Categories

A sample text widget

Etiam pulvinar consectetur dolor sed malesuada. Ut convallis euismod dolor nec pretium. Nunc ut tristique massa.

Nam sodales mi vitae dolor ullamcorper et vulputate enim accumsan. Morbi orci magna, tincidunt vitae molestie nec, molestie at mi. Nulla nulla lorem, suscipit in posuere in, interdum non magna.

Student overdoses after payday loan

Thumbnail

8 December 2014 Last updated at 15:06

Share this page

Delicious Digg Facebook reddit StumbleUpon Email Print Mitch Lewis alerted his friends on Facebook after taking the pills

Related Stories

PM to look at slimming pill warning Family seek ban on toxic slimmer aid Teen pills death parents ‘shocked’

A student struggling for cash overdosed on slimming pills after taking out a payday loan which saw a £100 debt shoot up to £800 in just three months, an inquest has heard.

Physics undergraduate Courtney Mitchell Lewis, 21, from Aberdare, Rhondda Cynon Taf, took 17 tablets.

He alerted friends on Facebook but died in hospital, the Swansea hearing heard.

The coroner said Mr Lewis made “a cry for help” and recorded a verdict of misadventure.

Mr Lewis, known as Mitch, had been working as a barman while studying at Swansea University.

But he decided to use a payday loan company to borrow £100.

However, the loan debt rapidly increased to £800 within three months.

The company offering the payday loan was not identified at the inquest but it is understood it was investigated by police and found to be operating legally.

In May last year, following a night out with friends, Mr Lewis took Dinitrophenol (DNP), which he had bought to lose weight, at his flat in Swansea.

He later posted a message to friends on Facebook saying: “I don’t want to die, I think it is too late.”

His friends called the emergency services and he was taken to A&E, but later died.

‘Friendliness’

DNP is deemed as unfit for human consumption and illegal for use in food but are used by bodybuilders and people trying to lose weight.

Colin Phillips, acting senior Swansea coroner, said: “Mitch was a loving and caring individual who was facing a number of personal problems.”

He added: “Mitch took 17 tablets as a cry for help, but despite alerting friends who took him to hospital he died of DNP toxicity.”

Mr Lewis was described as “the man who always smiled” by his friends.

Former students’ union president Luke James said: “His friendliness made it a better place to be every day.”

[…]

Do US presidents carry cash?

Thumbnail

18 October 2014 Last updated at 00:33

Share this page

Delicious Digg Facebook reddit StumbleUpon Email Print Magazine Monitor A collection of cultural artefacts

More from the Monitor

Weekendish: The best of the week’s reads 10 things we didn’t know last week The Magazine in full

President Barack Obama’s credit card was rejected in a restaurant. How often do US heads of state spend their own money, asks Jon Kelly.

It’s commonly said the Queen doesn’t carry cash. It seems her American counterpart doesn’t get his wallet out too much either. Barack Obama told an audience that his credit card was rejected in a New York restaurant last month: “It turned out, I guess, I don’t use it enough.” During his term in office, Bill Clinton once had his credit card rejected too.

In the 1995 film The American President, Michael Douglas’s commander-in-chief attempts to buy flowers but is told his cards are “in storage with the rest of your private things”. It’s a similar situation for real-life White House occupants, says presidential historian Thomas Whalen of Boston University: “Everything’s provided for them – they really don’t need money.” The Secret Service agents who are on hand at all times can provide a loan if necessary. John F Kennedy “didn’t carry any cash at all, even before he was president. His friends would have to foot the bill for the privilege of hanging out with him”, says Whalen.

Others have been less parsimonious. A wallet belonging to George Washington contained a 1776 two-thirds dollar bill and a 1779 one-dollar bill until it was stolen from a museum in 1992. Abraham Lincoln was carrying a $5 Confederate bill on the night he was assassinated. In 1984 Ronald Reagan was once photographed paying for a $2.46 Big Mac meal with a $20 note, and his successor George HW Bush once showed his American Express card (plain green, not gold) to an eight-year-old who had reacted sceptically when informed that she was talking to the president. Some 14 years later, however, his son George W Bush told a Spanish-speaking journalist that all he had in his pockets was a handkerchief. “No dinero,” Bush added. “No wallet.”

