Author: Patrick Stone

Hey, Patrick here, an editor of this blog. Feel free to ask any question you may have.
December 7, 2020

Are Payday Loans a Good Option For You?

Payday loans are appearing as a helping hand to numerous individuals.

They can help people avoid the temporary lack of funds. Due to its useful properties, the applicants are able to avail different types of services.

When anyone is going to apply for such a loan, then they need to face less documentation or other formalities. As compared to other types of loans, its way is easier and simpler.

Benefits of payday loans

If you are an employee and want instant financial help, then its option is perfect.

In case we talk about the beneficial facts associated with it, then various facts are available.

Following are some:

Credit score does not matter.

Mainly the credit score is checked by all types of financial institutions for lending the money.

The individuals those do have a good credit score they cannot avail the loan services. All types of loan options are not blocked here.

When it comes to the payday loans, then the status of credit score does not matter.

The individuals those are facing bad credit score they can also apply for such a loan.

You can say that credit score never becomes a barrier in case of these types of loans.

A short-term commitment.

An applicant of the loan is able to get a small amount of money.

Mainly these types of specific loan offers are designed for the short time period. It means the users are not required to pay installments for a long time period.

The repayment system of these loans is completed within a few months. As a result, the applicants or users never feel it like a burden. Easy to pay installments makes the repayment free from issues.

Simple and quick application process.

application processSome individuals do not consider loan services due to the lengthy procedures.

In case anyone is going to apply for payday loans then he/she does not face a complicated process.

The procedure is finished within a few hours and within a day and the applicants get approval for the loan.

Full transparency.

These types of loans do not have any kind of hidden or additional charges.

There is full transparency regarding its terms & conditions. The applicants are required to pay attention to all these things adequately.

By reading the terms & conditions, an applicant is able to get information about the loan such as –

  1. Interest rate
  2. Repayment policy

You should not ignore these things and try to read them carefully. If any kind of doubt appears, then you should clear it immediately by taking help from a loan provider.

Credit score improvement

For availing the loan services, the individuals do not need a good credit score.

The way of this particular loan provides an opportunity to individuals for improvising their credit score. Everyone is able to pay the easy installments and follow all rules.

It helps the applicant in making a better record. These records are leading some changes in the credit score and increase its levels.

Full security

Some people are thinking about the personal information which is shared with banks.

All financial institutions never leak these types of details. A good loan provider works with complete security and safety.

Consequently, no one is able to get your details or misuse it.

No collaterals

Almost all types of loans are tagged with secured nature. For availing the secured loans, the applicants need to present collateral to a financial institution.

The collateral works as surety or guarantee regarding repayments of the borrower.

In case the borrowers are not able to repay the amount, then loan provider gets the collateral asset.

They use it for the recovery of the loan amount. In the case of payday loans, all these things do not happen. They are available on the basis of unsecured nature.

Manage budget

Sometimes the expenses go over the budget. People cannot pay their bills or other debts. In these types of conditions, the employees can consider the way of loan.

By choosing its way, the applicants can get a small amount of money which is useful in paying the debts easily.

The loan amount is provided by the institutions on the basis of applicants’ salary.

Conclusion

These are some major benefits related to payday loans. For availing good services and all benefits, you need to choose the best lender.

In case your fund provider is not genuine or registered then it may create lots of issues. Be careful and go with the authorized sources.

November 15, 2020

My Experience With Federal Student Loan Consolidation

My college tuition was paid for in a combination of different ways, including savings, grants, scholarships and federal and private student loans.

A couple years back, as my college graduation date neared, I was terrified and lacking knowledge of what was in store for my college student loans. There were so many factors and options for paying back and consolidating and restructuring my student loans.

This article describes my personal experience with the process. I strongly encourage anyone considering or uneducated about restructuring and repaying college student loans to use the numerous resources out there.

Starting points in research can include the Federal Department of Education, your student loan lender and your college’s financial aid office.

