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i think this image helps see why taking loans isnt a good idea, you could start to build debt and if you keep needing loans your debt can build quick.

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i chose this image because one main advantage to pay day loans is that they are very quick and easy and money will be in your account in 24 hours or less. they are very reliable for quick cash.

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this is a short video that goes over some pros and cons of payday loans and also shows another option, instalment loans, that may be better if you find that payday loans aren't gonna work with you. the video talks about not being able to pay off your loa which is a reoccurring problem with payday loans and is probably the biggest issue with pay day loans which is taking out more loans to pay off the last one, it just ends up putting you in a cycle of loans that can be hard to get out of.
i chose his video because its very easy to understand and goes over some very important things. i like that the video shows people another option to help they pay off the debt that may work better for them

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this video talks about how the payday loans market is crippling some people with the insanely high interest rates. people take out money for there loans and when it comes time to pay it back if it is not paid on time the rates rise extremely.it also talk about how people wind up in a cycle of loans and they keep needing to renew their loans and they get stuck in a cycle of loans and getting buried in interest and if youre living paycheque to paycheque then you can afford to be raising interest on your loans.
i chose this video because its very real about how people keep needing there loans to make it through there pay period, in this video it takes about how people are taking out up to 10 loans a year and these loans are usually rolled over from the last loan because they can afford the last loan so they go get a loan from another company

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Consolidated Credit Counseling Services of Canada

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The Trouble with Payday Loans | Consolidated Credit Canada

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although this video may not go over pay loans so it does say one thin that i think is universal across all loans and it says that credit score is very very important when trying to secure a loan. the credit score could be the difference between getting or not getting the loan. this is one of the cons about loans if your credit sore is not very good you will be turned down when applying for any sort of loans.
i chose this video because it shows that credit score is very important when going to get any loans. keep your up your credit score and it will make getting your loan a whole lot easier.

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This video goes over some basics of payday loans and what some one may need to get a loan. to goes over some pros such as how quick and easy it is. and cons like they only offer small amounts of money. its very quick and gets alot of the things that i think people may want to know before getting a loan.
I chose this video because i feel that it gives some quick tips and good information. all one needs to qualify is id, steady income, and a checking account.

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Payday Loans – Pros and Cons of Getting One

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This website also communicates pros and cons very well and goes over them very well. it goes over many pros like loans are easy to obtain, money is in your account quick, and money can be used for whatever you like. it also goes over some cons such as hidden fees, credit score can cause problems, and qualifications are very definitive.
i like this website because it goes over qualifications and hidden fees and other things that come with payday loans.

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First of all, there are many types of personal loans and in many occasions people use the term broadly to refer to many, many types of loans. In this article we will focus only on a narrower definition of personal loans, encompassing mainly one that includes only payday loans and short term, small and unsecured personal loans as part of its definition. For the purposes of this article home equity and car equity loans do not fall under this definition.

So, in what situations do individuals seek unsecured personal or payday loans? Well, the simple answer is when one is suffering a cash-flow problem and needs a quick and easy solution. This may occur when you are between jobs, a car needs repairs or you need to make some sort of purchase or payment and don't have time to save. The point is that often people are rushed in making these decisions and don't consider the pros and cons of personal loans. Here they are:

Pro: Personal loans are easy to obtain

If your credit is alright and you are employed then you are very likely to qualify for a personal loan. Approval is easy and very fast.

Con: Qualification guidelines are very definitive

When it comes to personal loans, you meet the minimum requirements you're almost good to go. However if your financial profile contains any bad marks these lenders do not show a lot of sympathy or breathing room. The loans are unsecured and they want to mitigate risk.

Pro: You get your money fast

When it comes to personal loans there's not a lot of bureaucracy. One thing is for certain: if you are approved for a loan you wont have to wait long to get your money. It usually happens within days or less. The turnout rate is very advantageous.

Con: Your credit sometimes really matters

This varies from lender to lender, but usually you are penalized for bad credit. In fact, often if you can qualify for an unsecured personal loan with a bad credit rating you might be penalized with a higher interest rate.

Pro: You can use the money for anything you want

A personal loan is unsecured, so, you can use the money to buy whatever you want, e.g. bills.

Con: Hidden fees

A lot of personal and payday loans come with hidden fees, and they are often very steep. You may be charged when you miss a payment or something else goes wrong. Be careful and read the fine print.

