make more money. As long as you get what you want out of the pre-owned car loan arrangement it is a winning situation, so don’t lose sight of that fact and stay encouraged as you go through your loan application process.
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Once the decision has been made to pursue debt counseling, the next step is choosing an agency to help you become debt free. It is important to understand that all debt counseling agencies are NOT created equally.
While some truly to have the best interest of their clients in mind, others are out solely to make money, and often do so at the expense of further damage to the credit scores of the people who looked to them for help.
Below are three tips for receiving the best debt counseling possible.
Meet In Person
Many people receive calls from debt counseling services that claim to want to help you with your debt. They say that you can provide all of your information over the phone and can be put on a plan without ever leaving the comfort of your home. Don’t do it.
You need to meet the counselor that you will be working with in person. There are simply too many scams that use promises of debt counseling to gain access to your information. Often, they will take your money and never pay a dime to any of your creditors. By the time you realize what is happening, it’s too late. They have taken your money and disappeared.
That is not to say that if you meet in person that it is guaranteed to be legitimate, but the odds are, at least, more in your favor.
When you meet, you should pay attention to how you are being treated. If you are being pressured to sign up, it might be time to look elsewhere. Debt counselors who have your best interest in mind will understand what a big decision you are making, and will want you to take time to think about it if you are not 100% sure that this is what you want to do.
Rather than talking only about the plus side of going through debt counselor, a reputable agency will also point out the possible negative aspects, such as being unable to obtain new credit and taking a big hit on your credit score.
Check the Better Business Bureau
If there is even one substantiated complaint against the debt counseling agency that you are considering, run the other way. This is just too important to take chances, and if they had a problem with someone else, they could easily have a problem with you.
If an agency is a member of the Better Business Bureau, that is even better.
In addition to checking the Better Business Bureau, you should also check ask for references of past clients. Call them and ask if all of the promises that were made were kept.
Type the name of the agency into a popular search engine to see if you get any hits. Often, if an agency fails to please its clients, forums will pop up on which the former clients will vent their frustration. If you find anything like that online, you should take it seriously. Do not allow a counselor to explain it away. If ten people are online saying there is a problem, there is a good chance that there really is a problem
Be Honest
When you go through debt counseling, you will have to agree to stop using all of the credit cards that you include in the program. Some people try to beat the system by hanging on to one or two credit cards. Doing this defeats the whole purpose of going to debt counseling, and it shows that the client is not really serious about getting out of debt.
If you are not ready to be completely honest, then you probably are not ready for debt counseling .To receive the best debt counseling – and the best results from that counseling – you must include all of your credit cards in the program.
Also, a good agency is going to provide tips and advice about your budget in general. While it is certainly your choice, to make the most of the debt counseling, it is a good idea to heed that advice.
Remember, the counselor is there to help you, and is trained in helping people get out of debt. If you went to debt counseling it is because you felt like you were trouble, so let them help you.
Use the above tips to make sure that the debt counseling service that you choose will help you rather than making your situation even worse.
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Most major retail stores offer their own credit cards. While many are similar in features, there are some that are better than others. While some people choose to obtain a card from every store that they shop in, more and more are instead being more particular about which cards they want in their wallets. Below are three tips for receiving the best store credit cards.
Read the Fine Print
Sometimes the issuers of a store credit card will make promises of “no payment for six months” or “no interest for a full year”. The problem is that if you do not read the fine print, you will not learn that once the period for the promised special terms is over, the interest rate will be nearly thirty percent.
Sometimes, such special deals are wonderful, but only if you fully understand all of the details. For example, sometimes if you make even one late payment, the special terms are off and you have to begin paying the full interest rate.
Other cards offer what seems like a good interest rate, but the fine print says that the rate can be raised at any time. Some consumers who have great credit are surprised to receive a notice in the mail informing them that their interest rate has skyrocketed. They wouldn’t be surprised, however, had they read the fine print.
As with any credit card company, the store wants you to apply. They know that if you get approved, there is a really good chance that you will use the card. They make the card sound as favorable as they can in the promotional materials. It’s up to you to learn the truth by reading all of the fine print.
Know Thyself
Sometimes which store credit card is the best deal will vary depending on the person. For example, a new homeowner who may need to replace several major appliances may do well by applying for a card to a store that specializes in such products.
