Installment Loans Info Center

Informing The Public About Installment Loans

If you have made defaults or late payments on your payday installment loans, this will be reflected on your credit report and will remain there for 7 years. Any negative points found on your credit report can lower your credit score and may cause a hindrance for your future applications of loans and other lines of credit.

Although negative points reflected on your credit report cannot be removed easily, paying outstanding debts can help. Paid debts reflect good points for your prospective creditors. Here are some ways that will help you get rid of the negative points on your credit report.

·    Pay your original creditors first.

Check out the negative points from original creditors, such as a bank or credit card company and pay them off before moving on to other debts. If you leave the account unpaid for a long time, most lenders charge off the debt and turn them over to collection agencies. Once a collection agency owns your debt, the negative comment will appear in your credit report. So, to avoid damage to your credit report, pay off your debts from your original creditors before they are given to a collection agency.

·    Pay off in full old accounts or debts.

If you intend to pay off your old debts, try to avoid debt settlements and debt consolidation loans. This is not ideal since you will be putting yourself into new debt. These two options are preferred only when your unpaid account will be turned over to a collection agency. Also, avoid paying only a portion of your debt because this will leave a negative impact on your credit report. So, always pay in full.

·    Negotiate with your creditor regarding their credit reporting activities to credit bureaus.

Your payment performance will affect your credit report. So in case you cannot pay your debt in full or on time, try to negotiate with your creditor before they send reports of your account to the credit bureaus. Although not all creditors will do so, there are some who will amend certain aspects of the report in exchange for payment. But beware of this practice as this may make your debt more expensive.

·    Seek help.

If paying off your debt is causing you stress, you can consult credit counseling organizations. These people can advise you on ways to get out of debt through successful debt management techniques and help you make a budget.

·    When inaccurate or incorrect details contribute to the negative points in your credit report, you can ask the responsible credit bureau for an investigation.

Some of the negative points in your credit report maybe due to inconsistencies in the reports given by your creditors. The law allows you to dispute these inconsistencies as long as you have documents that prove it. Submit a dispute letter to the credit bureau and provide supporting documents such as copies of personal checks, bank statements or any letters from the creditor. Contact the credit bureau after 30 to 45 days after sending your letter to check for updates on your credit report.

·    Most of all pay your payday installment loans, short-term loans and other debts responsibly.

Paying on time and taking every step of responsibility with your debt are the most important steps to avoid getting negative points on your credit report.

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If you are one of those who is hesitant to apply for a loan because of a bad credit score, then there is good news for you! With a payday installment loan, you can still qualify despite of a bad credit score. However, you will be given less favorable terms compared to having good scores.

So how bad is a bad credit score, you may ask? A credit score is determined by using the FICO (Fair, Isaacs & Co.) score system. The FICO score is used by big credit reporting agencies (Equifax, Experian and TransUnion) in determining the credit score of a borrower. The range of scores is from 300 to 850 (the perfect one). Anything below 300 is considered a bad credit score.

The criteria used to determine a bad credit score depends on the type of credit you have and your lender. For home mortgages, a score of 640 is best, but 620 may be acceptable. Car loans and credit cards consider a FICO score under 620 as bad. Lenders of payday installment loans, may approve you for  credit after looking carefully at your credit history and assessing the risk of lending you money. This will be reflected on the interest rates of the loan because the lower the score, the higher the interest rates are.

So, what makes credit bad? The most obvious reason why we get bad credit scores is paying our bills and loans late. If you continuously delay your payments on your payday installment loans, credit cards, and mortgages, your credit score will be lower than if you make timely payments.

Another reason for a bad credit score is when you owe more than 80% of your available credit on your credit card. In order to avoid lowering your credit score, keep your debts below 25% of your available credit.

Applying for more than one payday installment loan or other loans at the same time can also affect your score. If you have numerous debts, this can lower your credit score, thereby producing a negative effect. On the other hand, a short credit history can affect your credit scores too. For this reason, it is better to keep old credit accounts open and avoid applying for new ones.

Bad credit scores result when you have unpaid bills. This includes your non-payment for tax liens, judgments and application for bankruptcies. This will appear on your credit report and will lower your credit score.

