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Preserve Your Money With These Great Payday Loan Tips | Euro …

Getting a payday loan is not something anyone usually looks forward to doing.Sometimes it is a necessary part of reality. If you are in this boat, then read on into the following paragraphs for advice, and wisdom. Use this knowledge to go into the best deal, and find the best possible exit from your emergency.

Make sure you do some research. Do not be hasty and jump on the first deal that you see. Always weigh multiple lenders, and shop for a lower rete. This could take a bit longer; however, the money savings would be worth the time. There are even a lot of online resources you might consider looking into.

If you can’t get the money you need through one company than you may be able to get it somewhere else. It’ll depend on how much income you make. Lenders calculate the money you make and they determine what the maximum loan is you are qualified for. You should keep this in mind when you are searching for payday loans.

Ask ahead of time what kind of papers and information you need to bring along when applying for payday loans. The two major pieces of documentation you will need is a pay stub to show that you are employed and the account information from your financial institution. You need to call the firm up before you go to find out what you should bring with you.

The most important tip when taking out a payday loan is to only borrow what you can pay back. Interest rates with payday loans are crazy high, and if you take out more than you can re-pay by the due date, you will be paying a great deal in interest fees.

You can learn a lesson from payday loans. If you’ve experienced the high interest and fees of a payday loan, you’re probably angry and feel ripped off. You must read the fine print and familiarize yourself with all the terms and conditions before accepting a payday loan.

Be certain to understand the true cost of your loan. It’s fairly common knowledge that payday loans will charge high interest rates. You may not know, however, that there are admin fees many lenders will charge. Many of these fees are hidden in the fine print.

Check your credit history before you look for a payday loan. Consumers with a healthy credit history will be able to get more favorable interest rates and terms of repayment. If your credit history is in poor shape, you can expect to pay interest rates that are higher, and you may not be eligible for a longer loan term.

Avoid getting caught in an endless cycle of debt. Make sure you do not get a loan to pay another one. You have to get rid of the source of the debt, even if you have to tighten your belt. You will see that it is easy to be caught up if you are not able to end it. You could end up spending lots of money in a brief period of time.

Pay close attention to fees. The interest rates that payday lenders can charge is usually capped at the state level, although there may be local community regulations as well. Because of this, many payday lenders make their real money by levying fees both in size and quantity of fees overall.

At their best, payday loans are a two step process. The first part is usually easy. Getting a loan initially to take care of your needs, and emergency. The trickier part is exiting the situation in such a way as to not create a debt cycle, or the next emergency. Keep the advice and ideas in this article in mind, to minimize the hassle, and burden of your payday loan experience.


The In's And Out's Of Getting A Payday Loan | Payday Loans Guide

Payday loans have become extremely popular over the last twenty years or so. The Internet has made obtaining these types of loans easier than ever with simplistic applications and timely approval. The fact that there are no credit checks when borrowing this way is also a contributing factor to the popularity of these quick cash loans.

But like any other type of borrowing, knowing what you are getting yourself into means doing your homework and educating yourself on the process in which a payday loan is given out. Payday lender locations run the gamut all over the country and even offshore.

Thousands of payday loan lenders can be found online and hundreds servicing customers in brick-and-mortar locations. Consumers can also look to Tribal based companies as well as offshore lenders. How do you choose? Who can you trust? Are all lenders the same? Consider the following when looking for the right payday loan and payday lender:

*Make sure they are the lender- Finding a reputable lender starts with making sure they are the ones loaning you the money. Many online companies are “third-party” meaning they take your information and sell it to a lender who will actually fund your loan. Keep in mind, the lender who buys the loan nay not be licensed in your state. This can lead to higher interest rates, less customer support and the possibility of your personal information being sender sold to multiple parties.

*Find their license number- States that allow payday lenders to operate have passed strict laws in regards to payday loan lending. Each state determines, on their own, how much a consumer can borrow and caps are put on interest rates and fees in order to protect the borrower. Taking out a loan with an uninsured lender can cause the borrower to be charged illegally high interest rates as well has having problems with loan payoff. You should also be able to see how much it will cost you to borrow. Good lenders will have an example of a loan amount with the interest and fees attached.

