7 Reasons Why Payday Loans Are Ideal for Working Quinquagenarians with Poor Credit

Royalty-Free Photo

Finances can become a touchy subject for a quinquagenarian (a person between the ages of 50-59). By the time you've reached this age, in most cases, you're either comfortably wealthy to the point of already being an investor or entrepreneur, or you're like most others who are still in the position of needing to work to pay their bills. 

If you're in the latter group like the vast majority of the population, it can be easy to find yourself encountering financial jams as you get older due to compiling debts and obligations combined with increased forgetfulness. This is why you might want to get a payday loan.

Payday loans are sometimes criticized for their short-term repayment requirements and above average interest rates, but for many people, they can provide a means to fixing their finances in a hurry. 

They're particularly ideal for older citizens who don't want to create additional long-term debt commitments and only need a quick band-aid to turn around a minor financial predicament. Likewise, they can often be the only option for people with poor credit.

With that said, here are seven reasons why payday loans can be ideal for an employed quinquagenarian:

1. You Only Need Proof of Income to get a Payday Loan

Regardless of your age, if you have poor credit, you're going to find it difficult to obtain approval for any kind of financing other than a payday loan. Payday loan providers are able to offer loans without conducting any credit checks because they verify proof of employment before granting approval. 

Furthermore, when you get a payday loan, you'll be initiating a direct deposit agreement with your bank to automatically transfer the loan amount to the lender on a specified date – typically the date of your next paycheck. In this way, lenders are able to issue payday loans while only requiring proof of identity and proof of employment.

2. You Can Be Approved Quickly

Submitting an application for a conventional loan of any kind can leave you waiting for days to receive an approval or denial notice. Payday lenders can approve you on the spot and the money will be transferred to your bank account within 1-2 business days. If you visit a physical office location, you can walk out of the building the same day with your loan in hand.

3. Failure to Repay Generally Does Not Affect Your Credit

One of the biggest concerns when taking out a loan is that it might negatively affect your credit if you're unable to make payments on time. That's certainly a valid concern, especially if you already have a low credit score. 

While you should always make your best effort to make repayments as planned, failure to repay a payday loan usually won't affect your credit report or score in any way. There are cases in which a lender could sell your debt to a collection agency, which could then file a claim with one of the major credit reporting agencies, but in the vast majority of cases, this does not happen. 

However, keep in mind that failure to repay your payday loan will render you ineligible for future payday loans from the same lender or network, which is a significant consequence for someone who can't obtain approval for any other kind of loan.

4. The Terms and Fees Motivate You to Repay it Quickly

One of the dangers in creating any sort of debt is that you could wind up being burdened by repayments and taxed by interest and fees for years to come. While long-term loans will usually give you better interest rates, they'll also have you making repayments for many months. 

On the other hand, payday loans generally charge higher interest and fees for late payments, so you'll have all the incentive you need to get your debt squared away instead of putting it off with minimum repayments.

5. You Don't Even Have to Leave the House to Get the Money

Applying for a payday loan is a process that can be handled fully online. You may need to take a picture of your ID to submit along with your application. All of the information required by loan providers can be submitted on their website or via email. 

Once approved, the money can be transferred directly to your bank within a matter of 1-3 business days.

6. The Loan Amounts Are Doable

Borrowing ability can be just as much of a risk as it is an advantage when over-utilized. Since payday loans are given in modest amounts that range from $100 to $3,000, they keep you from over-extending yourself with a $5,000 to $10,000 personal loan. 

Plus, the recommended repayment and loan amounts are calculated based on your income, so you should have no problem paying them back with a bit of discipline. Furthermore, since the amounts are usually small, you give yourself a fighting chance of getting out of the hole even if you were to fall behind on payments.

7. They're Enough to Cover Most Household Bills

If you're struggling to pay your bills on time and are looking for fast relief, payday loans are an ideal option because they're usually enough to cover essential living expenses like rent, utilities, internet, phone, gas, and food. 

