Installment Loans Info Center

Informing The Public About Installment Loans

Long ago, the traditional way Americans borrowed money was through personal loans and credit cards. Things like mortgages and student loans, small business loans and credit cards, are financial agreements that every American citizen has most likely used, or will use, at some time in their life. These forms of credit are by no means something to avoid when there is a cash shortage of cash.

The problem with these credit options is that you need to undergo a long loan process, especially when you are applying for a bank loan. Credit reports are ordered, phone calls are made and backgrounds checked, leaving a high possibility that an applicant won’t be accepted. With all the value put on good credit these days, it’s difficult for those without it to be approved for a decent loan.

With so many Americans struggling financially, short-term loan options (such as payday installment loans) are growing in popularity. In fact, there are payday installment loan lending stores and online lenders that specialize in payday lending and can help you get through tough times quickly and easily. Payday installment loan lenders provide means for consumers who are having a hard time making ends meet.

Since most payday installment loan lenders don’t require a high credit score, or even a good one, many consumers of traditional loans have shifted to payday lenders. This is because most payday installment loan lenders don’t check credit reports at all. Usually, all they want to see is a stable source of income and a bank account with direct deposit for those applicants desiring to borrow.

Sometimes just a little bit of help and a few hundred dollars makes all the difference in the world. With the payday installment loan industry migrating to the online community, some consumers are concerned about the safety of borrowing through the internet. There are phishing scams out there that prey on people trying to get short-term loans, stealing anything from their personal information to their bank account numbers. Despite all these risks, many consumers still borrow from lenders online because they are a great source to help with emergency financial situations.

It is true that on the Internet, it’s hard to know who to trust. Luckily, along with the online trend, there are organizations dedicated to helping potential borrowers with this process safely. Before their customers are directed to any of the participating lenders’ websites, each payday installment loan lender has agreed to take the necessary steps to ensure that all consumer information is kept safe and secure.

Payday installment loans, whether acquired from an actual payday loan ‘store’ or through the internet, are an integral part of the American financial system. Through payday installment loans, cash-strapped individuals are given means to get out of their financial stress. Payday installment loans make it possible for consumers to borrow money when they otherwise wouldn’t be able to. In fact, payday installment loans are invaluable tools for many struggling Americans who are just trying to survive in these difficult times in the economy.

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Having a hard time repaying your payday loan? Apply for a payday installment loan now!

Payday installment loans differ from regular payday loans because the loan may be repaid in several payments, depending on the terms of the loan negotiated with the lender. This type of short term loan is helpful for anyone in need of money quickly, but needs to have more time to repay the loan. Payday installment loans are your best solution when you need more time to cope with your financial needs.

Just like payday loans, the payday installment loans are also best for unexpected purchases. Let’s say for example that a small appliance breaks and there are insufficient funds in your checking or savings account to cover the cost of a new one or repair the existing one, then payday installment loan may be the answer. Payday installment loan lenders approve amounts up to $1,000. Furthermore, individuals who have financial difficulties and are living paycheck to paycheck and need access to a quick loan, such as a payday installment loan, when a much needed appliance breaks or an unexpected car repair comes along.

Aside from its usefulness for unexpected purchases, payday installment loans also provide better options.

Usually, payday installment loans tend to have lower Annual Percentage Rates (APR) than traditional payday loans which helps make the payments reasonable and affordable for the borrower. Also, there is usually more money available for the borrower as well because there is more time provided for the borrower to repay the loan. Therefore, higher priced items may be purchased with a payday installment loan.

Furthermore, repayment plans may be customized to meet the borrower’s needs and ability to pay back the loan. Payday installment loans may be repaid in several installments over a short period of time rather than in full on the next payday. Also, there are numerous application methods available including online, email, phone or fax. Once the payday installment loan is approved, the cash is usually available immediately in the borrower’s bank account.

Payday installment loan applications are guaranteed secured and kept confidential. With the cases of identity theft and fraud present you may be hesitance to provide personal information online or when applying for short term loans in person. Most payday installment loan companies are able to guarantee the safety of the information of potential borrowers during the application process. It is important for a payday installment loan company to have a policy which prohibits the sharing of applicants’ personal information with any other individual or entity. It is also vital that a payday installment loan company have a secure server that keeps customers’ personal information protected from hackers or other unscrupulous people or companies.

Although people with low credit ratings may still be approved, a history of defaulting on other loans may be cause for denial of an application. However, any individuals who have been employed for several months and can provide proof of a steady income should not have much trouble qualifying for these loans. Payday installment loan amounts can be up to $1,000.