My first experience with student loan reconsolidation was while I was still in school.

When I entered college in 2003, student loan interest rates were extremely low. It was decided that during the summer of 2005, interest rates on federal student loans would rise. I was unfamiliar with the concept of student loan consolidation as well as the process for loan consolidation.

I visited my college financial aid office that provided me with further resources as well as showed me a calculation of what the outcome would be if I were to reconsolidate. I chose to do so with the savings was $1,000 of the life of the loans if I chose to reconsolidate my federal loans at that point in time.

A few years later, with my college graduation date looming, I was once again unsure of my options and was very frightened of the whole process repayment and reconsolidation process. For the first year after graduation, I paid my federal and private student loans on the default repayment schedule.

The following year I read in the news and received mailings about an opportunity to consolidate before student loan interest rate changes. Before looking into my student loans, I decided to better understand my current situation.

student loan consolidationI placed all my student loan information from my file cabinet into an easy to view spreadsheet, complete with interest rates and lender contact information. I then researched what consolidation entailed in this instance.

Consolidation after July 1, 2009 was the right move for me. I completed an application online, which was easy to complete using the spreadsheet I had already compiled.

At that time I was also prompted to specify which repayment plan I wanted to sign up for, at which point I realized I had numerous more options that I had thought.

In addition to student loan consolidation making financial sense, it also made the process of repaying my student loans less complicated and stressful.

My loans and repayment schedules were rolled into one. I strongly advise every college student and graduate to research and learn about their college student loan repayment and consolidation options.

September 8, 2020

Why You Should Consolidate Your Student Loans

Is it your senior year of college?

While graduation may be just ahead of you, or you may have already graduated from college long ago and have already entered the workforce, there is one important thing that you should do: Consolidate your student loans.

Consolidating your student loans can save you time and money. Depending on where you went to college, and what you went to college for, you may have student loans that range anywhere from twenty grand to well over a hundred.

While you may initially believe that your student loans are just one payment that is not the case. There are several different types of student loans, and you may have one or more of each.

Subsidized Federal Stafford Loans are loans that have a special low interest rate because the government helps to pay for the interest while you are either in college, are in a grace period, or have taken a deferment.

Unsubsidized Stafford Loans are loans where the interest must be paid by the student or person whose name appears on the loan while classes are being taken. There is still usually a low interest rate on an Unsubsidized Stafford Loan.

Federal Plus Loans are loans that your parent may take out for you; however they are contingent upon their credit history and the amount needed.

While the interest is still low on a Federal Plus Loan, one will need to begin paying it back either two to three months after receiving the funds or after graduation.

Federal Perkins Loans are only granted to students that meet special financial circumstances. They will still have a low interest rate.

One of the drawbacks of a Federal Perkins Loan is that there is only a certain amount of money you will be able to qualify for. You must remain at least half time student or else the interest will begin.

When you graduate you may have several of the above types of loans, with varying amounts. It can be very confusing to have to pay several different bills in one month. By consolidating your student loans, you will only have to pay one bill a month.

Because you will often be able to pick the length of time, or term, of the loan, it may be possible to have a lower monthly payment when you consolidate your student loans – rather than paying several different bills that add up to a higher dollar amount.

While it is true that electing to pay your student loans over a greater period of time will result in a higher amount of money that you will pay total, there are some things you should take into consideration.

The first is that by consolidating your loans you will be paying less a month on your bills, freeing up capital to spend on other expenses. Second, your student loan interest is tax deductible off of your income.

Third, over time you will receive pay raises and be able to pay more towards the principal of your loan should you decide to. Finally, inflation will cause the amount you owe to become less. All of these factors are reasons you should consolidate your student loans.

When you consolidate your student loans, be sure to have them automatically deducted from your checking or savings account.

This will allow you to never miss a payment, so long as you keep sufficient funds in your account. By having auto debit you will never have to worry about having a late payment affect your credit score.