Personal Money Store has three amazing offers for personal loans. Choose from one of the following:
Loans Under $1, 500
Traditional banks are tightening their credit standards and rejecting more personal loan applications. However, scores of online lenders have lined up to fill this void in the credit market. Getting personal loans online is faster and easier than getting a traditional bank loan, and now there are more options than ever. For those who just need a few hundred dollars to get through a tight spot, short term personal loans of $100 to $1, 500 are available. Those who need a little more cash and want to pay back their loans with multiple payments instead of a lump sum can apply for personal loans between $1, 500 and $2, 500. For even larger financial needs, some borrowers can qualify for loans from $2, 500 to $25, 000 and get an interest rate of less than 6 percent.
APR: The equivalent annualized percentage rate for payday loans and other short-term installment loans ranges from 547.5% to 999.45%, based on the amount and the length of the loan. Larger loans with longer payback periods have lower interest rates. While this sounds large, one must consider that these loans are only meant to be for a very small time-frame, usually 2 weeks. Annualizing other fees in the same manner results in APR of 2336% for a returned check fee of $32 against a $100 check, a 965% fee against a $37 credit card late fee or over the limit fee, or a 1203% APR for a typical $46 reconnect fee by a utility company.
Financial Implications: Short term payday loans are meant to be just that: Short term. Typical fees range from $15 to $40 for every $100 borrowed up to $500.00. Fees per $100 begin dropping on loans larger than $500.00. Fees are typically less than what borrowers can expect to pay for bouncing a check, having a utility disconnected, or paying a credit card bill late.
Collection Practices: If a loan becomes delinquent, attempts at collections are first conducted internally, primarily through telephone, an attempt to work out a pay-off arrangement that takes into strong consideration the financial condition of the borrower. If, after all attempts at internal collections have failed, the lending agency may send the loan to a third party collection agency in an attempt to recover the funds lent in good faith.
Credit Score Impacts: Short term, payday loan lenders may rely on a credit reporting agency and is not limited to any of the three (3) major rating agencies – Equifax, Experian, or Transunion. Generally, the borrower doesn’t have to bear concern that their score may be affected by having the loan request determined by results from these agencies, however, such determination is solely in the discretion of the payday loan lender(s), which may result in the lender(s) submitting, among other things, the borrower’s request for the loan, or the subsequent payment(s) under the loan to any of these agencies. Short term lenders may also rely on their own scoring criteria, which is generally based on income and ability to repay, as well as the borrower’s payment history of any previous payday loans that have been made with the lender in question, or with other payday lenders.
Short term personal loans
Customers who need to borrow an amount between $100 and $1, 500 can have money deposited directly into their bank accounts, making the process very convenient. Short term personal loans can be paid back all at once with the borrowers next paycheck. Borrowers who need to make multiple, smaller payments can apply for installment loans. For these small, short term personal loans, there are usually minimal credit checks. Once you verify your employment and income, you’ll receive detailed offers from lenders indicating the amount they’re willing to lend, fees you’ll be responsible for upon repayment and the date or dates of repayment. If you need cash today, this is the right option for you.
For these small, short-term personal loans, fees can be $15 per $100 borrowed or more, so this type of loan should only be used for necessities. When deciding how much to borrow, be sure to factor in the fees, which will be due when the loan is due. For example, if you borrow $100 and theres a $15 fee, you’ll need to pay back $115 when you get your next paycheck. Fees vary from lender to lender, and they can change based on your state of residence or the amount borrowed.
Personal installment loans
If you’re looking to borrow $1, 000 to $2, 500, the process is similar to getting short term loans up to $1, 000. The application is short and the approval process is fast; you’ll know within minutes how much you can borrow. Some lenders do check credit, but customers with bad credit or no credit can still qualify, depending on the amount they’re looking to borrow and the fees they are willing to pay. Its often more expensive to borrow money for those who have bad credit, but personal installment loans can ultimately save customers money. Bank overdraft fees almost always end up costing more because the bank charges a separate fee for each transaction — and those bank fees are only getting higher.
Personal installment loans can be a lifesaver if you’re trying to keep your power from being shut off, avoid eviction, keep your car running or cover an emergency medical expense. If you’re using personal installment loans to try to save money by avoiding late fees or bank overdraft charges, do the math to make sure your loan fees are low enough to justify borrowing it.
Unsecured personal loans up to $25, 000
If you need a large loan of up to $25, 000, peer-to-peer lending is here to help. Unlike car title loans or pawn shop loans, you can borrow an unsecured personal loan, meaning you don’t need to have collateral. You can avoid the hassle of borrowing from a large bank, and you likely will save money. Most peer-to-peer lenders charge lower interest rates than large banks, and they are more willing to work with peers who have lower credit scores. Lenders who participate in peer-to-peer lending do usually check the credit score of the borrower. Because you’ll be borrowing from another individual rather than a bank or financial institution, there is more room for negotiation regarding terms of repayment.
A guarantor is a person or agency that agrees to pay someone else’s debt should he or she default on a loan. In the case of student loans in the United States, the government guarantees the federal loans that students borrow. Federal student loans are a much lower risk when compared to other unsecured loans, partly because they are extended...
A credit bureau or consumer reporting agency (United States), or credit reference agency (United Kingdom) is a company that collects information from various sources and provides consumer credit information on individual consumers for a variety of uses. It is an organization providing information on individuals' borrowing and bill-paying...
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