As some of you might know, I started a website several weeks ago about short-term loans. It has a little content — but not much. My goal for the website is to rank on the first page of Google for “short term loans” and to knock one of the “get a loan” websites off the first page.
No, I am not giving out payday loans. I discourage others to get one of the blood sucking “loans.”
To be blunt, short-term loans generally suck. They come in three basic forms: payday loans, student loans and business loans. They’re a popular business model among those with a little cash and no conscience. They are usually high interest, and must be paid back within a few weeks, month or a year.
The goal of a short-term payday loan is for the lender to get a quick return, so that they might quickly lend the money back to another individual or company. But, because the loan is usually of a smaller amount, the actual interest charged is extreme.
For example, getting a $100 loan that must be paid within a month might “cost” a $115. It doesn’t sound too bad — but that’s an APR of well over a %100. That’s why there are so many payday loan companies — it doesn’t take much to literally double their money every single year.
The worst aspect of short-term loans, especially those also known as “payday” loans, is the hefty fine for a missed payment. An essential part of the short-term loan business model for the lenders is to give you a loan you don’t need and can’t repay so they can fine you for the missed payment. This puts you in a state of perpetually paying off a $100, meaning the lender is basically printing money.
That said, the only — only — times a short-term loan might be financially justified:
- Emergency. There is an emergency that literally can’t wait (food, shelter, etc).
- Investment. The loan will allow for a major business investment, with as little risk as possible.
- Repayment. The money for the loan can be repaid. Even if it requires selling something of emotional value, it’s essential to be able to repay the loan. Otherwise it’s financial suicide.
Of course, there is almost always an alterantive towards the loans. If you have an alternative, just take it. Chances are, it can’t be worse. You can read more at the website, or better yet, just take payday short-term loans “off the table” and pretend they never existed.
December 21st, 2012 at 6:23 pm
These are generally short term loans that do offer you meet your fiscal
problems inside a desired specific time period. Contemplating time limitations these
loans are especially designed above an obligation cost-free platform.
As such, these are kept totally no cost from credential checksums.
Troubles such as defaults, arrears, bankruptcy, CCJs and even IVAs are
not thought to be here. Additional, there are also no collaterals associated with these loans.
There is minimal paper operate expected on the portion of
borrower. There are also no hidden or added documentation
or faxing necessary right here. Applying for these loans is also
pretty convenient. Men and women only need filling an web based type and as
soon as this gets authorized money is received inside 24 hours
time frame. These loans are frequently offered under convenient terms and situations.
The basic fundamental applicant criteria right here is
that they should certainly be a UK resident and of 18 years of
age.
July 12th, 2014 at 5:14 am
Hello there! This is my first visit to your blog!
We are a team of volunteers and starting a new initiative in a
community in the same niche. Your blog provided
us beneficial information to work on. You have done a outstanding job!
September 4th, 2014 at 5:23 am
Wonderful blog! Do you have any tips for aspiring writers?
I’m hoping to start my own site soon but I’m a little lost on everything.
Would you recommend starting with a free platform like WordPress or go for
a paid option? There are so many options out there that I’m totally confused
.. Any tips? Thank you!