In conclusion, be careful and do your research before you apply for a loan. Be responsible when it comes to borrowing and you'll reap its rewards without having to face any negative consequences.

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Pros and Cons of Personal Loans | Loans Canada

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First of all, there are many types of personal loans and in many occasions people use the term broadly to refer to many, many types of loans. In this article we will focus only on a narrower definition of personal loans, encompassing mainly one that includes only payday loans and short term, small and unsecured personal loans as part of its definition.

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this site communicates very well how loans work and aswell as other options to if you find that a loan may not be best for you. it goes over who mainly uses loans like this and also looks at positives like easy cash for emergencies and negatives like if your loan is not paid on time you can be fined a very expensive fine.
i like this website because
it explains loans and the things attached to loans well. i like how it shows who it recommends would suite loans best and how to tell if it is best for you to use pay day loans,

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A payday loan is a short-term, high-interest loan, generally for $500 or less, that's designed to bridge the gap between paychecks. The quick cash infusion is nice, but when you apply for a payday loan, you may wind up getting more than you bargained for.

As the Consumer Financial Protection Bureau notes on its site, these loans are typically for small amounts but give lenders access to your checking account or require you to write a check for the full balance in advance, which the lender can deposit when the loan comes due. Worse still, payday loans carry sensationally high interest rates, with some costing as much as 400%. That's serious money for a cash-strapped consumer, and though state laws and other factors influence charges, you'll want to enter a payday loan agreement carefully.

In this article, we'll discuss how payday loans, including payday loans for bad credit, work and why it's important to read the fine print.

What Is a Payday Loan?

There are many terms for this kind of credit - payday loans, cash advance loans, check advance loans, deferred deposit loans or post-dated check loans - which you can get from a variety of sources. Whether you walk into a payday lender's store or apply online, the process is basically the same: You provide some personal and financial information , request a loan for a certain dollar amount (secured by check or bank account debit authorization), pay a fee for the loan and receive the cash or deposit into your bank account.

Several factors determine how much you can borrow, but your credit isn't one of them, as the phrase "no credit check" indicates. ("No credit check" and other terms like "fast cash" and "easy" are usually the main selling points in payday loan ads and part of what makes them appealing to borrowers, though new rules proposed by the CFPB in 2016 require short-term lenders to measure a consumer's ability to repay in certain instances.)

Payday loans can be very costly. Loan amounts generally range from $50 to $1,000, depending on state laws. Fees also depend on state laws, but the structure might be something like $15 per $100 borrowed, and some states may cap how high the fee goes. Because the loans have such short terms, the cost of borrowing is generally high. A typical payday loan with a two-week term and a $15 per $100 fee has an annual percentage rate (APR) of nearly 400%, according to the CFPB. (Here's a primer on how interest rates work .)

How Do Payday Loans Work?

Say your car broke down and you decide to borrow $300 for the repairs from a payday lender. You'll write a post-dated personal check for $340 (the amount, plus a $40 finance fee), made payable to the lender. You enter this information online when applying for a payday loan on the internet. The lender then advances you $300 for a set period, usually 14 days. When that period ends, you pay the lender $340 in cash, let them deposit the post-dated check or write another post-dated check for the amount, plus an additional finance fee.

If you do not pay the debt in full at the end of the term, you will be charged additional fees.

Who Uses These Types of Loans?

Twelve million Americans use payday loans every year, according to the Pew Charitable Trusts. Generally anyone with a checking account and steady income can obtain a payday loan. However, it is most common for borrowers who don't have access to credit cards or savings accounts to use this type of loan. "Payday loans for bad credit" are attractive to people with no credit or credit problems.

The Pew report found these common characteristics among payday borrowers:

According to that same report, the average borrower takes out eight loans of $375 and spends $520 on interest alone by the time the initial loan is repaid.

What Are the Benefits?

Payday loans can be a good tool for quickly and easily borrowing cash during an emergency if you don't have other financial options. For example, you might use a payday lender for an immediate and temporary financial need such as a medical bill, car repair or other one-time expense. Payday loans are helpful for people who don't have credit cards or savings available. Because the loans do not require a traditional credit check, they are easy for people with financial problems to obtain.

What Are the Negatives?

It is crucial that you repay a payday loan as soon as possible. Many people get into trouble with these types of loans when they are unable to quickly repay the debt. If you can't repay the loan at the end of the term, you'll be charged expensive additional fees. It is very costly to be stuck in a payday loan cycle for a long time and can lead to larger financial problems.

