How to Find Affordable Payday Loans Without Teletrack

Payday Loans

Payday loans can be an absolute nightmare for people with bad to poor credit.

They get a nice chunk of cash deposited directly into their banking account and many find they can not make the payment(s) about two weeks later. Or a vicious cycle begins of borrowing, repaying, and borrowing again. A typical payday advance loan company can charge between 365% to 1000% in interest depending on the amount and time of the loan.

For the most part, they are bad news and they should never be looked at as a long term financial solution. But in real time of need, they may be your only option. If you choose to use a reputable no teletrack payday loans service with bad credit accepted, you need to look out for a few things and understand basically how they work. First, never pay any fees upfront. If you use a service online, make sure they are located in the US. These companies have to follow new state regulations and their fees are clearly stated. In fact, they often have a “Fees” section which allows you to choose your state, amount, and duration of the loan. Then it calculates your exact costs of the payday advance.

The payday loan operates like a typical bank but much faster. They will ask for your salary, employment verification (most of the time they will call your job), they will get your address, phone number(s), social security number, personal references (sometimes) and bank account information.

Many online services will also want you to fax them your bank statements and pay stubs. Without this verifiable information, there is a very small chance you’re getting a payday advance loan. Once you’ve sent them all your information your approval chances are very high since almost all of them do not do a credit check. But they all check to see if you have other outstanding payday advance loans or if you’ve defaulted with another payday advance loan company.

And unlike going to your local payday advance loan store where the approval can take up to an hour or more, the online services are pretty much instant except it may take an hour or so for them to call your place of employment. Once you are approved the funds are transferred into your bank account by the next day.

When your payment(s) come due, the payday advance loan online service will withdrawal straight from your bank account. So insufficient funds are a very bad idea since they will penalize you and your bank will hit you with an NSF charge. That’s why all of these companies want to know when your next 3 or 4 paydays are.

There are many companies you may want to consider for a no teletrack cash advance.

Usually, there is no faxing, no setup fees, and a pretty quick approval process. This all depends on how much you borrow and for how long. Another bonus is that you can choose to make payments on your loan or of course pay off the entire amount once your next paycheck goes through. Borrowing amounts range from $100 to $1000, depending on your state laws and your history with them. No partial payments allowed in most states.

If you find other payday lenders either locally or on the web make sure their rates are no higher than an APR of 365%, no setup fees, and they will let you pay off the loan early with no penalties

Good luck and please remember payday loans are not a long term solution to any financial problems.

If you have to have two or more payday advance loans within a 4 month period you may want to consider debt consolidation or a second job.

How Student Loan Default Prohibits Home Purchases

Student Loans

house purchaseDefaulting on a student loan can have adverse impacts to your financial stability for many years to come.

If you are taking out a student loan for your educational purposes, it is important to consider how your long term financial future can be impacted should you opt to default on the loan due to financial burden.

While there are many adverse events that occur when default on a student loan takes place, one of the most profound effects may come with the impairment to purchase a home.

While we are typically forewarned of potential issues associated with wage garnishment and seizure of tax refunds, many of the student loan documents we review do not state how the default of a loan can impact your ability to own a home one day.

Under federal financial assistance programs for home buyers, a default on a student loan will negate your eligibility for home loans, and mortgages, under programs such as HUD, FHA, and even the VA programs.

It is important, therefore, that you are clearly able to repay student loans so as to avoid the potential risk of not qualifying for a home loan at a later date.

While there are many other creative ways to purchase a home when you have defaulted on a student loan, most lenders will require that you clear up your student loan default status before a home loan can be given.

In addition, if your student loan goes into default, your home may be one of the assets that is subjected to seizure as part of the student loan repayment.

Taking out student loans is often a necessity in order to get the education we desire.

But, if you are unable to pay for your student loan after you have finished school, there are many financial risks to be faced. Becoming familiar with these risks, including the risk of not being able to buy a home, will be important to your long term financial future.

Before defaulting on a student loan be sure you have spoken with the lender about other options for repayment and consider forbearance or deferment before a default takes place.

pay student loans

How I Paid Off My Student Loan

Student Loans

In another article, I wrote about my personal experience with student loans and the mistake I made of deferring the interest to reduce payments in the early years.

Most students have no idea what they are getting themselves into when they agree to the terms of a loan. Paying something off years in the future may as well seem like leaving the debt for a descendant in the future.

That is how disconnected or detached the future seems to our youth. Schools and financial institutions, tell them only what they need to legally so they can enforce repayment. Teens are even shown films at some universities demonstrating the consequences of not paying off their student loans.

The problem is no one tells them the best way to pay them off, or what to make sure they avoid when doing so, for their own best interests.