In order not to get a bad credit score, invest in building a credit profile that meets the criteria used to calculate the FICO score. There are 5 categories that affect your credit score according to FICO: 1) payment history (35%), amount of debt (30%), length of credit history (15%), new credit lines (10%) and types of credit used (10%).

It is very possible to raise a bad credit score into a good one. It can’t be done immediately or overnight, but it can be worked out with patience and hard work. Start working on the factors that can affect your score and address each for improvement.

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If you are having difficulty paying your debt on your payday installment loan, you might consider consolidation of all your loans into one because debt consolidation is taking one loan to pay off the others. This maybe an option especially if you are being unnerved by your lenders.

So how do you consolidate payday installment loans? Here is how you do it:

1.    Get the outstanding balance on your payday installment loans and other unsecured debts if there are any. Calculate the total amount of your debt.

2.    Contact a reliable debt consolidation company. These companies help you consolidate your payday installment loans. They also offer a free debt counseling session where you can get advice from a debt counselor on your financial problems. The debt counselor will give suggestions on what consolidation program or debt settlement you need.

3.    Try to negotiate a reduced rate for your new loan. You may ask the debt consolidation company to negotiate with your lenders to get lower interest rates on your payday installment loans so you won’t have a hard time paying them off. Ask help on ways to reduce late payment fees and additional charges.

4.    Abide with your new payment plan. Negotiate for maximum monthly payments that you can afford to pay. Make sure that the new payment plan is suitable and convenient for you.

Can you ask consolidation of payday installment loans when these have been turned over to collection agencies?  Yes it is possible.

Here is what you should do:

1.    Check the Statute of Limitations or SOL on your debt.

2.    Then, request for a debt validation. If your SOL has not expired, the Collection Agency can win a judgment against you and get your wages. So, ask the collection agency to validate your debt by sending them a validation letter.

3.    If the collection agency granted your request for reconsideration, you may consolidate and pay off your debt.  Remember that negotiations are done between you and the collection agency. So the original lender cannot add additional charges. You transact with the collection agency and not with your lender.

4.    If in case the SOL has expired, the collection agency cannot win a judgment against you. But this doesn’t mean that you can run away from your debt. The collection agency will still collect it from you. What you will need to do is to send them a cease and desist letter. Or the most preferable choice is to apply for a consolidation loan and pay the debt off.

What are the benefits of consolidating payday installment loans?

If you apply for a debt consolidation loan, you lower interest payments, reduce late fees and create fewer payments. Also, you get out from your stressful situation because of too many unpaid loans

Consolidation of your payday installment loans will help pay off your debts with ease. This is the most suitable option when you are unable to cope with the monthly payments of your numerous loans. It is also the easiest and fastest way to pay off your debt.

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Payday installment loans are the best source for quick cash in times of emergency needs. However, many times consumers become dependent on these loans. They find themselves turning to these loans too often making it impossible to get out of the cycle of debt.

Alarmed with this scenario, the Federal Trade Commission has recommended tips and alternative sources of quick cash aside from using payday installment loans.  But whenever it is impossible to find other alternatives, the commission suggests using payday installment loans wisely. Here are some of the tips they have suggested:

1.    Shop around for cheap payday installment loans. It is important to compare the cost of each lenders offers. Remember to look for payday installment loans with the lowest annual percentage rate (APR) and compare the fees charged by each lender.

2.    Keep in mind to borrow the lowest amount possible. The amount to be borrowed must meet only your emergency needs so can afford to pay back the loan with your next paycheck.

3.    If possible, ask for a cash advance from your employer. This is more affordable because there are no extra fees to be paid.

You may also look for other alternative sources of quick cash. Here are some of the avenues you might consider:

1.    Ask your bank or credit union if you can qualify for their small, short-term loans. They usually have cheaper rates than a payday installment loan. You may also try a cash advance from your credit card. However, they are more costly than getting a short-term payday installment loan.

2.    If you have a problem paying your bills on time, you may contact your creditors and ask for extensions. Most of these creditors are willing to give an extension on payments. But be sure to ask if they charge fees for these extensions or have higher interest rates compared to other payday installment loans.

