Pros and Cons of Credit

Speaking for my family, we are against credit cards. This unfortunately was not always the case.

pros & cons of creditAt the moment we are knee deep in credit card debt and trying to dig our way out. I personally always loved using my credit cards. That was before I realized what they were really doing to me. At first, it seemed they gave me so much freedom. I was able to buy almost anything I wanted whenever I wanted. Very cool. At first, the purchases made me so happy, filling a void almost. Of course once the statement came in the mail and I could only afford the minimum payment the void appeared again. I soon learned it was an endless cycle. There were times that I thought credit cards were saving us. When I had no other funds, a credit card always came through for me. What I couldn’t see was that, credit cards, were the reason I had no other funds. One time, we even got to go eat at Red Lobster for free because we had rewards through our credit card. They do offer great reward incentives. We have been paying on that particular card for almost 10 years now. I am not sure the free meal was worth it! I had, and may still have, an obsession with one particular credit card. It is and always has been my favorite. It’s black and sparkly and it refers to me sweetly. I used ( I stress used as I am currently off credit! ) this card for both in-store and on-line purchases. When I would walk into the store, I felt like a million dollars. I knew that I could pretty much have anything there that I wanted. I have paid off that card countless times, but I can’t seem to cut the card up. I am physically attached to this card and how it allows me to feel. It makes me happy. Until of course, I get the bill and realize I must have had some sort of out-of-body experience while using the card! Credit cards also make you feel important. If you have good enough credit to get a credit card, you must be doing well. At least that’s what I always thought. Of course now I realize it just means you are trying to live beyond your means and probably aren’t in good financial shape at all. I can say that because I have been that person. I have spent a lot of time living beyond my means with my plastic card. One of the best things about a credit card is that you no longer have to wait for anything, unless of course it’s being shipped to your home! While that seems like a good thing, it just enable us to be patient. Patience after all is a virtue, but the society we live in no longer recognizes that.

As a young person, I thought credit meant freedom, responsibility and reward. I thought it would save me from my troubles. As the years have passed I realize that credit really means captivity. Credit cards allowed me to be completely irresponsible with my own money. I have received no reward only a mountain of debt. I thought that credit cards would help me fill a void, when in essence I needed to appreciate the things I already had. I fell in love with the fact I could have things quickly, when in essence I lost appreciation for anything worth while. Beware, with every pro there is to a credit card, a con is right behind it!

What are the most common online loan application concerns that people have?

Application for a loan is a common fact nowadays. Many organizations grant loans to the clients. And today getting a loan is very easy, because you can apply it through online. Currently, there are several lending companies, which offer you different kinds of loan. And most of the times these lending companies provide you the opportunity to apply online for a loan. That means you can have access to all kinds of online loans for your needs. Even after this great opportunity, there are some common online loan application concerns that people have. Truly, it is still a matter of great concern for most of the people when it comes to applying for online loans.

There are several online loans application concerns, and they should be addressed properly.

online-loan-application

The common online loans application concerns are:

What are the terms and conditions?

One of the most common concerns that people have is what are the terms and conditions that the lending companies offer you while providing a loan. If you search online you can find out several lending companies, which claim to offer you the easiest terms and conditions. But the fact is when you apply for online loans, and then you can only read the terms through the official website of the lending companies. But as you are not physically attending the office, so it can be possible that you can’t make yourself familiar with all the terms and conditions of the companies. And this part is truly the biggest concern while opting for online loans.

What are the different kinds of loan that the lending company can provide?

When you apply for a loan, then it is obvious that the loan application should be according to your needs. And different online loans need different qualifications to get the approval. Like if you want a loan for your business purpose, then you have to apply for a business loan. Or if you want a loan to construct a house, then you have to apply for a house building loan. That means you have to search properly to select the right lending company who can positively provide you different kinds of online loans because some lending companies claim to provide you a different loan in theory, but in reality, they can’t.

Is it possible to get a loan with bad credit?

Getting a loan with bad credit is difficult. But at the same time, it is also true that some companies offer online loans for bad credit. Now the question is a loan with bad credit is truly a secured loan or unsecured loan. Another important question is what are the actual term and conditions that the lenders offer you and what is the actual rate of interest that you have to pay to the lending company.

Will the information of the online application be kept confidential or not?

When there is a purpose of the monetary transaction, then it is essential to keep the detail information of the transaction secret. That means the whole process should be kept confidential because a security concern is there.

Now it is true that even after the above-mentioned concerns, there is a continuous increase of the online loans applications every year. But the fact is before approaching for online loans, it is necessary to know all the rules and regulations regarding the loan.

 

 

 

 

Loans In Certain Situations

An application that is sent into a regular bank, specifically for an unsecured loan, may not yield good results. Some people are able to get some type of cash advance, or line of credit, but most of us will be denied. Banks typically do not work with people that have no collateral to offer, which is why payday loan businesses have become so popular. Despite the higher interest rate, their popularity has increased incredibly in recent years, primarily because they are easier to work with than ever before. There are several tips that you can use to find the best quick cash loans providers, a few of which can help you out right now.

How These Loans Work In Most Cases

A quick summary of what you will experience when working with a payday loan business is that you will simply choose a company and submit your application. The application will go to a review board, after which a lender may decide to take you on as a client, and if you accept their offer, paperwork needs to be signed. You are essentially saying that you will accept the money, and then you will pay the money back by a specified time. Once done, you will have exactly what you ask for in most cases, the exact amount that you need to catch up on your bills.

Loans In Certain Situations

Are These Companies Easy To Find?

These businesses are actually very easy to locate. There are an abundance of them marketing their services on the web. You can find them on the Internet by simply searching for quick cash loans, or even payday loan businesses, and then you will have to select one that you will want to work with. Finding reviews on these companies can also be done very quickly, and once you have found a handful of them that are highly recommended, you should choose one to work with. After the application is submitted, you could literally be a single day away from resolving your most immediate financial problems.

The money that you receive should always be used for the purpose that you borrowed it for. Need to pay off the bills that are coming up. You also need to be diligent and not spend any additional money, especially since you need to pay this loan and the interest off. Once this is done, it will provide most people with a sense of relief unless of course they have more bills to pay. At the very least, quick cash loans are a fantastic way to handle immediate financial concerns using these companies that you can find on the web.

Temporary Financial Problems

Temporary Financial ProblemsA payday loan is known as such because it is usually expected that any loan taken is repaid on the next payday that comes up after the loan is taken. These loans are often limited to the capacity of the borrower to repay the entire amount depending on the salary they can expect on that payday.

Payday loans are short term and unsecured loans and are considered as cash advances against future earnings. Borrowers are required to have a record of continuing employment and amounts are restricted to the pay level of the borrower. Interest rates are high, but as the amounts are small the actual the effect of this high interest on loan amounts is small. There can be other charges that can add to the cost of these payday loans.

Borrowers require providing documentation that confirms their employment in the form of pay stubs and bank statements. Credit checks are not usually undertaken, nor are any other income criteria or assets required to be declared. Loans are approved within 24 hours, and the borrowed amount will be deposited in the bank account of the borrower immediately. The borrower is also required to deposit a check for the entire amount plus interest and charges, along with the application or as soon as approval is granted.

The check so deposited is cashed by the lender if the borrower does not visit them on the designated date and repay the loan. Many lenders offer this facility online, and payments are made electronically to bank accounts. The same process is used for the repayment of the loan and requires the borrower to give authorization for such withdrawal along with the application for borrowing the amount.

These loans are useful to tide over temporary financial difficulties and must be used judiciously. Regularly using them to meet living expenses is not recommended, and people in these situations must look at other means to improve their debt.