When you are making a decision about applying for a store credit card, you need to consider more than just the terms of the card. You also need to look at your needs and be honest with yourself about how you will use the card.
In addition to knowing your needs, you also need to know a little something about your self control. If having a store credit card with an $8,000 limit is going to cause you to go on a shopping spree until every dime of your credit limit is used up, then this is not the best store credit card for you.
A Sound Decision
A sound decision about whether to apply for credit is never made based on the possibility of receiving a ten percent discount. In other words, do not apply for credit simply because you are tempted by such an offer as you checkout.
Applying for any credit should be a decision that you make after weighing all of the options and doing sufficient research about the credit product for which you are applying. When you make a snap decision at the register, you do not have time to either think about or do the needed research.
Choosing the best store credit card is certainly about the interest rate and other features of the card. Still, you must also consider other factors such as how you plan to use the card as well as well as your overall credit situation.
If the result of adding another card to your wallet is going to be more debt and a lower credit score, then there is no store credit card that is the best for you.
If you do have a need for a store credit card, be sure to learn all that you can about the card before applying. Also, if you have a good credit score, call and talk to customer service rather than applying online or through the mail. Ask if they will be willing to grant you a lower interest rate based on your excellent credit history.
Many financial experts say it is best to shun all store credit cards in favor of keeping just one or two major credit cards. If you plan to ignore this advice, do some research so you can know that you are getting the best possible deal.
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Prepaid credit cards can be convenient, especially for those who cannot obtain a traditional credit card. Others choose to keep a prepaid credit to use when shopping online so that they do not have to risk the account numbers to their other credit cards being compromised. Whatever the reason that you are considering one, look below for four tips for receiving the best prepaid credit cards.
Shop Around
Some people think that all prepaid credit cards are the same. This is not the case. Some charge just one fee per month while others have a whole menu of fees such as transaction fees, service fees, even fees for loading more money onto the card.
You will need to examine each card’s fees along with the way that you plan to use the card to determine which prepaid credit card will be the best deal for you.
For example, if you only plan to use the card once a month to shop online, then it would make more sense to get a card with a per transaction fee and a lower monthly service fee. If you think you will be using the card a lot, then you should find a card with a higher monthly service fee and no transaction fees.
Read the Fine Print
As with any type of credit card, you really need to take the time to read the fine print. Some cards have clauses that begin to charge you extra fees if you do not use it for a few months. Others state that you cannot use the card to order items over the phone.
You need to know how you want to be able to use the card and then read all of the fine print to make sure that the card you choose will meet all of your needs.
What in a Name?
Some prepaid credit cards will have your name embossed on the front like a traditional card, while others will not. For some people, this may not be an issue, but some need to make sure that the card you choose will have your name on the front.
If you plan to rent a car or book hotel or airfare, you will absolutely need to have your name printed on the front. If not, these places will not accept this form of payment.
Of course, you will need to wait a bit to receive your personalized card. Many retail stores sell prepaid credit cards that you can buy over the counter, load some money right at the cash register and leave the store with a card that is ready to use.
Obviously, you will not be able to do this with a personalized card, but for many it is worth the extra wait to know that you will be able to use the card for most applications.
Call Customer Service
It is a good idea to call the customer service number just to get an idea of how difficult it is to reach a real person. If you find yourself on eternal hold, find another prepaid credit card company. While you do not necessarily anticipate having any problems, you still want to know that, if you do, you will be able to get help quickly.
Go For a Bonus
As more and more companies compete for a share of the prepaid credit card market, many are beginning to offer reward programs to their customers. These programs are similar to the rewards programs of many traditional credit cards.
The rewards will vary greatly from card to card. Some may offer a cash back percentage. Others will issue reward points, which can be traded for merchandise or travel.
Keep in mind that often the cards that offer rewards have fees that are a bit higher to cover the extra expenses. Still, if you plan to use the card a lot, finding a card with a rewards program may not be a bad idea.
Whichever prepaid credit card that you choose, be sure to manage it wisely. Most have additional – and hefty – fees that are charged should you try to complete a transaction for which you do not have ample funds.
Like any other type of credit card, prepaid credit cards can be a useful tool, but one that must be managed well to avoid it becoming a hindrance rather than a help.
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