The current incumbent – who earns $400,000 (£248,000) each year and has an annual expense allowance of $50,000 – has been filmed and photographed on numerous occasions paying for food with cash. In July he paid for a $300-plus bill at a takeaway barbecue restaurant in Austin, Texas, with a JP Morgan credit card (he was allowed to jump the queue). But now it appears that in New York last month the transaction wasn’t so successful. Thankfully for the president, his wife Michelle was present on that occasion to pick up the tab.

Subscribe to the BBC News Magazine’s email newsletter to get articles sent to your inbox.

[…]

??? Full Report – Thinking About Payday Loans? Use These Tips!

Have you heard of a loan called a payday loan? If so, then you’ve probably wondered if this loan is worth it. Payday advances often advertise as being easy to obtain, whether you have good credit or not. You will be able to make smart choices regarding a payday loan, with the information provided in this article. Continue reading to learn about cash advances.

When applying for cash advance loans, make sure you pay them back as soon as they’re due. Never extend them. Every extension is only going to leave you further in debt.

Before you get a payday loan, make sure you understand all the charges that come along with one. It can be shocking to see the rates some companies charge for a loan. It’s important to ask them what you’ll be charged when you’re inquiring.

Payday Loan

You must always investigate alternatives prior to accepting a payday loan. If you can get money somewhere else, you should do it. Yes, most of these options have fees associated with them, but they will be a fraction of the fees associated with a payday loan.

Make sure that you focus on directly applying to the payday loan lenders whenever you apply online. Payday loan brokers may offer many companies to use but they also charge for their service as the middleman.

You should go to a lender with an instant approval option to save time. If an online payday lender does not offer fast approval, move on. There are many others that can give you approval within one day.

If you want a payday loan, be sure everything is in writing prior to signing a contract. There are some scams involved with unscrupulous payday loans that will deduct money from your bank each month under the guise of a subscription.

Only borrow the amount of money you need, even if the payday loan company offers you more. A lender may do this because they could earn more money in fees as a result. Borrow exactly what you need and that’s all you should get.

Don’t lie on your payday loan forms. Perhaps you believe dishonesty will improve your changes of obtaining a loan, but the truth is that cash advance loans are routinely given to those with bad credit or weak job records. At the end of the day, lying on your application is going to hinder your ability to take out loans in the future.

It is important to be aware of all costs associated with payday loans. Such loans tend to charge very high rates of interest. In the event that you do not have the funds to repay on time, the loan will be higher when you do pay it back.

Payday Loan

Always put yourself in time out for ten minutes before signing a payday loan. There are times when you don’t have a choice but a payday loan should not be your first resort in a financial crisis. Before making any decisions involving your finances, ensure that you are no longer experiencing the effects of any emotional shock resulting from the unplanned event.

Don’t apply for a loan with a company you’ve defaulted on a loan with. You might have a need for money, but judging by your history with payday cash advances, you shouldn’t get one.

Before you give a payday loan agency all of your information, you need to make sure that they are reputable. Read consumer reviews and contact the Better Business Bureau to learn about complaints. Review each lenders privacy policy to make sure your information will be protected.

A good way to find a reputable company to get a payday loan from is to check out forums and review sites. You can learn from others about which lenders are best. This way, you can get a good idea of what companies to do business with and which ones to steer clear of.

Now that you know a lot of things about cash advance loans, you will now be able to make good decisions concerning them. If you can make an informed decision about payday loans, you are better off. This guide gave you good tips and it is now time to apply them.

Be Sociable, Share!

Related posts:

  1. Thinking About Cash Advance Loans? Use These Tips!
  2. Thinking About Payday Loans? Use These Tips!
  3. Thinking About Payday Cash Advances? Use These Tips!
  4. Payday Loans: Tips To Help You Make The Right Decision
  5. Thinking About Getting A Payday Loan? Read These Tips First

[…]

High-end pawnshops cater to the asset-rich

Thumbnail

Pawnshops are emerging that lend money to cash-poor consumers with pricey collateral.

