Free calligraphy fonts – Log Protect http://logprotect.net/ Sun, 19 Jun 2022 02:23:27 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://logprotect.net/wp-content/uploads/2021/07/icon-2021-07-29T151759.208-150x150.png Free calligraphy fonts – Log Protect http://logprotect.net/ 32 32 [COLUMN] Customer compares Chapter 13 with various alternatives for $60,000 credit cards — https://logprotect.net/column-customer-compares-chapter-13-with-various-alternatives-for-60000-credit-cards/ Sat, 18 Jun 2022 19:57:30 +0000 https://logprotect.net/column-customer-compares-chapter-13-with-various-alternatives-for-60000-credit-cards/ THE client is 50 years old and married. He owes $60,000 in credit cards. He pays $2,000 a month in minimum credit card payments to keep the $60,000 current. His wife is not jointly and severally liable on these cards. She only owes about $2,000 in credit cards alone. They own a house that is […]]]>

THE client is 50 years old and married. He owes $60,000 in credit cards. He pays $2,000 a month in minimum credit card payments to keep the $60,000 current. His wife is not jointly and severally liable on these cards. She only owes about $2,000 in credit cards alone.

They own a house that is currently worth $1 million with a mortgage of $300,000. So their equity in the house is at least $700,000. The client’s home exemption is $600,000. This means there is $100,000 of non-exempt equity. According to the liquidation analysis, compared to Chapter 7, the customer will have to pay off the entire $60,000 of Chapter 13 credit cards over five years in 60 equal installments, without interest. All payments made under the Chapter 13 plan pay off the principal balance as there is no applicable interest.

The Chapter 13 plan payment is about $1,000 per month for 60 months, which will pay off all $60,000 in credit cards in five years. If the client makes all 60 payments according to the confirmed plan, the court will issue a discharge order at the end of the 60th payment. The discharge order will state that the customer owes zero or nothing on the credit cards at the end of the 5th year. Can creditors still sue the client for unpaid interest, absolutely not! Legally, the customer no longer owes anything on these cards.

Additionally, while the customer is on the plan, creditors cannot sue, call, or otherwise contact the customer to collect on the cards. The customer has peace of mind. He doesn’t have to worry about being sued. They can’t garnish his wages or take money from his bank accounts. The bankruptcy court protects the client’s residence from any attached creditor lien. Thus, in Chapter 13, the automatic bankruptcy stay protects the client, including all of their assets and home. This is the order of the bankruptcy court directing creditors to cease and desist from all collection efforts against the client and its assets. Pretty cool!

The client pays their plan payments to the Chapter 13 trustee, a court officer whose responsibility is to ensure that all plan payments are distributed to creditors who have filed their proofs of claim. The trustee ensures that all payments are distributed to the correct creditors. In other words, the trustee can’t get away with your money. This is another reason why the client will have peace of mind in Chapter 13. It pays the trustee who is under the supervision of the bankruptcy court.

What other alternatives are there before the customer decides to seek Chapter 13 relief for his $60,000 credit card?

One option he had was to get a $60,000 loan with very high interest to pay off all his credit cards. There were many offers from lenders for these alternatives. Payday lenders have branched out into this type of medium-term, high-interest loan to avoid regulation. The offers are $60,000 at 50% to 100% interest. Does it make sense to get this type of high interest loan? No, this is not the case. The client could end up losing his house if he got this loan. He will live a life of pain. He is expected to pay off a $60,000 principal loan with $90,000 to $120,000 in three to five years. Compare it with zero or no interest in chapter 13.

Another option he had was consolidation. He was actually in consolidation and was paying $1,800 a month for 60 months for six months to a “consolidator”. A “consolidator” is not an officer of justice. He is a businessman and consolidation is his business. What if he decides to close his business? Well, that’s the risk you take. One issue that arose was that two creditors did not agree to toe the line and sued for $30,000. Compare this to Chapter 13 where the court shields the client from all lawsuits and collection efforts. All collection efforts, including legal action, stop the minute the customer’s Chapter 13 is filed.

He also had the so-called “settlement” option. He can negotiate directly with creditors or use a third party to “settle” the debt at a price lower than what is owed. The client actually received several offers from various creditors to cancel part of the debt owed with a lump sum payment. For example, Creditor A will agree to accept 70% of what is owed $10,000 as settlement. Thus, for a payment of $7,000, the creditor will consider the case closed. Good luck raising the $7,000. Maybe you can do UBER at night and not sleep at all. After three months, you could have $7,000. The problem is that they want the $7,000 up front, not in three months. And, the other creditors do not agree to settle, they prefer to sue you immediately to recover their money.

Another option is to get a $60,000 HELOC or home equity loan and use the proceeds to pay off all credit cards. The interest rate for the HELOC is lower because the client’s home will be used as collateral for the loan. The client will have to obtain a second mortgage on his house for $60,000. Remember that HELOC loan interest rates fluctuate. When mortgage rates rise, as they did yesterday, and will rise for the rest of the year to rein in the high inflation at that time, the customer will end up paying double-digit interest on HELOC. And, if he stops paying on the HELOC, guess what happens? The creditor can and will seize his house.

It’s really no surprise that the client chose chapter 13 relief to protect his home from levies, lawsuits, wage garnishment, bank levies and just put an end to all those harassing phone calls for collection, and the unwanted risk of foreclosure of the client’s home through a HELOC loan. Peace of mind, no interest and full legal protection from the bankruptcy court. Trustee guarantees that your payments are distributed to the correct parties.

Of course, if the client’s net worth was $625,000, they would only have to pay a little over $400 per month for 60 months. At the end of the plan, $35,000 is discharged or wiped out. He doesn’t have to pay the full $60,000, he only has to pay $25,000 of the $60,000 cards because according to the liquidation analysis, only $25,000 is not exempt.