*Locate their physical address- Any reputable online lender should have a physical address as well. If they don’t have one listed on their website, this is a warning sign. Try looking on the “about us” or “FAQs” pages.

*Read the privacy policy- This gives the consumer the option to opt-out of marketing communications and information sharing. Even if you don’t read the policy, making sure the lender has one on their site or visible in their storefront location is a good indicator that they are reputable. If they don’t have one in place? Move onto finding another lender.

*Find out how it works- Make sure you have a clear grasp on what the lenders’ loan policies are and how the application process works. Prepare yourself ahead of time to understand what information you will need to give, how long you will have to pay back and what will happen should you be unable to repay.

Someone once said… “Knowledge is key”. When you arm yourself with information you are much more likely have a good experience and feel good about the choices you have made. This too rings true when it comes to getting a payday loan!


Spam Resource: Payday Loans: Not Even Necessary

I have no problem helping a client address deliverability issues, even if their industry or politics encompass something I don’t personally approve of. My friend

Mickey Chandler

and I (who have very different political affiliations) have worked capably together to help address deliverability and compliance issues for various political senders on both sides of the US political spectrum.

But payday lending holds a special place in my (dark) heart; this industry has a history of being overrun with overzealous, ethically-challenged lead-gen marketers and loan brokers who buy and sell email addresses like crazy, leading to scenarios where one single web loan approval request submission can result in many followup emails and calls from many different entities for months afterward. I honestly think it is a permission-challenged industry overall– and that is why I loudly and regularly recommend that any legitimate mail platform or email service provider avoid working with these kind of senders. Set aside the politics of it; set aside the ethical concerns (if you can), or not. The fact is, if you send to the same people four times a day, while fifty other senders are sending to the same people four times a day, then all you do is break the inbox. Nobody succeeds– their default mailing practices cause deliverability issues you can’t fix.

The industry’s spam problems, and my own personal experience dealing with those spam problems, got me to wonder about their lending practices. After doing a bit of reading, I learned that these loans basically have an interest rate ten or twenty times higher than most credit cards (and most credit card rates are pretty high to begin with). I also learned that thirteen different states have outlawed payday loans, and federal law caps the interest rate on these loans to active military service members at 36%, which means the payday loan industry won’t service military members.

Defenders of this industry say that their very high interest loans provide a necessary service to an underserved portion of the community. People would go without food, wouldn’t be able to get their car fixed, or might even die, if they can’t get that tiny loan with the effective 400% APR.

But is that even true? No, writes Ashlee Kieler in a special report in the Consumerist, a blog published by Consumers Union. The world does not end! Believe it or not, research strongly suggests that capping interest rates on loans has a positive impact on consumers. And options still exist; those borrowers in need are not cut off from the modest financial assistance that a payday loan claims to provide. The only things they lose out on are the crazy high interest rate, and an inbox full of spam that invariably follows an online payday loan approval request.


Education For The Payday Loan Borrower – Best Payday Loans Online

Image The+Best+Places+To+Get+A+Payday+Loan.jpg

Financial education is the key to success in any budget, but in order to successfully handle a

payday loan

, it’s a necessity. There should be mandatory classes in school designed just for this instruction. Young adults are very financial naive.