If you’ve got a cash-flow problem and a rare Picasso painting lying around your house, you’re in luck. A growing niche of high-end pawnshops wants your business.

That’s right. The pawnshop, which has long toiled under the reputation as a seedy lender of last resort for the desperate, is going after the luxury market.

Some pawnshops are offering thousands to millions of dollars in loans, with items for collateral ranging from Rolex watches to Maserati cars to Super Bowl rings or fine art. It’s a far cry from the average $150 loan on smaller items that are seen in the pawn industry.

“We’re starting to see a trend of this becoming more popular,” says Emmett Murphy, spokesman for the National Pawnbrokers Association.

Murphy says the pawn industry always has had some high-end loans, but the growth in these kinds of deals has surged since the downturn in the economy. Small businesses and consumers who normally were creditworthy have found themselves stuck in a credit crunch, without easy access to quick cash.

Compare the average annual percentage rates offered on different loan products. Note: Not every product is meant to have a loan length of a year or more.

How pawnshop loans stack up against other loans

Payday loans391% to 521%Credit cards (for variable-rate cards)About 15.5%Auto loans (for a new, 60-month loan)About 4.2%Car title loans36% to about 300%Mortgage rates (30-year fixed)About 4.25%Pawnshop loans36% to about 300%

Sources: Center for Responsible Lending, Bankrate.com, National Pawnbrokers Association

Clients who are asset-rich, cash-poor?

Meanwhile, the pawnshop industry has been getting a makeover, thanks in part to TV shows such as “Pawn Stars” and “Hardcore Pawn” that helped change the image of the industry into “more of a mainstream financial service,” Murphy says.

Share this story LinkedIn Delicious Reddit Stumbleupon Email story

The shows have put “the pawn business in many people’s living rooms,” says Steve Krupnik, a pawn industry consultant and author of “Pawnonomics.” He says the pawn industry is now realizing “the market for pawnshop goods and services is substantially larger than what was originally thought.”

Tom McDermott is general manager for U.S. business with Borro, a pawnshop with storefronts in New York and London that’s also online. It offers loans from $1,000 to $2 million. McDermott says half of his company’s business is based on consumers who are “asset-rich and cash-poor,” while the other half is made up of entrepreneurs and small businesses who need quick cash.

High-end pawnshops, a growing niche

McDermott says Borro saw nearly 100 percent growth in 2013, doing $50 million in loan volume.

“As banks increasingly became more constricting in their lending underwriting, people found they can get access to capital via their luxury assets,” McDermott says.

Other companies have seen similar growth. The Beverly Loan Co., which has been in Beverly Hills, California, for about 75 years and calls itself the “pawnshop to the stars,” opened a second location last year in the diamond district of Manhattan in New York.

“Someone may drive a Ferrari and have a Harry Winston diamond and artwork on their walls but not necessarily have cash in the bank,” says Jordan Tabach-Bank, owner and chief executive of the Beverly Loan and New York Loan companies.

How much interest do you pay?

Pawn loans work differently from traditional bank loans. Because the consumer is offering up an item for collateral, pawnshops don’t generally run credit checks or require a lot of financial paperwork. Instead, the loan is offered based on a percentage of the item’s value. In addition, pawnshops tend to focus on short-term lending.

But the trade-off could be higher interest rates than a traditional loan.

Pawn loan interest rates tend to fall between 3 percent and 25 percent per month, Murphy says, with a 30-day loan at an interest rate of 10 percent being the typical rate. Murphy says pawn transactions are meant to be very short-term loans and are often lower than the cost of a bounced check.

The rates vary widely, depending on factors such as state laws and the size of the loan. For instance, New York law allows for a maximum 4 percent monthly interest rate, which could translate to an APR of 48 percent. Texas allows pawnshop lenders to charge as much as 240 percent annually, depending on the size of the loan.

