Preview

The Importance Of Payday Loans

Satisfactory Essays
Open Document
Open Document
141 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
The Importance Of Payday Loans
3. Resist temptation to take out the maximum amount of money offered through a lender. Many personal loan companies will have a maximum that they can extend in general, or to people with your amount of income. Do not pay attention to these figures. Responsible borrowing requires you to take out enough to cover your justified expense and no more. This will make it much easier to pay the loan back in the future.

4. Read all of the fine print before taking out your personal loan. Even if you are taking your payday loan online, there should be plenty of information on the company and the terms of your agreement to go through. Do not skip this! You may be in a hurry to get the money, but you can rule out the worst lenders by reading the fine print.
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Good Essays

    Rhetorical Triangle Essay on Payday Loan Companies
    • 627 Words
    • 3 Pages

    Rhetorical Triangle Essay on Payday Loan Companies

    According to a study from The Los Angeles Times, the average payday loan business model is designed to keep borrowers in debt, not to provide one-time assistance during a time of…

    • 627 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Fp/101 Week 5 Assignment
    • 697 Words
    • 3 Pages

    Fp/101 Week 5 Assignment

    You have to make sure you have money to pay the loan back, but if you don’t you will go into default. When you go into default this destroys your credit. The default shows up on your credit, which you don’t want to happen. Having negative credit on your credit report could stop you from getting future loans. Some other consequences of borrowing too much and going into debt are: evictions, foreclosures, wage garnishments, emotional breakdowns, ruined credibility and undesirable credit. Debt affects people in different ways and has a major impact on the life of each person. It often determines how they will be able to live their lives.…

    • 697 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Payday Lending Argumentative Analysis
    • 553 Words
    • 3 Pages

    Payday Lending Argumentative Analysis

    As our nation's economy has been declining and struggling to recover for nearly a decade, the finance industry has changed with the times. Payday lending and other short-term financing services are now mainstream funding options for many Americans. Despite the predatory practices and unreasonable interest rates, alternative funding sources are beginning to become the norm - including pawn brokers. Pawning personal items for quick cash is now so common that reality shows like Hardcore Pawn and Pawn Stars and even documentaries like Broke. The Documentary are emerging as slice of life evidence that America's economy is evolving in the 21st Century. However, all pawn brokers are not ruthless capitalists who prey on the poor, and not all pawn shops are created equal.…

    • 553 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    HCA 340 Week 4 DQ 2 Human Resources
    • 423 Words
    • 2 Pages

    HCA 340 Week 4 DQ 2 Human Resources

    Always pay the balance of your credit card. If you do, you may face heavy interest charges in the long run. Credit cards should only be used in certain situations. Although you may want to use it for luxuries or socializing, be strict with yourself about your finances. Financial worries can undermine your studies.…

    • 423 Words
    • 2 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    The Dodd-Frank Reform
    • 348 Words
    • 2 Pages

    The Dodd-Frank Reform

    Payday loans are short term loans that are secured by a future paycheck. The banks typically charge $10 per $100 borrowed for 10 days or 10% every 10 days. The banks claim that this high rate is justified because of the high risk clients.…

    • 348 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    The Pros And Cons Of Payday Loans
    • 612 Words
    • 3 Pages

    The Pros And Cons Of Payday Loans

    Another drawback to payday loans is that they don't reflect a good report to your credit score. If you fail to pay the loan off, your credit score is jeopardized.…

    • 612 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    K Price Gen201 R2 Responsible Borrowing
    • 730 Words
    • 3 Pages

    K Price Gen201 R2 Responsible Borrowing

    Many students acquire federal student loans to pay for college. The goal of this assignment is to help you learn how to borrow responsibly, which mean that you do not borrow at all or that you may borrow only what you truly need. To borrow responsibly, you must understand your options and establish a financial plan for your entire program. With that plan in place, you can focus on your courses and make connections with instructors and other students.…

    • 730 Words
    • 3 Pages
    Good Essays
    Read More
  • Better Essays

    American Loan Sharks
    • 2297 Words
    • 10 Pages

    American Loan Sharks

    Twenty-five years ago, the banking industry successfully eliminated a critical restriction: the limit on the interest rate a lender can charge a borrower (“Do You Know What You”). These restrictions were known as usury laws. These laws were in effect for centuries prior to the 20th century (Geisst 2). Usury laws were established to protect the borrower from predatory behavior (Geisst 3). “Prior to the 20th century, charging interest on loans was considered heresy by the church. Anyone caught charging excessive interest was excommunicated and often punished” (Geisst 3). Banks fought for restrictions to be lifted arguing the usury laws were standing in the way of progress (“Do You Know What You”). Banks won the battle over consumers. The deregulation of the usury laws occurred in the early 1980’s and created a whole new invention, the unsecured credit card.…

