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What is a payday loan
A payday loan has many names. Some call it a cash advance loan. Some call it a check advance loan. Another name is a post-dated check loan. Still others call it a deferred-deposit check loan. The Federal Trade Commission in the U.S. calls it “costly cash”. No matter what you call it, its the same thing: a small (usually $50-$500) short-term loan with high interest. A payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower’s expenses until his or her next payday.
Have you ever been burdened with an unexpected expense, like a big car repair bill? How have you handled it? Do you use your credit card and pay for it, including interest, over a period of time? But perhaps you dont have a credit card. Or maybe youre one of the millions of people who carry too much debt, and have already “maxed out” your credit card. Do you have friends to borrow from? Most of us dont like to do that and most friends dont like that, either. So what do you do? Well, you could get a payday loan.
What are the benefits of payday loans? Lets see:
You wont have to go through the hassle of a credit check.
You can apply in person, on the phone or on the Internet.
The process takes less than 20 minutes.
The loan proceeds are automatically deposited into your bank account within 24 hours.
Its affordable, at least immediately you dont have any up-front costs.
Its discreet nobody else is involved.
Its secure your financial information isnt shared with others.
Ok, that makes sense. Those are enough reasons to get rid of the stress of being short of cash. Its a “quick fix”. You can cover the shortage, and get on with your life. And youll be able to pay it back next payday, right? So youve solved your problem.
These companies are in business to “help” those in dire financial need. They offer these loans to people who cant find the money they need anywhere else. Lets profile one company who offers payday loans as part of their overall financial services business Money Mart.
Money Mart was created as an alternative to banks. Their hours would extend beyond banking hours, and theyd situate themselves in more accessible locations than banks. They could cash checks when banks were closed, and people wouldnt have to travel very far for their services. They must have been on the right track because now, they have 1,700 locations in Canada, the U.S. and the U.K.
A typical Money Mart customer is an average working person, 32 years old (82% of customers are under the age of 45) and employed, with an annual income around the national average. These customers go to Money Mart because of their fast service, their convenient locations, and their extended operating hours. The founders of Money Mart were right their original ideas still hold true today.
Since adding payday cash advances to their financial services, theyve carved themselves a very nice niche in the industry. But theyre definitely not the only choice. You can now find at least one, and usually several, payday loan centers in every community
Top Secrets for Commercial Debt Collection, Revealed
Are you a start-up and facing the problem of commercial debt? Have you given-up after repeated attempts to collect debt from a customer? If your answers to the above questions are yes, let me welcome you to the large family of small and big businesses that also suffer from the similar problem of commercial debt. But sometimes even the most hopeless of commercial debts can be collected. All you need is the right strategy and correct moves. Several collection agencies have been doing this successfully for many years. Given below are some top secrets of commercial debt collection revealed by Ranger Financial Services Richardson, TX:
You are more likely to catch the attention of the debtors, if you write to them in addition to giving them a call. If you call them for debt collection, there are high chances that your calls will not be answered and in rare cases when your call will be attended, they may have a bad attitude. Sending collection letters is comfortable for you and it will provoke debtors to think of debt payment instead of thinking of an excuse to give over phone
Ranger Financial Services Richardson, TX believes in the famous saying, tomorrow never comes. Therefore, ask your debtor to commit a specific date for payment. They may answer that the payment is in process and will be done any time now. Never trust them. Having a specific payment date will set deadline for clients and will make them answerable in case the payment is not done on that date.
Understand that your debtor is avoiding the payment because he may be in real financial trouble. Therefore, it is important to be cooperative with your debtor. Since you both share the common goal of payment of the commercial debt, communicate nicely with each other. Work together to make a repayment plan such as repayment in installments that will serve the purpose of loan repayment without too much of hassle.
Lastly, leave the hassle on the experts i.e. collection agencies. There are many small collection agencies that will help you collect a commercial debt for less than $30. This a very small price to pay if you have a big amount in stake. Ranger Financial Services Richardson, TX recommends hiring a good debt collection agency to collect your debt if you have failed to do so after repeated attempts. This way, you will not have to waste your time and still you can get repayment for your commercial debt.