The New York Loan Co. charges a 4 percent monthly rate, Tabach-Bank says. Borro’s U.S. office in New York charges from 2.99 percent to 3.99 percent in interest per month for its loans, and generally offers six-month terms.

Pawnshops put on the glitz

The items coming into high-end pawnshops sometimes are rare.

Among the more unusual items McDermott has seen are a 2004 Olympic gold medal pawned by the medalist and a jacket owned by rapper the Notorious B.I.G.

Other things that have come through some of these upscale pawnshops: Steve McQueen’s motorcycle jacket from the movie “Bullitt,” a Salvador Dali watercolor, Beatles memorabilia, Lamborghini cars, Super Bowl rings and Fender classic guitars.

A few companies, such as Borro, Pawngo and iPawn Inc., have launched Internet businesses where consumers can send in items and get loans without ever stepping foot in a store.

Speedy online transaction

Dawn James, who owns a clothing boutique in Chicago, pawned a diamond ring with Borro earlier this year. She needed cash to buy some new inventory and contacted Borro, which sent her a secured safety deposit box through FedEx. She put the ring in it and shipped it back. The next day, she had her money.

“I’d never gone to a pawnshop before,” James says. “Business loans take so long. That could have been two or three months before I got that money.”

Some aren’t surprised that the pawn industry is reaching out to consumers with deeper pockets.

“Everything is going luxury, including pawnshops,” says Milton Pedraza, chief executive of the Luxury Institute, a research firm focused on high-end consumption.

advertisement

Related Links:10 cities with the highest utility billsFinding money to save Teaching kids to avoid money misstepsRelated Articles:Millennials’ money toolsTips from the frugal richSmart to buy a smartphone? […]

Key Information About Payday Loans That Everyone Should Know

You should not be afraid of cash advance loans. There is a fear associated with them since many people don’t understand how they work. Don’t let the thought of payday advances turn you off; look at this piece.

When getting a payday loan, keep in mind that you can’t count on your next paycheck being available to you. You’re going to need to think about how to live on what you get until the following paycheck, since you’ll be using much of your next one to pay for this loan. If you do not understand this concept, it can be easy to keep taking out loan after loan and become trapped in debt.

Do not rush to the closest payday lender to get a loan. It’s tempting to think you understand cash advances well, but many company have terms that very widely. You want to find the best terms for your situation. A brief bit of research can result in huge savings.

If you have to resort to a payday loan, take the time to shop around. You are probably stressed about your situation and in a hurry to get the cash. However, if you take the time and look over a few different companies that offer loans, you may find one that offers better deals. This step will ensure that you don’t waste your money paying unnecessary interest.

Be wary of lenders who automatically roll the finance charges over into your next pay period. This puts you in a debt trap where the payments you are making are just to cover fees rather than paying down the principle. It isn’t uncommon to pay upwards of five times the loan amount.

Look for a payday company that offers the option of direct deposit. You could have you loan funds in as little as one business day. This method is convenient and safer than leaving the institution with a bunch of cash in your pocket.

Payday Loan

Be sure you give the payday loan business you’re dealing with correct information. Be certain that your evidence of income is accurate and up to date, like your most recent paycheck stub. You should give them the correct phone number to get a hold of you. Supplying wrong or missing information can result in a much longer waiting time for your payday loan to get approved.

Before you sign up with a lender, know whether they are willing to work with those needing extensions and what your options would be. Ask if they have options for granting extensions on the due dates for repayment.

Check a company’s BBB information before you get a payday loan. Not every firm is on the up and up. If you find complaints on the site, take note of the response from the lender.

Prior to agreeing to any loan, read the contract thoroughly. Not all payday lenders are honest, and you may find yourself paying for a subscription that you didn’t need and don’t want.

It is prudent to remember that a payday loan lender is going to ask for access to your banking information. Be aware of tricks and hidden fees that are often a part of payday loans. Borrowing from an unscrupulous lender could put you into more financial problems than you ever thought possible.

It is important to know that you may not qualify for a payday loan if you are self employed. Most lenders do not consider self-employment as reliable income. Use the Internet to find a company is willing to grant you a loan with your self-employment.

