WESTERN CREDIT UNION

Western Credit Union, Money Tree, Money Gram, Advance America are PAYDAY LOANS and SHORT-TERM LOANS COMPANIES that can help you out when you need cash in a hurry.

Many people find themselves in a situation of not having enough money to make it to the next payday at one point or another. A payday loan is a common solution to this problem that has become very popular these days.

Short-term loans, also called Payday loans, can range from 13 days to 120 days. Loans longer than 120 days are not considered payday loans.

Payday loans are fast and convenient, but these loans have very high interest rates, averaging about 300 per cent. About 15 times higher than the interest rates credit card companies charge.

A short term loan cannot be higher than 25% of your gross monthly income or $1000, whichever is less. So if you gross $3000 monthly, the most you could borrow from a payday lender is $750.

Some states do not allow a loan company to renew your loan. But, loan companies can make a new loan to you if the new loan will not result in you own them money for more than 45 days. Other States allow your loan to be extended when it’s due. This is called a “rollover.”

These companies can only charge you the interest of your loan, no other fees. Only if your check or electronic transfer does not clear a “bad check fee” charge of $25 Dollars will be made. A loan company cannot file a criminal complaint on a “bad check” basis against a borrower in an attempt to collect the payday loan, or use criminal process, or threaten to use criminal process to collect the payday loan.

If you have not paid off a payday loan after 35 days, you can stop the interest from building up by asking the lender for a “repayment plan.” The repayment plan will give you 55 days to repay the loan in installments with no extra finance charges. The repayment plan can also be extended to 90 days.

If you took out a payday loan and wish to cancel it, you’ll pay no interest charges if you pay it off in full no later than the end of the second business day after you signed the loan.

If you own your car outright, you can use your car title as “collateral" and take a title loan. But be careful, if you don't pay off the loan the loan company will take your car as payment for the loan.

Sometimes situations occur that you have no power over (unexpected medical bills, car broke down) and many people find themselves in a situation of not having enough money to make it to the next payday. But if you find yourself in this situation all the time, maybe it’s time to stop and reflect upon your financial situation. Review your monthly budget, so you can make some adjustments to it, weed out the unnecessary expenses, and look out for better deals on your essential purchases.

DISCLAIMER: The law will vary depending on your state, jurisdiction and the specifics of your case. The information provided by Consolidate-Credit-Card.Net is intended for educational purposes only. All the content on this website should NOT be considered professional advice or a substitute for professional advice. For such services, we recommend getting a free initial consultation by a licensed debt counselor in your state.