User talk:DouglasMBuchanan
Payday loans online: A fast and reliable experience
I must say getting a payday loan online has been one of the smartest things I’ve done. It was really great because it saved me the trouble of having to go down to my local loan store and having to probably end up waiting in line forever, which I wouldn’t have had the time to do.
I just can’t believe how quick and easy the whole process was! I was amazed when I found out in just a matter of minutes that I was approved. They provided me with a quick and confidential way to get me the cash I needed. Another good thing is the website is very user friendly, and I’m not the greatest with computers so that was a major plus. And their follow up and communication is terrific! They obviously know what they are doing and the staff that dealt with me was very professional and courteous. When I had a financial emergency on my hands my options were limited so I decided to just apply online, which I have not done before. But it was so easy and it has helped me so much! I will definitely get another payday loan online if I’m ever in a financial situation again. Thanks a million!
Payday Loans: New legislation for lowering interest rate
Getting a cash advance is something that people say is and easy, hassle-free, and quick process for getting the short-term loan that they need. And come shortly, a bill may be passed that helps the consumer out more when getting a cash advance. Even though it’s a short-term loan they still have to use underwriter just as a conventional loan would.
If you consider the rates (around 240% compared to say, 6% for some kind of a home loan) there is quite a difference. The high rates reflect the high risk of borrower default. It also reflects the relative size of transaction costs to the small loan amount (say, $300). The loan company then has to process paperwork and run credit checks, etc., regardless of the amount itself. Even if the transaction fees were completely taken out of the picture, you could still expect larger rates for cash advances because of the credit risk of the customers. A recent study revealed that approximately 25% of check assets being held by cash advance companies were in the form of bounced checks!
So in the end, the government is trying to help the cash advance company so that they can spend less and provide less expensive services for the consumer.
The regulations being spoken about are relative to a certain amount on the loans themselves and frequency restrictions. This will help so the customer doesn’t find themselves getting in debt. So lets say, Jim needs a cash advance because his daughters birthday is coming up and he can’t wait till his next paycheck. So he gets a cash advance and instead of having the typical 30 day term, he may now have a 90 day term. Lawmakers also trying to have frequency restrictions which will make it so companies be able to allow up to 4 cash advances a person, per year. So if passed, there will definitely be change in the amount of people that start getting cash advances.
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