3.    You may ask a consumer credit counseling service to help you develop a debt repayment plan and a budget. Most of these non-profit groups will help you for very little money or at no cost. Some credit unions and employers offer these services.

4.    Create a budget. Make a list of all your expenses in a week. With this, find ways to reduce or lessen your spending. You may also include building an emergency fund from the cuts from your expenses. This fund will be most helpful for future emergency needs.

5.    Find out about overdraft protection available from your local bank. Usually, the bank charges you for this protection so it is important that you know how much it costs.

If you have tried all these things and are still unable to fill your need for quick cash, grab an application form for payday installment loans. It may be the most suitable option in times of emergency needs. However, handle this resource wisely and responsibly to make most out of it. Borrow only what you can afford and repay on time.

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Finally, there are new capping regulations on payday installment loans implemented in British Columbia (Canada, Republic of Ireland and the United Kingdom). This is in response to the calls for the protection of borrowers against predatory lenders. British Columbia has capped the total charges on their payday installment loans at $23 per $100 loaned including all interest and fees.

The British Columbia regulatory changes include the following:

  • A loan agreement should be legally made between the payday lender and the borrower that clearly discloses all charges, terms and conditions. In addition, lenders are required to display posters and signage about their rates and fees.
  • Borrowers have the right to cancel the payday installment loan by the end of the following day, without paying any charges.
  • Lenders can not collect payments on payday installment loans directly from the borrowers employer or have unrestricted access to his bank account. Lenders are also not allowed to ask for repayment of the loan before the borrowers payday.
  • Lenders should not issue more than one loan to a borrower at a time and avoid rolling one loan into another with new charges attached.
  • Lenders are prohibited from issuing a payday installment loan that is 50% of the borrowers next paycheck.

According to Solicitor General John van Dongen, one of the proponents of the legislation, “Many British Columbians use payday installment loans from time to time. However, the real cost of these short-term loans can be extremely high for borrowers when fees are added in and they can have trouble paying the loan off by the due date. We’re regulating the industry to ensure that these loans are being administered fairly and appropriately.” In fact, records show that there has been a significant increase in the short-term lending industry in British Columbia and there are about 250-300 payday outlets as of today.

To further ensure compliance to the new regulations on payday installment loans, as of Nov. 1, 2009, all lenders and lending companies in British Columbia should be licensed by the Business Practices and Consumer Protection Authority (BPCPA). The BPCPA will have the tools needed to ensure industry compliance and will be reviewed every two years.

However, Canadian regulators are warned by the Federal Reserve Bank of New York about some drawbacks regarding capping interest rates in British Columbia. In their study, households in states where payday installment loans are capped or even banned, borrowers bounce more checks, thus, incurring more costs than if they had applied for the loan. There are also more complaints against receiving annoying and harassing calls from collection agents.

In the conclusion of the study made by the Federal Reserve Bank of New York, the borrowers welfare is harmed when access to payday installment loans is capped or banned.  Price caps may only bring more harm to borrowers because lenders come up with pricing strategies and terms which work around these restrictions.

But according to Scott Hannah of the Credit Counseling Society, “These measures (regulating interest rates) will help borrowers clearly understand the costs associated with payday installment loans and assist those who are repeatedly using these loans. The British Columbia government is moving in the right direction with these regulations.”  The effect of capping payday installment loans depends on the weight of the legislation. How and when it is imposed will either bring positive or negative effect to borrowers.

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Claims of predatory lending practices and high costs of payday installment loans and other short-term loans have urged FSCA or the Financial Service Centers of America to act on the problem. They requested the services of a well-known financial firm, Ernst & Young LLP, to conduct a random survey to analysis the cost of the financial products that provide short term credit for many American consumers today.

With information gathered from 2,687 stores all over the United States, the survey came up overwhelming results. Surprisingly, the data acquired in the survey clearly revealed that payday installment loans and other short-term loans have fair and reasonable costs. The loans are offered with prices affordable for consumers that need instant cash or short-term loans in the case of unexpected financial emergencies.

