What is a Payday Loan?

A payday loan or cash advance is a small, short-term financial instrument that allows a borrower to cover his or her expenses until the next paycheck. Typically, the amounts of such loans range of $100 to $1500, on 10-14 days term and have enough high interest rates (APR) from 390 to 900 percent.Payday lending is regulated at the state level – each state has its own laws regarding payday loans. Meanwhile, the U.S. Congress passed a law in October 2006 that limits lending to military personnel at 36% APR. The Defense Department was concerned that payday lenders could cause financial challenges for soldiers and even jeopardize security clearances.Some federal banking regulators are trying to limit or prohibit payday loans not just for military personnel, but for all customers. The high interest rates are considered as a hard financial blow to the lower and middle class people who are the primary borrowers.Lenders prove that payday loans are often the only available way to get money for customers with bad credit history or who can not obtain another lower-interest alternative, such as a bank loan or a credit card. In their turn, critics say that the most of borrowers find themselves in a worse financial situation when they have to repay their loan. Many of them get trapped into a cycle of unsecured debt.Statistics compiled by the Center for Responsible Lending show that the large part of the payday lending’s profit comes from repeat consumers who can not repay prior loans on the due date and instead prolong their loans, paying extra fees each time.Retail lending.Customers come to a payday lending store and qualify for a small cash advance in the range of $100 to $500 with payment on the borrower’s next paycheck.As loan charges, the customer will pay from $15 to $30 per $100 borrowed for 14 days period, which translates to interest rates of 390 to 780 percent (APR). On the due date the borrower returns to payday lending store and writes a check to his lender in the full amount of the cash advance plus charges.If the borrower does not repay the loan, the lender may process the check traditionally or through electronic withdrawal from the borrower’s bank account.If there is not enough money to cover the check at the checking account, the customer will face extra fees from his bank in addition to the costs of the loan. Meanwhile, the most of payday lenders offer an extended payment plan with no additional fees for customers who can not pay out their loan at the due date.In several states like Washington, extended payment plans are required by state law.Internet lending.You can get a payday loan not only from payday lending store, but online through special lending websites. Typically, a customer fills out a simple online application form, where he or she indicates required personal and bank account information, Social Security number and employer information. Some lenders require fax copies of a check, a recent bank statement, and signed paperwork. After instant approving the loan amount is direct deposited into the borrower’s checking account. On the due date loan payment with fees is electronically withdrawn from borrower’s account.Examples.For example, a borrower wants to get a payday loan. The borrower will write a post-dated personal check for $500 to borrow $570 for up to two weeks. The payday lender agrees to hold the check until the borrower’s next paycheck date. At that time, the borrower has the option to redeem the check by paying $570 in cash, or renew his loan by paying off the $570 and then immediately applying for an additional loan of $500, in result prolonging the loan for another 14 days period. However, in many states extending of payday loans is not allowed by state law. In states where there is an extended payment plan, the borrower could choose to opt into a payment plan.The Consumer Federation of America has conducted a survey of one hundred internet payday loan websites recently. The results showed that these lenders offer loans from $100 to $1,500, with $500 the most frequently offered. Finance fees ranged from $10 per $100 up to $30 per $100 borrowed. The most frequent rate was $25 per $100, or 650% annual interest rate (APR) if the payday loan is repaid within 14 days.Exploiting financial emergencies for profit.Critics say that payday lenders are exploiting consumer’s temporary financial difficulties to make high profit. Often payday lenders are targeting their services to young or poor people with low-income. Borrowers simply may not understand that the high APR can trap them into a debt-cycle, where they will have to repeatedly extend the loan and pay growing extra fees every 14 days until they can save enough money to pay off the loan amount and get out of this dangerous cycle. There is an opinion that payday lenders disadvantage the poor people, compared to the middle class who pay moderate interest on their credit cards.Meanwhile, supporters say that many people that apply for payday loans have already ruined any other available alternatives. They are not able to get a bank loan or a credit card because of serious problems with credit history.Costs of payday loans.Supporters of payday loans argue that the processing costs for these loans do not differ from other loans. They say that moderate interest rates for low borrowed amounts and short terms would not be profitable. For example, a $200 one-week loan, at a 20% interest rate would give the lender only 72 cents of interest, which would not cover even processing costs.Defenders say that payday lenders processing costs are much lower than costs for home loans and other usual loans. Besides payday lenders require only the proof of borrower’s income and employment, while traditional loan lenders do full credit checks and value the borrower’s ability to pay out the loan.

