T his is centrally really important matter to discuss regarding a payday loan, because if you don’t pay it on an arranged time, you will be faced with serious consequences. Here are some scenarios of what could happen.
First thing you must do is to learn your consequences. If by some chance you aren’t able to repay payday loan on time and you don’t find other solution with your lender, your credit score will be damaged. When a client doesn’t repay payday loan on arranged time, the debt is usually sold to a collector agency and they will use some really aggressive solutions in order to collect the loan. They will be calling you at home, work including your family and friend. Since your credit history will be damaged, it will be hard for you to get a loan on some other place. Even after you return the loan, your credit history will have this black spot for seven years.
You may be sued on civil court, so you should always stay on alert. If don’t repay on time payday loan, the lender has the right to sue you on civil court in order to obtain the amount you got. Once the court rules in lenders favor, he may be able to repay the loan through any property you have, which in this case he has the right to sell it, he will set the balance of the debt through any property you have at the time of the loan, or property that was at your disposal later, in boat cases you have to own property.
Some states give the right to a lender to collect the debt through any property you acquire within ten years. Some of the lenders will threat you with jail and criminal actions, but in this case you can’t be sent to jail, unless you took the loan with intention of now planning to repay it. But if in some case you have this kind of threat from lenders company, you should contact your lawyer at once.
Lender can raise fees
Extra fees and interests are to be expected. The longer you prolong the time of repayment the more you will be in debt with lender’s company. They are known to charge really high interest rates and fees for debts. Some states have regulated rules of how much the lenders fees can be high, but unfortunately some doesn’t, they are given the right to lenders company to charge fees as much as they like, example for that is Texas.
But there are means to prevent these situations, which can become extremely dangerous for your budget. You can qualify for extended payment plan. If your payday loan hasn’t come to a charge yet, you may still have the time to repay it. Here is what you must do. The lender company from whom you have borrowed the loan must be a member of “Costumer Service Association of America”. The extended pay of payment must be applied at the pace where you got the money, and before the expiration date of the loan.
You have to be able to repay this loan as soon as possible. This should be your top priority, it will certainly take some financial adjustments, but if you have enough will you will not come into above mentioned situations.
Being a wealth manager can be challenging and tough, especially if one wants to make more money either over a certain period of time or as quickly as possible. All wealth managers work hard and their professional advises should not be taken lightly – they are a people who are highly skilled in their field and their advises are always helpful for their clients.
Many times wealth management is called being a profession where clients pay for their value rather than value the professional brings. Over the years it can be seen that the people are getting more wealth either by inheriting the same or by making their own through a successful business or many other types of making big money. Because of this, job or a profession or a career choice (whatever you want to call it) wealth management is always on the point for their clients.
Many times because of this peak in clients’ wealth the wealth managers tend to focus only on the wealthy clients. Wealthy clients know to not be shy when it comes to paying their wealth managers and this is where wealth managers tend to become greedy when it comes to their job.
One would think this is a classical Marxist sort of approach because the wealthier clients tend to pay more than the other not so rich clients. The richer they are, the more they pay and the more they pay, the more interesting wealth managers will be about wealthier clients. It is not fault in the clients when the clients don’t have more money, what is and should be criticized are the wealth managers who let their greed get in their way of their professional work.
They show this way that they can be unprofessional, to be honest, because a client is a client no matter what background he or she has. When it comes to wealth management, everyone should be treated fairly and not selecting one because one is wealthier than the other. This way we are creating an uneven and unequal system and many banks don’t allow this to their wealth managers.
Small Businesses – Wealth Manager
There are also many small businesses that are in the need for wealth management and need wealth managers who can help them in various ways. This is where wealth managers see through the success of the certain company and then choose if they want to help out their clients or not. Basically meaning – if your firm or company is not successful enough, where is my pay at the end of the day? Although however they can think about this because their hard work is expected by the end of the day, they should be well paid.
But they should not overcompensate on the successes of the larger companies because many times there were the small companies that reached better financial success than the bigger ones with the help of patient wealth managers who helped them out. What should be considered is not the present success of the company or firm, but the future success as well. This is why wealth managers should be equal to all and they should not choose over who gets the bigger and wealthier clientele.
