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$1000 Advance Payday Loan - Should You Borrow That Much On a Payday Loan?
Payday lenders a few years ago only offered cash advance loans up to $500 - Then, some started offering payday loans up to $1000, now companies are starting to offer loans up to $1500. Before you start an application process to get yourself a $1500 payday loan, consider some points about how payday loans work. You will probably end up wanting to borrow as little as possible.
Payday Loans are Expensive - Payday loans are notorious for charging much, much more in fees than credit card companies do. The trade off is, that the application process is much simpler and you get your cash fast. But, the price for quick cash is high. Most payday loan companies charge anywhere from $8-$30 per week per $100 borrowed. It can be anywhere from 300-900% APR. Most credit cards are anywhere from 8-30% APR.
Interest Adds Up Daily - Payday loan interest is adding daily, so you shouldnt borrow the cash for a day longer than you need to. Consider this, if you borrow $500 for only 2 weeks, at the rate of $10/per week, per $100 borrowed, thats $100 in interest you are going to pay after just two weeks. Think about what else you can buy for $100.
Use The Minimum Amount You Need - To save on those fees, only borrow the bare minimum you can get away with borrowing.However, even with the high fees, there are going to be times when you absolutely can justify the interest in order to have your cash deposited quick. If you are avoiding late fees with bills, bounced check fees, utility shut-offs and other emergencies, a $50-$100 interest payment may be the least of your worries.
To view our list of recommended payday loan companies online, visit this page: Our Recommended Payday and Cash Advance Lenders Online.
How To Get Your Payday Loan Cheap
Its no secret that Payday Loans are expensive. Payday loan fees and interest are about 5-10 times more than that of a credit card. The benefit to using a payday or cash advance loan is that you can get the cash fast and the loan approval process is relatively quick. There is no credit check, so thats one less obstacle to overcome. But it is important to get the cheapest, lowest fees you can when you do get a payday loan.
Here are some tips to help you get a cheap payday loan:
Compare 3-6 Payday Loan Companies Before You Decide - Payday loan companies fees can vary greatly. Make sure you compare multiple lenders before you decide. Even if the company says that they have the lowest fees. Dont take their word for it.
Read The Fine Print - When comparing fees from payday lender to lender make sure to read the fine print. When they say their fees are $10 per $100 borrowed, find out how long that is for. Is that for a 14 day loan or is that per week? Make sure you know how much each company is charging per 14 day period, per $100.
Only Borrow Whats Necessary - This is not the time to get a little extra cash just in case. Payday loans will always be available. If you do end up needing more money you can borrow more from another company. Only borrow the bare minimum that you think you will need. It would be tremendously wasteful to end up borrowing more than you needed, to pay the interest on money that sat in your account and then you just turned around and gave it back to the lender.
Borrow For The Shortest Amount of Time Possible - Ask about an early payoff. Does the lender allow you to pay the loan off earlier than expected if you are able to? Make sure you can, you dont want to be paying extra interest on money you no longer need.
To view our list of recommended payday loan companies online, visit this page: Our Recommended Payday Loan Companies Online.
Which College Loan is Right for You?
Many young college students are under tremendous pressure trying to figure out how they are going to pay the high costs of college tuition. Often times, their parents are equally concerned about where the money will come from for their childs education expenses. If youre a worried student or have a college bound child and have exhausted the financial aid and scholarship avenues, your only solution is a college loan. There are several kinds of college loans available, but which college loan is right for you?
The first type of college loan is a federal student loan. This loan is either subsidized or unsubsidized. Subsidized college loans are when the government pays the interest of the loan for the student for the time they are in school, but the student must show a great financial need to get this type of loan. Unsubsidized federal loans are available to anyone. With an unsubsidized college loan, the student must pay the interest beginning at the time the loan is issued. There is no deferment. Federal student loans are very easy to obtain and are the most commonly used.
The next type of college loan is a private student loan. A private student loan may be required to add funding when other types of financial aid are not enough to cover the students costs. Private student loans are credit based. They are unsecured, which means they require no collateral, but they have very high interest rates. Private college loans can be used for anything, not just tuition costs.
Parent college loans are another type of college loan to consider. A parent college loan is a loan the parents can take for the full amount of the college tuition. This loan can span the tuition costs for all of the years the student will be attending college. This loan is convenient because it will be the only loan needed for the duration of your college years. The interest rates are much lower on parent student loans.
The last type of loan is the college consolidation loan. This loan is used to consolidate several prior loans into one loan source with one payment to a single lender, rather than having several payments to several lenders. Most students find that they need this type of college loan after they made the mistake of not getting enough funding in an initial loan.
These are the college loans available. Before choosing a college loan, try to figure out how much you need. Then see if you can get any help from your parents, financial aid or scholarships. Be sure that when applying for a college loan that your credit is as good as possible. With some careful thought, you should be able to select a college loan that is right for you.
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