If you need debt relief, schedule an appointment to see me. I will analyze your case personally.

Disclaimer: None of the above is considered legal advice and there is no attorney-client relationship between reader and attorney.

* * *

Disclaimer: None of the above is considered legal advice to anyone. There is absolutely no attorney client relationship established by reading this article.

* * *

Lawrence Bautista Yang specializes in bankruptcy, business, real estate and civil litigation and has successfully represented over five thousand clients in California. Please call Angie, Barbara or Jess at (626) 284-1142 for an appointment at 20274 Carrey Road, Walnut, CA 91789 or 1000 S. Fremont Ave., Mailstop 58, Building A-10 South, Suite 10042, Alhambra, CA 91803 .

(advertising supplement)

]]>
7 different types of loans you should be aware of https://logprotect.net/7-different-types-of-loans-you-should-be-aware-of/ Fri, 10 Jun 2022 17:55:56 +0000 https://logprotect.net/7-different-types-of-loans-you-should-be-aware-of/ Consolidation loans can be an attractive option for borrowers who struggle to make multiple loan payments each month, as they can potentially lower your monthly payments and interest rate. Before consolidating, it is important to understand the types of consolidation loans available and their impact on your overall financial situation. These types of loans come […]]]>

Consolidation loans can be an attractive option for borrowers who struggle to make multiple loan payments each month, as they can potentially lower your monthly payments and interest rate. Before consolidating, it is important to understand the types of consolidation loans available and their impact on your overall financial situation.

These types of loans come in different forms, each with their own advantages and disadvantages. Here are the most common types of consolidation loans.

1. Home Equity Loan

This type of consolidation loan uses your home as collateral. If you default on the loan, your home could be foreclosed. However, home equity loans often have lower interest rates than other types of consolidation loans.

2. Personal loan

Personal consolidation loans are unsecured, which means they do not require collateral. This makes it a good option for people who don’t own a home or don’t have any assets to use as collateral. However, because they are unsecured, personal consolidation loans often have higher interest rates than other types of consolidation loans.

3. Balance Transfer Credit Card

This type of consolidation loan allows you to transfer the balance of your other credit cards to a single card with a lower interest rate. However, most balance transfer credit cards have an introductory APR of 0% for only 12-18 months, after which the interest rate changes to regular APR.

4. Student loans

Student loans can help you finance your education and avoid accumulating too much debt. There are many different types of student loans, so it’s important to shop around and compare interest rates before choosing one.

There are two main types of student consolidation loans: federal consolidation loans and private consolidation loans. Federal consolidation loans are available from the US Department of Education and can be used to consolidate multiple federal student loans into one loan with one monthly payment. Private consolidation loans are offered by private lenders and can be used to consolidate federal and private student loans.

5. Payday loan

A payday loan is a short-term, high-interest loan that is typically used to cover unexpected expenses or emergencies. Payday loans should only be used as a last resort, as they can have very high interest rates and fees.

6. Title loan

A title loan is a type of secured loan where you use your car as collateral. Title loans usually have very high interest rates and should only be used as a last resort.

seven. Credit line

A line of credit is a flexible loan that can be used for consolidation, home improvement or other major expenses. Lines of credit generally have lower interest rates than other types of loans, making them a great option for saving money on interest payments.

]]>
Orange Credit announces the launch of a low-interest loan https://logprotect.net/orange-credit-announces-the-launch-of-a-low-interest-loan/ Wed, 01 Jun 2022 02:00:00 +0000 https://logprotect.net/orange-credit-announces-the-launch-of-a-low-interest-loan/ SINGAPORE – Media OutReach – June 1, 2022 – Orange Credit, a legal and licensed lender in Singapore, has announced the launch of its latest loan, with a loan interest rate as low as 1% per month. This new initiative will be used for its personal loans, bridging loans and payday loans. The launch of […]]]>

SINGAPORE – Media OutReach – June 1, 2022 – Orange Credit, a legal and licensed lender in Singapore, has announced the launch of its latest loan, with a loan interest rate as low as 1% per month. This new initiative will be used for its personal loans, bridging loans and payday loans.

The launch of the new 1% loan by Credit Orange does not include administration fees, according to the applicable terms. Eligible applicants with an annual income above S$30,000, no outstanding loans from other approved lenders, as well as outstanding unsecured loans from banks not exceeding three times the amount of their monthly income may apply for the ready.

This lending initiative was born out of Orange Credit’s advocacy of responsible borrowing and lending to the public with the aim of minimizing personal debt in Singapore. Thus, Orange Credit is dedicated to going through the disposable income of borrowers, in addition to assisting borrowers with debt consolidation loans in Singapore. This comes from the fact that she strives to focus on the priorities of her clients in order to provide the optimal solutions to their financial worries.

Orange Credit is a reliable and licensed professional lender in Geylang that offers flexible, easy and fast cash loans with quick and hassle-free loan approval in Singapore. Orange Credit has steadily expanded its customer base since its inception by offering a variety of loans, such as debt consolidation and business loans in Singapore, to ease the financial concerns of people in need and businesses that have intend to grow. With no hidden fees, all documentation is straight forward and simple. This allows Orange Credit to speed up loan procedures, which results in quick loan approvals.

For more information about Orange Credit and its reliable range of money lending services, please visit https://orangecredit.com.sg/.

#OrangeCredit

The issuer is solely responsible for the content of this announcement.