Hopefully, you are able to use this information to help you decide whether or not a payday loan is a good idea. Be certain to heed the facts above and deliberate carefully. There is a wealth of information about payday loans available, so continue to explore the process and gain the knowledge you need to make a solid choice.

Be Sociable, Share!

Related posts:

  1. Thinking About Cash Advance Loans? Read Some Key Information.
  2. Key Information About Payday Cash Advances That Everyone Should Know
  3. Tips For Responsible Borrowing And Payday Loans
  4. Payday Loans: Tips To Help You Make The Right Decision
  5. Important Payday Advances Information That Everyone Should Know

[…]

Payday loan companies: Predators or providers of needed services

wwltv.com

Posted on April 11, 2014 at 6:19 PM

Updated today at 6:20 PM

Thanh Truong / Eyewitness News
Email: ttruong@wwltv.com | Twitter: @thanh412

NEW ORLEANS – You’ll see them in many neighborhoods throughout Metro New Orleans. Payday loan companies are ubiquitous at many strip malls.

The “quick cash” agencies often promise fast money services including cash checking, money orders and loans. According to AARP Louisiana, the aging population is increasingly signing up for such loans.

“Some of these folks have to find ways to pay for their meds, how to pay for their food, I mean they have to stretch that dollar,” said Rafael Saddy, with AARP Louisiana.

In simple terms, payday loans offer a quick line of credit with quick cash advances. Critics of such payday lenders say the “simple” loans are often accompanied by outrageous fees and interest rates, which can put the borrower further in debt. AARP Louisiana recently lobbied Louisiana state lawmakers to cap interest rates on payday loans at 36 percent. Those efforts seemed to have failed as House Bill 766 advanced with no mention of interest rate caps which have been passed in other states including Georgia and North Carolina.

“Right now in Louisiana it’s about 400 percent, so that’s how borrowers really get caught in the cycle. Once they take out a loan, they have to take out another one to pay off the first loan. We at AARP think it’s a predatory practice by the lenders,” said Jason Tudor of AARP Louisiana.

Troy McCullen is the CEO/President of Finance America of Louisiana. He oversees more than 30 payday loan companies in the state. McCullen says to label lenders as “predatory” is unfounded. From McCullen’s perspective, the terms of the loans are clear and borrowers understand the conditions.

“Our fees, don’t compound, they don’t roll over they don’t grow and all of these things that are said,” McCullen said.

Had the 36 percent cap on interest rates gone through, McCullen claims it would have effectively shut down an industry that is providing families with financial services when all others have failed. According to the Office of Financial Institutions which regulates payday loan institutions in Louisiana there is a demand for the service. Last year, Louisiana residents took out 3,126,278 payday loans. From those roughly 3 million loans, borrowers paid $145,665,345 in loan fees and interest. The loans also caused checks to bounce. According to the OFI, payday lending was directly responsible for 154,227 bounced checks. The payday industry collected $2,552,974 in additional fees from those bounced checks.

“All the research shows, that 98 percent that use our service are happy, they like our service they don’t want us go away,” said McCullen.

There is one point McCullen and his opponents agree on, reform is needed. How exactly to balance consumer interests and those of the lending industry is unclear. Members of AARP urge anyone interested in pursuing payday loans to read the fine print before doing so.

Print

print

Email

Email this article

|

MORE

MORE!

X Digg Delicious Tumblr LinkedIn StumbleUpon Newsvine Reddit Pinterest […]

HSBC tightens cash withdrawal rules

Thumbnail

24 January 2014 Last updated at 14:59 ET

Share this page

Delicious Digg Facebook reddit StumbleUpon Email Print By Bob Howard Reporter, Money Box HSBC customers requiring large cash withdrawals may be asked what they want the money for

Personal Banking

What the new TSB means for customers Q&A: Switching bank accounts UK ‘has lost 40% of bank branches’ The bank branch of the future?

Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.

Listeners have told Radio 4’s Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000.

HSBC admitted it has not informed customers of the change in policy, which was implemented in November.

The bank says it has now changed its guidance to staff.