I f you have taken payday loan and the time of repayment is approaching fast and you are unable to meet the terms of the payment, the most important thing is not to panic. Every well-established company will help you resolve this problem, only If you inform them on time. There is certain procedure in place that will help you and every other client who is unable to repay payday loan on time.
Below are few easy steps we find handy and that will help you resolve your problems.
First thing you must do, if you are unable to return payday loan within arranged time, is to work on your financial situation and decide when you will be in possibility to repay it. Useful solution is to take pen and paper and write down all your income and expenses, you will have clearer picture of your financial situation and you will have a precise date when you will be able to return your payday loan.
Once you have worked out through your budget and you have on paper certain amount of money that you will able to spare, it’s time to contact the landing company. You can do this by phone, or by email. It’s always best solution to contact them through phone, even though you may feel uncomfortable, it will be easier to explain them your situation and why you can’t repay money on time.
They will offer you a repayment plan and this plan should be based on how much money you have been able to spare. Once you contact payday loan company, they will set up this plan immediately and you will feel much better. If you decide to use an email, you will sit beside computer worrying and checking you inbox all the time. And this will bring you even more stress. You should always use phone, they will not be mad at you, because it’s on your both interest that you pay back that loan.
When you finish this procedure about repayment plan, make your lender to put everything on writing, they will usually send you details regarding repayment plan and they will update your account based on that plan. Once you log in on your online account, you will notice the repayment plan listed on your schedule. Some companies may charge you additional fees for this type of service, but most of them no longer charge for such fees, even when your repayment is spread through several weeks, you won’t get any additional interest to pay.
Obey your repayment plan
At the end, it’s highly important that you obey your repayment plan and only offer money that you are in possibility to return. For example: if you have taken a 100$ and after fourteen days you must repay 135$, discuss with your payday lender to return 13,5$ per week, if that the amount you can afford.
You will feel much relaxed if you set up this plan and you won’t be under pressure, constantly thinking about this unpleasant matter. You should never ask for another loan, because you will get into greater debts and it will be hard to find a way out.
The way we can’t decide whether coffee is a better option or a tea, we cannot tell whether cash advance is more convenient or a payday loan. Like coffee and tea, it depends on our need, our situation and of course on availability. But first, let’s understand the difference between the two:
Payday loan is a small amount of cash that is lent at high interest rates to the borrowers for a short period of time–probably 2 to 8 weeks–or until their next payday. There are certain requirements that needs o be fulfilled in order to avail the loan.
A service provided by banks or credit card issuers that allow the cardholders to withdraw a specific amount of cash. This amount can be withdrawn either from a bank or an Automated Teller Machine. The cardholder will then have to pay this cash advance back with high interest rates.
Pros and Cons:
Even though payday loans are quick to be approved, they still are slower than credit cards. The whole process of getting money from credit card takes just few minutes, whereas payday loans might take few hours. Not to mention all the hassle with the documents and application that has to be done. In few rare cases, payday loans also get rejected. Leaving the borrower stranded in emergency situations.
Payday loans are always for a short period of time and they can be paid and done with, within a month. Whereas cash advances have this unfortunate habit of dragging for a long time. The more you drag it the higher interest rate you’ll have to pay.
When you have a gold mine in your hand, it would he difficult not to use it; even if that gold mine is not yours to start with. The same is the case with cash advance. You see a beautiful Dior dress in a shop, you don’t have money but you do have a credit card in your purse, the temptation is just too much to resist and consequences be forgotten, you use it. That Dior dress will end up costing a lot more than it’s worth. However payday loans save the borrowers from this temptation as they are only there when you apply for it rather than being in your hand at all times.
- Online scams:
Online scam might have become a part of almost all services; however they seem to happen a lot more for payday loans. Everything is online now, so when people walk into online payday stores they usually get scammed; scammed into giving their personal information and then getting threatened for paying off loans. Cash advances also have online scams but they are few and far in between.
- Non-emergency Situation:
A disadvantage of both of these loans is how frequently people use it for non-emergency situations even though they exist for just that.
- Unexpected expense:
An advantage of both of these services is their flexibility and conveniences at times of emergency situations. When people have no source of money, payday loans and cash advances could look like an angel. You can read quality payday loans info online, just try to Google it.
Wise thinking and smart borrowing could make payday loans and cash advances one of the best creations on earth but when used unwisely with no reservations then these loans would feel like a bane of life that has no desire of leaving the borrower at peace.