]]>
How to get out of payday loan debt in Colorado https://logprotect.net/how-to-get-out-of-payday-loan-debt-in-colorado/ Tue, 31 May 2022 23:21:48 +0000 https://logprotect.net/how-to-get-out-of-payday-loan-debt-in-colorado/ Despite all the pros and cons, payday loans are still the most convenient option for meeting immediate cash needs. Payday loans can cost you a lot more in the long run than you originally planned to borrow. Payday loans can quickly become a trap for borrowers due to their high interest rates and fees. The […]]]>

Despite all the pros and cons, payday loans are still the most convenient option for meeting immediate cash needs. Payday loans can cost you a lot more in the long run than you originally planned to borrow.

Payday loans can quickly become a trap for borrowers due to their high interest rates and fees. The bill is coming due and they take out another business loan with even more fees because they can’t pay it. Many predatory lenders abandon their customers using deception and trick consumers into approving loans in states where payday loans are illegal.

Below are some of the key facts about Colorado payday loan laws to help you make an informed decision about payday loans. Also, I will discuss how to get out of living payday loans in Colorado.

5 Important Colorado Payday Loan Laws You Should Know

1. In Colorado, the payday loan is legal at a lower cost.

2. The maximum amount that can be borrowed through payday loans in Colorado is $500. One or more payday loans can be used to meet the $500 limit. Although payday loans in Colorado do not have a maximum term, they have a minimum term of six months.

3. Payday lenders can charge up to 20% of the loan amount in finance fees for amounts up to $300. For every $100 above the first $300 borrowed, lenders can charge up to $7.50 in addition to standard financing fees. The law allows lenders to charge a 45% interest rate if a borrower renews a payday loan.

4. The law allows repayment plans. However, the terms of these plans may differ between lenders as long as they are legal.

5. Collection of unpaid debts is restricted under Colorado payday loan laws. For “insufficient funds” penalties, lenders can charge up to $25. Lenders can sue borrowers for unpaid payday loans for the full amount of the loan plus attorney’s fees. Borrowers can only be sued if they have closed their current accounts before repaying the loan or debt in full.

Lenders are required to issue refunds for the prorated amount of APR when borrowers repay payday loans in full before the end of the APR loan term.

5 Ways to Get a Payday Loan Solution in Colorado

You need to pay off your debts as soon as possible because these loans come with higher interest rates that accrue until you pay off the debts. Usually, you have to pay the debt when you get your next paycheck, but lenders allow you 30-day payment extensions.

It can seem impossible to get out of a payday loan when you have one. Fear not, there are ways to get the payday loan solution and get back on your feet. The sooner you can pay off a payday loan, the better.

Here are some of the ways to escape the clutches of a payday lender:

1. Make full payment

It is advisable to repay your entire loan. This is undoubtedly the best way to eliminate your debt. Most lenders also prefer it. With the help of a well-planned budget, you can afford it. When you make your payments in full, you don’t have to worry about incurring additional debt.

Some states won’t allow you to get a new payday loan unless the previous one has been paid off. Once you have made the full payment, you can make sure to improve your financial health.

2. Opt for an extended payment plan

You can work out an Extended Payment Plan (EPP) with your payday lender. This will allow you to repay the loan in smaller installments over a longer period without incurring additional fees or interest.

Review your finances and determine the largest amount you can quickly pay for your loan each month before speaking with your lender. Make an appointment with your lender to discuss your loan restructuring before the last business day before your loan is due.

If you need to sign a new loan contract for your PEP, study the terms carefully before signing. This way you will avoid unpleasant surprises along the way.

Remember that not all payday lenders will participate in a PEP. However, it’s always good to find out about your lender’s flexibility if you can’t afford to repay your loan on time.

3. Consolidate your payday loans

Why should you consider a payday loan consolidation to pay off your predatory debts?

Usually, when there is a high interest rate, all of your monthly payments go towards paying the interest rate payments. Interest payments are the minimum monthly payments you must make. So, if the minimum monthly payment is high, you are not aware of making further payments. Your principal remains intact and your payday loans remain the same. Therefore, lowering the interest rate through negotiations will help you pay off your debts quickly.

You can also avoid collection agents because the payday loan consolidation company will deal with your creditors. Thus, you can lower the interest rate on your payday loans to make full repayments on them; you can also make one-time monthly payments to pay online.

Various companies offer such services. However, not all of these companies are legit. Contact a reputable debt consolidation company to enroll in a consolidation program.

4. Settle your debts

Debt settlement allows you to get out of your debt situation. It will serve as a proposition to your creditors that you are unable to repay your debts in full and therefore only wish to repay part of your total debt. Most lenders and financial institutions will refuse to enter into a settlement agreement with you and will discuss the lump sum you will offer. However, if you reach a reasonable settlement agreement, all you will see is profit!

The first step is to approach your creditors and lenders on your own and ask them to reduce your overall principal amount to a discounted lump sum. The second step is to locate a reputable debt settlement company or law firm and hire them to complete the task. Following the second path will increase your chances of success. Working out a settlement agreement on your own is a difficult task.

5. Consider taking out an alternative payday loan

Consider getting an alternative payday loan (PAL) if you belong to a credit union. The National Credit Union Administration allows federal credit unions to provide members with loans ranging from $200 to $1,000. When applying for PAL, the credit union may only charge an application fee of up to $20 to cover the actual costs of processing the application. The borrower must have been a member of a caisse for at least one month.

Getting a PAL can be a great way to pay off a payday loan and get out of high interest rates. The term of these loans usually ranges from one to six months. For six months, the same borrower can receive up to three PAL.

Can you file for bankruptcy to get out of payday loan debt?

Bankruptcy should always be a choice of last resort. Filing for bankruptcy has many long-term consequences that will hurt your credit for years. This is why it is essential to evaluate all other possibilities before embarking on this path. If you have too many obligations and not enough money to pay them off, bankruptcy may be possible. Payday loans and your other debts could be erased in a bankruptcy filing.

