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Home Loans and Mortgages – The Myth of Tax Deductible Interest
Home ownership has risen sharply in recent years, and the percentage of Americans who own their own homes is approaching a record seventy percent. That’s a good thing; we’d all rather live in our own home than consider the alternatives. The most...
Mortgages and Mortgage Loans
Mortgage loans are readily available to homebuyers wanting to purchase a home and mortgages are available through several different lending agencies. Mortgage loans are now being promoted online with the Internet, as the Internet has brought a...
Option One Mortgage Loans – Getting an Option ARM or Option One Mortgage Loan
Have you heard about or been interested in finding out more about option one mortgage loans? They are becoming very popular, but its important to understand how they work before you apply for one. I will describe, in this article, an overview of the...
Short Term Payday Loans - Use One Online To Get Cash Quick
Short term payday loans are now available online. After filling out your application online, you can have an emergency loan deposited into your checking account the next day. You don’t have to stand in line, fax information, or even have good...
Tips for Finding Low Interest Loans
When seeking low interest loans, it can sometimes prove challenging to find exactly what you're looking for. A variety of factors influence the amount of interest that you pay, and some of these factors have taken years to develop so that you cannot...
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Instant Cash Loans - Avoiding High Fees
You have heard the stories of people taking out a cash advance
only to owe more in finance charges than in principal. You can't
help but ask - how did this happen? Will it happen to me? You
can avoid such situations if you shop wisely for a cash advance
company and pay your loan on time.
Rolling Fees
Cash advance lenders charge on average $15 for every $100
borrowed. If you were comparing APR, it would be 390%. Some
lenders' APR can be as high as 1000%. This usually occurs when
the pay back period is calculated in days rather than weeks.
So a cash advance of $100 will require a payment of $115 on
payday. If that loan is rolled over for another two weeks, the
loan payment will be $130. Do that for four pay periods, and you
will owe $60 in finance charges. After seven pay periods, $105
in finance fees will be racked up, more than the original loan
amount.
Research Rates
One way to avoid this situation is to research rates prior to
taking out a cash advance loan. Investigate rates of lenders and
understand their payment structure. You can also search for
first time deals online that reduce or eliminate some fees.
Pay
Back Your Loan
Plan on paying back your loan on your payday. This is the surest
way of avoiding those rolling fees. You can arrange with your
lender to automatically deduct your payment when you are paid.
Some lenders default to only a partial payment, but you should
request a full payment. Cash advance companies may present it as
a benefit, but you are only increasing your finance fees.
Other Credit Sources
If you need a long term loan, then consider your other sources
of credit. Credit cards and personal loans offer a better APR.
But you should be aware that they will negatively impact your
credit score.
Another option is to use a credit counseling service. Through a
confidential meeting, a counselor can help you plan your
finances. They can also point you toward financial services,
such as debt consolidation.
About the author:
See my recommended Cheap
Payday Loan companies with the lowest rates online. Carrie
Reeder is the owner of ABC Loan Guide, which offers help with loans for people with low
credit scores.
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