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Equity release loan a last resort

Pensioners urged to think before taking out equity release mortgagesEquity release plans allowing pensioners to unlock cash from the value of their house should only be a last resort, according to a new report.Despite highlighting improvements to the schemes, the study by the Actuarial Profession argued that there are cheaper and more profitable ways of raising cash.The report explained that an equity release plan was likely to strip any inheritance estate of its most valuable asset.

The report found that there is a significant gap between current and planned pension provision, and consumers’ needs. The Actuarial Profession added that many people will have to work for longer to afford decent pensions, however with the housing wealth of those over 65 standing at around £1.1 trillion, equity release mechanisms do have a significant role to play in funding many peoples’ retirements.But Ged Hosty, chairman of the equity release working party, cautioned: “Since it is likely to be the last major financial transaction anybody enters into, it is essential that everybody considering such a step makes sure they are fully aware of the financial and other implications before committing themselves.”

Posted in Uncategorized, payday loan, loan, online loan, loan calculator, loan rate, payday cash loan, loan finance | Comments(0) December 2007



More loans coming from banks

While mortgage lending strengthened for banks in December, it fell for building societies. Net mortgage lending for banks rose £5.2 bn in December, while building society net loans fell to £907 million from £1,499 million the previous year. British Bankers’ Association director of statistics, David Dooks, said: “After four months of slower mortgage lending growth, December saw an underlying monthly rise similar to those seen in the first half of last year.”He told that the disparity in the figures between banks and building societies could represent banks taking market share.Mr Dooks pointed to the “competitive attractiveness of specific products” as boosting mortgage performance, but added that the increase may have been due to a “catch-up following the advent of mortgage regulation”.

Adrian Coles, director general of the Building Societies Association commented on the dip in the building societies’ performance.

Posted in Uncategorized, payday loan, loan, online loan, loan calculator, loan rate, payday cash loan, bank loan, banking finance, loan finance | Comments(0) December 2007



Get Ahead with Bad Credit Cash Advance Loans

Imagine that the brakes fail on your car, you or a family member has become ill or injured, or you simply cannot make it until the next payday, and you have bad credit, what do you do? Well, one answer might be bad credit cash advance loans. These types of loans are short-term fixes to dire financial situations. What is great about bad credit cash advance loans is that any person regardless of credit score, amount of money they make at their job, or who they are can benefit from these loans.Bad credit cash advance loans require no credit check, which is great for people who have no credit or bad credit. The only requirement that bad credit cash advance loans have is that you must have a job and be able to verify your income. In most cases, you can have the funds in your hand that day or within twenty-four hours. Many people see bad credit cash advance loans as much more convenient and faster than traditional loans. However, the convenience and speed do come at a higher price. Because bad credit cash advance loans are for emergencies and those with bad credit, they have to charge the higher priced fees and interest as other high risks loans. The real costs come in when you fail to pay off the loan right away. Most companies offering bad credit cash advance loans offer a maximum of three renewals for each loan. With each renewal on bad credit cash advance loans, you must pay a specific amount of the loan, generally, the interest and fees. This could really begin to add up, because depending on how much you borrowed, you could be looking at hefty fees each renewal. Then if you still cannot pay on the whole amount, you will be required to pay the fees, as well as a predetermined amount of money on the bad credit cash advance loans principle.It is suggested that you only use bad credit cash advance loans when absolutely necessary and borrow no more than you can afford to pay with your next paycheck. Again, bad credit cash advance loans are perfect for those who have bad credit or no credit, and need a quick fix to their financial needs.

Posted in Uncategorized, payday loan, loan, bad credit loan, payday loan online, payday cash loan | Comments(0) August 2007



AAA Payday Cash Opens New Location

AAA Payday Cash, a specialty finance company that provides consumers with small, short-term cash advances until payday, today announced that it has opened a new store location in Springfield, Missouri. AAA Payday Cash has opened its third location on West Sunshine in Springfield, continuing its remarkable growth. “Demand has driven our growth. We help the many people who can’t turn to traditional banks for small denomination loans or who have a cash emergency,” said Eddie Lawrence, president and CEO of AAA Payday Cash. “Using our service, consumers are able to avoid bouncing checks, sustaining late fees or failing to make mortgage payments.” Payday lending is an economical source of liquidity for customers who need it. A payday loan is a cash loan until the next payday. On the web consumers can receive loans of up to $1000. In the state of Missouri, consumers can receive loans of up to $500. Loan recipients are charged a flat percent on the amount borrowed. The first loan is free for consumers receiving loans in store locations. Referrals receive $20 cash per referral.

