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What Is a Payday Loan?

A payday loan is defined as a cash advance for a short duration of time. These loans are relatively easy to obtain therefore many people with bad credit will seek out these loans for assistance. When applying for a payday loan there is no collateral required or a credit check. The payday loan company will ask for a postdated check from the consumer’s checking account. This check will be postdated for the next payday.

Why Should a Debtor Avoid a Payday Loan?

Just because a payday loan is easily accessible does not mean that this type of a loan is a good idea. There are more known disadvantages than advantages when it comes to payday loans.

The most common reason to avoid a payday loan is the incredibly high interest rate that is associated with a payday loan. It is not uncommon to find a payday loan with a rate as high as 200 or 300%. This high of an interest rate will put a person who is having financial difficulty into a larger financial crisis.

The repayment of a payday loan is not easy for someone who is not in a position to make large payments. When payday comes around and the postdated check is cashed it will include the amount of the principle and the large interest rate. Most of the time, the repayment will take most of the debtor’s income and cause more of a financial difficulty.

A third reason to avoid payday loans is that if the payment cannot be made there is the option of a rollover loan. This can turn the payday loan into a larger risk. A rollover loan can split the loan into payment installments. The high interest rate will continue and there will be late fees charged also. A rollover loan will sometimes take a long period of time to payoff the balance and can put a person deep into debt.

Most payday loans are obtained through an online process. This causes the person applying for the loan to have a security risk. It is required by each payday loan company to put bank account information, social security numbers, address information and other personal information on the World Wide Web. In some cases there will be the problem of identity theft if an unauthorized individual gets personal information.

The last and most detrimental reason to avoid a payday loan is the impact of the loan on a credit score. These loans are advertised as no credit check required and all that is needed is a checking account with a direct deposit. It is possible that if the payday loan is rejected that a credit score will be affected negatively.

All payday or no credit check loans lenders should be taken seriously. The reasons listed above are the top five reasons to avoid payday loans. Do not be drawn into a payday loan because of the easy access to money. These loans are a financial downfall and will not help in any situation. In most cases they will make the situation worse.

Frequenting our television screens on a daily basis, we are all familiar with the scenes of the reconstructed fall followed by an presenter telling us about the sizeable cheque that the injured party received on a ‘no win no fee basis’. Said informant then encourages us to ring the number that appears on screen if we have been affected by a similar accident.

The advertisements make the process seem so simple and risk-free that it is no surprise that many people are left wondering what the catch is. It’s important to realise that if you have been injured as a result of an accident which was not your fault then you could be eligible for compensation.

However it is fundamental to appreciate that the process is unlikely to be as simple as ringing a phone number and consequently receiving a cheque in the post. With rising claims of ‘ambulance chasing’ salesmen approaching injured parties in hospitals making proposals of accident compensation claims, it is increasingly important that you make the right choices regarding your personal injury claim.

How do I know if my injury firm at legitimate?

In order to ensure that you receive the best support possible, it is important to ensure that the legal firm you choose to deal with are professional and experienced in dealing with personal injury claims.

Choosing the right solicitor can be a difficult task however it is an important one. A good solicitor should not be looking for quick sales instead they should be focussed on fully understanding your situation and working to ensure that you receive the compensation you deserve, both financially and medically.

Ensure that you are dealing with a qualified solicitor from a reputable legal firm who have a strong background in successful personal injury claims. Good personal injury firms tend to offer initial advice free on a no obligation basis to ascertain whether you have a potential claim. This could prove a good opportunity for you to raise any queries which you have.

Be wary if you are approached directly by salesmen after your injury. Do not feel obliged to discuss your situation with them. They may quote large sums that you could be rewarded however with personal injury claims, there is no way of telling exactly how much compensation that you could receive until a full investigation has been completed and liability has been accepted.

Who should I turn to for personal injury advice?

The few ‘claims cowboys’ out there should not be associated with the legitimate personal injury firms who have years of experience in offering claimants an honest and dedicated end-to-end service to help them get all the compensation that they deserve.

You should not feel pressured or rushed into anything that you do not want to do. Your personal injury solicitor should help ensure that you are informed and consulted every step of the process.

It didn’t take long for social networking to hit the financial world in a meaningful way. No, it’s not a new app for your smartphone that lets you take a picture of a check and then deposit it into your bank account. As cool as that is, SmartyPig is at least twice as cool. Read on for proof.

What is SmartyPig?

SmartyPig (smartypig.com) is a goal-oriented internet-based savings account fully protected by the Federal Deposit Insurance Corporation (FDIC) just like the savings account at your local bank. What differentiates a SmartyPig savings account from traditional savings accounts is the unique social networking component attached to each account.

Set a goal for yourself

Aren’t all savings accounts goal-oriented? Sure, but not in the same manner as a SmartyPig savings account. When you setup a SmartyPig account you immediately identify a goal for the money. Want a new laptop computer? Make that the goal. Want to take a holiday cruise? Then that’s your goal.

After your savings goal has been identified, simply enter in the amount of your goal and the day you want to reach it.

Social Networking

What makes the SmartyPig savings accounts a zillion times more fun than a traditional savings account is that you get to share your goal with all your friends on Facebook! Just try and pretend that isn’t awesome.

But the Facebook fun doesn’t end there. Not only can your friends share in your goal by encouraging you to stay on track to achieve your goal, they can also contribute to your financial success. Just imagine 1,000 of your closest friends each contributing just one dollar each to your success. Okay, it’s probably not quite that easy, but you get the gist of how the social networking component works.

Retail Partners

Another exciting part of a SmartyPig savings account is the retailer shops that have jumped on board with cash-back savings of up to 11% on purchases, and it’s no small number of stores. Here’s a partial list:

* Amazon.com (3%)
* Banana Republic (10%)
* Gap (10%)
* Macy’s (11%)
* Old Navy (5%)
* Sports Authority (5%)
* Travelocity Hotel Gift Card (10%)

Here’s how this program works. Let’s say you have saved $1,000, reaching your goal for a vacation. When you transfer that money, as an example, to a Travelocity Hotel Gift Card you instantly get an additional 10 percent—$100 dollars—added to the gift card. That’s $1,100 to put towards your hotel. Sweet, right? Of course it is.

Interest Account

To top off everything you’ve read so far about SmartyPig savings accounts, they also pay a very competitive annual yield of 0.70% on any balance below $50,000. Accounts exceeding $50,000 earn an annual yield of 0.50%, making SmartyPig savings accounts among the most competitive in the industry.

So, what are you waiting for? Do you have a financial goal that could really get exciting with SmartyPig, your friends on Facebook, and cash back from great retail partners? Visit smartypig.com for all the details and set a plan into motion to reach your goals.