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Key Questions to Ask Before Getting a Personal Installment Loan

March 1st, 2019 by

Whether you’re looking to consolidate credit card debt or go on a relaxing vacation, an installment loan is a great way to get the money that you need. With so many lenders willing to give you the cash that you need, it’s important that you ask the right questions to ensure that you’re making the right decision. Use this list to ensure that you understand the terms of online personal loans.

What Are the Terms?

When determining whether or not a loan is the right option for you, it’s important to know whether or not you have the ability to pay it off. Your loan will be broken up into monthly payments over an extended period of time. Before you sign a loan agreement, review these terms. If the terms of the loan state that you must repay the loan within two weeks, you need to be able to comply. If you can’t, you risk defaulting on the loan, which can result in future financial problems. Understanding the length of time you have to repay the entire loaned amount is the first step in determining whether or not certain loan options are right for you.

What Is the Interest Rate?

Typically, lenders attach an interest rate to the amount of money they’re loaning you. In some cases, this interest rate is based on the amount that you’re loaned or your credit score. The better your credit score, the less interest you’ll pay on the loan. The interest rate on your loan is an important number to note. It represents the percentage of your loan that you’ll be paying back to the lender over time. The higher your interest rate is, the more money you’ll end up repaying in the long run. If you don’t qualify for a low interest rate, consider raising your credit score before applying for a loan. You can also have someone co-sign on your loan, which may lock in a lower interest rate, too.

Are There Pre-Payment Fees?

Some lenders apply penalties to loans that are paid off early. This is because the interest that is applied to your loan helps to fund the loan. If the loan is paid off early, it could cost the lender money. Not all loans are structured this way, though. Before you sign loan documents, make sure you’re aware of any of these types of fees. Otherwise, you could be blindsided if you decide to pay your loan off early.

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Is Collateral Required?

Depending on the type of loan you decide to apply for, collateral may be needed. These types of loans are known as “secured” loans. Secured loans require the person being loaned the money to offer some sort of collateral for the money they’re being given. This collateral could be the title of a car or a home mortgage. If the person defaults on this loan, then the lender gets to keep the car or the home to pay off the debt owed.

You should thoroughly understand the conditions of your loan before you sign the documents. By asking the hard questions up front, you avoid any surprise fees. In no time, you’ll have the money you need and terms that you can follow. If you’re looking for the best online personal loans, visit www.getmoney.com today!

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What is a Payday Advance Loans and How Does it Work?

February 8th, 2019 by

A payday loan is an unsecured short-term loan that is granted on the basis of the borrowers ability to repay the loan with their next paycheck. Payday loans are also know as cash-advance loans, check advance loans, and advance payday loans. Regardless of what you call it, a payday loan is a loan linked to the borrower’s payday.

Why get payday loans online?

When you can run out of money due to unexpected and unforeseen reasons and you have no where to turn, a payday loan can solve your cash shortage problems.

You could be guilty of poorly calculating your budget. Or you just have an emergency which requires immediate attention and money you don’t have. Regardless of why you are short on cash, you need money to meet your obligations.
If your savings have gone dry and your credit cards are maxed-out, a fast payday loan online could be the solution if you have a job.

What do you have to know about a payday advance?

The most important thing to know about a payday loan is the high interest rate they usually carry. They are quick and easy to apply for, and the lender charges accordingly. The fast access to cash is a risk loan and the lender will charge a higher interest rate. Be sure to discuss the fees and rates with your lender prior to accepting a fast payday loan.

When should you apply for a payday loan?

You should apply for a payday loan after you’ve exhausted all other resources. Or when you have emergency expenses to pay for and no money to pay with. Keep in mind that you are giving up a good portion of your next paycheck for getting access to your payday loan in advance. So, make sure you absolutely need the payday loan and no other options are available. Apply for a payday loan

Are there any benefits to payday loans vs other loans?

The pros of a payday loan are the following:

  • Easy to apply for
  • Require minimum documentation
  • You can receive the money in as little 1 working day

How do I apply for a payday loan?

