4 Most Popular Myths Of Payday Loans

1. The first most popular myth that you have already heard of is the one that states that payday are existing only to take advantage of poor people or the less fortunate ones. This is actually a myth mainly because they are not there to take advantage of the less fortunate, they are there for everyone who needs fast money for their emergency financial needs. Remember that, payday loans are actually for emergency purposes that is why it is called a payday loan in the first place because you need to pay it once you have already received your pay or pay cheque.

2. The interest rates of payday loans are too high and expensive; you would not be able to pay it. Again, remember that payday loans are only for short time solutions that is why you needed to pay it on time or after the days that they have given you for you to pay them back. Usually lenders will give you two weeks for you to pay the original amount of money that you borrowed from them plus the taxes that occurred for the days that passed after you borrowed the money, but usually it will only go high than the usual if it’s already more than two weeks. Therefore, payday loans have higher interest compared to other type of loans in the lending market is because it is not for annual or even monthly loans, such loan is only for quick resolution for emergency monetary needs, and that is what you need to understand.

3. Next is that you think that lenders do not consider your credit history. The fact is that they actually do it’s just that if you have a bad credit standing then they will find another reason why you need to allow them to borrow money from them, that is why as well that most of the most requirements they need you to have is that you need to have a permanent job and a specific salary range so that your application for payday loans will be granted. Therefore this is a myth because most lenders will still definitely take a look of your credit but it’s just that they have their own standards or set of regulations of who can apply for payday loans.

4. Another one is that you do not want to apply for payday loans because aside from the fact that the rates and interests are so expensive, that you may not be able to pay it is because payday loans are actually not regulated that is why they can just add any amount or percentage of rates or interests as high as they want to. This is actually true, though a few years ago until FCA released a new regulation about the standardization of interests in every £1oo that is borrowed from the lender, which states that if you will not be able to pay your lender on time then it should not go over £15 for the default fee or the late fee in other term that you will need to pay.

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What to Do When Your Emergency Money Becomes an “Emergency”

No one can really predict emergencies that are why we are all advised to have our emergency funds for us to use when in times of emergencies. There are a lot of kind of emergencies like road accidents, house burning, medical emergencies and even education fund emergencies, and so on. Emergencies can really be stressful and energy draining because you invest time, effort, emotions and money all at once; that’s why a lot of people fear dealing with emergencies but this is one thing that people can’t really avoid from. Emergencies can happen anytime to anyone; it can be a minute from now or years from now, but nevertheless, we still need to be prepared.

Emergency funds don’t just appear all at once and you can’t just ask it from someone else right then and there, you can’t find it along the road; it takes months or even years of great effort to save up for an emergency fund or money. The purpose of having an emergency fund is to create a sense of fund security and to avoid chances of getting high interest debts and loans.

But what happens when you are faced with an emergency and you have already spent almost all of your emergency funds? for sure, this can really get you drained and frustrated.

How to Deal With Shortage of Emergency Funds

When this hits you so hard, you have no other choice but to be stronger and tougher than the problem you are facing. Emergency means an immediate action towards a thing. Now, you are dealing with one of the stressful problems anyone could have. Other people would reach out for help from their immediate relatives and with the hope that their relatives could lend them some amount of money; but note this one, the people you expect to lend you some money may be also facing the same dilemma you are having right now. They may be dealing with financial problems as well.

So, the next option you have is to go to a lending company to apply for a payday loan. Upon arriving at their office, you see long lines and a big crowd which adds to your stress and you get even more exhausted.

And this time, you might as well consider reaching out for assistance and help in a financial brokering service to grant you a payday loan, and this could be your best option. Why?

Asking Assistance From a Financial Brokering Service

In United Kingdom, there are a lot of financial brokering services around and they differ from their service effectiveness and efficiency. Getting a Payday Loan which is a short-term loan that is payable for 2 weeks or a month should be fast and less hassle. You may try the tested and trusted service from one of the liable financial brokering services, the Tree House Loan.

Tree House Loan offers a quick application and is ideal for those who want to have a faster transaction and quicker loan approval. It can really help you in your emergency fund needs. You do not have to wait for days or weeks before having your loan approved. It guarantees you less hassle while attending to your emergency situation. Just make sure that your salary scheme can able to support the loan that you are planning to get.

Therefore, emergency is a really stressful situation but you can avoid further stress when you choose to have the right kind of Payday Loan. Remember, it is advised to get a loan only when you really need it the most.

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Reasons why you need emergency money

Are you saving up for a hard-earned cash and stashed it to your savings fund? This can be a hard sell and spare cash are even hard to come by, compared to taking a vacation to your favorite place and just enjoy. According to survey, there are only half of the world’s population who are really saving for an emergency. The facts and idea about having an emergency fund is to store up money for 3 to 6 months, for some people they would go a little further for almost 8 months of cashing in money to their emergency money account. This associates to situations that can only be called as an emergency. It does not only focuses on the life and death situation but with things that are a necessity such as your car’s broken and you need to have it fix or else you’d be using your feet in going to work, perhaps you ran out of budget for food and you need to buy groceries for the next remaining days before your next pay check comes. These are just a few examples of emergency cases.

One of the outstanding reason in having emergency money is to avoid you from having debts which can cause you a handful of problems especially if you can not pay it right away. Can credit cards help you financially? For some people they would say yes because it has almost helped them in so many ways for necessities and the not so important things. But if you look it on the perspective of personal finance, credit cards can only bring you to another level of debt after debts if you can not pay them and the interest rate is getting higher and higher every time you skipped to pay it according to the mode of payment that you have agreed upon.

Being worry-free is better than going to a vacation and after the fun you go back to the reality and face the truth about the debts that you have swiped from your credit cards and other things that had you been attached in debt. Here are reasons why you need to turn the table around and think of the possibilities of building your emergency money.

Unemployment or almost unemployed- if you have received a note that you’d be loosing your job, or you want to quit because your job is burning you out mentally. Whatever are your reasons will be, you need to pay your bills and other things that you owe. At least if you loose your job and you were able to save money, you still have time to find a new job before your saving are running out.

Medical conditions and assistance- at some point in time your health can not sustain the day to day living and it wears out example your immune system may have lowered and that’s the reason that you got sick. This situation is not predictable but is considered to be a foreseeable crisis. In order for you keep up with the medication, applying for an emergency fund or saving your money in a cookie jar is just easy when sickness comes and you have something to pay and buy for.

These are just few among others that are common to happen. Whatever life circumstances may bring, as long as you are ready to face everything you will not be struggling through it and you’d feel safe and secure.

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