Tips

You should avoid going into debt again. Payday loans are dangerous. Make an effort to increase your income and avoid living paycheck to paycheck. Payday loans are never a long-term answer to your financial needs, but they can definitely hurt your financial situation. Also, many illegal payday lenders use your bank account details for theft and other illegal actions. I hope you will agree that payday loans should be avoided at all costs. Manage your money better for a secure financial life.

Lyle Solomon has extensive legal experience as well as in-depth consumer credit and drafting knowledge and experience. He has been a member of the California State Bar since 2003. He graduated from the McGeorge School of Law at the University of the Pacific in Sacramento, California in 1998 and currently works for the Oak View Law Group in California in as lead counsel.

]]>
How to Improve Personal Loan Applications: 6 Ways to Increase Chances of Approval https://logprotect.net/how-to-improve-personal-loan-applications-6-ways-to-increase-chances-of-approval/ Mon, 30 May 2022 14:00:08 +0000 https://logprotect.net/how-to-improve-personal-loan-applications-6-ways-to-increase-chances-of-approval/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. Before you take out a personal loan, […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Before you take out a personal loan, read about 6 things you can do to improve your personal loan application and increase your chances of approval. (Shutterstock)

Personal loans can help cover a variety of unexpected projects and costs. The best way to get approved is to have good credit and a low debt-to-income ratio (DTI).

If you need a loan, these six tips can help improve your Personal loan apply and increase your chances of being approved for the funds you need.

Shopping around and comparing lenders is a good place to start before submitting an official personal loan application. Credible, it’s easy to view your prequalified personal loan rates from various lenders, all in one place.

1. Decide what type of personal loan you need

Personal loans are installment loans, which means you receive a lump sum of money up front and then repay the loan with fixed payments over an agreed term. But not all personal loans are created equal. There are many types of personal loans you can choose from, including:

  • Unsecured loans — These loans allow you to borrow money without putting anything as collateral to secure them. In most cases, you will need a higher credit score to be approved.
  • Secured Loans — Secured loans require you to provide an asset as collateral, such as your home or car. If you default on a secured loan, the lender has the right to seize your collateral.
  • Fixed rate loans — Fixed rate loans come with a fixed interest rate that does not change for the term of the loan. These loans make it easier for you to budget for your payments.
  • Variable rate loans — Variable rate loans have variable interest rates, which fluctuate with the market. Since these rates can go up or down, variable rate loans often bring uncertainty and can be difficult to budget for.
  • Co-signed loans — Co-signed loans are personal loans that you take out with a co-signer, such as a family member or close friend, who agrees to repay the loan in the event of default. If you can’t qualify for a personal loan on your own or want a lower rate, co-signed loans might be worth pursuing.
  • Joint loans — Joint loans can also increase your chances of getting loan approval and a better rate. These loans are very similar to co-signed loans, except that both borrowers can use the funds and are equally responsible for repaying them.
  • Debt consolidation loans — A debt consolidation loan combines multiple high-interest debts into one easy-to-manage loan. These loans can simplify the process of paying off debt and potentially save you money on interest since personal loans usually come with lower interest rates than credit cards.
  • Financing Buy now, pay later — With buy now, pay later financing, you can split online or in-store purchases into interest-free payments. You can use this type of loan to buy something right away with a minimal initial investment. But if you make a late payment, you may be subject to charges.
  • Payday loans — Payday loans are small, short-term loans that can help you wait for your next paycheck. You will repay them within two to four weeks. But you should only consider payday loans as a last resort. They come with fees and interest that equates to an APR of 400% or more, according to the Consumer Financial Protection Bureau.

2. Check your credit report

Your credit score is a three-digit number that gives lenders an idea of ​​how likely you are to repay the money you borrow. It is calculated based on your payment history, the number of accounts you have, the type of accounts, your credit usage (how much credit you use compared to the amount of available credit you have) and the duration of your credit history.

Lenders look at your credit score when they review your loan application. A higher credit score generally increases your chances of being approved and getting a better interest rate. By making payments on time and limiting the use of your credit, you can increase your score.

It’s a good idea to pull your credit reports from the three major credit bureaus at least once a year – you can do this for free by visiting AnnualCreditReport.com. Once you receive your reports, review them for potential errors, such as missed payments you didn’t actually miss or accounts you didn’t open. Dispute any errors you find with the appropriate credit reporting agency.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

3. Improve your credit score

If you have a fair or bad credit scoreHere are some things you can do to increase your score and increase your chances of getting approved for a personal loan:

  • Pay your bills on time. Even one missed payment can hurt your credit score. That’s why it’s important to pay your mortgage, credit cards, car loans, student loans and other bills on time, every time.
  • Pay off your debt. The lower your credit utilization ratio, the more likely a lender will approve you for a loan. By paying off your debt, you can improve your credit utilization ratio and, therefore, increase your credit score.
  • Do not close credit card accounts. Even if you no longer use certain credit cards, keep them open. It can increase the length of your credit history, which can improve your credit.
  • Limit new credit accounts. Only apply for new credit when you absolutely need it. Applying for too many credit accounts at once can hurt your credit score because it leads to difficult inquiries on your credit report and lowers the average age of your credit accounts.

4. Don’t borrow more than you need

While it can be tempting to ask for more money than you need to meet a financial goal, like a car repair or a kitchen renovation, it can do more harm than good. Since a larger personal loan will come with a higher monthly payment and affect your ability to cover other financial obligations, lenders will consider it riskier. This can make it harder for you to get approved for a loan.

5. Consider applying with a co-signer

A co-signer is usually a family member or close friend with a good credit rating and a stable income who agrees to repay your loan in the event of default.

