The reason for the loan is not a factor in calculating your interest rate or loan terms; only your credit score, loan amount, and preferred repayment period are considered. Debt consolidation is a preferred use of a personal loan. By repaying mounting old debts with an overall lower cost single loan, the convenience and simplicity provides borrowers an opportunity to jump out of a debt trap and onto a healthier financial plan.
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Spouses of active members of the military can get help paying their bills and loans under the Servicemembers Civil Relief Act. The law caps credit card and mortgage interest rates while on active duty and provides protections against eviction and foreclosure. In addition, there are health and life insurance benefits, housing benefits and tax deductions for students who are military spouses.

However, if you spend money unwisely, you may face big problems complaining about your unreasonable decision as you will need to give money back within 30 days, which is the maximum repayment period, which depends on when you usually get your monthly income. Credit money should work for you and only for you. The money you take will have to be paid back. And don’t forget about the interest! So the loan should solve your problem, rather than indulge the whims. For example, an educational loan will increase your value in the job market, and a mortgage loan will enable you to build or expand a family.


White says his vehicle title loan quickly got out of hand. When the U.S. government shut down because of a budget impasse in October 2013, he didn’t get his Post-9/11 benefits or work-study pay for a Department of Veterans Affairs job for almost two months. He fell behind on bills. The title lender began calling him several times a day both at work and on his cellphone, asking for loan payments.
If you need to avoid late fees or prevent a bounced check fee that can hurt your credit rating, you should apply for payday loans. Payday lending institutions can provide you with cash advances to give you the money you need to deal with any financial emergency. There are many benefits to cash advance loans, and you should keep them in mind when you need financial assistance.
Bad credit loans typically have higher interest rates and shorter loan terms than loans offered to people with good credit. Standard bad credit loan terms are two to five years with an average annual percentage rate of 25 percent, according to Bankrate. In comparison, personal loans for those with good credit typically have term lengths from one to seven years and an average APR of 4.29 percent.
Payday loans are legal in 27 states, and 9 others allows some form of short term storefront lending with restrictions. The remaining 14 and the District of Columbia forbid the practice.[64] The annual percentage rate (APR) is also limited in some jurisdictions to prevent usury.[65] And in some states, there are laws limiting the number of loans a borrower can take at a single time.
If you are late on a payment, you usually have to pay a late fee. Lenders may allow a grace period of 10 or 15 days before they charge a late fee. Typical late fees range from $15 to $30, with some lenders charging 5 percent of your monthly loan amount or $15, whichever is greater. Some personal loan lenders do not have late fees. The fees for a returned payment and/or to process a check can be up to $15.
*Approval depends upon meeting legal, regulatory and underwriting requirements. If approved, online loans are funded the next business day. All times and dates are based on Eastern Standard Time (EST). Check `n Go and third party lenders may, at their discretion, verify application information by using national databases that may provide information from one or more national credit bureaus, and Check `n Go or third party lenders may take that into consideration in the approval process.
Sometimes, an opportunity to get money quickly may seem very tempting. For example, if you go shopping and see some shoes on sale you have always dreamed about, is this a good reason to apply for a payday advance? Certainly, not! Short-term loans are intended to be used only if you really can’t wait till the payday due to the high interest rate. That’s why the very first thing you are recommended to do is to consider your financial situation. If the need to cover expenditures is really urgent, then payday loans may save the situation the same day.
In many cases, borrowers write a post-dated check (check with a future date) to the lender; if the borrowers don't have enough money in their account by the check's date, their check will bounce. In Texas, payday lenders are prohibited from suing a borrower for theft if the check is post-dated. One payday lender in the state instead gets their customers to write checks dated for the day the loan is given. Customers borrow money because they don't have any, so the lender accepts the check knowing that it would bounce on the check's date. If the borrower fails to pay on the due date, the lender sues the borrower for writing a hot check.[33]
Pioneer Services, the Military Banking Division of MidCountry Bank, offers affordable short-term military loans for all ranks and branches of military. Loans are available from $500 to $10,000 and offer an easy application process, fast access to your money, complete confidentiality and a 15-day, risk-free satisfaction guarantee. Pioneer Services voluntarily complies with the APR rate cap as recommended by the Military Lending Act and the FDIC small dollar loan program. 
Brian Melzer of the Kellogg School of Management at Northwestern University found that payday loan users did suffer a reduction in their household financial situation, as the high costs of repeated rollover loans impacted their ability to pay recurring bills such as utilities and rent.[46] This assumes a payday user will rollover their loan rather than repay it, which has been shown both by the FDIC and the Consumer Finance Protection bureau in large sample studies of payday consumers [11][15][47] 

The CFPB has issued several enforcement actions against payday lenders for reasons such as violating the prohibition on lending to military members and aggressive collection tactics.[67][68] The CFPB also operates a website to answer questions about payday lending.[69] In addition, some states have aggressively pursued lenders they felt violate their state laws.[70][71]
Installment loans differ from payday loans by having longer terms and regular payments. With a payday loan, the entire amount comes due at the end of a set period, usually two weeks to a month. Installment loans have high rates – not as high as payday loans but higher than a personal loan or a credit card. Also, like payday loans, there’s no credit check or collateral required to apply.
The likelihood that a family will use a payday loan increases if they are unbanked or underbanked, or lack access to a traditional deposit bank account. In an American context the families who will use a payday loan are disproportionately either of black or Hispanic descent, recent immigrants, and/or under-educated.[15] These individuals are least able to secure normal, lower-interest-rate forms of credit. Since payday lending operations charge higher interest-rates than traditional banks, they have the effect of depleting the assets of low-income communities.[22] The Insight Center, a consumer advocacy group, reported in 2013 that payday lending cost U.S communities $774 million a year.[23]

The basic loan process involves a lender providing a short-term unsecured loan to be repaid at the borrower's next payday. Typically, some verification of employment or income is involved (via pay stubs and bank statements), although according to one source, some payday lenders do not verify income or run credit checks.[13] Individual companies and franchises have their own underwriting criteria.

The GI Bill is not the only source for servicemembers to improve their education or job training. The Montgomery GI Bill, Reserve Educational Assistance and the National Call to Service are just some of the programs the government offers to active military, reserves, veterans and their families. More education should lead to more earning potential and fewer problems with debt.

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