    • 2297 Words
    • 10 Pages
    Better Essays
    Read More
  • Good Essays

    Predatory Lending and Monthly Payment
    • 538 Words
    • 3 Pages

    Predatory Lending and Monthly Payment

    This module described various predatory practices by businesses. Using scholarly resources, describe some specific examples of predatory practices.…

    • 538 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    responsible borrowing
    • 786 Words
    • 3 Pages

    responsible borrowing

    Responsible Borrowing Worksheet Many students borrow federal student loans to pay for college. The goal of this assignment is to help you learn how to borrow responsibly, which may mean that you do not borrow at all or that you borrow only what you truly need. To borrow responsibly, you must understand your options and establish a financial plan for your entire program. With that plan in place, you can then focus on your classes and making connections with instructors and other students. Step 1 Watch the Responsible Borrowing (Financial Aid) video on the orientation website located here HYPERLINK http//www.phoenix.edu/student-orientation.htmlhttp//www.phoenix.edu/student-orientation.html. Respond to the following questions What is financial aid Financial aid helps students and parents pay for college. This covers such things as tuition and fees, books, and room and board. This comes in the form of grants or scholorships or loans. How do grants differ from loans Grants differ from loans because a Loan you have to repay back and grants are free money. What effect does class attendance have on funding availability The effects that attendance have on funding availability is that if you are withdrawn from a course because of poor attendance, you will have to repay back the loans that were used to cover that course. Step 2 Navigate to the Personal Finance category of the GEN/127 PhoenixConnect Community. Explore the resources provided and some of the discussions shared by the community members. Respond to the following questions What did you find about student loan repayment plans I learned that the longer the repayment plan is the lower your payment will be. Shorter the payment plan the higher the monthly payment. Why is having an educational financial plan important Having a financial plan helps me plan to meet my goals and focus on those goals in a specific period of time. Also saves a lot of stress just by knowing how I will be paying for my degree. Step 3 Access…

    • 786 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    The Pros And Cons Of Student Loans
    • 1941 Words
    • 8 Pages

    The Pros And Cons Of Student Loans

    Student loans are a savior and a demon put together into one by the government. On one side student loans have numerous amounts of pros that shine a golden light on the loans making them look as if they are a savior to humanity. Some of these prospects include the hassle free process it takes to actually get a student loan, the boost of your credit score if you can pay it off in the allotted time, and they open up the opportunity for anyone to go to college. On the other side of the spectrum student loans are horrible plagues on society. The student loans can be bad in the cases of putting the person in extreme debt, ruining their credit if the person cannot pay, and even ruining the person’s mental health.…

    • 1941 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Gen200 R4 Responsible Borrowing 2

    • 570 Words
    • 3 Pages

    Gen200 R4 Responsible Borrowing 2

    Many students acquire federal student loans to pay for college. The goal of this assignment is to help you learn how to borrow responsibly, which may mean that you do not borrow at all or that you borrow only what you truly need. To borrow responsibly, you must understand your options and establish a financial plan for your entire program. With that plan in place, you can focus on your courses and make connections with instructors and other students.…

    • 570 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Debt and Financial Aid
    • 556 Words
    • 2 Pages

    Debt and Financial Aid

    Many students borrow federal student loans to pay for college. The goal of this assignment is to help you learn how to borrow responsibly, which may mean that you do not borrow at all or that you borrow only what you truly need. To borrow responsibly, you must understand your options and establish a financial plan for your entire program. With that plan in place, you can then focus on your classes and making connections with instructors and other students.…

    • 556 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Better Essays

    Manageable Student Loans
    • 919 Words
    • 4 Pages

    Manageable Student Loans

    Managing student loans can be or could become difficult. You never know when something unexpected is going to happen. You can’t be prepared for everything (like losing or being laid off of a job), but you should try to be prepared for some things. Having an emergency fund will help you, by not having to use what you have been saving to repay your student loans. Student loans can get very expensive, but there are many options to reducing the amount you borrow. On the other hand, some individuals may think about borrowing more than needed for other expenses or for things needed for school. One thing you definitely want to avoid is delinquency and default on your student loans. There are options to help avoid this and can make your payments more manageable. There are so many options available to you in managing student loans.…

    • 919 Words
    • 4 Pages
    Better Essays
    Read More
  • Good Essays

    Student Loans: The Consequences Of Student Debt
    • 765 Words
    • 4 Pages

    Student Loans: The Consequences Of Student Debt

    A student loan is considered a contractual agreement between the student and the governmental lender but, the question presented is what if the student themselves lacks the ability to understand and comprehend the document in which they are signing and the consequences, present or future, associated to the student aid agreement? The federal law defines incompetency as: “When a party does not understand the nature and consequences of an agreement that he or she has entered into, the law treats that party as lacking mental capacity to form a binding contract.”…

    • 765 Words
    • 4 Pages
    Good Essays
    Read More

Related Topics