According to Joseph Coleman, Chairman of FSCA, “Based on the study, it is clear that any attempts to impose artificial rate caps will result in the elimination of a product used responsibly by millions of Americans to address small dollar, short-term credit needs.” The study of the Ernst & Young firm reveals the following facts regarding the use of payday installment loans and other short-term loans:

·    The average revenue of lenders of payday installment loans and other short-term loans is $15.26 for every $100 loaned. This is compared to the lenders in store front establishments who have an average cost of $13.89 for every $100 loaned.

·    On a pre-tax and pre-interest basis, lenders of payday installment loans and other short-term loans earn an average profit of $1.37 per $100 on the principal loan amount, which in turn represents a modest margin of 9.1%, before taxes. This shows that lenders do not excessively profit or take advantage of the financial woes of their consumers.

·    There are no collateral requirements for this type of loan, so lenders face greater risk than lenders who require some form of collateral. According to the report of Ernst & Young, the average bad debt cost is $3.74 per $100 loaned or 26.9% of the total cost.

This study conducted by Ernst & Young is a helpful guide for the proposed legislation pending in Congress. There are proposals in Congress and in various states to reduce the APR from 397% to 36%. If this is enacted into law, such a fee cap will make payday loans unprofitable, lenders will cease to offer this financial product to consumers. This may be helpful to consumers drowning in debt but this is detrimental for those who need instant cash for emergency situations. Until the government offers convenient and easy to obtain financial options compared to payday installment loans and other short-term loans, there is no reason to eliminate the industry.

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In view of the numerous predatory practices of some lenders of online loans, the CFSA or the Community Financial Services Association of America has imposed new online lending practices to provide comprehensive protection for consumers. According to the CFSA President, Darrin Andersen, “Appropriate state regulations provide strong protection for consumers, while ensuring continued access to choices for short-term credit needs. That same principle should apply in cyberspace.”

The CFSA is a national trade association that represents payday lenders. The new online lending practices will require all members of CFSA to follow state laws and regulations governing payday installment loans and must be licensed in each state before they do business.  Payday installment loans are legal and regulated in 35 states in the US. These states impose usury limits and set the cap for the annual percentage rates (APR) on these loans. The remaining 15 states (Arizona, Arkansas, Connecticut, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Vermont, and West Virginia) don’t allow these loans and have banned them according to their current laws and statutes.

Although there are laws to protect the interest of consumers when getting payday installment loans, there are still lenders who have found ways to pervert these laws by working with the so-called “nationally chartered” banks based in a state that don’t have a usury ceilings. Another common practice of predatory lenders is to charge interest rates within the legal limits but have expensive processing and late fees.

The federal government works against these predatory practices; however, their efforts seem inadequate. As more laws are imposed, more ways have been found by lenders to violate the law. Because of these problems, some states are now placing limits on the number of loans that a consumer can get at any one time. This has already been enforced in the states of Florida, Illinois, Indiana, Michigan, New Mexico, North Dakota, Oklahoma, South Carolina, and Virginia. They have set up databases that require all licensed lenders in their state to verify the eligibility status of a consumer prior to granting any loan. This may be a bit hassle for consumers who wants to get instant cash, but this is the only way to help protect them and to reduce predatory practices of some lenders.

In response to these problems of payday lending, the CFSA has also done its part by imposing new online lending practices to be fair to lenders who have been doing their business legally and value their reputation. In addition to the mandatory membership requirements, the CFSA requires all their members to adhere to the new Online Lending Best Practice Policies:

1.    Full Disclosure of Requirements. The contract between the member and the consumer should include fully outlined terms of the payday installment loan transaction. They should also disclose the computation for the cost of the service, in dollar amounts and as an annual percentage rate (“APR”).

2.    Compliance to ALL applicable state laws. A member should not charge a fee or interest rate that is not authorized by state or federal law.

3.    Truthful Advertising Schemes. All advertising and marketing campaigns must not be false, misleading, or deceptive. Responsible ads and promotions must be upheld at all times.

4.    Consumer Responsibility Information. A member should inform consumers of the uses of the payday installment loan services. This includes placement of a “Customer Notice” on all marketing materials (mass media, social media, e-mail and other promotional materials).