I’m going to share with you now how to save thousands of dollars.

So here is the deal, if at all possible, try not to need a loan. Get a scholarship, grants, use savings, etc. But if you do need to take out a loan, make it the smallest you can and get the best interest rate possible. Less than 5% is ideal.

Make sure you finish school, so you can get a good job and be financially able to repay the loan to the original terms or even faster. Let’s say you borrow $5,000 per year. Over four years of study the principal amount equals $20,000 plus interest.

Let us assume the terms of the loan state the period of repayment will be ten years beginning after graduation, with no pre-pay off penalties. You graduate after four years and land a decent job at entry level earnings.

If times seem tough, you must make sure you make the minimum monthly payment no matter what. Do not defer interest or payments and do not miss any payments accidentally (this affects your credit).

Also, do not refinance for a “better” rate. This will only extend your payment period and consequently result in greater interest accrued over time and more to pay back.

If you stick to these rules you will pay off the loan after ten years, and in doing so, not only paid back the original sum of $20K, but also the accrued interest which would amount to thousands more.

One thing you can do is, when you file your tax return ensure that you get the 1099 form and report the annual interest annual you paid, because you can deduct it. But the most important thing you can do is what I will tell you now.

Imagine if it was possible to get a refund of all that 5% interest you will pay, thousands of dollars. Well, it is possible, and it is easy. You just need a way to earn more interest (somewhere else) than you are paying to them.

All you have to do is be able to not only make your minimum monthly payment, but also have about $400 monthly or $5,000 per year to invest in the stock market. You don’t have to know about stocks (it wouldn’t hurt , though), you could invest in ETFs or contribute to an IRA or Roth IRA, (see one of my articles to teach you more on this), and easily earn an average of 10-13% in interest annually.

Not only will you more than make up for the loss in interest for the loan, you’ll profit as well. In fact, if you keep your money there for 25 years or more, you may even retire a millionaire.

*This information is based on S P500; averages over 5 years, even including the crash in Oct. 2008. In 2010, the S P500; averaged 13% for the year.

Those invested in this fund did not need any knowledge of the market, since it is a collection (average overall performance) of the top 500 large cap companies.

Stock advice is based on past performance, but past performance is not indicative of future results. The author is not held in anyway responsible for anyone’s personal investment choices.

consolidating student loans

Five Things to Consider Before Consolidating Your Student Loans

Student Loans

Here are some things to consider before you decide to consolidate your variable-rate student loans.

1) One of the most compelling reasons to consolidate now is that Federal loan interest rates, which are based on recent T-bill rates, are at close-to-historical lows — 3.625 percent for a loan in its grace period, 4.25 percent for a loan in repayment and 5.125 percent for a PLUS loan, compared to last year’s rates of 6.8 percent, 7.2 percent and 8.02 percent, respectively.

This means that, even though your variable-rate loan interest will go down anyway after July 1, there’s no guarantee that interest rates will remain this low in subsequent years. If you consolidate now, you can lock in a low rate no matter what happens to interest rates later.

2) Even though your payments might go down after consolidating, how much are you really saving? For example, if you have $20,000 in loans with a variable rate, your payment based on the rates that expire on July 1, 2008, would be about $234 a month for 10 years, paying a total of $8,114 in interest. If you consolidate those loans now, you would lock in a rate of about $205 a month for 10 years, paying a total of $4,585 in interest.

Where this decision gets tricky, however, is figuring out how your variable-rate loans will change in future years.

If those rates go up by 1 percent next year (and never drop below that again for the life of the loan), your payment (without consolidating) would go up to at least $214 a month and your total interest would be a least $1,000 more. If those rates go up 2 percent (and never go down), your monthly payment would go up to at least $223 and your total interest would go up at least $2,000. If the variable rates stay about the same for the next 10 years, your payments and total interest paid would also stay relatively constant.

3) Unfortunately, if you have any fixed-rate Federal loans, which are likely to have rates well above the new variable rates, consolidating those loans won’t save you much, if any, money.

That’s because the formula for figuring the rate of a consolidated loan is based on the already established weighted average rates of all the loans involved, rather than on the new variable rates. If you have both variable- and fixed-rate loans — all Federal loans disbursed on or after July 1, 2006, are fixed-rate loans — then you can still consolidate your variable-rate loans and take advantage of the new rates.

4) If you have both Federal and private loans, make sure to consolidate them separately. Private loans have higher interest rates than the Federal loans (both initially and in consolidation), so mixing them can end up raising the rate on the money you borrowed through a Federal program. In general, private loan consolidation plans are based on the Federal Prime interest rate or the London Interbank Offered Rate, both of which, after a private institution adds its own points to the equation, are substantially higher than Federal consolidation rates.