If you have a part-time job that doesn't pay much, you might have a hard time getting approved for a higher amount that will make the loan worthwhile. As such, these loans are usually better for people who are employed full-time.

Try to Avoid an Income-Reducing Debt Cycle

Although all of the above points are definitely valid reasons why quinquagenarians can benefit from payday loans, there's also a downside in that your next upcoming paycheck will be less than usual due to the interest and fees. 

Since most payday lenders will offer to immediately renew the loan, that's often the best option for making sure you still have spending money left on payday. However, it may be better to practice restraint and refrain from renewing the loan repeatedly, as you could get into a cycle that has you losing a significant percentage of your income to interest.

How to Get a Quick Loan: The Ultimate Guide

Wouldn’t it be great if you could get cash fast when you need it? Well, it’s not as hard as you think. A lot of people live paycheck to paycheck and don’t have the ability to plan for contingencies or save a little extra.

All it takes is a medical emergency or car accident to put you out financially. But if you need fast cash, you can look to an alternative lender to get what you need now. Applying is easy, and you could have your money that day.

Your Financial Situation

Your personal situation will determine whether you qualify or not, but there are some things you can do to prepare for applying.

Credit Score

Your credit score tells the bank how risky of an investment you are. The better your credit score, the lower your interest rate. If you have a history of financial trouble, you’ll be socked with a high-interest rate, making it harder to pay back the loan.

Many sites offer a free credit check, and it’s always wise to know where you stand in the event that you need a little extra help. Aim for a score of at least 700. Anything under 650 is considered bad.

Understand that not all personal loan sites lend to 'bad credit borrowers' but all do a soft pull of your credit to pre-approve your application. This means applying on several online lending sites won't hurt your credit and will shop your loan out for better rates.

Debt Ratio

Your debt ratio tells a creditor how well you use your finances. If you use a large majority of the credit available to you, you have likely maxed out all of your cards, which doesn’t look very responsible.

A higher debt ratio also has a negative impact on your credit score, which makes you look like even more of an investment risk.

Getting a Quick Loan

If you have a low credit score and high debt ratio, that doesn’t mean you’re disqualified. It just makes it harder. Be prepared for a high-interest rate and difficult repayment terms. There are many places you can turn to for some fast cash.

Family and Friends

It’s embarrassing to admit when you’re having trouble and it’s even more embarrassing to ask for money from your family or friends. You may not want them to know you’re struggling, but they may be the most willing to help and offer the most favorable terms.

Be sure you have a clear plan for paying them back. Many relationships show strain when money is involved, and it’s a sensitive subject, so if you don’t think you can follow through, don’t ask.

Credit Cards

Applying for more credit cards could help temporarily. You could also look into getting a credit increase on a current credit card. If you have a good payment history, chances are they’d be more than willing to consider it. Cash advances on credit cards are a good option for fast cash, but you’ll pay more interest.

Personal Loans

A lot of lenders offer personal loans. The payback terms are short, so you can get cash fast and pay it back quickly. Often, these loans are instant, but the amount you get depends on your application and credit score.

The interest rates are much lower than credit cards, so it’s easier to pay them back and get out of debt sooner. Alternative lenders can offer some good options for easy applications and fast financing.

Loans to Avoid

Just because you’re desperate doesn’t mean you need to get yourself into further financial trouble. Some loans could cause more problems later on. Don’t look into payday loans. They are high in fees, and it makes ityou hard to meet your expenses next month because the turnaround time for paying these back is very fast.

Quick Loans

Alternative lenders like Quick Loans Direct can offer you the best of both worlds. Fast funding and favorable terms await behind a speedy application process. Apply today.

How to Overcome Financial Challenges

Wipe our Debt (Photo credit: Images_of_Money)

If you want to overcome financial problems and get out of your debt, you need to create an attainable budget plan. A sure-fire way to rise above your financial difficulties is to increase income and reduce debt. However, it is not also possible to immediately increase income. Therefore, every modest gains that you have can be very helpful for you. 