Applying for a payday loan is very simple. Click here and we’ll take you to a 3 minute no obligation payday loan request page by www.GetMoney.com a trusted source since 2003.

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Best Loan Options for Bad Credit in 2019

February 6th, 2019 by

If you have bad credit, you know how hard it is to borrow money. Repairing bad credit takes years to do, but when you need credit now, you don’t have time to wait. What are you to do? Keep reading to learn more about the best installment loans for bad credit.

Defining Bad Credit

First, it’s important to understand what having bad credit means. Some people who don’t have perfect credit scores or have a lot of debt assume they have poor credit. The FICO model for credit scoring rates credit on a scale from 300 to 850. Most people have credit scores that fall in the middle. The average credit score, according to Governing magazine, is 687. FICO considers a credit score of 580 to be poor.

What does a lower score mean for you? First, it means that you won’t qualify for those coveted zero-interest credit cards or loans. However, it doesn’t mean you won’t qualify for some credit. People with low credit scores need to do their homework to find the best installment loan for bad credit, but it’s not impossible.

Clear Payoff Schedules

When searching for installment loans online for bad credit, look for loan products that offer clear payoff schedules. These loan products differ from a personal line of credit and credit cards because they require the loan be paid in full within a certain time frame. Once the loan’s paid in full, the account is closed. The borrower doesn’t have the option to access the credit again unless they apply again. These loans are great for borrowers who need money to pay for unexpected expenses like car repairs, medical expenses, etc.

Receiving money Or other business expenses.

Small Loans

People with poor credit scores who need to borrow money often fare better looking for small installment loans. If you have a credit score that falls below 580, it’s unlikely you’ll qualify for a large installment loan. Larger loans often require excellent credit or collateral. Therefore, if you need cash fast, consider applying for an installment loan that doesn’t exceed $1,000.

Choose a Company that Specializes in Bad Credit

Often, people can’t find a lender because they’re trying to get a loan the traditional route. When you have a low credit score, you can’t go into your local bank and apply for a loan. These products aren’t for you. However, that doesn’t mean you don’t have options. Stick with companies that work strictly with bad credit.

There are numerous reputable companies that want to offer you a low-cost, low-risk installment loan for poor credit. These companies often offer a variety of products that include personal installment loans when you need a larger sum of money and smaller payday loans when you need a little help until payday.

When working with lenders who specialize in bad credit, do your homework. People who do their homework and choose lenders with a reputation for providing great loan products and outstanding customer service not only get the money they need but have a pleasant experience.

Do you have bad credit and are looking for an installment loan? Contact GetMoney.com today to learn more about payday loans, business loans, and personal installment loans for bad credit.

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Personal loan

How to Find a Genuine Payday Loan Online

December 28th, 2018 by

Finding Easy Payday Loans Online

Finding easy payday loans online is a task that requires diligence and awareness. With many scammers and fraudulent companies looking to exploit those in need of quick cash, it’s important to identify legitimate payday loan providers. Payday loans can be incredibly helpful in managing financial emergencies, but ensuring the legitimacy of the lender is vital to avoid legal and financial traps. Here’s a comprehensive guide to help you find a genuine payday loan provider.

Do Your Research

Research is the cornerstone of finding a trustworthy payday loan provider. Begin by specifying your loan requirements, including the amount you need and your timeline for repayment. If time is of the essence and traditional bank loans are not an option, online payday lenders can offer a swift solution. To choose the best lender, delve into customer reviews and testimonials. These insights can reveal much about a company’s reliability and service quality.

Example

Suppose you need $500 to cover an emergency medical bill. Start by searching for “easy payday loans online” and shortlist a few lenders. Check their customer reviews on independent platforms like the Better Business Bureau (BBB). A lender with high ratings and positive feedback about their transparency and service is more likely to be trustworthy.

  • Compare Multiple Lenders: Don’t settle for the first lender you find. Compare the terms, interest rates, and customer experiences of several lenders.

  • Verify Credentials: Ensure the lender is licensed and in good standing before you accept a loan.