5) It’s important to remember that each situation is different, and that the advice given here is only meant to provide general guidelines about how to proceed. If you are considering refinancing, contact your lenders directly for the details specific to your needs and ability to pay.

pay off student loans

How to Pay Off Your Student Loans Without Paying a Cent

Student Loans

You attended your classes, you passed your tests, and you finally graduated, only to find yourself up to your eyeballs in debt. The average new graduate will start out their professional lives between $20,000 to $30,000, with private school attendees facing far higher numbers.

Here are a couple of ways in which you, with a little luck and a whole lot of work ethic, can get those loans satisfied without any monetary contribution of your own.

1. Have your boss pay off your loans.

You’ve spent between four and eight years getting an education, so use the brains you’ve cultivated to negotiate your way out of debt as you begin your working life.

Don’t just accept the first offer you receive because you’re afraid it may the only one forthcoming. Actively seek positions with employers known for being good to their employees.

Many companies offer to take care of paying off the student loans of new hires in exchange for a specified number of years of service or in lieu of other perks they typically award their employees.

But, even when interviewing at those companies not offering this incentive, you can sometimes make such an offer part of the hiring terms. In the majority of job interviews, the question of salary is often answered by the amount of experience you bring to the table. Do your homework before you go.

Make a list of the individual talents, knowledge, and accomplishments you possess and what you want to receive in return for your experience.

Present your requests during your interview to help your prospective boss understand exactly what unique qualities you have to offer and why you’ll be able to benefit them in ways that more than counterbalance the satisfied debts.

Granted, this tip may be geared toward postgraduates with more advanced skill sets or specialization in sought-after fields, but it doesn’t hurt to try.

You may also consider offering to accept slightly less pay than the average interviewee would demand in exchange for your debts being satisfied. It sounds counterproductive, but consider the following:

You would have to pay on your loans, anyway, so you wouldn’t have had that money available for spending.

If the loans are paid off, you’ll save all of the interest that you would have had to pay over the life of the loans.

Most companies will only require a few years’ services in exchange for the payoff, at which time, you’ll be able to find a new, higher-paying position, debt-free and in possession of a new skill set.

2. Be on the lookout for government programs that will reward you for public service.

The public service industry is comprised of hardworking professionals and laborers with a variety of skills, dedicated toward making their communities, towns, and states better places to live.

Unfortunately, the pay scale for these workers does not presently reflect the good they are doing society, but the most local, state and national governmental bodies have implemented programs to reward those people interested in devoting their professional lives to public service.

A little research on the websites of these entities will turn up a wealth of work possibilities for you.

As a new attorney with close to $100,000.00 in student loan debt, I made the decision after leaving law school to work for a state agency in one of the poorest counties of my state, assisting indigent clients with legal issues

During my service, my loan payments were guaranteed not to exceed a specified percentage of my take-home pay each month.

After working with the agency for the required number of years, my loans were completely forgiven and I was able to make the decision to carry on with my public service or to obtain a job in the private sector, free of the worry of having to make that monthly payment.

You, too, can find ways to make your student loans disappear while making you a more marketable employee. Your education should work for you, not vice versa.

credit rating

Easy Ways to Improve Credit Rating

Credit Rating

It is not a good time to have bad credit when looking for a home loan. Many people that would have been approved a year ago are now being denied even if they seem to have everything in order.

Whether this is fair or not is irrelevant because the reasons are justified. Increased foreclosure rates, resulting from “loose” lending standards, have spoiled the dreams of many responsible home loan candidates as agencies are forced to adapt to a growing problem.

The current situation can be likened to what many universities have gone through the last few years because of too many students failing out.

Allow fewer qualifiers, tighten restrictions and force borderline applicants to prove themselves by improving their test scores or attending a community college.

Some of these “at risk” students followed a winding road towards graduation and beat the odds, while others did not.

If you have been denied a loan, don’t sweat it, get back to focusing on saving money and building your credit. It is not the end of the world, rather an opportunity to provide more fertile grounds for your future home to sit on: when the time is right.

FICO Score

The FICO score originated from software developed by Fair Isaac and Company, is usually one of the first things mortgage lenders will look into. You have three Fico scores, one for each of the 3 credit bureaus: Equifax, Experian, and TransUnion. Each score is based on information that credit bureau keeps on file about you.