If it is possible to work part-time to make extra income, then you should do so. The additional income could help pay off your loans or credit card bills. If getting an extra job is not feasible as of the moment, the next best thing to do is to come up with a reasonable financial plan and stick to it. Here are some ideas that may help you overcome financial challenges and become debt-free in no time:

• List down your expenses and debts – Knowing how much you owe or you need to pay is the first step to be financially stable. You should keep a journal of your expenses and monthly debts/loan payment. In this manner you will know how you spend your money and how you should change your spending habits. Make sure that your expenditures are detailed down to the smallest amount. Collect the copies of your credit card statements, loan agreements, contracts and even promissory notes. You should also keep your pay stubs and keep track of the details of your savings and retirement plans.

• Seek professional advice – If you don’t know how and where to start, it will be much better to get some pointers and suggestions from reputable credit counselors. There are a lot of reputable credit advisors that could help you with your financial challenges. There is a list of government accredited credit counselors that you can find in the US Trustee Program. You will surely find a credit counselor near your area. 

• Provide the necessary details – Your credit counselor cannot help you get over your financial difficulties if you will not provide the complete and important details of your finances. Your credit counselor will need to review your financial assets and liabilities in order to come up with a solution to your financial problem. You can ask your credit counselor to create a budget plan that will help keep your finances under control and at the same time reduce your debts too. You will be given various suggestions which may include moving to a more affordable apartment or downgrading your expensive car. 

• Create a long-term plan – Your goal should go beyond paying off your current debts and loans. You can ask the credit counselor to come up with long-term debt management plan. Usually, these counselors would get in touch with your creditors and negotiate to give you lower interest rates so you can finish off your balances the soonest possible time. Debt settlement is also something that your counselor could help you with and you can eliminate your debts and avoid bankruptcy. 

• Live within or below your means – No matter how good your credit counselor is, you will not be able to get out of debt if you continue to live beyond what you can actually afford. Your credit counselors are there to assist you and provide sound advice, but the ball is still in your hands. If you don’t want to declare bankruptcy, you should take necessary steps to reduce your debts and pay off your loan balances. 

About the Author: Mackenzie Salis is a guest blogger and business writer for https://www.loansforbad-credit.co.uk. She likes to write business and finance articles and she is good at web design.

How to Successfully Overcome Financial Issues

As society has evolved to accommodate more and more comfort, security and pleasure seeking, our fears have also evolved accordingly, and at the top of them is our fear of financial insecurity. The fact is that every endeavor we undergo is to some extent connected with our desire to reach a level of financial security where day to day life no longer comes with the burden of needing to find other ways of making ends meet. 

It is also understandable that in today’s financial climate, the anxiety about not having enough to cover basic needs is top concern for the majority of the world’s citizens, no matter which country or continent. And when the biggest fear we’ve faced our entire lives greets us at the door as we are served with an eviction notice, lose our jobs or find ourselves buried under a mountain of debt, it seems we can’t fight the feeling of being overwhelmed. 

Step 1: Access your Income and Beware of Debts

The truth is that it really lies in your control that you get out of debt. While general recommendations like creating plans for reducing the debt or increasing your income are certainly welcome, the idea is to systematically go through a set of steps that will bring you closer and closer to your desired goal.

The most important thing is to realistically assess your steady income and then determine which of that is being spent and on what. This means listing not only fixed expenses like gas, telephone or electricity bills, but also those that vary (such as recreation, clothing, gifts, entertainment). After having made your list, prioritizing and tracking what you have spent will come much easier. 

Step 2: Seek Advice from Professionals

The next step is to consider seeking financial advice from a reputable credit or financial counselor. There are many programs that offer lists of certified advisers. He will need to receive all the information you have gathered thus far, from your expense lists, to bills, debt lists, financial assets and anything you consider relevant to your situation. Then set a goal that you and your credit adviser wish to reach. Usually this is establishing a reasonable budget that can allow you to get your finances under control and reduce your debt all at the same time. If such an adviser is not within your reach, check out debtconsolidation.com.au where you can find countless information and tips on how to create such a plan yourself. 