Confirm Legitimacy

Verifying the legitimacy of a payday loan provider is critical. Legitimate lenders operate under strict state regulations and are transparent about their fees, interest rates, and loan terms. Here’s how you can confirm a lender’s legitimacy:

  • State Regulations: Verify that the lender complies with your state’s payday loan laws. Each state has specific regulations regarding payday loans.

  • Documentation: Ensure the loan agreement matches the verbal explanation provided by the lender. Avoid deals that seem too good to be true.

Example

If a lender offers a loan with no interest for the first month and very low fees, check their terms in detail. Verify that their claims are consistent across all documentation and state regulations. If anything seems inconsistent or overly generous, it might be a red flag.

Speak with Someone Directly

If online information is insufficient, contacting the lender directly is a prudent step. A legitimate payday loan provider will readily answer all your questions. Here’s how to proceed:

  • Direct Communication: Use the contact form, phone number, or live chat on the lender’s website.

  • Ask Detailed Questions: Inquire about the loan process, interest rates, fees, and repayment terms.

  • Assess Responsiveness: Gauge how willing and quick the lender is to provide detailed and helpful responses.

Example

If you’re considering a loan from a specific provider but find their website lacking details on repayment terms, call them directly. Ask about the total repayment amount, any additional fees, and what happens if you miss a payment.

What Happens if You Default on a Payday Loan?

Defaulting on a payday loan can lead to significant financial and legal consequences. It’s important to understand these risks before taking out a loan:

  • Increased Debt: Missing a payment often results in additional fees and higher interest rates, significantly increasing the amount you owe.

  • Credit Score Impact: Defaulting on a loan can negatively affect your credit score, making it harder to obtain credit in the future.

  • Collection Agencies: Lenders may turn your debt over to collection agencies, who can be aggressive in their attempts to recover the owed amount.

  • Legal Action: In some cases, lenders might take legal action against you to recover the debt, leading to court costs and additional legal fees.

Example

If you borrow $500 and fail to repay it on time, you might incur a $50 late fee plus an additional 10% interest on the outstanding amount. Over time, this can escalate your debt significantly. Additionally, your credit score could drop, affecting your ability to secure loans or credit cards in the future.

Rolling Over an Existing Payday Loan

Rolling over a payday loan involves extending the loan term by paying a fee, rather than repaying the loan in full. While this might seem like an attractive option when you’re unable to repay on time, it comes with its own set of challenges:

  • Additional Fees: Each rollover usually incurs a new fee, increasing the overall cost of the loan.

  • Debt Cycle: Rolling over a loan can trap you in a cycle of debt, where you continually pay fees without reducing the principal amount owed.

  • Stricter Regulations: Some states have regulations limiting the number of times a loan can be rolled over to protect consumers from predatory lending practices.

Example

Imagine you owe $500 with a $75 rollover fee. Instead of paying off the loan, you pay the fee to extend the loan term. If you roll over the loan three times, you will have paid $225 in fees without reducing the $500 principal. This cycle can quickly become financially draining.

Additional Tips for Finding a Legitimate Payday Loan

  • Avoid Upfront Fees: Legitimate lenders do not ask for upfront fees before processing your loan application.

  • Check for Physical Address: Ensure the lender has a verifiable physical address and not just a P.O. Box.

  • Read the Fine Print: Carefully read all terms and conditions before signing the loan agreement.

  • Look for Affiliations: Check if the lender is a member of reputable financial associations or has endorsements from financial watchdogs.

Suming Up The Article

Finding an easy payday loan online requires careful consideration and due diligence. By thoroughly researching lenders, confirming their legitimacy, and directly communicating with them, you can avoid scams and find a trustworthy payday loan provider. Understand the risks associated with defaulting on a loan and consider the implications of rolling over an existing loan. Remember, a legitimate payday loan can provide essential support during financial emergencies, but always ensure you fully understand the terms and are dealing with a reputable lender.

If you need help we recommend visiting trusted resources such as the Pew Charitable Trusts at https://www.pewtrusts.org/ and the Federal Trade Commission’s Consumer Information page at https://consumer.ftc.gov/.

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