tag:blogger.com,1999:blog-7896998645146042950.post366408091074373388..comments2024-03-28T10:24:52.662+03:00Comments on 50 Plus Finance: Understanding the Real Story with Payday LoansDavid Letohttp://www.blogger.com/profile/17812482108962723457noreply@blogger.comBlogger5125tag:blogger.com,1999:blog-7896998645146042950.post-49007159530707254772012-10-01T10:09:35.395+03:002012-10-01T10:09:35.395+03:00Think short term when it comes to payday loans or ...Think short term when it comes to payday loans or cash advances. This means that such loans are to be used as financial tools for exigencies that are temporary or transient. And while it may be tempting to opt for payday loans every time we need cash, it is extremely important that we don’t misuse or abuse this credit option.<br />David Letohttps://www.blogger.com/profile/17812482108962723457noreply@blogger.comtag:blogger.com,1999:blog-7896998645146042950.post-10595948733118422622012-10-01T09:56:36.344+03:002012-10-01T09:56:36.344+03:00Well, I think that this article is very realistic....Well, I think that this article is very realistic. Before taking out a payday loan it's necessary to consider all the options available and make sure that you can pay off the loan. Some consumers take out these loans just because they need some cash and then fail to repay and have financial problems. It's not worth to think that a payday loan will solve all your financial problems, these lending products intended for emergenies and it's not worth to use them to cover casual expenses.Mila@PaydayDeskhttp://paydaydesk.com/noreply@blogger.comtag:blogger.com,1999:blog-7896998645146042950.post-88872984011789007092012-09-23T19:19:58.171+03:002012-09-23T19:19:58.171+03:00Thank you so much for providing individuals with a...Thank you so much for providing individuals with an extraordinarily remarkable possibility to read from this blog.Actually which advices you have served here is very appreciable.Just keep your good job.<br /><br />Linda Linda@New payday loan lendershttp://www.microlend.co.uknoreply@blogger.comtag:blogger.com,1999:blog-7896998645146042950.post-33716337644716906242012-09-17T18:49:56.708+03:002012-09-17T18:49:56.708+03:00That's a very interesting safeguard. It probab...That's a very interesting safeguard. It probably messes up the plans of some people but it also discourages repeat use of payday loan. Either way those loans are many peoples only life line. David Letohttps://www.blogger.com/profile/17812482108962723457noreply@blogger.comtag:blogger.com,1999:blog-7896998645146042950.post-86379671114286148642012-09-17T09:36:38.168+03:002012-09-17T09:36:38.168+03:00Sometimes you have to be careful in calculating ho...Sometimes you have to be careful in calculating how much you need, because sometimes you'll have a problem if you underestimate your short-term need.<br /><br />Oregon allows lenders to charge a 10 percent origination fee plus 36 percent annual interest. The fee is capped at $30 for loans greater than $300. This makes the effective annual interest rate on a 30-day loan no greater than about 156% which is at least a lot better than you'll find in many other states.<br />Lenders also are not allowed to lend more than 25 percent of the borrower's expected net monthly income.<br /><br /><br />Oregon keeps a master file of outstanding payday loans (lenders enter their loans into the system as they are made and retired) to limit borrowers to one outstanding loan at a time (thereby limiting the problem of cascading debt through multiple simultaneous loans). Also, borrowers must wait seven days after paying off a loan to originate a new loan.<br /><br />It is this last requirement that makes correctly estimating your short-term need critical.<br /><br />You might borrow $100 in expectation of receiving income in 14 days, but if it turns out you need $150 before the income arrives, in Oregon you cannot borrow that extra $50 until seven days after you have repaid the $100 loan.<br /><br />While these provisions do tend to limit the problem of getting overextended with cascading debt, it probably leads some people to borrow more than they really need because it's better to be safe (and borrow too much) than to be sorry (by not borrowing as much as you need).Anonymousnoreply@blogger.com