5.    Rollovers. Rolling over of loans (an extension repayment option where payment of fees is paid instead of the outstanding balance) is not allowed unless authorized by state law and are only limited to 4 rollovers or depending on the state limit.

6.    Right to Rescind. Consumers must be given the right to rescind or cancel, at no cost, a payday installment loan transaction on or before the next business day.

7.    Reasonable Collection Practices. All due accounts must be collected in a reasonable, fair and lawful manner. Unlawful threats, intimidation, or harassment should not be applied to collect accounts. Members are required to adhere to the collection limitations in accordance to the Fair Debt Collection Practices Act (FDCPA). A member should not threaten or pursue criminal action against a consumer in case of payment defaults.

8.    Extended Payment Plan. A member should provide consumers with an extended payment plan with a longer period at no additional charge. A consumer shall be allowed to use the extended payment plan at least once in a 12-month period. This option should be adequately disclosed to consumers.

9.    Military Best Practices. Members of the military in active duty are given special consumer protections that include: (1) prohibition from collecting military wages as payment for loans and on contacting the military chain of command to collect payment; (2) establishment of information or educational activities about financial matters.

10.    Display of the CFSA Membership Seal. A member shall prominently display on its website or in a conspicuous place in its store the CFSA Membership Seal. This is to inform consumers of the company’s affiliation with online lending practices mandated by the association.

As the CFSA President has stressed, “By requiring CFSA members to provide Internet loans in accordance with the laws of the state in which the consumer resides, we are taking an important step toward ensuring that this service is both convenient and safe for them.”

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It is a fact that online applications for payday installment loans and other short-term loans are increasing. Aside from the convenience that these online loans offer, people tend to be fascinated with quick loans due to urgent and untimely cash needs. The increasing demand for online loans has also been a favorite niche for scammers. The more people that patronize online loan applications, the more online scams are circulating around the internet.

So how can an innocent consumer of payday installment loans and other online short-term loans protect himself from these vicious online scams?  One tagline used to catch attention and is very crucial especially in these times reads, “Sign up with a Company You can Trust.” This is really important. Victims of most online scams are those that do not search for information about the loan company they are dealing with.

The most common online scammers aim to steal the identity of their victims. Consumers are warned to be extra careful with their personal information during online applications.  Beware of companies that want to sell this information and sell it to loan scammers.  However, consumers should not be discouraged. There are lenders of payday installment loans and other online loans who feel the security of your information during your online application to be of utmost importance to their credibility because their business depends on it. Also, they want to avoid being subjected to civil or criminal liability.

Just as the saying goes: it is better to prevent than to cure. It is hard to regain what is lost. So here are some security measures you can take to prevent scammers from stealing your personal information or identity during online loan applications:

1.    Look for security encryption marks. Look for an “https:” and not an “http:” on the website address. The padlock icon and address that begin with https means that your online application information is sent on a secure SSL encrypted connection. This will assure you that the information you are submitting to the company is safe from the prying eyes of scammers.

2.  Another security symbol you must look for in a website of an online loan company is the VeriSign symbol that looks like this:



Check carefully that it’s valid and not just a fake image. This symbol will tell you that the website secures your personal information and there is no malware – spyware – virus that results from leaking your data.

3.    Before signing up, be sure to read the fine print at the bottom of the website. Unlicensed lenders are required by law to state that they are NOT a LICENSED LENDER. Beware when dealing with these companies because they may be collecting your information for resell to third-party companies. If this happens, these third-party companies will sell your information to others. So, your information will be passed on from one person to another and you will have no control over your private information. It is therefore important to submit your information only to trusted companies.

4.    The most important to avoid when using public computers or connections during online applications. Most public computers have unsecured wireless connections and portals so they are prone to online scams and may get access to your information.
There is no better way of protecting yourself from online scams than to secure your data by using a secure website for your online loan application.

There is no better way of protecting yourself from online scams than to secure your data by using a secure website for your online loan application.

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The payday lending industry is often criticized for being an expensive option of a financial resource. Despite of having this negative reputation, businesses offering payday installment loans are flourishing both online and in the brick-and-mortar stores. The obvious reason for this is the increasing demand for an instant cash resource with convenient application and qualification options.

