Payday Personal Loan Interest - Why are there no low interest payday personal loans? The answer is because these are unsecured, high risk loans with no credit check. As such, the lenders have no idea about borrower credit reports and scores, and must assume that all have bad or no credit.
But what does a bad credit report and score have to do with the interest rate - - do lenders charge a higher rate merely to punish bad credit people or do they charge high rates simply because they can get away with it since bad credit people have no alternative? Since some borrowers won't repay the loan, or won't fully repay, lenders will suffer a percentage of financial losses. As mentioned before, since there are no credit checks the lenders cannot judge which borrowers are the highest risks. That's why they charge a high interest rate (fee) across the board, to make up for default losses. Just like any business, payday personal lenders have staff and overhead expenses to cover as well as their profit margins.
What will happen if the interest rates (fees) of payday personal loans are regulated? Chances are, they won't be as accessible as they currently are. In all likelihood, there will either be credit checks or collateral requirements. It's not likely consumers would be able to continue being approved for unsecured loans of $1000 or more with a mere signature application. It's important to remember that; although these loans charge high interest/fees, they are nonetheless the only fast cash option for many bad credit people.
Free IRS tax calculator to estimate taxes per taxable income. File taxes online for a fast rebate check.
Tax Refund Tip: If using a tax refund as a new car downpayment consider saving the money until year end - that's when car dealers are eager to unload current year model cars to make room for new inventory and this offers a negotiation edge.
Budget Tip: Get together with friends and compare personal budgets to see if you missed important expenses - this can open your eyes and help you create a more accurate expense list for your budget.
For more information about IRS tax return preparation and rapid refund, visit irs.gov for free tax return preparation and e-file forms.
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Property Assets and Divorce: Although scholars have known for decades that financial assets relate to a lower likelihood of divorce, no one has explained why. This study finds that wives’ characteristics completely drove the relationship between assets and divorce. Assets helped wives be more satisfied with their marriage and, thus, less likely to divorce. Assets also decreased the attractiveness of divorce, because wives realized that divorce would force them to give up some of their assets and their current standard of living. Assets are related to a lower likelihood of divorce; even low levels of assets are better than none. Practitioners working to strengthen marriages might find ways to help couples build financial management skills, in addition to helping them with relationship issues such as trust and communication.
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