In North Texas, there was a gathering sponsored by the United Way. This group was able to enlist many credit union officials and bank officials to offer their financial knowledge to the lay person. Of course, these institutions sent their officials in hopes of getting people to obtain a traditional loan, but the under banked and unbanked are unqualified to do so. The credit union officials and bank officials were under the assumption that the people that attended the information course were merely uneducated about the traditional loan. In essence, these people have chosen to find loans through other sources. Some may be skeptical about banking institutions and/or credit unions and do not like the plethora of fees that are levied on them when they borrow money. The approach to educate people about debt and payday loans is a much superior option than to try to ban the payday loan from the state altogether. There should be more seminars of this sort, offered to the general public at no charge. If people are educated about debt and loans, than they are more likely able to make better choices when extra cash is needed. Finding the lowest cost solution to solve their financial need is a welcome plus. Consumers who use a payday loan are often on a lower income scale and have less than a 4 year college degree. They are mostly divorcees, parents, African Americans, white women and the general population of the ages of 25 to 44. Most of these consumers make less that 40,000 a year and are in a hurry to get their much needed cash. If those who are seeking to take out payday loan educate themselves as to the costs, conditions and terms of the loan, they are more likely to avoid ending up in an unmanageable debt cycle. Legislation passed to regulate payday loans has been helpful in this area. However many payday lenders can skirt by these regulations. A licensed payday lender is obligated to follow all the legislation and laws set in place by the state that they operate in, or be in jeopardy of losing their license and their privilege to operate. A licensed lender is obligated to fully disclose all the term and conditions of the loan to the borrower before any papers are presented. These disclosures must include all the fees, interests, repayment dates; roll over clauses, and bank information required from the borrower. There is a lot of information to disclose to the borrower and most borrowers turn a blind eye and a deaf ear to this knowledge because it’s an overwhelming amount to process. The cash is their immediate focus, not the aftermath of the transaction. Texas is trying to educate consumers before they even step into a payday loan, car title loan, or pawnbroker’s office. If this approach is successful then disclosures are second hand knowledge to the consumer and their haste in obtaining the funds is not an issue. Knowledge is a powerful thing.

California Payday Loan Laws Explained in New Article by

SAN FRANCISCO, September 24, 2013 /PRNewswire/ —, the top consumer finance site and short term loan aggregator for payday loans, has announced the publication of a brand new article dealing with the laws for short term loans within the state of California.

The new article forms a part of the site’s series on cash advance laws within the United States. Accompanying the article is an infographic that lays out the highlights, providing an at-a-glance guide for consumers to take a look at before deciding to accept a cash advance from a California-based lender.

The article outlines all of the rules and regulations for loans within California and confirms that payday loans or cash advances are legal within the state of California. Consumers can take out a maximum loan amount of $300. There is no minimum length of the loan, but the maximum loan length is 31 days. Within California, there is a maximum fee and finance charge rate of 17.65% and lenders are not permitted to charge more than 15% per week for a loan to a consumer.

In addition, the article includes regulatory information, such as the channels that should be followed where a lender offers a loan in contravention of the state’s legal rules. In these instances, the article points out that the consumer should contact the California Department of Business Oversight (DBO) in order to exercise their statutory rights and protect themselves.

A spokesperson for made the announcement of the article’s launch in the following statement that was released to the press.

“We are pleased to announce that we have published a new article on our site addressing the payday loan laws in another U.S. state. This time, California is featured and we are delighted to offer Californians a clear guide to knowing what cash advance lenders can and cannot do. We advise consumers to read the guide, look at the infographic and inform themselves fully before taking a loan with a payday lender. We can help connect them for free to reputable and reliable companies via our introduction system and aggregation platform.” is a McAfee Secure™ rated website that undergoes daily systems testing to ensure security and freedom from viruses, malware and spyware.

Read the article for free at:

Haim Milo

[…] is Awarded McAfee Secure™ Status

KNOXVILLE, Tennessee, August 7, 2013 /PRNewswire/ —, the popular American website for cash loans comparison and application consideration, has announced an important upgrade to the site. It has received the award of being a McAfee Secure™ website.

McAfee is the world’s leading internet security firm and has developed a raft of well-respected and effective ways to test and protect websites. Consumers can visit the site and apply for cash loans with the full peace of mind that the site has been rubber-stamped as secure by the esteemed security firm.

Ben Milo, spokesperson for, made the announcement of the launch in the following statement that was released to the press.

“We are very happy to be endorsed by McAfee and feature the McAfee Secure™ trustmark on our website. The McAfee Secure™ trustmark only appears when the website has passed McAfee’s intensive, daily security scan. The firm tests our site for possible personal information access, links to dangerous sites, phishing, and other online dangers. All websites displaying the sign are tested, certified and verified daily as passing McAfee’s rigorous security tests. These include tests to protect the site and the user against viruses, phishing, malware, spyware and identity theft.”

