Indian Reservation Payday Loans
BORROW IF YOU NEED TO BUT BE SMART ABOUT IT! With the often strict guidelines used by reputable lenders many people are getting caught up in the cycle of payday loans because of their immediate benefits. When emergencies occur and cash is needed payday loan companies offer fast hassle free cash. More often than not most have no minimum credit requirements and do not perform background checks. In most cases all that is needed to secure a payday loan is a recent pay stub and proof of a checking account. In these regards payday loans and cash advances do offer consumers financial options in emergencies. On the other hand more and more people are getting caught up in this vicious cycle of borrowing which can lead to financial ruin. This is not good especially considering that the loan was probably taken out to avert a financial disaster in the first place. With pros and cons like these it would seem that the best advice would be to borrow if you absolutely must but do so with extreme caution. Being proactive is probably the best strategy or as conventional wisdom holds "an ounce of prevention is better than a pound of cure".
With payday loans there is a fixed rate fee calculated into repayment on each loan disbursed. The average rate is $15.00 to $20.00 dollars per $100.00 dollars borrowed. Due to the nature of the quick turn-around time of payday loans the annual percentage rate or (APR) is generally very high. It is not uncommon for the (APR) to be 100% 200% or even as high as 400% in some cases. If a borrower is unable to repay a loan at the scheduled time the lending institution may agree to rollover the loan allowing more time for repayment. The drawback to rolling a loan over is that additional fees are added to your account. For example if the fee to borrow $100.00 is $15.00 and the borrower rolled over the loan three times then the new fee would be $60.00. That is the original $15.00 fee plus three times that fee itself added to each $100.00 borrowed. WHAT ARE THE REQUIREMENTS FOR A PAYDAY LOAN? Generally the only major requirement for a payday loan is that you have a job.
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One thing that I did was to become an affiliate for payday loan companies so that I could get paid from other people acquiring payday loans. Some people are just going to get them so there is no reason why you shouldnt get paid from the process that made you pay so much. The second thing I did is what really helped me which was to get a payday loan consolidation company to take on my debt at a reduced amount and pay the payday loans back for me on my behalf. It was one of the best choices I ever made and it was a way out of the payday loan web. You can do a Google search to find companies that will represent you in this way but do your research and make sure that the company you choose is credible. I used pdl assistance inc. They require an upfront fee to take your case but they will work with you on paying it and it is around $200.
Next you set up a plan to pay them a monthly amount on your payday loan debt and they pay your debtors directly. They will give you different term options to pay the debt off and they will deal with the payday loan companies for you. Doing this took a huge weight off of me. I got a 12 month term to repay my payday loan debt at 35% of what I owed the payday loan companies. The $400 a month I was paying on this plan was much better than the $700 plus every two weeks I was paying for all the loans I had. One important thing to know when you start a payday loan consolidation program is that the payday loan companies are going to call you to collect. When they call just give them the information for the company that is representing you and let them know that the debt is going to be repaid to them as part of a loan/debt consolidation program you have initiated. I obtained the fax numbers to my payday loan companies and sent them notification on who to contact regarding the repayment of my loans.