For example, if you are applying with a co-signer because you are unemployed or your credit is poor, you may get approved for a loan that you would not qualify for on your own. You could also get a lower interest rate, which could save you hundreds or even thousands of dollars over the life of the loan.

While a cosigner can make your personal loan application more attractive to a lender, it’s important to consider the potential downsides of applying with just one. If you fall behind on your payments, you could put the co-signer in a difficult position and damage your relationship, as well as their credit. That’s why you should only apply for a co-signer if you’re sure you can repay your loan as agreed.

Additionally, it is difficult to remove a co-signer from a loan once the funds have been disbursed. Your co-signer may be stuck with responsibility for the debt for a while until you pay it off. Make sure the co-signer you choose not only understands this risk, but accepts it.

6. Find the best personal lender for you

There is no shortage of personal loans on the market. Take the time to shop around and compare a variety of products offered by banks, credit unions and online lenders. Look at their amounts, interest rates, fees, and any special perks they might offer.

It can help you find the ideal personal loan for your unique situation.

Credible, it’s child’s play to compare personal loan rates from multiple lenders without a firm credit application or any effect on your credit.

]]>
Common Reasons Borrowers Depend On Payday Loans https://logprotect.net/common-reasons-borrowers-depend-on-payday-loans/ Fri, 13 May 2022 13:05:28 +0000 https://logprotect.net/common-reasons-borrowers-depend-on-payday-loans/ Payday loans are a useful source of credit, but come with a negative media narrative. Fortunately, the purpose of the mayhem was the high interest rate, which was eliminated several years ago with the introduction of regulation. Payday loan borrowers enjoy legal protection and for this reason it has gained popularity over traditional short term […]]]>

Payday loans are a useful source of credit, but come with a negative media narrative. Fortunately, the purpose of the mayhem was the high interest rate, which was eliminated several years ago with the introduction of regulation. Payday loan borrowers enjoy legal protection and for this reason it has gained popularity over traditional short term bank loans.

LoanPig.co.uk offers good opportunities and short term loans for everyone to get a loan easily and quickly. The APR will be high, but you will pay it very soon. Even the amount of fees involved will be less than traditional bank loan processing. Moreover, if the repayment is made on time, it is an excellent option that gives you a space of 5 to 6 months to restructure your finances.

Common reasons why borrowers depend on the type of payday loan

There are several reasons why borrowers choose to choose payday loans. It’s a magic way to get cash flow to your bank account fast.

During unemployment

Source: forbes.com

Unemployment is a phase that hits a person emotionally and financially. This is a point that no one wants to experience, but which can suddenly put you in a financial situation where it becomes difficult to manage your basic needs. A personal loan is an attractive option because –

  • You have access to instant cash
  • You persist in your lifestyle before you find yourself unemployed
  • You think unemployment isn’t a big deal
  • You are breathing deeply and feeling motivated to look for another job opportunity

It is wise not to choose payday loans but to try other means. You can get jobseeker’s allowance. Also, reduce spending of your savings as much as possible. Accept any type of job until you land your dream job.

To merge other debts

Many borrowers apply for payday loans to pay off other debt. It could be credit card debt or a loan from another lender. It’s a wise move when the advertised interest on the loan is less than the debtor already owes.

Usually, the change can be bad because there are other bills, which can add up to a huge amount. Borrowers can choose the debt consolidation feature. It bundles all loans together making it easy to repay and less risky than using the payday option.

Avoid humiliation

Source: incomepassifmd.com

You can borrow small loans from friends and family, which is less risky than choosing a professional loan service. In addition, there are virtually no worries about interest payments.

Unfortunately, there are stories that borrowing from friends or family caused friction, which damaged their relationship. Therefore, many people prefer to go to a lender and pay interest. You can avoid the embarrassment and humiliation of taking out a loan from someone you know personally.

Holiday loans

At Christmas, parents look forward to giving their children objects or things they want. Payday loans seem to be the best answer. They receive the necessary funds for the holiday period, which are reimbursed with the New Year’s salary.

Parents may be tempted to borrow large sums to buy everything their children dream of, but overlook the cycle of debt. It is difficult for parents to explain to their children that the requested gifts are unaffordable, especially when Santa Claus is supposed to bring them. Be sure to consider your financial capacity before applying for a payday loan.

Support during bad credit ratings

Source: upgradedpoints.com

Payday loans have a bad reputation, so many people borrow from banks or other lending institutions. Here, if your credit score is not good, your loan applications are denied. Alternatively, payday loan services approve loans for bad credit. Approval is based on other criteria like affordability. However, rather than applying for a payday loan, it is better to work on improving your credit score by paying bills and debts on time consistently for more than 6 months. A high credit score will give you access to easy loans in the future.

Pay the bills

Payday loans are an attractive option to pay the high utility bill. Nevertheless, it is wise to look for ways to reduce your utility costs. Find ways to control energy use, such as better home insulation instead of wasting money on gas. Thick curtains can keep the heat inside and are not an expensive switch. Never leave the shower running for hours, have time limits to reduce wasted hot water.

For urgent medical treatment

Source: vitalrecord.tamhsc.edu

Medical bills must be paid or they will accumulate like any other type of debt. Urgent medical treatment or surgery is one of the main reasons people depend on short term loans. However, to circumvent personal loans, it is best to have adequate health insurance coverage, as a medical crisis can be expensive.

To pay mortgage payments

People debate that missing a mortgage payment is worse than getting a payday loan. This is because the mortgage provider begins to assume that you cannot afford the house. If you persist on late payments, they take action against you. You should discuss an appropriate repayment plan with the mortgage lender or downsize your home instead of applying for a payday loan.

Pay an overdraft

The unregulated overdraft is scary. You get penalized, and with payday loans, people avoid that. Steps should also be taken to ensure that you are not overdrawn.