Online unsecured loans are available from many resources and often from direct lenders. is not a lender but is an independent loan comparison specialist that has developed a number of trusted relationships with professional lenders. The site has created an application conduit service that allows consumers to complete a single application form for fast loans from top lenders.

Once an application has been securely submitted through the site, within a few minutes some offers may follow online. The applicant then has time to review the details of any offer and decide whether or not to accept. Bad credit loans from lenders that are approved and accepted can be rapidly disbursed into bank checking accounts within one working day. Details of repayments, loan terms and interest rates will be shown on screen prior to the consumer accepting an offer.

The site has also created a library of freely accessible helpful Tips & Advice on how to manage bad credit, make smart borrowing decisions and improve their financial prospects. Learn more at:

Ben Milo



Get Financial Freedom on 4th July Via

TUSCALOOSA, Alabama, July 2, 2013 /PRNewswire/ —

The leading U.S. loans for bad credit comparison site announces a new “financial independence” application service for cash loan options this 4th July., the McAfee Secure rated online loan comparison site, announced the launch of a new “financial independence” application platform for American consumers in preparation for this year’s 4th July holiday.

The site is linked to a wide network of top online companies that can grant cash loans to consumers with bad credit, offering a fast process, secure application form and direct payment. The new service allows for fast connections to be made between applicants and lenders. This matchmaking aspect of the new platform is facilitated by a live application form that is fed into the site’s database of lenders as soon as the form is submitted online. As such, instant decisions from lenders can be shown on screen, allowing the applicant to read terms and conditions of loans thoroughly. If accepted, loans can be paid out into bank accounts within 24 hours.

Sam Malka, spokesperson for, made the announcement of the new service in the following statement that was released to the press.

“We are very happy to announce the launch of our new “financial independence” application service, created to coincide with this year’s 4th July holiday. We hope that this will give many applicants cause for celebration! Consumers can use the service to give themselves access to more options for unsecured loans from reliable lenders and the chance to experience more financial freedom by taking out an affordable personal loan.”

The statement continued, “For many individuals that are held back by bad credit and feel trapped within a cycle of only just making ends meet, 4th July can represent a watershed time to get their finances on a better track to freedom. Oftentimes, that important first step to a more lucrative fiscal future begins with a decision to handle money differently. We hope that fast loans found through our site will aid consumers in making better choices and meet their goals.”

Bad credit loans from lenders featured on the site can be used for any purpose, although the site hopes to encourage responsible borrowing and spending. To this end, the site has published a number of articles and guides on beating debt and repairing bad credit which can be viewed for free via the site at:


Sam Malka:


Please AVOID Payday Loans! They are 100% Scams. Share This …

Payday loan: Short term secured loans also known as “cash advance loans,” which are very expensive with many upfront fees because most payday loan lenders do not check the credit reports of consumers. Payday loan lenders do not check credit because it costs them money to do so and they want to make as much profit as possible.

Payday loan lenders do verify employment by asking the consumer for a recent pay stub or W-2. Either document verifies the amount of income belonging to the consumer. The W-2 shows the amount of income that was reported to the Internal Revenue Services (IRS). However, some payday loan lenders, especially the online lenders, do not verify income, which usually means they will charge more fees and interest to offset the high risk lending.

According to , interest rates on payday loans range from 390% to 780% and for this reason, some consumers feel as though payday loan lenders are practicing usury.

Usury is the idea of granting loans with higher than average interest rates and doing so for the purpose of taking advantage of the consumers. Consumers with bad or no credit usually get payday loans when they need money immediately. In the eyes of the financial institutions, such consumers are more likely to default on any loan because they are financially weak otherwise they would have had no need to get a payday loan. Most financial institutions do not grant payday loans due to the laws of their individual states and the fear of developing a bad reputation in the eyes of consumers. Consumers usually have to go to “payday loan stores” or “cash stores” to get a payday loan or car title loan. Depending upon the rules of the individual payday loan stores, consumers must provide their checking or savings account numbers and sign a contract. The contract will indicate the payday loan store will withdraw the entire loan amount due along with the fees and interest on the day that the consumer gets paid from their source of income such as their employer, alimony, or child support.