About AAA Payday Cash
AAA Payday Cash is a specialty finance company providing consumers with a small, short-term cash advance until payday, with professional, discrete service. The company focuses on being the best payday advance company, providing an online loan solution. The company helps thousands of customers each month with their short-term cash needs, a market not serviced by traditional financial institutions. Customers in need of quick cash can obtain a fast and easy online loan in as little as 24 hours through the technology of the Internet and the Operational Excellence.

Posted in Uncategorized, payday loan, loan, loan calculator, payday loan online, loan rate, payday cash loan, bank loan | Comments(0) August 2007



Payday loan reform results mixed

A state study found that a law regulating payday loans saved Illinois borrowers $20.6 million in loan fees and interest charges over 18 months.The good news is tempered by the fact that payday lenders have been moving into longer-term, high-interest loans not covered by the reform law, according to consumer advocates.”Our worst fears have been realized,” said William McNary, co-director of Citizen Action/Illinois. He said lenders have told his organization that less than 5 percent to 10 percent of the loans they now issue are payday loans, because they don’t make money the way they used to.Payday loans are short-term loans for small amounts of money secured against a post-dated check. The industry says the loans provide people with quick cash for emergencies, but consumer advocates say the loans prey on the poor with triple-digit interest.The law limits the interest that can be charged for payday loans to $15.50 per $100 and caps loans based on a borrower’s pay, along with other reforms.Before the law took effect, the average finance charge for short-term loans was $20 per $100 borrowed for a 14-day loan and $45 per $100 for a 31-day loan, according to the Illinois Department of Financial and Professional Regulation report. The average finance charge offered since the reform law was $15.36 per $100 loaned.Because of the reforms, “consumers are better protected from falling into an endless cycle of debt,” Gov. Blagojevich said in a statement.”It’s clear that the law is working as intended,” said Bob Wolfberg, president of the Illinois Small Loan Association. He said the industry now makes less money off payday loans, which has forced lenders to offer different products, including longer-term loans.On average, 45,000 to 60,000 payday loans are issued in Illinois every month. The law defined payday loans as loans for less than 121 days. Statistics on payday loans have only been kept since the law passed in December 2005, so it’s not clear if there’s been a big drop since the law passed.The state financial regulation department has pushed rules that would eliminate the loophole, so that longer-term loans could also fall within the law.

Posted in Uncategorized, payday loan, loan, loan calculator, payday loan online, loan rate, payday cash loan | Comments(0) August 2007



Know if Instant Payday Loans are Right for You

You’ve seen the ads and have heard the stories. Now, you yourself need extra cash to cover for an emergency expense. Are instant payday loans the best solution for you? We examine what you need to know about these types of loans and whether or not you should turn to them to help solve your temporary cash problems.

What are instant payday loans?

If you’re familiar with cash advances, then you have an idea of what instant payday loans are. These are unsecured loans that are available in small amounts, typically ranging from $100 to $1000. Some lenders offer more, especially if you qualify.

If they are unsecured, what do I use for collateral?

Instant payday loans are designed for emergency cash needs, that is why they are available only in smaller amounts. If you need say, $2500, for example, you’ll have to find another source for your loan. While you will not be required to provide collateral, most lenders will require you to issue postdated checks, a show of good faith that you will pay back your loan.

What are the benefits of using instant payday loans?

Aside from being one of the easiest forms of loans to get, instant payday loans offer fast, convenient and secure transactions. Application procedures are short and do not require you to produce a lot of documentations. As long as you meet the qualifications, you could receive the money within 24 hours, even earlier.

Are there any disadvantages I should be aware of?