Payday installment loans are the right kind of loan when you need more time to repay in order to cope with a difficult situation. However, the borrower must keep in mind that when the loan is received and used to pay outstanding bills, he must keep his budget under control and make sure all loan installments are paid on time.

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The government has warned consumers to be vigilant against abusive debt collection practices. This is in response to the increasing complaints from consumers about abusive debt collection practices of some payday installment loan lenders. Many consumers are victims of abusive debt collection practices, especially when dealing with illegal and non-licensed payday lenders. Most complains reported by consumers include threats, harassment, revealing debt to third parties, trying to get consumers fired from their jobs or even filing of a civil suit in small claim courts.

This is why consumers are advised to deal only with reputable and legal payday installment loan lenders that are properly licensed in order to avoid abusive debt collection practices. These lenders value their reputation and take care of their clients and consumers.

To inform consumers, the Consumer Federation of America (CFA) provided a list of the different forms of abusive debt collection practices exercised by unscrupulous payday installment loan lenders. Consumers should be aware of these practices to protect themselves from abusive lenders.

Abusive Debt Collections by Phone

This is usually done by payday installment loan lenders in order to harass you until you pay your debt. Here’s how it’s done:

·    Calling repeatedly or continuously, about a hundred calls per day

·    Calling before 8 a.m. or after 9 p.m.

·    Calling your office, place of work or even your relatives

·    Shouting and using abusive language, racial slurs, threats or deception.

Abusive Debt Collections in Person

If your payday installment loan lenders harass or embarrass you in front of your peers until you pay your debt, this is a form of abusive debt collection practice. They may also do any of the following:

·    visit you at your home

·    leave conspicuous “door hangers” if you are not there

·    visit you at your place of work

Abusive debt collection in person may include shouting and using abusive language, racial slur, threats, deception or even reveal your debt to your family, coworkers and neighbors.

Posing Threats

The most common threats of abusive payday installment loan lenders include any of the following in order to scare you into paying your debt:

·    civil suit or criminal prosecution

·    garnish wages or seize properties

·    cause you to loss your job

·    have you jailed

·    damage or ruin your credit rating

By virtue of the Fair Debt Collection Practices Act (FDCPA), these threats are unlawful and strictly prohibited, unless the party making the threats has both the authority and intent to take the threatened action. However, the FDCPA applies only to debt collectors or collection agencies. Payday installment loan lenders are not bound by the FDCPA because they do not meet the definition of “debt collector” under federal law. But you can still report any threats by these lenders to the BBB (Better Business Bureau) or to your State Attorney General.

Deceiving Debt Collections

In some cases, abusive debt collection practices deceive consumers of payday installment loans into repay debts. These are manifested through the following:

·    claiming to be an attorney or government employee

·    claiming to be a law enforcer and threatens you with arrest or jail

·    sending documents that look like legal papers but are not

·    sending legal documents not related to the collection of debts

There are other forms of deception, so the best way to protect yourself is to fully understand the state laws where you live.

To prevent being a victim of abusive debt collection practices, deal only with reputable and licensed payday installment loan lenders. Compare lenders carefully and check with state regulatory agencies about licensed payday installment loan companies.

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Quick and short term loans are popular in times of financial crisis. Many are looking for alternatives for bank loans. Typically, getting a loan, especially from a bank or credit union, will take years to be paid off which maybe quite burdensome. Loans paid for longer durations may not be easy to pay off and eventually become stressful. Also, you may end up paying higher interest rates and fees than what you thought initially at the time of getting the loan.

Payday installment loans are short term loans that allow you to pay them back in shorter duration because they offer short monetary commitments. The due date is usually within the next payday or after two weeks to a month. Though the duration of the loan repayment depends on the type of loan, short term loans provide ways that are easy to pay off and suit your paying ability and personal circumstances.

Another advantage of short term loans, such as payday installment loan, is paying less interest than getting loans with longer time commitments. Although most payday installment loan companies charge higher annual percentage rates (APRs) than if you take a bank loan, the actual cost of getting loans with short monetary commitments is far less. Instead of being hooked up paying interest charges every due date per month for the next five years, payday installment loans are easy to pay off and you can be easily freed from debt.

Most people who take advantage of short term loans, such as payday installment loans, are those with low credit scores or have bad credit. Short term loans, such as payday installment loans, can be a tool to improve your credit score. Since the due date for short term loans involve short monetary commitments, the loan is easy to pay off, so you can pay on time and have your credit score improve dramatically. This will enable you to take out a new loan at lower interest rates in the future.

