The statement that a payday loan is your sheet anchor when you badly need cash is very questionable. Payday loans, undoubtedly, have their advantages. But there are some shortcomings to this type of loans. Personally I try to stay away from this kind of lending services. But let’s count all merits and downsides to payday loans in order to form an objective opinion on this credit product.
In fact, payday loans are cash advances. When you get stuck between your pay days without cash in your wallet, you badly need some money from an outside source. Plus if you face some unexpected expenses, you have poor credit, and credit cards are no option for you, a payday loan is what can … (more) April 11, 2008

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There was a time, not all that long ago- that I could not get approved for credit.  My credit score was in the low 600’s, and there wasn’t anything I applied for that I could get approved for.  I knew I needed credit in order to rebuild my credit- but felt trapped because I couldn’t get the credit in the first place!I live in NY- and payday loans are illegal.  I found that out by applying to several payday loan companies and kept getting denied.  When I finally got someone to respond to a customer service request, I found I was getting denied only because of my address.  (Not that payday loans are the best way to rebuild your credit … (more) October 13, 2007

Posted in Bad Credit, Payday Loans, Prepaid 1 Comment »

… and before you apply for the dreaded payday loans with the 300% interest rate, have you considered borrowing from “people” instead?  Maybe you don’t know anyone who can lend you money- or you’re too embarassed to ask someone you know for help- but there is a community of people who lend money to people like you (and me! I used prosper to finance my trip to Australia!)

 Basically, you can create a profile on Prosper that explains what you need the money for, and how you will repay it- and then other people who are willing to lend money will “bid” on your listing.  If you create a request for $3,000 for example, you would get several bids, one person … (more) October 8, 2007

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An individual’s credit report is a very important tool in life. Your credit report will directly affect what you are eligible to be approved for and keeping it in good standard is a necessity.
You may have credit cards with high balances on them now but keeping up with the payment schedule is very important to building and maintaining a good credit report.  Unfortunately, things happen that can cause you financial difficulties and finding a way to pay your credit cards on time can become challenging. There is a loan that is designed to assist you in maintaining a good credit score by making your credit card payment on time.
Payday loans are ideal for this situation and any situation that prevents … (more) July 17, 2007

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