Instant payday loans by their very nature require a little bit of protection for the lenders. That is why borrowers are often charged higher interest rates compared to other types of loans. That makes instant payday loans more expensive. Lenders usually charge you about $15 for every $100 you borrow while other lenders charge as much as $30. That, and the fact that you will have to pay back the loan within a short period of time (usually as short as 14 days), makes instant payday loans a little difficult to handle.However, you can try to find a lender who can offer you the lowest rates. That way, your loan is a lot easier to pay for and you could save a lot of money in the process. Talk to several lenders first before you make your final decision.

Should I get an instant payday loan?

Instant payday loans are right for you if you only need a small amount of cash for a temporary problem. Instant payday loans should not be used to pay for more regular expenses such as mortgage, groceries or luxuries like clothes and sports equipment. Regular use of these types of loan should be limited and must be resorted to only in real emergency cases.You should also get an instant payday loan if you can pay back the loan amount and the interest on or before the agreed date. The horror stories you have heard about are people who obtained instant payday loans and were unable to pay them. They had these loans ‘rolled over’ as a new loan with a higher interest and ended up with a loan amount that is far too big for them to handle efficiently.A lot of people have been helped by instant payday loans but only because they knew exactly what they were getting into and were prepared to face them. Make sure you understand what is expected of you and you can take advantage of the full benefit of instant payday loans.

Posted in Uncategorized, payday loan, loan, loan calculator, payday loan online, unsecured loan, loan rate, payday cash loan | Comments(0) August 2007



Payday Loans Fund Middle Class Cash Flow

Payday loan companies offer fast loans without credit bureau checking or reporting.  They offer confidentiality, convenience and speed and this is now being picked up by the middle classes. They are turning in increasing numbers to payday loan companies to fund unexpected cash flow crises which they need addressed quickly and discretely.At least one payday loan company recently reported its clientele was made up of 30 percent middle class consumers.  These consumers, with excellent credit, now choose a payday loan to protect their good credit ratings. With one late credit card payment, credit card companies may increase the APR up to a crippling 30 percent or even higher! When this is reported to the credit agencies, the credit score declines almost at once. Then, when the information is shared among all the other credit agencies and thence to all the other credit card companies, they too raise the APR and minimum payments to rates almost as high.  Avoiding that one missed payment with a payday loan begins to look cheap.Well-informed middle class consumers with gleaming credit scores understand the critical need to avoid that nightmare by never making even one late credit card payment.Consider this middle class couple that might just live near you. They’ve always worked hard and kept up payments on their credit cards. They never even had to think about a payday loan for anything. Now, they just signed off on a new mortgage refinance loan with their bank. They have an excellent credit score but they need the new loan to finance their kids’ education. With interest rates still low, it’s time to cash in some hard-won home equity and pay off those credit cards as well.The bank’s mortgage loan officer advised them not to take any credit advances or activate any new accounts or do anything that could cause an additional credit check for the next 60 days while the loan goes through. That might lower their credit rating, and then they might not get the loan or the interest rate they need. That, in turn, might mean less cash back to the tune of tens or even hundreds of thousands dollars. Our couple’s next Visa payment is due on the 26th, but neither of them gets paid until the 30th and they don’t have the money sitting in their account. The payment is less than $300, and they only need it for a week. If they miss the payment date, ALL their credit card interest rates could easily skyrocket. If they have ten credit card accounts and make just one late payment for their very first time ever, they may suddenly see all ten accounts go to default level interest and minimum payment levels. Fear strikes as they leave the bank. For the first time, they consider a payday loan. They easily find a payday loan site on Google: they don’t even have to go to that awful payday loan shop down the street. A confidential payday loan could make that payment tomorrow. Paying $25 to $100 dollars in interest is better than losing $10K to $100k!  And, no-credit-check payday loans are not reported to credit agencies.  Sometimes privacy and timeliness are worth more. The middle class couple have just worked the system, and it pays. Gillian Gunner is a writer, software author and webmaster with an interest in personal finance, money management and lifestyle topics. She has contributed to Payday Loans Guide and other financial websites