New rules

Stephen Cotton, from Worcestershire, went to his local HSBC branch this month to withdraw £7,000 from his instant access savings account to pay back a loan from his mother.

A year before, he had withdrawn a larger sum in cash from HSBC without a problem.

But this time it was different, as he told Money Box: “When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved.”

Mr Cotton says the staff refused to tell him how much he could have: “So I wrote out a few slips. I said, ‘Can I have £5,000?’ They said no. I said, ‘Can I have £4,000?’ They said no. And then I wrote one out for £3,000 and they said, ‘OK, we’ll give you that.’ “

He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.


“Start Quote

As this was not a change to the Terms and Conditions of your bank account we had no need to pre-notify customers of the change”

End QuoteHSBC customer letter

He wrote to complain to HSBC about the new rules and also that he had not been informed of any change.

The bank said it did not have to tell him. “As this was not a change to the Terms and Conditions of your bank account, we had no need to pre-notify customers of the change,” HSBC wrote.

Frustrated customers

Mr Cotton cannot understand HSBC’s attitude: “I’ve been banking in that bank for 28 years. They all know me in there. You shouldn’t have to explain to your bank why you want that money. It’s not theirs, it’s yours.”

Peter, from Wiltshire, had a similar experience.

He wanted to take out £10 000 cash from HSBC, some to pay to his sons and some to fund his long-haul travel plans.

Peter phoned up the day before to give HSBC notice and everything seemed to be fine.

The next day he got a call from his local branch asking him to pay his sons via a bank payment and to provide booking receipts for his holidays. Peter did not have any booking receipts to show.

The following day he spoke to HSBC again and this time, having examined his account, it said he could withdraw the £10,000.

Belinda is another customer who was initially denied her cash, in her case to pay her builder. She told Money Box she had to provide the builder’s quote.

Customer protection

HSBC has said that following customer feedback, it was changing its policy: “We ask our customers about the purpose of large cash withdrawals when they are unusual and out of keeping with the normal running of their account. Since last November, in some instances we may have also asked these customers to show us evidence of what the cash is required for.”

“The reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime. However, following feedback, we are immediately updating guidance to our customer facing staff to reiterate that it is not mandatory for customers to provide documentary evidence for large cash withdrawals, and on its own, failure to show evidence is not a reason to refuse a withdrawal. We are writing to apologise to any customer who has been given incorrect information and inconvenienced.”


“Start Quote

In a sense your money becomes pocket money and the bank becomes your parent”

End QuoteDouglas CarswellMP for Clacton

Money Box asked other banks what their policy is on large cash withdrawals.

They all said they reserved the right to ask questions about large cash withdrawals.

But none of them said they would require evidence of what the money was being used for before paying out.

Douglas Carswell, the Conservative MP for Clacton, is alarmed by the new HSBC policy: “All these regulations which have been imposed on banks allow enormous interpretation. It basically infantilises the customer. In a sense your money becomes pocket money and the bank becomes your parent.”

But Eric Leenders, head of retail at the British Bankers Association, said banks were sensible to ask questions of their customers: “I can understand it’s frustrating for customers. But if you are making the occasional large cash withdrawal, the bank wants to make sure it’s the right way to make the payment.”

Money Box is broadcast on Saturdays at 12:00 BST on BBC Radio 4 and repeated on Sundays at 21:00 BST. You can listen again via the BBC iPlayer or by downloading Money Box podcast.

[…]

??? Full Report – How Payday Loans Are A Fast Solution To …

Do you need a loan right now? Is your credit history spotty? Fortunately, options do exist. Cash advance loans are good way to go if you need to get some money fast and you do not have another place to go. The following tips will help you make the best of a bad situation by helping you find the best payday loan possible.

Depending on state, payday loan companies either have exceptions to usury laws carved out just for them, or flout usury laws through creative loan structuring. Interest disguised as fees will be attached to the loans. These fees may equal as much as ten times the usual interest rate of standard loans.