Critics have unwittingly saddled the payday lending industry. They say that these payday installment loans abuse helpless clients by charging them high interest rates. However, payday lenders defend themselves against this accusation by saying that they lend money that is at a very high risk, which means, they qualify a borrower for a loan even with bad credit scores. Also, payday lenders claim that their clients are fully aware of the rates and they understand the terms before a contract has been signed.

The debate whether payday lenders are giving an expensive loan option to their clients is best explained by a business administration student in New York University named Aaron Gold on his 2008 thesis entitled “Payday lending: Grounding the Policy Debate Through Economic Analysis.” In his thesis, Gold states that the high operating costs justify the high interest rates imposed by lenders on payday installment loans. However, contrary to the claims of the critics of the payday lending industry, payday lenders do not outrageously gain profit from these loans, although they may have higher profit margins than for traditional lenders.

In his study, he disclaims the fact that anyone is qualified for the loan so that payday lenders can prey on needy people. In fact, only those who have a verified stable income are eligible for such payday installment loans. They may consider the application of people with bad credit, but income is still the basis for the approval in order for the lender to be assured repayment of the loan.

Gold has also iterated on his thesis that payday installment loans are designed to be a convenient, one-stop shopping for those who need immediate cash. These loans have gained popularity because traditional bank loans are a hassle for the average income earner.

Gold illustrated the convenience of payday installment loans from the quoted example that compares these loans with a taxi. A taxi is an expensive means of transportation for long trips but it is a perfectly viable means for short distances. So when payday installment loans are used intelligently, they can help people save money over more expensive alternatives, such as credit cards and long-term loans.

As for the allegation that payday installment loans are expensive options for a cash resource, Gold points out that the rates are within reason because the lenders are not allowed to loan more than the actual net income of the borrower. Proper handling of the loans, such as making timely payments, is the key to keeping this type of loan affordable.

 

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When taking out a payday installment loan, it is important to pay off your lender on time. If you fail to repay your lender at the agreed due date, you end up paying for late fees and additional charges. There are several repayment options on how to pay off payday installment loans. These include giving the lender post-dated checks, electronic withdrawals, and installment and roll-over options depending on the state that allows them.

The most common practice to pay off payday installment loans is by giving your lender a post-dated check. The lender will hold the check until the schedule due date of the loan.  At the time the payday installment loan is due, the lender deposits the check, and the loan balance is repaid. Usually, post-dated checks are required by storefront lenders.

With the emergence of online payday installment loans, lenders do not require submission of a post-dated check anymore. Electronic withdrawal has become the most feasible means to pay off the loan. On the application, the lender of payday installment loan will ask for the bank account information (the name of the bank, account number, routing number, etc.) of the borrower to withdraw funds when the agreed day of repayment occurs. Once the loan is due, the lender will automatically withdraw money from the account of the borrower.

Electronic withdrawal is very convenient for both the lender and the borrower. The lender can just automatically withdraw online the amount from the borrowers account and transfer it to his account. As for the borrower, there is lesser risk of forgetting to pay off the loan when the due date comes. However, the borrower must ensure that there are sufficient funds available in his bank account during the scheduled due date or he may incur additional bank charges.

There are also lenders who offer installment repayment plans with longer and flexible terms to pay off the loan conveniently. However, they are some states who have regulations on how long the term should be offered. The various terms included in the installment repayment plan are paying weekly, bi-weekly, monthly, or bi-monthly within 3 to 6 months. With this type of repayment option, the borrower is given a burden-free means to pay off his loan.

In case you are unable to pay off your loan on the scheduled due date, most lenders offer renewal of the loan through a roll-over loan. In a roll-over loan, the borrower is offered another loan to pay off the previous loan. This will “roll-over” the balance of the old into the new one. However, borrowers should be careful with regards to these roll-overs. Additional fees are charged from the original loan and the new one. So, you end up paying more fees than you originally planned.

It’s still preferable to contact your lender if you are unable to pay off your loan on the designated due date. Most lenders offer loan extensions wherein a new due date will be either set by them or you. But, be careful to abide with this new set of due dates and do not default on your payments again. This may cause your lender not to trust you anymore.

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