Posted in Uncategorized, payday loan, loan, loan calculator, payday loan online, loan rate, payday cash loan | Comments(0) August 2007



Payday Loans : For and Against

While payday loans have long been popular in the USA, they are a relatively new service for UK customers, and many people aren’t sure exactly what they are. With all the controversy over whether they’re a worthwhile service or simply a form of legalised sharking, it’s a good idea for any UK resident thinking of applying to know exactly what they’re getting into.Most of us struggle for money towards the end of the month to some extent, and have to tighten our belts a little by cutting down on socialising or other forms of non-essential spending. This is a perfectly normal fact of financial life for most of us who are employed and get paid once a month. Sometimes however, running out of money can be more serious than this if there are essential expenses to be paid such as an unexpected bill or repair cost.
Many people use the overdraft facility of their bank accounts to give them a bit of leeway when funds are short, but in today’s world many people are permanently overdrawn and near their limits, so this may not be an option.An alternative way of tiding you over until your next salary is to use a credit card, both for purchases and cash withdrawals. There are several problems with this, including the fact that credit cards are an expensive form of borrowing, and it’s tempting to build up a large balance which can have a disastrous effect on your long term financial health.If neither of the previous two options are right for you, then a payday loan may be worth considering. Briefly, these loans are available to nearly everyone with a bank account and a debit card, and who is in regular employment. When you take one out, the lender will transfer the amount you ask for directly into your bank account, usually within 24 hours of your application being approved. During your application you will have supplied your debit card details, and the loan company will use these to automatically repay your loan on your next pay day, along with their fees.And therein lies one of the main problems with payday loans - the fees.This kind of credit is notorious for being expensive, and eye-watering APRs of 1000% or even much higher are the norm. These APR figures are perhaps a little misleading, as the APR system is designed for credit with a longer repayment period than payday loans where the term is measured in days rather than years. Nonetheless, these loans are pretty expensive, with a fee of 25% of your loan amount generally the going rate.The second major problem is that repaying your loan and fee is likely to leave you skint again at the end of next month, and it’s easy to get into an expensive vicious circle of taking out a loan every month - which is when those high APR rates will really bite.So, is there any point to a payday loan? Yes, but only really for a genuine emergency where there isn’t an alternative. If you’re using these loans to finance your day to day life, then it would be better to examine your finances and see where you can economise, or to restructure your debt using a consolidation loan or similar to free up some extra cash every month. Nicholas Hunt is a contributing writer to the 1Stop Finance money news and advice site, where you can read a longer version of this article on payday loans in the cash advance section.

Posted in Uncategorized, payday loan, loan, payday loan online, payday cash loan | Comments(0) August 2007



Personal Cash Advance Loans, Should you go for them?

Payday loans  that you can avail to cover your requirements till your next pay check arrives. It helps you avoid bounced check fees and late payment fines. Personal Cash Advance is the place for you if you are looking for an unsecured, short-term cash advance to tide over a temporary cash crunch. At Personal Cash Advance, you can get yourself a in few easy steps.It is good to opt for a payday loan only as a last resort. Easy availability of the loan can make utilizing this option a habit. While there is not much wrong with that, one thing you should know is payday loans usually come with high interest rates. This means you could end up paying high for borrowing a small amount.At Personal Cash Advance, there are certain minimum criteria for availing this loan. You have to be a US citizen, first of all, to make use of this facility. Not only that, you should be earning at least $1000 a month, and also have an active checking or. The website is no good for you if you do not meet these three basic criteria. The process of applying for a loan here is simple, but elaborate. You fill up a form, with error messages popping up each time you make a wrong entry. Filling the form is an interactive process, but it can get tedious after a while. Once your loan is approved, the funds are deposited in your checking or savings account electronically. The site claims to offer quick and without the hassle of credit check and charges no application fees. It offers secure online transactions, something all credible websites offer nowadays. While the site boasts of a totally online process, there is also a phone confirmation involved. The website itself loads quickly. A simple and uncluttered homepage and easily accessible and logically placed hyperlinks makes for easy browsing. However, the presence of location cues would have added to the ease-of-use. Lucid content about payday loans, in easy-to-understand fonts, enhances the browsing experience. However, a slightly larger text size would have made the browsing experience easier on the reader’s eye. On the whole, Personal Cash Advance is informative and easy to use. It scores high on the usability and functionality fronts and medium to low on look and feel. Functionality is what matters most; however, functionality coupled with look and feel is what makes a really attractive site.As said earlier, cash advance loans should be used only when there is no other resort, and need to be used responsibly.