Whenever the due date of your payday loan arrives and you can’t pay it back, you should immediately contact the lender and see if you can get an extension. Cash advance loans can often give you a 1-2 day extension on a payment if you are upfront with them and do not make a habit of it. Do bear in mind that these extensions often cost extra in fees.

Avoid loan brokers and deal directly with the payday loan company. There are many sites out there that will take your information and try to match you with a lender, but this can be a little risky since you are giving out sensitive information about yourself.

Don’t take out a loan if you will not have the funds to repay it. The lending institution will send your account to collections if you miss any payments. Your bank will assess fees for insufficient funds, which will make it even harder to pay your loan back. Double-check to make sure that you have or will have what it takes to pay back the money.

Make absolutely sure that you will be able to pay you loan back by the due date. Interest rates for payday loans are typically very high. Late fees are even higher. It is imperative that these types of loans are paid on time. It’s even better to do so prior to the day they are due in full.

A great tip for those of you looking to take out a payday loan is to find a lender that is not opposed to working with you if any hardships come your way when it is time to pay back your loan. Some understand the circumstances involved when people take out cash advance loans.

Take caution when using automatic bill pay systems if you are using payday loan services. It may be the case that your lender has a system that automatically renews your unpaid loan and deducts fees from your bank account. Most of these do not require any action from you aside from setting it up. This practice can prevent you from ever paying off your loan, and cost you hundreds of your hard-earned dollars in the process. Be sure to read the fine print before entering into any type of loan.

When you need to get your budget in line after an emergency, it’s best to set yourself up to avoid any further emergencies. Do not become complacent. Understand that the money you borrow must be paid back.

Getting payday advances are something to take very seriously. They can damage your credit and cost you an exorbitant amount of money if you are not careful. Cash advances aren’t for money to play around with. You might have to get it from somewhere else in the future.

Keep an eye out for marketers that get paid to in order to associate you to various lenders. Businesses that operate in foreign countries are not subject to the same laws and penalties for taking advantage of customers. This can result in you doing business with a lender located outside of your country which may cost you more in the long run that what was initially agreed upon.

Payday Lender

You should make sure your record of business with a payday lender is kept in good standing. This is important, as payment history is taken into account when determining whether to lend to someone in the future and how much they are willing to lend. For maximum effect, only use one payday lender each time you need a loan.

Look into the state that the lender operates from. Each state has different laws with regards to loans. Oftentimes, shady payday lenders will operate overseas or in states that do not have strict lending laws. When you know their state of business, check out the laws governing lenders in that state.

Try to avoid taking out multiple loans from payday companies, especially if you have a history of not paying your loans back. You might have a need for money, but judging by your history with payday loans, you shouldn’t get one.

When you are dealing with a quick loan company on the Internet or another remote way, you should avoid having to send a facsimile. Faxing copies of physical documents is required by some lenders, but you likely do not have a fax machine. Local copy shops may charge you up to $5 a page to fax in your paperwork, and this expense is easily avoided if you choose the right lender.

Only borrow the amount that you can afford to pay back. It is likely that your financial situation is going to remain tight; therefore, be cautious when borrowing money. If you have to roll the loan over week after week, your effective wage will go down since you have to pay the rollover fees.

This article shows that cash advances can be a good, last-resort option when you need money right now. This is a quick way to get access to money, even with bad credit. By using the advice this article has provided you with, you can get a worry-free payday loan.

Be Sociable, Share!

Related posts:

  1. How Payday Advances Are A Fast Solution To Getting Needed Cash
  2. Need Extra Cash? Payday Loans May Be The Solution
  3. Is A Payday Loan The Right Solution For You? Read This To See!
  4. Thinking About Cash Advance Loans? Use These Tips!
  5. Tips For Responsible Borrowing And Payday Loans

[…]

NY subpoenas 16 marketers in payday loan probe | Long Island …

Image print.png


NY subpoenas 16 marketers in payday loan probe

by
Published: December 4, 2013
Tags: , , ,

7:11 am Wed, December 4, 2013

New York financial regulators say they’ve sent subpoenas to 16 online firms suspected of deceptive marketing by generating leads for illegal payday loans.