This is risky because if for some reason, the consumer did not get paid then the payday loan store would still try and take the money from the bank account. As a result, the financial institution will return or accept the attempted payment depending upon their guidelines, charge the consumer an overdraft fee, and the checking account will become negative. A negative checking account is considered a debt a consumer must pay back to the financial institution. If the payment is returned to the payday loan store then they will charge additional fees and interest to the consumer because the fees accumulate more interest. Some payday loan stores will continue trying to take the money from the bank account until they are successful in getting their loan fully paid. Unless the consumer does supply the money within the bank account then this will mean an overdraft fee will be charged everyday the payday loan store attempts taking money. The payday loan balance will continue increasing and interest will be compounding everyday. Additionally, if the consumer does not supply the money into the negative bank account then the financial institution may close the account and report it as negative financial information to ChexSystems.

For the future, the consumer will be less likely to be approved for free checking, savings, and money market deposit accounts. In some cases, the financial institution may even sell the debt to a collection agency. The collection agency will convert the checking account debt into a collection account and this will be immediately reported as negative financial information to the credit reports of the consumer with the credit agencies. Some collection agencies also run credit checks on consumers to verify the correct consumer is being held liable for the collection account. Such ruins the credit profile of the consumer. If consumers notice credit checks from collection companies then they should immediately contact and pay them before the actual account appears on the credit reports. Some payday loans do not ask for bank account information. Instead, they ask the consumer for a signed postponed check with the loan amount including the fees and instead they must pay on the due date. When the due date arrives then the payday loan store will cash the check. If there is not enough money in the bank account of the consumer then they will get charged a returned check fee, which is considered a type of an overdraft fee. Some payday loan stores ask for some kind of collateral, which is an item worth high or the same value in relation to the loan amount that the consumer needs. Such an item could be a car, boat, and in rare cases, a house. The consumer would sign over the title to the payday loan store. The payday loan store would get ownership of the collateral in the event the consumer fails to pay the loan. Finally, some payday loan stores ask for a security deposit, which is money. They will ask for an amount that is close to the loan amount that the consumer is seeking.

For example, if Joey wanted a payday loan for $500 then the payday loan store may ask him for a security deposit for $350. If Joey fails to pay the payday loan then the loan issuer gets to keep the $350 and in this sense, they do not have a full loss but they will still try to recover all the loan debt from the consumer. Most, payday loan issuers do not report credit history to the credit agencies because it costs them money and payday loans are not needed to establish or strengthen credit. In order to get the business of the consumer, payday loan issuers may over exaggerate that they do report the payment history of the consumer to the credit agencies because some consumers may want to get a payday loan so they can improve their credit history. However, if a consumer did not pay their payday loan then it is possible that the payday loan issuer will pay the costs and report negative financial information to the credit bureaus in the hopes that the consumer may pay it. This is because as more days pass by in which the payday loan is left unpaid then the more the credit scores of the consumer drops.

**Note: Unsecured loans or just any loan indicating it is not a payday loan, it is a loan for consumers with bad credit, or it is a loan of which the funds will be deposited into the bank account of the consumer must be avoided. In most cases, they are scams, especially the loans advertised on the internet by small companies. Such loans are payday loans but the company does not want to call them the term, “payday loan,” because they do not want to scare away consumers.

Loan Product

Borrower Proceeds

Loan Fee


Number of Payments

Payment Amount

$10,000 Loan






$5,075 Loan






$2,600 Loan






$1,500 Loan






$850 Loan







Loan amount with fee: $5,075

Number of monthly (installment) payments: 84, which means 84 months because there will be a payment due each month.

Monthly payment amount: $486.58

$486.58 x 84 months = $40,872.72.

A $5,075 loan amount has resulted in the consumer paying a total of $40,872.72.