Posted in Uncategorized, payday loan, loan, loan calculator, payday loan online, loan rate, payday cash loan | Comments(0) August 2007



Payday loans: a necessary product

Pretend for a moment that — like most Virginians — you make enough to make ends meet, but haven’t accumulated much in the way of savings or assets.Your car breaks down. You need $300 to fix it so you can get to work. You’re not comfortable borrowing from friends or family. You don’t want to max out your credit card, bounce a check or pawn personal items. What do you do?The payday advance industry exists because it fills a vacuum that banks created when they stopped offering low-dollar, short-term loans. They instead found bounced-check and nonsufficient funds “protection” fees more profitable.Recent studies debunk the myth that payday loans are “predatory,” and underscore the fact that — before restricting or eliminating such short-term credit options — public officials should better understand the consumer demand for such products and the unintended consequences any such restrictions might create.Indeed, while critics — including recent Roanoke Times guest columnists — have rushed to label payday lending as “predatory” without ever having defined what “predatory” means, a January 2007 study by the Federal Reserve Bank of New York found that payday loans were not only not predatory, but that — by increasing the supply of credit to an underserved market — they actually enhance the welfare of the households they serve. (”Defining and Detecting Predatory Lending” is located at: Another study found that further regulation of payday lending has the adverse and unintended consequence of reducing credit options for those who may have few alternatives, and that policymakers should encourage competition in the small loan market, as competition controls prices. Payday loans are a sensible choice for many facing personal emergencies and more onerous fees such as those associated with bounced checks and late bill payments.Just as a taxicab is not the right choice for a cross-country trip, but a good choice for a ride across town, a payday advance can be the best choice for someone short of cash a week or two before payday.While attacking payday advances for carrying high annualized percentage rates, industry critics fail to mention that no payday loan customer would ever experience such APRs. To do so, a payday loan customer would have to renew his or her loan every two weeks for a full year, an impossible feat that is illegal in Virginia and all of the 37 other states with responsible payday lending legislation.In fact, Virginia’s payday lending laws already include some of the strongest consumer protections in the country.

Virginia law protects consumers from creating a “cycle of debt” and from experiencing the kinds of annualized percentage rates referenced by industry critics. These laws include limits on loan amounts, renewals and associated fees.These are the kinds of strong consumer protections the payday lending industry consistently supports.While the vast majority of payday loan customers pay their loans off without difficulty, the industry provides a solution for the small minority of customers whose overall financial situation precludes them from meeting the terms of their loans.Earlier this year, members of the payday lending industry’s largest trade association — the Community Financial Services Association — launched an Extended Payment Plan granting any customer — at any time, for any reason — more time to pay off their loan at no additional cost.By providing a safety valve for the small percentage of customers who misuse payday loans, extended payment plans will help that group avoid further financial difficulty or the “cycle-of-debt” so often misattributed to payday lending.Banning the industry — as the 36 percent annualized rate would do — would deny Virginia consumers the right to make their own choices, limit their credit options and force many to risky and more costly options such as unregulated off-shore Internet lenders and bouncing checks.Policymakers in 38 states, including Virginia, have debated the issue and passed laws containing strong consumer protections — recognizing that eliminating a choice does not eliminate the need for short-term credit. Evidence shows payday loan customers are satisfied with their payday loan experience, appreciate having this credit option available and fully understand and accept the associated fees.Let’s give Virginia consumers access to a variety of regulated credit options and trust them to make financial decisions based on what’s best for them and their families.

Posted in Uncategorized, payday loan, loan, loan calculator, payday loan online, loan rate, payday cash loan, bank loan | Comments(0) August 2007

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