Payday Loans – Are They a Ripoff?

If you have no access to credit and need a quick loan, you may consider a payday loan. The idea sounds attractive: the lender deposits up to $2,000 into your bank account and the loan is automatically repaid from your next paycheck. You don’t need collateral and there’s no credit check.But before you walk into the payday loan office, do your homework. Here are some crucial facts you need to know.1. What is a payday loan? According to the U.S. government, a payday loan is defined as “a closed-end credit transaction, unsecured by any interest in the consumer’s personal property and excluding any credit card transaction under an open end consumer credit plan, with a term of 91 or fewer days in which the amount financed does not exceed $2,000 with a finance charge exceeding an annual percentage rate of 36%.” In other words: short-term, high-interest.To ensure repayment, the lender will require that you present a personal check for the total amount borrowed plus fees, or that you sign over legal access to your bank account for the total amount due. Your check is post-dated to your next payday. On that day the lender will cash the check or debit your bank account. This gives the lender an automatic repayment mechanism and the legal right to collect.2. Are payday loans legal everywhere? No! They are regulated by individual states. In some states they are illegal.They are also illegal for members of the U.S. military. One of the provisions of the FY 2007 Military Authorization Act makes it against the law for lenders to make payday loans and/or car title loans to military personnel. Lenders are also prohibited from charging more than 36% interest to military borrowers. When calculating the interest rate, additional renewal charges, fees, service charges, or credit insurance premiums must be included.3. What are the interest rates for these types of loans? Very high! Why? Because the lender typically requires only that you have a job and a bank account for the past sixty days. Payday loans are most often made to people who have poor credit and no collateral. These high-risk borrowers pay interest rates that can be as high as 600% APR.What does that mean? Here’s a typical payday loan breakdown:Loan amount: $1,500
Your next payday: 14 days from today
Fee per $100 borrowed: $20
Your effective APR: 521.43%
Total fees you pay: $300
Total debited from your account 14 days from now: $1,800Fourteen days after advancing you the loan for $1,500, the lender will debit $1,800 from your bank account. If for some reason the full amount isn’t there, you must still pay the $300 fee for that 14-day period. You will pay $300 every two weeks until you repay the original $1,500. When you receive your next paycheck 14 days later, you will owe $1,800. That means that if you miss the first repayment deadline, you will end up paying a total of $2,100.4. Are payday loans controversial? Yes! In many states they are considered usurious and are illegal. But attempts to regulate payday loans are receiving mixed responses. Congress is now considering the Payday Loan Reform Act of 2009 (HR 1214 IH). This bill would ostensibly regulate payday loans, but consumer protection groups are opposed. In a recent letter to U.S. Representative Luis Gutierrez, the bill’s sponsor, several groups including the National Consumer Law Center assert that H.R. 1214 gives Congressional authorization for single-payment loans of 780 percent APR for one week or 390 percent APR for two weeks. The mandated loan fee limit of fifteen cents per dollar loaned sounds reasonable, but it permits lenders to charge $75 for a typical $500 loan, which is due on the following payday. For the average customer who takes out nine loans per year, H.R. 1214 permits lenders to collect $675 in finance charges for a $500 loan taken out over an eighteen weeks.Imagine paying more in finance charges than the loan amount! Before you consider a payday loan, do the research and ask yourself if it’s really the best choice for you.

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The Ultimate Anti Aging Skin Care Guide For Anyone Looking to Regain Their Youthful Appearance

Are you worried about looking older? Is your age showing on your skin? Wondering what you are going to do about the signs of aging which are hampering your confidence? The answer to such issues is choosing a high quality skin cream, but how to you know which one is best for you? Read our anti aging skin care guide to get the right information on skin care products.Such information available through the internet and health magazines, will give you guidance about which products to use and how. You can find guidelines on which are the best products to choose and this will help you to make an informed decision.Here is a look at some basic guidelines for anti aging skin care treatment:Anti aging skin care guide for selecting the right productMost of us just tend to pick up any anti aging skin care product. This just gets the whole process of using anti aging skin care on the wrong footing. What is required is being aware of why you need an anti aging skin care products. This will make you to seek products with features that help to combat your specific aging problems.Anti aging skin care treatment involves the following:* It should diminish the visibility of wrinkles and lines on the skin
* It should reduce age spots and make skin clear
* It should heal sun damaged skin
* It should make skin firm, especially skin under the eyesThe anti aging skin care product, you select, must mention that it can show these results after regular usage. Read the product labels to find out.Note the skin condition you want to treat. Check if the product you select treats that condition, before buying. For example, if you want a product that helps to repair sagging skin under the eye, choose an eye skin care product.Anti aging skin care guide to buy product with the right ingredientsAny skin care product you select must have natural ingredients. Anti aging skin care treatment shows best results only when you use such products. If you see the product label and find that it has chemical ingredients like mineral oil, wax, parabens or alcohol, don’t pick the product. Such chemical ingredients harm your skin in the long run and make it look bad after a certain period of usage.Instead, choose a skin care product that has ingredients such as jojoba oil, grape seed, antioxidant, natural vitamin sources, and olive oil. These ingredients are the best as they have properties that enhance production of collagen and skin elastin, which are the two essentials for young looking skin texture.Other crucial ingredients that you need to check out in the label are CynergyTK, Nanobelle CoenzymeQ10, and Phytessence Wakame. These ingredients have dramatic anti aging skin care treatment properties. Products which include them show the best results.Some anti aging skin care guide tipsChoose a product according to your skin type. Often the problem lies in overlooking this point.A product which offers anti aging skin care treatment for a specific type of skin, will not work well on another skin type.When you get started with using such products, establish a routine. You can choose night creams or day creams depending on your convenience. However, do not beak a routine as you won’t see proper results.Effectively massage the cream onto your skin, using simple massaging techniques. This way your skin’s blood circulation enhances and you see good results.