Pay an unexpected debt

Source: experian.com

Everyone wants to stay miles away from debt, but it can happen unexpectedly. For example, your father died and you inherited his debt. You will need to erase it as soon as possible. You will use the payday loan to escape from this situation.

Things to know

As another type of loan is hard to come by, payday loans have become popular for raising capital quickly rather than waiting and missing opportunities or in times of emergency. People who are in desperate need of money and don’t have time to go through the traditional loan approval process, which takes time, gets rejected and repeats it with another lending institution, find an option fast payday loan to pursue.

Bank loans are open to investigation, while a direct payday lender does not prioritize where the borrower will use their money. Disclosure to the payday lender about your loan is for statistical purposes only. You can use the amount to treat yourself or go on an excursion or pay a deferred installment, the determining aspect of the approval will be your ability to repay the borrowed amount.




]]>
Can you get a jobless loan? Here’s what you need to know https://logprotect.net/can-you-get-a-jobless-loan-heres-what-you-need-to-know/ Thu, 12 May 2022 17:41:24 +0000 https://logprotect.net/can-you-get-a-jobless-loan-heres-what-you-need-to-know/ Getting a loan can help you in many ways when you are in a tough financial situation, however, for some getting a loan is not as easy as it is for others. Many people who need a loan cannot get a good deal because of their credit score or even because they are unemployed. So […]]]>

Getting a loan can help you in many ways when you are in a tough financial situation, however, for some getting a loan is not as easy as it is for others. Many people who need a loan cannot get a good deal because of their credit score or even because they are unemployed.

So what can you do if you are unemployed? Well, the bad news is that you may not be able to get a loan if you are unemployed. The majority of lenders will want you to have a permanent and regular stream of income, as this ensures that you have the funds to pay back.

However, this is not the case for everyone. Instead, you might find yourself able to get a loan from one or two lenders even if you’re unemployed, but the loan won’t be as good as if you were employed.

So how does it all work? Are you stuck vying for no credit check loans or do you have other options?

Can you get a loan while you are unemployed?

You can still qualify for a loan, even if you are unemployed. However, if this is your case, you will need either strong credit or another source of income to support you in this endeavor.

Unemployment can arise unexpectedly or by choice, as would be the case with retirement, lenders will still sometimes consider lending to you, as long as you are able to persuade them that you will be able to make regular payments on time.

This is the main concern of the lender.

A lender will generally want to see three things on an application. These include a good and solid credit history, a good credit rating and regular income.

A strong credit history means you have a good history of paying loans or credit on time with little to no late payments, especially recently.

Your credit rating should be as high as possible, the higher the better. Some lenders will have a minimum score that they accept. The higher your credit score, the lower your APR, the lower your credit score, the higher your APR.

Lenders should also know that you can make repayments every month. Technically, this doesn’t have to come from a paycheck, however, you should at least have a reliable source of income that will be enough to cover expenses on a monthly basis and to cover loan repayments.

What should you think about?

There are many types of loans you can get, but probably the most popular are personal loans. With these loans you should consider the same things you should consider with any other type of loan.

There will be short and long term financial factors and consequences of taking out a loan that you should be wary of.

Here are some things you should think about.

Can you make payments on time?

First, if you’re unemployed, or even employed, being able to make payments on time is a big deal.

You should always ask yourself if you can make the minimum payment on time every time. Late payments will not only affect your credit score, but they can also lead to late fees. If you can’t repay the loan, your lender may even go further.

This means debt collection agencies and a negative credit report, if your loan is secured they can take your property, or you can even be sued.

Understanding these factors is very important to ensure you get what you need from a loan and that a loan won’t be a bad idea for you.

What are the loan terms and risks?

It is wise to make sure you understand the terms of the loan. Read the fine print and write down the important things. This includes payments, fees, penalties, interest, etc.

However, also be aware of the risks, consider the best-case scenario, then consider the worst-case scenario, and don’t go for it unless you’re happy with both.

Consider if this loan is really the best thing for you, what might happen if you are unable to make the payments, and the interest rate, what this will mean for your actual total payment.

Don’t forget to consider the consequences if you don’t repay the loan, could you end up losing your house or your car?

What are lenders thinking?

Remember that each lender will have different credit policies that they will use to determine if the borrower is most likely to repay the loan. It is a risk assessment.

So even if you don’t have a job, some lenders accept alimony, disability benefits, unemployment benefits, social security payments, pensions, child support, interest or dividends, etc.

What types of personal loan can you get?

If you are employed, you could get a secured or unsecured loan. Secured loans are tied to an asset of yours and you risk losing that asset if you do not repay the loan in full. Unsecured loans do not have this risk but usually have a higher interest rate.

You could also get a payday loan (although risky) as well as cash advance or debt consolidation loans!


]]>
How to Stop Living Paycheck to Paycheck — RISMedia https://logprotect.net/how-to-stop-living-paycheck-to-paycheck-rismedia/ Wed, 11 May 2022 16:07:15 +0000 https://logprotect.net/how-to-stop-living-paycheck-to-paycheck-rismedia/ Many Americans are caught in a paycheck-to-paycheck life cycle. If you’re struggling to make ends meet from one payday to the next, you understand the stress and anxiety it can cause. Here are some strategies to stop living paycheck and start investing in an emergency fund, retirement, your kids’ college education and other long-term goals. […]]]>

Many Americans are caught in a paycheck-to-paycheck life cycle. If you’re struggling to make ends meet from one payday to the next, you understand the stress and anxiety it can cause. Here are some strategies to stop living paycheck and start investing in an emergency fund, retirement, your kids’ college education and other long-term goals.