One of the biggest advantages of getting short term loans, such as payday installment loans, is the convenience of getting the loan. You can apply online and submit your application without a hassle. You can apply 24/7 even in the comfort of your home. Also, the requirements for approval are easy to comply with. You just need to present proof of a stable income or pay stubs from your current employer of not less than 3 months, a valid I.D. with a residential address, you must be a legal citizen of the country and at least 18 years old.

The processing of short term loans, such as payday installment loans, is fast. Once approved, you can get the money in your bank account within 24 hours from your application. Be sure to provide your complete bank account number and bank details to your lender upon application.

Short term loans provide advantages to borrowers who want to get cash instantly and get out from debt easily. The key is to be responsible with your payments and to spend the money wisely. This will help you avoid getting stuck in the debt cycle.

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One of the greatest struggles that salary-dependent individuals face is dealing with late bills. Overdue bills for household utilities, credit card bills, and even insurance bills can be devastating if you don’t have cash to pay them. You may suffer from repeated calls form collection agencies and also you will be paying for additional late fees and overdue charges.

The best way to prevent paying for these additional fees is to apply for a payday installment loan. Today, many cash-strapped individuals apply for online payday installment loans to pay late bills and cover other daily living expenses. Payday installment loans come in handy especially to struggling people trying making ends meet. Despite the strategic management of paying bills, many people are still unable to cover all of their daily expenses.

There are several types of bills that need to be paid every month. These bills always come on the same day or in intervals which can be a source of stress for anyone who is already having a hard time making ends meet.  If you find yourself short when paying your bills, a payday installment loan is a quick personal loan you can apply for that will help you get the cash you need in the very same day you need it to pay your bills.

Online payday installment loans are convenient solutions for short-term expenses and for urgent financial needs. In fact, this is quite popular these days because it is usually the last resort that most salary-dependent people choose in order to meet their financial needs before payday comes.  Here are some of the benefits of online payday installment loans and why it is a good option for paying bills.

1.    The application for online payday installment loan is easy and convenient. Since these short-term personal loans can be applied for online, you don’t need to go to a lending store or show several documents in order to be approved to get the loan. Online payday installment loans have very few requirements.  There are no strict or detailed credit background checks. Lenders will only require you to show your pay stubs to prove that you can pay off your loan.

2.    The loan approval is also very fast and you can use the money on the same day you applied for it.  As soon as the lender reviews your application, you will know if you are approved the very same day. You don’t have to wait for several weeks to have your loans approved. This is specifically important when you need to pay your bills on certain due dates.

Therefore, applying for online payday installment loans is one of the best options for paying bills in a timely manner. However, you need to remember that these loans are only short-term personal loans, so make sure that you can pay on time or bear the high interest rates charged by loan companies.

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If you’re caught short of cash, you might consider getting a loan. With so many credit and financing agencies available today, which among them is the best?

In this article, we will compare the two most popular options in getting a loan – a payday installment loan and a traditional bank loan. A payday installment loan is a short term unsecured loan offered by loan lenders that are repaid on the next payday. These loans have no collateral and no credit checks.

Traditional bank loans require collateral, some valuable assets and some savings in the bank. Traditional banking typically involves a brick-and-mortar location as well as access to ATMs and online accounts. Online banks, by comparison, are nontraditional in that they only do banking on the Internet and do not have physical branches.

Benefits of Traditional Bank Loans

1.    FDIC Protection

One of the biggest advantages in putting your money into traditional banks is FDIC protection. The Federal Deposit Insurance Corporation is a government entity that insures deposits in bank accounts up to $250,000, as of March 2011. This means that if the bank goes into default, the government will reimburse you up to $250,000. If you want to have more than $250,000, get more protection by working with multiple traditional banks.

2.    Financial Services

Using a bank can also provide you with access to other financial services. For instance, you can get access to personal loans, debit and credit cards and online bill pay. When you put money in your checking or savings account, you will earn interest on your deposit. You can also have access to the bank’s network of branches and ATMs.

Differences of Traditional Bank Loans and Payday Loans

1.    Qualification Criteria

Traditional bank loans and credit union loans tend to be rather difficult to qualify for if you have anything less than a flawless financial history. Most banks check how you’ve paid on your other accounts in the past to determine your creditworthiness. If you have missed a few payments or paid late on occasion, your chances of qualifying may be low.

