Over the years, we have run into literally hundreds of customers that have asked us if they should go to a payday loan company in order to have more money down for their car purchase.

For the vast majority of people, it is a bad idea. You might as well be putting the down payment on a credit card. Taking out more debt in order to get a loan doesn’t sound like a surefire success plan when it comes to rebuilding your credit.

I did have a customer once that it sort of made sense for.

Her name was Linda. She had a long term job, and was a single mom.

Linda’s credit was shot because of a divorce, and her bank account was small because of her kids.

Linda had an old Ford Taurus that reliably got her to and from work every day. That was until her car got hit by a drunk driver. Thankfully, neither Linda nor her kids were hurt. However, her car was totaled and she only had liability because she was trying to cut back on bills and it was an older car.

Linda needed a car, FAST, and while she waited for the drunk driver’s insurance to work everything out with her lawyer, she had no way to get to or from work. Now, it was obvious to everyone that a pretty large settlement would be coming to Linda from the other party in the accident. The only issues were how long the wait would be and how much she would get.

Linda came up with the idea to get a 100 day loan from a payday company by calling 877-793-5212. She did not get crazy with the loan amount. I think she only borrowed $1500. With the $1500 down, she was able to buy a vehicle that was reliable and got her to work while the settlement was worked out. She paid the loan back, got her settlement, and paid her car off in full. No more payments.

One thing she does do now, though, is keep full coverage insurance on the car.

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When credit cards first came into existence there was only one type, the unsecured credit card. If you had good credit and passed all of the relevant criteria Read More…

Secured credit cards are a great way to both build and re-establish credit. You set your own limit, and there is usually a VERY reasonable interest rate. Check out all these secured credit cards through Credit.com.

These secured credit cards will report to your bureaus, show your on time payments and intelligently using them will increase your credit worthiness.

When things get tough, and times are tight, more and more people resort to payday loans as a short term solution to their financial problems. For some, a payday loan helps them pay an emergency debt such as medical bills or automobile repairs.

For others, one payday loan often starts a never ending cycle of taking out one payday loan to pay another. Sometimes, people will even have several outstanding payday loans at once, with no way to repay them.

There is a way out. Payday loan relief is available. Click on the advertisement on this page, fill out the form, and get out of the payday loan trap.

When it comes to applying for a home loan to buy a home, lenders are on the lookout for specific criteria. While applying and qualifying for a home loan is not an insurmountable task, it is important that you rate high in many of the key areas or you are not likely to be approved. Let us take a look at these essential areas.

Job Stability

Lenders like to approve individuals who have held the same job for at least two years if not longer. Jumping from job to job or having holes in your job history will require explanation and is not advantageous in the eyes of a lender.

Owning a Business

If you own a business you must provide a solid history of the success of your business for a two year period. To do this you must either obtain a letter from your accountant that clearly states that you have been in business for a period of two years or else you must be able to show proof of a business license that will identify when your business got its start.

Two Year History

If you do not have a two year job history or have not been in business for two years then you can still apply for a home loan. If you qualify in the other categories then you are not likely to run into a problem with being approved. For those who fail to meet the two year criteria there are what is known as “No Doc” loans. If you apply for one of these types of loans, your job history does not have to be disclosed or verified. The down side however is that you will pay a higher interest rate on the home loan.

Income

The two year rule applies with income as it does with job history. The lender will need to see two years worth of W-2 forms as well as your current pay stubs. If you own a business, the lender will take a two year average of the money you have earned based on what shows on the last line of your tax return after everything else has been written off. If you earn a commission income you must be able to account for a two year history and from that the lender will take an average. If your monthly debts equal 41% or less of your gross monthly income then you should be approved for a home loan.

Down Payment

The traditional amount required for a home loan is 20% which will put you in good standing with the lender and help you get the best interest rates possible. However putting 5% or 10% down is still something a lender will be pleased to see.

Reserves

Reserves are money that remains in your bank account after you have paid all of your closing costs. Having one month of reserves looks well to a lender and that includes enough money to cover one home loan payment, your property insurance and all applicable taxes. The reserves you need are dependent upon the type of home loan you are applying for. As a general rule, having two to six months worth of reserves is considered desirable.

Credit History

Your credit history plays a significant role in whether or not you will be approved for a home loan and well as what terms will be set down. It is your “fico” score that will be closely scrutinized by the lender and will weigh heavily into the decision of whether to approve your application or not.

If you happen to be in debt then the likelihood is that you consider ‘credit card’ to be dirty words! Credit cards account for the majority of debt in this country at the moment, but did you know they can also help to get you out of debt?

The latest credit card trend is towards balance transfers. Transferring your credit card balances from a high interest card to one of the many interest free credit cards that have fixed nine, twelve or eighteen month offers can knock hundreds of dollars off your bills and give you a little breathing space to get your credit card balances cleared. But if you are not sure where to look for help, then a website like Credit.com can help.

About your money is a comparison site that has access to plenty of the latest interest free credit cards and the related offers. The site is really comprehensive, complete with a comparison table and a guide to help you choose the interest free credit cards that will best suit you. If your debt is more extensive though, you might want to take a look at the personal loans section instead.

Now is the time though. With 2009 approaching, think about a fresh start. Now is the time to look to clear your debt.

For many people, the thought of getting a payday advance loan is probably right up there with going to the dentist and getting a root canal.

For many other people that have unexpected bills, they can be used as a short term solution to pay high priority debts.

If you could use a payday loan, or quick cash, APPLY HERE. No Faxing is needed in most cases. Money could be in your bank account in less than 24-hours.

Car breakdowns and Emergency Medical Care are 2 of the top reasons for needing a payday loan. If you have a job and a checking account, and need money fast, you could consider a payday loan.