Determine where your money is going
The first thing you need to do is figure out what you’re spending money on. You might think you know where your money is going, but you might be surprised how much you’re spending on takeout, coffee, entertainment, and other things you really don’t need. These purchases can quickly add up, and they can keep you stuck in the paycheck-to-paycheck trap. For a month, write down everything you buy so you have a clear idea of ​​how you’re currently spending your money.

Create a budget
Write down how much you earn each month (after taxes, health insurance, and other deductions). Then figure out how to allocate that money. You need to make sure you have enough money to pay for essentials, such as housing, utilities, food, and transportation. Once you factor that in, you can figure out how to cover other expenses.

You may need to reduce or even eliminate your expenses in certain areas to cover all your expenses and have money for the future. For example, if you eat out a lot or have coffee every morning on the way to work, cook more often at home and brew your own coffee. It may be less convenient, but it can save you a lot and help get you started on the road to financial security. Look for inexpensive or free forms of entertainment. For example, you can stay home and watch TV or visit a local park instead of going out to dinner and seeing a movie at the theater.

Pay off the debt
If you currently have high-interest credit card debt, that’s probably one of the main reasons you’re living paycheck to paycheck. Decide to pay it back as soon as possible. If you haven’t already, look for a low- or no-interest balance transfer credit card or consider a debt consolidation loan.

As you strive to pay off your debt, don’t pile more debt on top of it. It can mean giving up something you want or postponing a purchase until you can save some money.

Increase your income
If these steps don’t help you reach your goal as quickly as you’d like, you may need to increase your income. You might want to take on a part-time job or a side gig or find a way to earn money through a hobby. Even working a few extra hours a week can make a difference in your total income and help you stop living from paycheck to paycheck.

]]>
Payday loan borrowers charged high rollover fees despite consumer protections: CFPB https://logprotect.net/payday-loan-borrowers-charged-high-rollover-fees-despite-consumer-protections-cfpb/ Fri, 06 May 2022 12:45:15 +0000 https://logprotect.net/payday-loan-borrowers-charged-high-rollover-fees-despite-consumer-protections-cfpb/ Payday lenders offer short-term loans and cash advances, but those products come with high interest rates that often lead to a debt trap, the CFPB found. (iStock) Payday lenders provide small loans that are repaid in one lump sum, usually on the borrower’s next payday. Although these loans can offer quick funding without a credit […]]]>

Payday lenders offer short-term loans and cash advances, but those products come with high interest rates that often lead to a debt trap, the CFPB found. (iStock)

Payday lenders provide small loans that are repaid in one lump sum, usually on the borrower’s next payday. Although these loans can offer quick funding without a credit check, they often trap consumers in a cycle of debt due to the short repayment term and high annual percentage rate (APR).

Of the 26 states that allow payday loans, 16 of them require lenders to offer free extended payment plans to deter reborrowing. But even in states that have these consumer protections in place, payday loan borrowers continue to pay high rollover fees, according to a new report from the Consumer Financial Protection Bureau (CFPB).

SEARCHING FOR DEBT RELIEF? HERE’S HOW CREDIT ADVICE CAN HELP YOU

“Our research suggests that state laws that require payday lenders to offer extended repayment plans at no cost are not working as intended,” CFPB Director Rohit Chopra said. “Payday lenders have a strong incentive to protect their income by encouraging borrowers to re-borrow in expensive ways.”

Keep reading to learn more about the recent CFPB study, as well as how to break the cycle of payday loan debt. One option to consider is consolidating payday loans into a fixed rate personal loan. You can visit Credible to compare debt consolidation loans for free without affecting your credit score.

DEBT CONSOLIDATION VS. DEBT SETTLEMENT: WHAT’S THE DIFFERENCE?

Extended payment plans can save borrowers money, but many don’t use them

If a borrower can’t repay their payday loan, they have a few options: roll over their loan for another two weeks, default on their loan, or sign up for an extended payment plan — at least in the 16 states that have it. require.

On a typical $300 payday loan, borrowers can realize substantial savings by using a payment extension rather than rolling over the loan. The CFPB estimates that a borrower will incur $360 in rollover fees over the course of four months, compared to a one-time fee of $45 for an extended payment plan.

Despite the obvious benefits, extended repayment plan utilization rates in states that offer this option are still far lower than payday loan rollover rates. In other words, payday loan borrowers were much more likely to roll over their loans rather than use an extended repayment plan.

For example, the churn rate was 16.4% in Wisconsin last year, compared to the extended payment plan utilization rate of just 2%. And just 0.4% of Florida payday borrowers use payment plan extensions, while more than a quarter (26%) have 10 or more loans.

If you’re having trouble repaying multiple payday loans, you might consider consolidating them into one personal loan. Unlike payday loans, personal loans offer fixed interest rates and longer, more predictable repayment terms. You can read more about payday loan consolidation on Credible.

WHAT ARE CREDIT UNION LOANS AND HOW CAN I GET ONE?

Eligibility Criteria May Contribute to Low Extended Payment Plan Utilization Rates

One of the reasons for the low use of extended repayment plans is “substantial variation in eligibility requirements” that payday loan borrowers must meet under state regulations, the CFPB found.

Alaska law requires borrowers to repay at least 5% of the outstanding loan balance before being eligible for a payment plan extension. Utah allows lenders to charge a 20% upfront payment if a borrower enters an extended payment plan after default.

In Florida, borrowers must enroll in credit counseling services to be eligible for an extended grace period. This can be a potential and time-consuming hurdle for borrowers who feel the urgency of missing a loan repayment.

Only seven of the 16 states that require extended repayment plans require lenders to inform borrowers of this repayment option before taking out a loan. And in most states, borrowers can only use one extended repayment plan over a 12-month period.

