There are now a myriad of choices to choose from in applying personal loans. From individuals, credit unions and banks offer you tempting deals such as very low interest, fast transaction, hassle free processes, insurances and many more! Sounds enticing right? On the one hand, personal loans can help us in many ways such as having emergency money when you need it the most. But on the other hand, there are a lot of dangers when carelessly applying for a loan.

Depending on Annual Percentage Rates

APR can be manipulated. Before applying for a loan, do not depend mainly on comparing the APR. Sometimes, lenders won’t tell you about hidden charges. Preferably, measure the loan’s ultimate cost based on the total amount you will pay, including other fees and interests.

Privacy Concerns

Banks and other formal credit unions provide strict privacy rules however, some lenders may not. Always consider how the lenders give importance and respect to your privacy especially regarding money matters.


            Some lenders propose other add-ons such as insurances if ever unexpected circumstances may happen along the way. However, we should be careful since not all add-on propositions are free. These may also appear as hidden fees or charges. So before applying a loan, make sure the lenders make it clear, plain and simple.

Pay-off Penalties

            Consider in mind that life has many uncertainties. Always put in mind future possibilities of failed pay-off and ask the consequences if you will not be able to pay the loan on time. Some lenders will not tell you upfront that if you fail to pay on time, there are penalties such as increased interest rates or additional fees and charges.

Complicated Contracts

Supposedly, applying a loan is as simple as you borrow money and they will lend you with specific interest. However, other lenders tend to pressure you to immediately sign a contract in which was not yet made clear to you. This is a big NO-NO. This only indicates that the lenders may want you to miss some details such as additional fees and charges or other penalties. And before you sign a contract with your lenders, make sure you do first a money lender review.




Payday loans may look enticing because it offers immediate cash and low interest personal loan; however, it is also the most costly way to borrow money. If you fail to repay the loan on the first payday, a new finance charge is added and you get entrapped with the debt cycle. Within a few months, borrowers can end up owing more in interest than the original loan amount. Although payday loan charges and fees vary from lender to lender, there are still some shared common grounds that make it very costly!

Interest Rate

Payday loan interest rates range from 1.2%-30% per month. If we calculate the Annual Percentage Rate (APR) this would reach 14.4%-360% a year! Imagine getting a loan with 30% interest, if calculated annually would cost you a lot of money, not to mention other fees and charges!

Processing Fees and Charges

Other charges include paying for the documentary stamp tax. Typically, most lenders require 5%-10% processing fee and/or disbursement fee.


Late Payment Charges

Lenders mostly charge late payments with 5.00%-15% per month on any outstanding balance.


If you are unable to repay when your loan is due and you are permitted to roll-over your loan, the payday lender may allow you to pay only the fees due and then the lender extends the due date of your loan. You will then be charged another fee and still owe the original balance.

Repayment Plans

Some payday lenders allow extended repayment plans to borrowers who are struggling to repay their payday loans. This may also require a fee, depending on the lender and the requirement of the state law regarding lending.

Prepaid debit card

Other payday loans require you to use debit cards. There could be fees to add the money to the card, balance inquiry or calling customer service, fees each time you use the card and/or regular monthly fees.

Points to Ponder

            Not all lenders will be transparent enough to show you all fees and charges and how much it will cost you all in all. Therefore, always make sure to carefully read and understand the contract before signing.





No one is immune to financial uncertainties. At some point in our lives, we experience some money crunch along the way. Have emergency financial needs but don’t know where to turn to? Don’t fret! Payday loans are just within your reach. No need for credit checks, long paper works and processes and tiresome days and days of waiting for approval.

What Are the Requirements?

            Different  money lenders have different requirements but typically the basic requirements are meeting the minimum age requirements in your state, usually 18 years of age, have an open and active checking account, proof of income, and a valid phone number.

When will it be approved?

            Due to high competition in lending, lenders are finding ways to get customers buy their product. There are lenders, even known and trusted banks proposing fast approval, as fast as not reaching 24 hours application. In Canada, they have a payday loan website offering instant approval such as sending your loan request before 11:30 am, and get your loan deposited into your account within 30 minutes. At info@nationalpaydayloan.ca, you can find offers like ‘No Refusals’ and ‘Getting your loans easy as one, two, three’, ‘Easy access’, ‘No credit investigation’ and ‘Fast Service’. You can browse the net and see many similar offers in different countries nowadays.

The Warning: Be Responsible!

            In the same webpage offering payday loans (https:nationalpaydayloan.ca) also comes with the reminder to ‘Be Responsible’.