$40,872.72 – $5,075 = $35,797.72 is how much the consumer paid in interest alone.

The interest rates are exorbitant! If a consumer gets such a loan for whatever the reasons may be, they must pay it back immediately otherwise the company will take advantage of them through interest. If the consumer cannot pay back the high interest loan immediately then they should immediately contact a credit union or community bank, explain the situation, and see if they can get another loan to which they can transfer the balance of the high interest rate loan. If possible, the consumer should use savings to pay off the high interest rate loan or transfer as much as they can of the balance from the high interest rate loan to their credit card. Even a credit card with a penalty interest rate is cheaper than the interest rates of most loans for consumers with bad credit.


Exercise caution with payday loans – Brown and Seelye

Some Washington residents may lament the horrible experiences they’ve had at the hands of payday loan lenders: Interest rates can be in the triple digits, and some companies do a poor job keeping customers’ financial information secure. There are many financial challenges that may lead to a consumer to believe a payday loan is a viable solution, such as overdue rent and bills.

It is important for Washington readers to understand that while payday loans are legal, they are somewhat limited: Borrowers can take loans for up to $700 or 30 percent of their monthly gross income, whichever amount is less. If the principal can’t be repaid on time, the consumer may ask for an installment plan, which is to be given without additional charge. There is a limit of eight payday loans per year, and payday loans can’t be taken if the consumer is on an installment plan for a prior loan. All payday loan companies must be registered in the state of Washington.

However, payday loans are illegal in many states, and consumers are discovering that the contract isn’t enforceable. In the case of Washington, if the lender isn’t licensed to do business by the state, they can’t collect the loan, nor can they harass the consumer or act to recover the loan in the state legal system. The lender may continue to call and try to collect the debt, but in reality if the loan was illegal, they don’t have legal standing to collect it.

Tough financial times often lead individuals to take out loans with less-than-desirable terms. If the amount owed to creditors is overwhelming, it may be helpful to allow a bankruptcy attorney to review the case. The attorney may be able to restructure unsecured debt in a manageable fashion through a payment plan overseen by the court.

Source: Washington State Department of Financial Institutions, “Payday Loans,” 2012

Source: Consumer Affairs, “Consumers turning tables on payday lenders“, Mark Huffman, June 07, 2013


Payday Loan Lenders May Offer More Appealing Rates than Bank Fees, New Study Shows

SAN ANTONIO, Texas, April 30, 2013 /PRNewswire/ —

Consumers searching for fast finance options may be well advised to look for a payday loan online rather than approach a bank or utilize a credit card, suggests a study comparing rates and fees.

The New York Federal Reserve Bank Staff Reports released the Defining and Detecting Predatory Lending study which showed that cash advance lenders offer better rates that previously thought, especially when compared to bounced check fees, late payments for credit cards and the financial consequences of missing bill payments.

The study illustrated that the annualized rate for a bank bounced check would equate to 100% APR and the general late payment fee for a credit card would correlate to over 700% APR. The reconnect charges and late fees of most utility companies would be close to 1300% APR when annualized. This is in stark contrast to the heavily regulated and capped fees and charges applicable to payday loans in the U.S. states that allow them. As such, online cash advance options, when used legally and responsibly, are a beneficial and accessible emergency borrowing solution with no hidden fees.

Traditional banks and alternative credit unions that are reviewing their lending practices to make criteria tougher to pass are not in a position to review cash advance applications immediately and grant access to funds the next working day. The bureaucratic processes of these avenues do not serve the needs of consumers that require fast cash. Payday loan online comparison sites, such as is supported by a consortium of top lenders that have the means to assess applications there-and-the following the submission of a brief online application form.

The process is simple, online, fast and secure. After hitting “submit,” applicants can wait a few seconds to see on screen if any of the featured payday loan lenders can offer a loan. There is no obligation to accept any offer and consumers have the right to make unlimited free searches until they find the right short term loan for them. Approved and accepted loans can be paid into bank checking accounts within 24 hours.

To learn more or to be considered by top lenders, visit:

Sam Malka