Step 3: Make a Payment Plan

Contacting your creditors to set up a reasonable payment plan which is manageable is the next step you need to take. The home mortgage is the priority in this case. Many Americans for instance are unable to play their mortgage- but contacting the lender right at once will help you avoid foreclosure.

You will be surprised to see that many of them are open to cooperation when they see the situation is temporary and that you are actively involved in resolving the situation as fast as possible. There is the possibility of reducing the monthly sum by extending repayment periods, suspending payments for a determined period or not needing to pay additional amounts when resuming payments. With car loans, since a creditor is allowed to repossess the car at any time after the payments have stopped, the reasonable measure is to sell the car, pay back the debt and avoid added costs of repossession and negative credit reports. 

Step 4: Successfully Manage Your Debts

Debt consolidation through a second mortgage or other types of equity lines of credit may help you sink the cost of your credit but at the price of your house as collateral. There are positive and negative aspects related to these types of credits, you can obtain great tax advantages that are usually unavailable with other kinds of credits but you can end up paying “points” (a point is 1% of the total amount you borrowed).

Conclusion

As an absolute last resort, filing for personal bankruptcy may be an option if everything else has failed but the consequences will haunt you and are severe. The idea behind it is that it is decided in court that you are no longer mandated to repay certain debts but this information remains in a credit report for 10 years and this might make buying a home, getting another credit, and even getting a job difficult.

It is important that you maintain a positive attitude in this situation that would indeed turn any man’s nights into restless and full of doubt. In most cases the doubt situation is resolved and with a revised payment plan you are well on your way to getting back on your feet.

Top Eight Wealth Tips for Women

Finance (Photo credit: Tax Credits)

There are lot many financial problems with women. Often it is heard that women delegate their financial issues to her husband or someone important in the family. Later if the condition deteriorates and situation turns to divorce, it plunges them into dearth. Apart there are women who spend more than their earning and ultimately become mired in debt. With this article I want to convey all women that don't let your fate die like this be judicious in your financial planning and let write a balanced economical story.

A recent research conducted by national center for women and retirement research showed that there is a direct correlation between women’s traits and the way they deal their finances. Boldness, honesty to change, and having an optimistic outlook towards the situation are the qualities that are liable to pilot smart money choices. The problem with money and cash is directly related to our life and relationships. If we are successful in working with economical issues, many of our problems will be automatically solved or will take care of themselves. There are instances in the lives that we have solved our financial issues and all our other problems are solved automatically.

People are emotionally attached with the money. It represents the power, love and control over the living standards. The belief about money and the emotions attach to it are strongly influenced by the way we spend and handle our income. Just take the case on yourself, imagine where you should be financially, and examine what are the prospects that drive you emotionally. If it is the money try to figure out, what is the psychological stumbling that restricts you from achieving your aim.

I have collected 8 most vital things that are easy for women to opt for and change their economical star in favor. Just follow these points and secure your financial future…

1. Never rely on others, not even husband or boyfriend, for your financial security. Be educated and keep yourself updated about your money management plan. Try to keep note on your investing and overcome the financial gender gap. 
2. Set your goals because it is the only way that will lead to financial success. 
3. Remember, money should never be used to make you feel good. It is just like fleeting. It is better to do things that help to gain self respect and ingenuity. 
4. The key point is to spend less than you earn, it is the only secret that will help you to create wealth. 
5. Be educated, it is seen that people having college degrees earn more than those who have no degrees. 
6. Try to have an emergency fund, it need to be built by you. Having no emergency fund will push you into problems in the adverse conditions like losing job and incurring unexpected bill. 
7. Be involved in daily management of the money in your family 
8. Never overcome the fear of losing money over power you. Learn from your mistakes and invest on secured options like TermLifeInsurance.com. These are safe options and it will help you to secure your financial future.