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A Serious Emergency That Was Solved With A Payday Loan
Not so long ago we received a consult from a single mother going through a rather desperate situation. Her only child needed to go through a surgical procedure and she needed money urgently. Though she worked, payday was not soon and the money would not be enough either. The particularities of her emergency surprised us because they matched what payday loans were created for. We suggested applying for a payday loan and since she did, the problem was solved. Later, she visited us carrying her son in her arms and so I decided to write this article.
Using this case as an example, we will analyze the characteristics of a payday loan and the proper use it should have. Emergency situations happen every now and then and payday loans can save your day as they did to this lady. However, if you know how they work and how you should use them you will benefit more from them and will not need to count on the luck that this lady had when contacting us just on time.
Urgent Matters, No Time For Long Procedures
This single mother contacted us a few days before the day surgery was scheduled to occur. She wasted a lot of time trying to get money from friends and family with no luck at all. The amount she raised did not cover much. She did not need a lot of money though (the surgical procedure was not complicated). She just needed $1300 which the insurance would not cover because the procedure was needed to prevent a scar from showing when her son grew up.
As explained, she had committed to pay prior to the scheduled surgery which could not be postponed due to the nature of the injury that would heal leaving a scar if the intervention was delayed. Since there was no time for long credit and income verification processes, payday loans immediately came to our mind. Why? Simple, because payday loans can be processed within the same day and the money can be deposited into the applicants account by the next day.
Credit Problems, No Credit Checks, Few Requirements
This lady did not have a good credit score. Thus, even if she had the time to go through a long credit verification process, chances are that she would not have passed it. Fortunately, payday loans do not require credit checks at all. The whole loan approval is based on simple requirements that almost anyone can meet without hassles or sacrifices.
In order to obtain a payday loan, you need to show proof of income (by offering copies of paychecks receipts like this lady did or by showing copies of tax presentations if you are self employed) and you need to have a savings or checking account on a bank or financial institution where the money from the loan will be deposited and eventually the single or multiple payments will be deducted.
As you can see, payday loans are an excellent tool when there is an emergency. These loans where created to solve this kind of problems and not as a source of regular financing. As usual, our suggestion is to employ them wisely. If you think that your current situation is similar to the one explained above, then do not hesitate, the solution to your problem is a payday loan.
The first step – Finding out about college loan consolidation (Page 1 of 2)
We might think that for a regular college student the main concern is to attend classes, study for exams and turn in the papers before the deadlines. However, this is not the case in North America. The students in the United States and Canada have to deal with quite complicated financial decisions throughout their years of higher education. The reason is that higher education in these countries is provided by private institutions, which offer quality education but at quite spicy costs. In these conditions, students and their families have to face tough financial decisions when they choose a college to attend. For most of them, the fees are too expensive so the first step is to try obtaining a full scholarship or partial financial aid. For the rest of the expenses, there is the widespread option of contracting a college loan.
Students can contract more than one college loan during their four years of college. If they also pursue graduate studies, it is likely that they will end up with a collection of college loans that they end up paying back for many years after graduation. It thus turns out that a college loan is not something you leave behind at graduation, along with all the other college stories, but it is a life-long commitment. The practice of contracting a college loan is so common that an entire business has developed around it covering financial and legal services for the loan contractors.
A college loan can be offered by either a governmental agency or by a private company that takes care of such financial services. If the student contracts all his student loans from the government, than he can use the option of college loan consolidation. College loan consolidation is extremely advantageous because it actually means replacing a whole set of different loans with various interest rates with just one loan having a unique rate. The main benefit of college loan consolidation is that it gives the chance to lock in the interest rate at its current value (the value at the time when the consolidation is made) thus offsetting changes in interest rates taking place over the next years, when the loan is being repaid. Nowadays, all recent graduates are advised to pursue college loan consolidation as soon as they can because rates for college loans are at an all time low and they will not remain so for too lone. Doing college loan consolidation now means that the student makes sure he or she will pay the same low rate for the following ten or more years, although interest rates for college loans may increase by 10% or more in this period.
College loan consolidation is most commonly done by recent graduates, who are starting to face the difficulties of starting to pay back the loans. Usually, during the college years, the government will subsidize the payment of the rates for students. During the first six months after graduation, young people can still be saved the trouble of having to think about college loan consolidation because they are given a grace period during which no payments should be made. The wisest of them start thinking about college loan consolidation in this time though. They consider alternative options and decide which scheme for college loan consolidation is most beneficial for them. College loan consolidation may be a tough decision to make, the financial packages offered include details that may be tedious to follow and understand. That is why recent graduates may end up postponing thinking about it. However, they are being pressured more and more to become responsible and do college loan consolidation now because of the low interest rates they should be taking advantage of.