On the other hand, payday installment loans tend to have more flexible qualification criteria, although this may vary by lender. With most payday installment loans, the lender will be more concerned with your current income level and employment status than your credit history. Many borrowers are accepted by payday lenders over traditional bank lenders because of these somewhat relaxed standards.

2.    Size and Loan Term

Unlike traditional bank loans, payday installment loans are intended to help the borrower pay for fairly small expenses, which is why they tend to be smaller. Traditional bank loans can also come in small denominations, but they tend to be larger. The typical payday installment loan is about $500; however, the size of your loan will depend on the lender’s terms and your monthly income. The terms of payday installment loans also tend to be shorter than those of bank loans. For example, a personal bank loan may have terms of six months to a year, while a payday installment loan typically has a term of about two weeks or a month.

3.    Finance Charges

The APR (annual percentage rate) of payday installment loans is usually larger than that of traditional bank loans. Though payday installment loans have some of the most expensive finance charges, this does not take into account the speed and convenience they offer. Traditional bank lenders are less willing to take risks loaning to risky borrowers, so they grant loans only to borrowers they are fairly certain will pay the loan back. Payday installment loan companies take much more of a risk, which is why their finance charges tend to be higher.

A payday installment loan and a traditional bank loan are different but both of them offer consumers important financial options that can help them pay bills and meet emergency needs. In the end, the financial well-being of the consumer is the reason why these lenders exist.

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Borrowing money is part of the American experience but it has hidden costs along with unappreciated benefits. In a report by Money-Zine.com in 2010, the total amount of consumer debt in the United States was nearly $2.4 trillion. This figure does not include investment debt such as mortgages and business loans. Because of this report, it can be inferred that many of American consumers are borrowing money, via credit cards and consumer loans, such as payday installment loans. However, only a few people truly understand the effects of borrowing money.

The Good Side of Borrowing Money

Borrowing money allows consumers to make financial moves before they have the resources to buy something with cash. In the short run, borrowing money allows consumers to enjoy an experience or possession sooner than they would otherwise. In the long run, it’s possible to leverage the power of money in order to make a profit, such as investing money into an enterprise that becomes popular. This access to money for investing is a core part of many business plans. With the advent of payday installment loans, many consumers get to enjoy their money, while paying off the loan in small installments.

The Bad Side of Borrowing Money

Borrowing money, especially from a payday installment loan lender, means paying more for something than you would if you waited until your payday or even in times when you could buy it with cash. In many payday installment loan arrangements, borrowing money comes with high interest. A lender will charge a consumer a percentage of the loan amount for the purpose of using their money. In the case of long-term loans like mortgages, the interest you pay can add up to nearly, or even more than, the original amount borrowed.

The Ugly Part of Borrowing Money

Though not entirely, borrowing money may lead to “Debt slavery”. This is a term used by anti-debt financial gurus like Dave Ramsey who refers to the fact that many families get overextended on credit, such as payday installment loans, and end up putting a large portion of their income into paying off debt. In some cases, they are just keeping up with the interest and not touching the principal amount of the debt. This can result in stress, taking on overtime or extra jobs or delaying retirement by several years. But take note, this is not a generalized concept. Only in cases of uncontrolled access to borrowed money does this result in a serious negative effect on a consumer’s quality of life.

How to Balance and Neutralize the Situation

Borrowing money is not a bad thing in and of itself, writes financial advisor Rob Kiyosaki. Payday installment loans when used responsibly by consumers can help improve their quality of life by allowing them to leverage their financial opportunities. The key is learning to balance the access of credit against the ability to pay down the borrowed amount. The concept suggested by Kiyosaki is this: Borrowing money is preferred in situations that will help you make money, such as a student loan or a house that will appreciate in value. Pay cash for things that won’t make you money, like a new car or bigger television. Borrowing money and applying for a payday installment loan are good sources of cash, but need to be handled wisely.

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Since the economic crisis hit the country in 2008, the unemployment rate has been increasing. Life has been difficult, especially for those jobless individuals because many companies do not hire new workers anymore. In addition, economists predict that it may take at least 10 years before the country can fully recover from its financial downfall. Therefore, many of these jobless individuals will continue to suffer in meeting their daily cash needs.

Although the Federal Government has passed bills to extend financial assistance for the unemployed and jobless individuals to 99 weeks, it is still not enough to compensate for all their expenses. Because of this, many unemployed and jobless individuals seek alternative sources of funds in times of emergency needs. This is why payday installment loans for the unemployed have become so popular.