Payday loans are also much more expensive than other methods of borrowing money. In most cases, the annual percentage rate (APR) on a payday loan averages about 400%, but the APR is often as high as 5,000%. APRs for credit cards can range from about 9% to 30%; personal loans generally have lower APRs than credit cards. If possible, it is better to use a credit card or tap into your savings in the event of an emergency.

What About Usury Laws?

Several states have specific laws that regulate the lending industry. Known as "usury laws," these regulations define permissible lending terms and rates. Some states also have laws that regulate the amount a payday lender can lend to consumers and how much they can charge for the loan. Other states like New York ban payday lending outright. These laws vary widely. Payday lenders often work around these regulations by partnering with banks based in other states, such as Delaware. It is important to read the fine print on the payday loan offer and understand your consumer rights.

Should I Apply for a Payday Loan?

Before you consider applying for a payday loan, step back and consider your options.

Ask yourself if it really is an emergency. Payday loans can be helpful for one-time emergency costs such as medical fees , but are not a good idea for funding unnecessary expenses. Is it possible to wait to repair your car or pay your bills until you receive your next paycheck? A late fee on a bill may be cheaper than a finance charge for a payday loan. Think about other ways to borrow money, keeping in mind they'll have different fees and pros and cons.

Alternatives to Payday Loans

Negotiate a payment plan with the creditor

Charge the amount to your credit card

Receive an advance from your employer

Use your bank's overdraft protections

Obtain a line of credit from an FDIC-approved lender

Borrow money from your savings account

Ask a relative to lend you the money

Apply for a traditional small loan

Ask your creditor for more time to pay a bill

Use a cash advance on your credit card

If you have evaluated all of your options and decide an emergency payday loan is right for you, be sure to understand all the costs and terms before you apply.

Shop around for a trusted payday lender that offers lower rates and fees.

Borrow only as much as you know you can pay back with your next paycheck.

When you get paid, your first priority should be to pay back the loan immediately.

How Can I Prepare for Financial Emergencies?

You can't always predict when an emergency will occur, but you can prepare for it. Ideally, you should keep enough money to cover your household expenses for two months or more in a savings account. If that goal is too high, aim to save at least the amount of one paycheck. It is also a good idea to have a few credit cards available for unexpected costs.

If you don't have a credit card, you can search for a credit card online. And remember, even people with no credit or bad credit can get credit cards. (Here are the best cards for people with bad credit .) You can see where your credit stands by viewing two of your credit scores for free on Credit.com .
This article has been updated. It was originally published on October 31, 2016.

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The Truth About Payday Loans - Credit.com

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A payday loan is a short-term, high-interest loan, generally for $500 or less, that's designed to bridge the gap between paychecks. The quick cash infusion is nice, but when you apply for a payday loan, you may wind up getting more than you bargained for.

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this site communicates the interest rates of pay day loans well, it allows you to see how fast the interest can build up and cause you lots of debt.
the website says you can apply for loans and receive money within a day, its quick and easy and money can go directly to what you you want. although companies will not loan large amounts of money.
i like this site because because it shows you the rates and hand how high the interest can be. it opens my eyes to how fast the debt may build up with such high interest rates.

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The interest rates starts from 390 and it can reach a maximum level of 780. You need to repay the loan with such a high rate of interest within 14 days from you take the fast cash loan.

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This website communicates the benefits of pay day loans but also shows other solutions that may be better then loans. it goes over some pros and cons and and helps you see if you should apply for a loan. it goes over things like high interest rates, fees and penalties and how it works.
I chose this site because i believe it communicates both sides of pros and cons well to help who needs help making this decision easier for them. one thins i learned from this site is that amounts usually range from 700-1000 dollars.

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All of us are in a tight financial spot some time in our lives. Most people are able to go to family or friends to help out but what are your options if they are not able or willing to help? A payday loan could be your answer if the situation is really bad. Most people don't know what a payday loan is or what the pros and cons of payday loans are. Below we shed some light on this topic in order for you to make an informed decision.

What Is a Payday Loan?

Payday loans are loans used to get quick cash on demand if you are in a tight spot and urgently need additional finances. The idea of a payday loan is to be an advance on your next paycheck so your next paycheck will be used to pay off the payday loan.

Payday loans aren't used to finance big expenses like cars or houses and the size of your paycheck will determine the amount of the loan you will be eligible for.

Generally, interest rates for payday loans are higher than other loans due to the fact that these loans are high risk to the lenders. The repayment of the loan depends on only one payment (when you get your next paycheck).