“Used responsibly, short term loans may be the right solution for you.
However, short term loans have higher rates of interest and fees than loans obtained through a local chartered financial institution. This type of service should be used as infrequently as possible or in the case where no other alternative solution, at lower rates of interest, are available to you. Taking out several loans of this nature will burden you with debt and lead to serious financial trouble.”


The Conclusion

            With proper money management, payday loans may serve as an instant remedy to your urgent financial needs. However, when mismanaged, it will lead you to further pressure, trouble, stress and more debt.



4 Excellent & Evergreen Loans for Urbanites

Nowadays, lenders are reaching out and introducing their products to urbanites or city dwellers. These city dwellers are now discovering new ways to get loans for the things they want. The number of online loan applications has also tripled in the past months, leading to the improvement of various businesses. If you’re an urbanite, you can totally benefit from knowing the best evergreen loans within your area. These are the excellent and evergreen loans that you can apply for:


Corporate Travel Loans


Corporate travel loans are similar to regular travel loans, except that they have more perks and advantages. These loans have become more popular because many urbanites want to escape from the clutches of stress. If you want a quick vacation, you should seek out a company offering a corporate travel loan. Banks offer this kind of loan every now and then, and they have fantastic amenities that you can try. Visit the Facebook pages of these loan providers to know more.


Modern Gadget Loans


Modern gadget loans are great options if you want to buy a new gadget but you don’t have money for it.  Somehow, the gadget loan is similar to a regular personal loan or even payday loan. Lately, however, it’s important to note that some lenders have new variations for their loas. With numerous perks, a modern gadget loan can even have greater value. Keep in mind that additional loan perks may chip away at your monthly budget.


Quick Cash Advance


Also known as payday loan instant cash, quick cash advance loans take advantage of easy application and quick cash release.


Many urbanites believe that cash advance loans are handy because they almost have no amount limitations. Unlike other types of loans, cash advance loans  don’t have strict credit investigation processes, and they can be released within an hour. Despite this clear advantage, payday loans are notorious for their outrageous rates. Be vigilant about cash advance lenders or you’d end up with a colossal financial problem.


Low-Interest Personal Loans


The most balanced type of loan is personal loan. This is a great debt instrument if you have continuous income. Urbanites love this loan because of its manageable rate and occasional privileges. Also, many banks and financial organizations love to offer personal loans. Personal loans must be repaid within 3-5 months.


Applying for any of the loans mentioned above is an easy thing. The next thing that you have to worry about is repayment. If you can’t repay the loan, it will pull you in deeper debt and you’ll have a hard time recovering. In the city, having debts is like strapping yourself with stone and jumping in the river! So, make sure that you pick the lender with flexible terms. On top of that, you must have a proper repayment plan.


3 Ways to Mitigate the Damage of High Loan Interest

High interest is one of the most common problems among borrowers. If a loan’s interest is too high, the borrower will have a hard time repaying it. The high interest will become like an invisible chain, pinning the borrower until he resigns to his fate. Is a high-interest loan giving you a difficult time? Do you want to escape from your lender and forget about your debt? Well, you shouldn’t run away! Instead, you should think of ways to mitigate the financial damage of a high loan interest.


Here are some ideas:


Boost Your Income


A loan is a negative form of liability. It will drain your budget continuously and leave you with little choices. Instead of sulking in the corner, you should find ways to boost your income. Create a side hustle if you have a skill that you’ve mastered. Or you can look for freelancing job opportunities. With the help of the Internet, there are infinite ways to make money. You just need to be creative, patient, and strategic. Once you have multiple income sources, the damage of high-interest loans will be minuscule.


Repay The Loan in Huge Amounts


Sometimes, loans shatter your budget because you repay small amounts. These small amounts can help, but you’ll get out of the loan at a slower pace. Try repaying huge loan amounts instead. This will double the speed of loan repayment and will give you an early ticket to debt freedom.


Renegotiate With the Lender


Nothing good will come from running away. It will only signify that you’re escaping from responsibility, and this will put you in greater trouble. Even if the idea requires courage, you should renegotiate with your lender. Don’t worry – the lender won’t consume you or do anything bad. During the renegotiation phase, strongly emphasize the reason why you can’t pay the high interest. If your reason is good enough, the lender may lower your interest. This is not always successful, so be prepared.


If your current loan has outrageous interest, make sure that you apply these mentioned strategies. The strategies will help you deal with the growing financial damage of high interest, but they won’t protect you for long-term. What you need is an extensive financial plan that will cover the future. If your plan is effective, you’ll have a fruitful retirement and a huge savings account to boot. On top of that, you don’t have to worry about loans anymore!