The Department of Financial Services says the firms collect and sell personal information to payday lenders and other companies in violation of state law.

Those short-term loans are typically advances on a paycheck with high interest rates.

Financial Services Superintendent Benjamin Lawsky says they have received complaints from New Yorkers about lead generation companies.

In August, the department told 35 companies to stop offering illegal payday loans online in violation of state law and says this week that at least 23 have stopped doing business in New York.

Letters were also sent to debt collectors in New York, telling them not to collect on illegal payday loans.

More breaking news

NJ man charged with stealing cash registerNY to free ex-Tyco executive Kozlowski on paroleLawyer: Engineer in ‘daze’ before NYC train crashNYC’s Rockefeller Center Christmas tree to be litNY subpoenas 16 marketers in payday loan probeLess taxing season aheadNetworking remains key to recruitingNumbers up in 2014Visiting Nurse Association of LI gets $3.2MNY Senate GOP against public campaign fundsSave to Browser Favorites / BookmarksPrintRSS FeedAskbackflipblinklistBlogBookmarkBloglinesBlogMarksBlogsvineBuddyMarksBUMPzee!CiteULikeco.mmentsConnoteadel.icio.usDiggdiigoDotNetKicksDropJackdzoneFacebookFarkFavesFeed Me LinksFriendsitefolkd.comFurlGoogleHuggJeqqKaboodlekirtsylinkaGoGolinkedinLinksMarkerMa.gnoliaMister WongMixxMySpaceMyWebNetvouzNewsvineoneviewOnlyWirePlugIMPropellerRedditRojoSegnaloShoutwireSimpySlashdotSphereSphinnSpurlSquidooStumbleUponTechnoratiThisNextTumblrTwitterWebrideWindows LiveYahoo!Google PlusEmail This to a Friend

Copy HTML: NY subpoenas 16 marketers in payday loan probe” size=”84″ title=”Copy this HTML to create a link to this page” />

If you like this then please subscribe to the

RSS Feed

.

More »
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
[…]

Loan offer for postgraduate living

Thumbnail

20 October 2013 Last updated at 11:26 ET

Share this page

Delicious Digg Facebook reddit StumbleUpon Email Print The funds will be available from the academic year 2015-2016

SNP conference 2013

Salmond: ‘Scotland’s time is now’ Report: SNP conference 2013 Corroboration ‘must go’ for justice Fishing sector ‘to gain’ post Yes

Postgraduate students will be able to get a loan of up to £4,500 to help towards living expenses, the Scottish education secretary has announced.

Mike Russell told the SNP conference that thousands of Scots students could apply for the assistance from 2015.

As many as 5,000 undergraduates, mainly taking courses in science, technology, engineering and maths, could benefit.

The low interest loans would only need repaid in line with the current student loan income threshold of £16,365.

Cash for student bursaries will rise next year to £105m, meeting a call from the National Union of Students (NUS) Scotland for this to increase in line with inflation.

‘Step forward’

In addition the minimum income students from poorer backgrounds get from loans and other financial support will also rise from £7,250 this year to £7,500 next year.

NUS Scotland president Gordon Maloney hailed the package as a “big step forward”.

Mr Russell told SNP delegates in Perth that money for education was the “best investment Scotland can make in its future”.

He said the student support package would get “even better”, adding: “I know that providing protection for inflation for further education students in the next academic year has been a key campaigning priority for the National Union of Students in Scotland.”

Conference rally

Mr Maloney welcomed the package, saying: “Too often, students in colleges and universities have to take on multiple part-time jobs, or go deep into commercial debt, to avoid dropping out.

“While, of course, grants and bursaries would be better than loans, worst of all would be no increases in support at all.”

Mr Russell’s announcement came as the SNP conference drew to a close. The event was followed by a rally in support of independence.

Chief executive of the Yes Scotland campaign Blair Jenkins told the rally: “What unites us in the Yes campaign is that clear democratic principle that Scotland’s future should be in Scotland’s hands, that the best people to make decisions on what is right for our country are the people of Scotland themselves.”

[…]