As an alternative to payday loan rollovers and extended repayment plans, some borrowers might consider paying off their debt with a fixed rate personal loan. Debt consolidation can help you spread the repayment of your debts over a longer period. You can compare current rates in the chart below and use Credible’s personal loan calculator to estimate your monthly payment.

5 SMART WAYS TO CONSOLIDATE CREDIT CARD DEBT

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

]]> 6 useful and practical tips to pay off your debts in 2022 https://logprotect.net/6-useful-and-practical-tips-to-pay-off-your-debts-in-2022/ Thu, 21 Apr 2022 01:35:30 +0000 https://logprotect.net/6-useful-and-practical-tips-to-pay-off-your-debts-in-2022/ Loans or credit cards are sometimes the best option if you have a financial emergency while you wait for payday, or if you need to pay to get your car fixed, so you can get to work and earn money. Paying off debt can leave more money to save and teach you how to budget […]]]>

Loans or credit cards are sometimes the best option if you have a financial emergency while you wait for payday, or if you need to pay to get your car fixed, so you can get to work and earn money. Paying off debt can leave more money to save and teach you how to budget for the future. It can also improve your credit score, especially if you pay more than the minimum payment each month. This can make it easier to get loans in the future.

Paying off debts is not an easy solution. It takes planning and dedication to achieve your financial goals, but with that determination, your debts can be paid off. It will ultimately leave you happier and stress-free. No matter what type of debt you have, below are six helpful and practical tips for paying off your debt in 2022.

Debt Consolidation

Debt consolidation can be a great option if you have several different loans and credit cards that you’re trying to pay off at once. If you can find a loan that offers lower interest rates, you can use it to pay off your existing debts, leaving you with just one debt to manage, rather than many. If you’re having trouble keeping track of all your existing debts, this is a handy solution that can make it easier to pay off your debts.

It’s not always the best option for everyone, so calculate how much interest you’re paying on each of your debts so that when you apply for a loan, you can see if debt consolidation is worth it. This will depend on how long you have to repay the loan and whether it is affordable for you.

When you’re in debt, it can negatively affect your credit score, making it harder to find a debt consolidation loan. If so, you need to find a company that does not provide credit check loans. This guide from Sunny has all the information you need about bad credit and no credit check loans. They are a credit broker who work with various lenders, so they can help you find a suitable debt consolidation loan.

The avalanche method

The avalanche method is a common way to pay off debt and works by paying off the loan or credit card with the highest interest rate first. Like an avalanche, it may seem like your debt is going nowhere, but stick with it, and you’ll soon see the benefits of using this method. Once your highest interest rate debts are paid off, you will notice a change in your debt repayment plans. As a result, your debts become easier and easier to repay.

High interest can lead to additional debt, especially if you only pay the lower amount each month. As interest accumulates, you want to get rid of this debt as soon as possible. You should still pay off all your debts, but consider paying the minimum amount, so that any extra can go directly to the highest interest debts.

Balance Transfer Cards

Balance transfer cards are a form of credit card that can be used to lower the interest rates you pay. Your bank may offer you one, or you can search online to find one that’s right for you. Usually these have an introductory offer, where you pay less interest and can transfer balances from other credit cards to this card. Depending on the provider, they may charge to transfer balances, so you need to consider whether this method is worth it.

Some cards will give you a 0% balance transfer fee within a certain time frame, so you should get everything ready for the transfer right away. Keep in mind that interest rates may increase after the introductory period, so you should repay quickly to get the most out of it. Using a balance transfer card alongside the avalanche method is great for getting rid of high interest debt quickly.

The snowball method

Another popular method of debt repayment that you may have heard of before, the snowball method, involves getting rid of smaller debts first. Just like a snowball rolls across the ground, getting bigger and bigger, you have more money to meet your bigger debts when you pay off the smaller ones first.

When you pay off a debt, you get great motivation because you see your hard work paying off. When debt is overwhelming you, it can be a good idea to use this method and reduce the amount of debt you have.

Debt repayment plans

A debt repayment plan is an agreement that has been put in place between you and the loan or credit card agency. Together, you can find a solution that benefits both you and creditors, so you can start paying monthly fees under a structured payment plan. Sometimes this can reduce the amount of interest you pay, as long as you hit the target payment each month.

Plus, it’s always best to talk to creditors directly if you’re having trouble paying your debt on time. Things happen, and not saying something could hurt your relationship with creditors, as they might be able to put a note on your file and agree on a different payment date. It’s always worth asking and informing, as you’re more likely to face further penalties if you don’t say anything at all.

Budgeting and saving for payments

The methods above are all great ways to pay off your debt, but setting aside the right amount of money each month and coming up with a debt repayment plan without a budget can be tricky. Creating a budget will give you a better understanding of your finances, so print out your monthly bank statements for the last 3-6 months and start logging all the inflows and outflows.

On a separate sheet of paper, calculate the payments for all your debts. Once you have those numbers, figure out where you can save money to pay off your debt faster or go the avalanche or snowball method. Then look for ways to limit spending in other areas so you have more money to pay off your debts.

That morning coffee doesn’t taste nearly as good when you see how much it’s costing you each month. Consider working out at home instead of at the gym, cancel memberships you barely use, look for ways to save money on essentials like groceries, and, if necessary, spend a little more time at home over the next few months. Although it can be difficult, improving your spending and saving habits will benefit you now and in the future.

These 6 useful and practical tips can help you pay off your debts in 2022, leaving you in a better financial position. Whether you try debt consolidation, the snowball method, or a balance transfer card, these solutions can offer a convenient approach to paying off your debts. If you still need help, you can find free debt advice online. If debt is overwhelming you, make sure you talk to someone about it.

]]>