protecting yourself with personal loans

Payday Loans – Using Then Payday Loans – Using Then The Right Way – Protecting The Right Way – Protecting

YourselfYourself

By Pure Cash LoansBy Pure Cash Loans

www.purecashloans.comwww.purecashloans.com

http://www.purecashloans.com/


12 Million People Can’t Be 12 Million People Can’t Be WrongWrong

• Everyday people use payday loans (Everyday people use payday loans (personal loanspersonal loans) to cover basic needs.) to cover basic needs.

• In fact, 12 million people in the U.S. use In fact, 12 million people in the U.S. use them each year and it is only growing.them each year and it is only growing.

• $7.4 billions changed hands in 2010 $7.4 billions changed hands in 2010 through payday loansthrough payday loans



What These Loans Are Used What These Loans Are Used ForFor

•Medical bills,Medical bills,•Car repairs,Car repairs,•To avoid bank fees,To avoid bank fees,•To keep utilities turned on,To keep utilities turned on,•Any emergency need.Any emergency need.


BenefitsBenefits• Nearly anyone can be approved,Nearly anyone can be approved,• No credit checks are required or necessary,No credit checks are required or necessary,• They can be approved and funded in the They can be approved and funded in the

matter of hours,matter of hours,• They are unsecured so no collateral (e.g. They are unsecured so no collateral (e.g.

car title) needed, andcar title) needed, and• You can apply at anytime from anywhere - You can apply at anytime from anywhere -

all online. all online.


HazardsHazardsTaking on any type of debt, there are hazards that those seeking payday loans need to be on the look out for:

•Understand Your Need •Cost•Terms •Shop Around


Understand Your Need1. Why do you need a payday loan in the first

place.1. Is it for something that you really need? 2. Do you need money to cover a cost?3. Do you really need that money or can

you wait until your next pay check?

2. Paying the loan. It matters. You have to repay or face more fees, more interest and more credit problems

3. Emergency needs only – only! These are short-term and should not be used for wants or desires but for emergency needs.


CostCostAre payday loans expensive?

Yes!

But, might not be as expensive as the alternative like having your heat turned off in the middle of winter or paying numerous and high bank fees.

You have to understand what cost less and follow that path – money costs and intangible costs.


TermsTerms • You have to repay – do you know when You have to repay – do you know when

and how and can you meet those terms.and how and can you meet those terms.• Failure to repay means:Failure to repay means:

– Collection calls at home and at work.Collection calls at home and at work.– A hit to your credit.A hit to your credit.– Increased fees and interest.Increased fees and interest.– More headache then the loan is worth.More headache then the loan is worth.

• You have to repay – be prepared!You have to repay – be prepared!


Shop AroundShop Around Not all lenders are the same as some offer better or cheaper rates and fees and some offer better terms – making it easier for you to meet the terms.Nothing worse then getting your payday loans only to find out you could have gotten a better one – but, you did not shop around.


Bottom LineBottom Line• When people have nowhere else to turn (e.g. When people have nowhere else to turn (e.g.

banks won’t approve unsecured personal banks won’t approve unsecured personal loans) individuals are turning to payday loans loans) individuals are turning to payday loans for a myriad of reasons – some to cover for a myriad of reasons – some to cover necessary bills, some to overcome necessary bills, some to overcome unexpected financial difficulties and some to unexpected financial difficulties and some to get the things they want and need. get the things they want and need.

• As long as you are over 18 years of age, As long as you are over 18 years of age, have some kind of monthly income and have some kind of monthly income and understand the terms of the contact, there is understand the terms of the contact, there is no reason that no reason that payday loans payday loans cannot work to cannot work to your benefit – just make sure that you your benefit – just make sure that you protect yourself first!protect yourself first!


protecting yourself with personal loans

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