Important things to know:

  • Each credit report must contain at least one account which has been open for at least six months
  • Each credit report needs to be updated in the last six months
  • National average FICO score is 723

Key elements that comprise FICO credit score:

  • Payment history in paying bills on time
  • Amount of debt owed
  • How long credit cards are owned
  • How much new credit you apply for

Eliminate Debt

The quickest way to improve your FICO score is to pay off high balances on a credit card. According to Craig Watts of Fair Isaac, this can raise a FICO score 60-70 points overnight.

Eliminating debt is vital to lenders approving a loan. Credit card history signifies financial responsibility because the amount borrowed or owed is up to the borrower. Compare that to other loans, where a company or institution determines a set loan amount, and it is easy to see why credit history signifies sound money management.

Distribute Evenly

If you are charging a lot on your credit cards make sure payments are spread evenly through multiple cards. Spending more than 50% of your credit limit on a card can lower a score dramatically. Don’t spend too much on a single credit card, split it up, pay your bills on time and your score will be on the right track.

Old Credit Cards

The older a credit card the better. It would be foolish to close a credit card account that has been open for several years and has been managed well. Additionally, new lines of credit will usually lower a credit score. Opening new lines of credit is fine but not at the expense of positive credit history.

Credit Score is Always Evolving

Just because you had positive credit three years or even a month ago does not mean that is the case today. One major blemish or a few monetary hiccups can dramatically alter your score. Taking minimal withdrawals from an old line of credit with a healthy track record is the credit equivalent to cruise control.

To Summarize

If credit is established – maintain it. If you are building credit, exercise discipline and distribution methods and one day you too will one day hit the cruise control button; driving towards the dream home you’ve worked hard to earn.

bad credit

Is It Possible To Take Out a Payday Loan With Bad Credit

Credit Rating

Compared to the rest of the financial institutions out there, payday loan lenders operate with different lending criteria.

As a result, they are able to offer loans to people who have a bad credit rating and would, therefore, be instantly refused by other institutions such as major banks.

In general, before approving someone’s loan request, payday loan lenders will need to analyze their last ninety days of bank statements and then make use of a variety of factors in order to determine if that specific borrower can afford the repayments.

There are a lot of reasons why people apply for payday loans.

Let’s take a closer look at some of the things they need to keep in mind prior to doing so.

1) Online applications

online payday loan application

One of the best things about payday loans is that people can apply for one over the internet without having to worry about filing any physical paperwork.

However, they may be required to fax their address, a copy of their employment info and their bank statements which have to be carefully verified by the lending institution.

Since the lender will only look at the applicant’s financial situation over the last ninety days, credit rating is sometimes not a main determining factor when it comes to payday loans.

2) Will your application be instantly approved?

In general, after submitting an online application, the majority of lenders will get back to the applicant in a matter of minutes.

Since the applicant can easily sign the loan on the internet, they don’t need to file or fax back documents nor go to the bank.

Overall, this is a very fast and convenient process that many people consider in order to get the money they need to deal with their financial emergencies.

3) How fast is the payment sent?

The short turnaround time of payday loans is one of the most important reasons why people consider them. In general, the funds will be wired to the applicant’s bank account as soon as on the next business day, which is indeed very fast.

4) Are there any easy and flexible repayment options?

In order to schedule your repayments accordingly, lenders will analyze your frequency of pay and income. The payment will then be automatically debited out of your account on certain day until the loan has been paid off in full.

To prevent any later payment penalties, make sure you always have sufficient funds in your bank account.

5) Thoroughly research the lender

Given the fact that payday loan lenders are going to access your bank account, it’s very important that you consider using one that has a great reputation and is also trustworthy. To do that, you’ll need to go on their website and read their loan terms and policies. If there’s a live chat tool available, make sure you use it in order to learn more about them and don’t hesitate to ask the lender questions regarding the entire loan application process.

6) Learn more about the fees and interest rates

Just like any other loan out there, you’ll need to learn more about the fees and interest rates charged by the online loan lender before you take out a loan. Keep in mind that the interest rates for payday loans can be as high as 24 percent of the principal loan amount per month. However, if you fail to make a payment, additional fees will apply.

7) Can you get redraws or loan extensions?

The good news for those who were unable to pay off their loan on time is that most payday loan lenders will be able to extend their loan term up to ninety days or 3 months.

However, while this is indeed possible, there are extra fees the borrower needs to pay and these shall be discussed with the lender.

Also, before signing anything, people should ask the lender about extreme situations, such as what would happen if they are unable to pay back the loan on time.

They should also inquire about extra or hidden fees they may incur within the time they are required to pay off the loan.

In general, it’s recommended that people remember so-called “golden rules” and avoid loan extensions since they can become pretty costly in the long run. By being totally informed about the process of taking out a payday loan and being financially disciplined, anyone considering one will be able to pay it back on time.