How Do Payday Loans Work?

It is very important to understand how payday loans work before you choose to apply for one. As explained above, this loan is essentially a cash advance against your next paycheck. The lender will provide you with an amount of cash and the amount usually ranges between $700 and $1000. The lender will require full payment of the loan within a short time frame.

On top of the short repayment term, payday loans have very high interest rates and come with high penalties if you miss the repayment date.

Some lenders also require collateral in the form of a pre-authorized check as collateral.

Who Uses These Types of Loans?

Payday loans should only be used if you are urgently in need of additional cash. These loans come with big costs and penalties, so payday loans should never be used for luxury expenses.

Usually, when people experience a cash shortage or need cash for an emergency, they borrow from family or friends. But friends and family don't always have the extra cash to lend us or we don't want to take the risk of potentially damaging the relationship. If this is the case, you can opt for a payday loan.

Let's take a look at what the pros and cons of payday loans are.

What Are the Benefits?

Even though there are certain risks involved in payday loans, there are also great benefits of payday loans.

Easy Application and Instant Money

Applications for payday loans usually take only 30 minutes maximum and if you apply online it might even be simpler and shorter. The application process isn't complicated and also doesn't necessarily require a lot of paperwork. The fact that loan applications can be processed online means you can apply at any time of the day and don't need to wait till the bank opens tomorrow morning before you'll know if you get the money.

Once your loan has been approved, the money is usually also available within 24 hours. This means you will have the money when you need it and don't need to run around to make other arrangements while the bank processes your loan application.

No Credit Checks

Most payday loans don't require a credit check before approval. This is a huge plus point for those people whose credit history would normally preclude them from getting a loan. Your ability to pay the loan is based on your most recent pay stub.

What Are the Negatives?

Payday loans can be a saving grace if you are in a financial emergency. There are, however, some negatives of payday loans that you have to be aware of.

High Interest Rates and Costs

Due to the short-term nature of payday loans and the fact that many of them are unsecured, they come with high interest rates. These rates are much higher than you would normally get on other short-term loans or overdraft facilities. The high interest rate makes the overall repayment quite big so there is a risk that you might end up not being able to repay your payday loan.

Fees and Penalties

As already mentioned, most payday loans come with a large penalty if you miss the repayment date. This might not seem out of place as most lenders charge this for most types of loans. History has, however, shown that payday loan repayments are missed more easily due to the fact that everything needs to be paid back in one large lump sum. If you end up not paying in time these penalties add up and you will end up paying a lot more than you originally expected.

Tight Terms and Conditions

Make sure you read the terms of your loan before just applying and accepting. Most payday loans come with terms that are one-sided and favorable to the lender. Especially if you default.

Should I Apply for a Payday Loan?

If you need money instantly and your friends and family can't help out, you should consider applying for a payday loan. If you are sure you understand the benefits of payday loans and negatives of payday loans you can safely consider this option. Remember, you should never apply for a payday loan for luxury expenses.
Which types of expenses should you use your payday loan for?

Home needs: if your fridge, oven, bed or microwave just broke and you don't have the cash to replace it, you can use a payday loan.

Health emergencies: if you have a medical emergency and your medical coverage isn't sufficient to pay then a payday loan might be the answer!

Cash flow assistance: if you have an out-of-the-norm need that you can't postpone till next month and you are 100% sure you'll be able to honor your debt commitment, consider using a payday loan to cover the cash flow shortage.

Solutions Other than Payday Loans

Make sure you consider all your other options before you take out a payday loan. Consider using a personal loan or credit card. The interest and charges on personal loans and credit cards are much lower than payday loans.

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If your family and friends are an option, don't discount them. It might be a little embarrassing having to ask them to help out with cash, but the terms are likely to be more advantageous than payday loans and the consequences of non-payment much less severe.

Conclusion

Before you take out a payday loan, make sure that you have gone through your other options. If there are no other options, then a payday loan might be the right solution for you. Make sure you understand the pros and cons of payday loans before applying and take specific note of the repayment date and repayment amount. Where possible, you will want to avoid any late payment penalties or additional charges.

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A payday loan could be your answer if the situation is really bad, but most people don't know what a payday loan is or what the pros and cons of payday loans are. Click the link to learn everything you need to know about payday loans!

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In this wall i will be talking about the pros and cons of payday loans and cash money. Which is better and the benefits of the