If the salaried individuals use payday installment loans, then jobless individuals can also take advantage of these loans. Most of these loans are designed to help those who are looking for a job or coping with their daily household bills and expenses. Payday installment loans for the unemployed just like salaried individuals, have no restrictions. The borrower is free to use the loan for groceries, bills, debt consolidation and other cash needs.

Even though jobless individuals have no source of income, they can still settle their financial issues with payday installment loans for the unemployed. Since these loans are meant for the unemployed, the requirements are easy to comply with. The requirements are to be 18 years old or older, present proof of unemployment status and the borrower must have a bank account.

Most payday installment loans for the unemployed have a maximum loan amount of $1500, meant to compensate for their immediate needs only and can be easily handled and repaid by them. The repayment terms may take longer than 2 to 4 weeks in order to meet the target repayment schedule. Some lenders advise borrowers to set up a small scale business with the loan to create a source of income.

As with other types of short-term loans, payday installment loans for the unemployed can be applied for online. Since various lenders now offer loans for the unemployed, borrowers can search for several loan sites available over the internet. All they need is to sign-up completely and accurately using the online application form for free.

However, payday installment loans for the unemployed may come with a higher interest rate than other types of short-term loans. This is because the borrower is considered riskier than an employed borrower. The good news is that there are many lenders online that offer payday installment loans for the unemployed. It is important that the borrower finds a lender that will offer a reasonable interest rate with favorable loan terms.

Most students can be considered jobless individuals, so they can also qualify for these payday installment loans for the unemployed. Many of the student loans that are offered cannot fully cover and subsidize all their cash needs, so students turn to lenders of payday installment loans. The requirements may differ from lender to lender.

Today, unemployed and jobless individuals can have hope that they can survive in this moment of economic crisis. Payday installment loans are meant to sustain the tough financial needs of these unemployed individuals. However, these loans should only be used for immediate needs and the unemployed borrower should handle them responsibly.

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Most of us value the money we spend. We earn it the hard way, so it is important that we spend it wisely.

Getting a loan is one way of spending your hard-earned money. Why? Because the money for a loan, especially a payday installment loan, comes from your pay after a month’s hard work. This is why it is important that you know you are dealing with a reliable payday installment lender so that you are sure that the money you are paying for the loan, really goes to repaying your loan.

Many people who get loans turn to payday installment loans because they are a great aid in times when you need to get cash instantly. The problems associated with these loans can be prevented if every borrower deals with a reliable online lender. Payday installment loans may be expensive financial resources, but they help you  get through emergencies.

Although there are reports that some online lenders are abusive with their lending practices, there are still many who are lending responsibly. In fact, a majority of these online lenders value their borrowers by being sensitive and aware of how easily the borrower can pay back the money borrowed. They advise their borrowers on how to avoid payment defaults and conduct financial education to help them get by before payday comes.

There are a few things to keep in mind that will help a borrower know if he is dealing with a reliable and responsible online lender or not. Here are some of them:

·    Full and Clear Disclosure of Information

See if they display all of the necessary information on their website clearly. Be sure that you are able to comprehend things like: the amount of interest that you’ll need to repay and other terms of the loan. Look for contact details, their license number and their location. Check their terms and conditions and their policies governing payday installment loans.

·    Loan Regulations and Process of Accepting Loan Applicants

Online lenders of payday installment loans have pre-set qualifications and certain regulations dealing with lending money. This, however, does not contradict their commitment to welcome borrowers, whether they have poor or bad credit. This is a step taken by responsible online lenders to lend only an amount that is affordable for a borrower to repay and will prevent the borrower from defaulting. Only responsible lenders look after the welfare of their borrowers by not lending them an amount more than they actually earn.

·    Disclosure of Affiliates and Links to Financial Partners

Many of the lending websites are not direct online lenders but serve as intermediary agents. Responsible online lenders of payday installment loans gladly give their borrowers this information and show links to their financial partners. They often have a disclaimer that informs a borrower that they are not direct lenders but a network of lenders. Honesty is a sign that they value their reputation and their business.

·    Have Solutions to Offer when Dealing with Borrower’s Loan Problems

The most important characteristic of a reliable payday installment loan online lender is their willingness to work with their borrowers in times when there are problems regarding their loan. These problems are commonly associated with payment defaults. Most lenders offer repayment options that will seem to solve the first problem but will cost the borrower additional interest and other fees. Responsible online lenders show compassion for their borrowers by diligently offering them affordable options for repayment.

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