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Perks Of Taking Business Management Courses

There is no better time to start building skills and improving in order to become a trained and experienced manager. Those who are studying within business management need to find the right business management courses that will help to put them on the fast track. Start right now and see what kind of perks come along with these reputable and resourceful training courses.First of all, those who plan on being a good manager, need to be sure that they take advantage of these courses. It is not a very good idea to work as a manager with very little skills. It might actually decrease the amount of productivity that comes from those who are working underneath and individual.These business management courses are going to help a person build up the organizational skills that they must have. Being organized in life helps many people become successful within their career. A good manager always knows who is working as well as which stations and projects they are currently working on. Staying on top is how all of the projects within the company are going to be done.Running the business while the boss or the owner is gone is going to be up to the manager. This is a huge responsibility to take on and making sure that everything continues to run smoothly is not always an easy job. The manager that takes the right courses will be able to run the business efficiently and show the boss that he or she will be able to handle everything.It is very easy to get in touch with these courses. Many people have been able to take them online in their spare time when they are not on the clock. Before applying for the new manager position, be sure to get the right certification to show which courses have been taken along with the grade that was earned.Business management courses are a great way to get ahead in life. Employees that have a desire for moving up the ladder will be able to take these classes whenever they have time and get all of the knowledge and skills that they need. Start searching for courses that will help right now.

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Learning How to Care for the Environment Through Environmental Studies

No matter where you are it is almost impossible for you not to notice the different changes that are happening in our environment. Flash floods, global warming, melting of the ice, tsunamis, hurricanes, and earthquakes are just some of the warning signs that we have to have to heed so that we will not be in the worst possible state in the future. Considering the adverse effects of environmental neglect, there is a steadily increasing number of people who are finally taking notice by planning and taking action on how to preserve the same.

A lot of these people are students of environmental studies which essentially focus on studying the relationship between humans and their environment. The course also covers preservation of the earth and its natural resources, among others. During these times when natural calamities are prevalent it is critical to be involved, albeit in small ways, to take care of our surroundings. There are numerous reasons why involvement in “green” activities and actions is important, such as the following:

  • Earth’s limited capacity – no matter how enormous the earth is, there is still a limit as regards to its capacity to absorb waste and capability to provide for the fast growing number of persons living in it; hence, if the population continuous to live in its destructive ways, the risk that the earth will reach its irreversible limit may come sooner than expected.
  • Depletion of renewable resources – although resources such as soil, water, and plants have the ability to regenerate, all of these are currently depleting because people are utilizing them beyond their renewal capacity. Population growth, increase in consumption of natural resources, and continuous increase in waste production altogether negate the regeneration ability of such resources; thus, if the same persists it will not be surprising if natural resources will become mere memory.

The items mentioned above may not take much writing space but one can never undermine the meaning of both – death to humans. Considering the years of lack of concern and ignorance, people, consciously or unconsciously are working towards their own extinction. Hence, before it is too late, you should at least be aware and support initiatives for cleaner and greener environment even if you are not a student of environmental studies.

Nevertheless, if you decide to be serious in knowing more about how to care and manage the environment and eventually start a career doing this, it is much easier for you to do so in this day and age of modern technology. Taking a course related to this concern is a lot more convenient and possible no matter how busy you are through distance learning. This learning approach allows you to juggle another career or other responsibilities while acquiring basic skills and knowledge on caring for the environment. Correspondence learning provides flexibility that regular classroom classes could never provide as you are basically in charge of your schedule, pace, and growth. If you want to finish the course the shortest possible time, then no structured curriculum will hinder you from doing so. In a similar manner, if you want to take it slow and easy, you don’t have to suffer the embarrassment of being “behind” in class because your only competition and ally is yourself. Distance education has open doors of opportunities for those seeking for career growth and advancement and even those who are contemplating on shifting field of expertise.


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