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Payday Loans in New Jersey - Why not to go for a Payday Loan?
Many a times when in the middle of the month, we all get various situations when the money in our bank account is not enough to cover for our upcoming expenditures. The last few weeks before the next pay check goes by with us sitting with folded hands praying for no exigencies to come up and ruin our peace. Unfortunately that does not remains for all of us at all the times. Such unavoidable expenses come unannounced and usually bring a lot of stress to each of our lives.
It is important for us not to panic and make the situation worse. Instead the primary focus should be on the ways to overcome the situation and not getting bogged down by it. When in this kind of need, people tend to borrow to get over this financial distress. It is important to understand if we can procure money by the way of a payday loan and what can be the implications of such borrowing.
Each time we get in this financial crisis, the most important thing that should be evaluated first is the actual need of money. One should answer the questions like is the money requirement really urgent? Is it possible that the situation can be deferred for 2 or 3 weeks? If the answer is No to such questions, an attempt can be made to look towards alternative sources of money. Approaching our family or asking friends for some cash is not at all a bad idea. In fact it provides a lot of flexibility in the terms which usually any institution won’t provide. Otherwise in case your job policy allows, taking a salary advance can be a other alternative. However when there is no light to the end of the tunnel, a payday loan can be applied for.
The greatest advantage of a payday loan lies in the fact that it can be applied and disbursed by the lender in the matter of some hours.
A payday loan is the most convenient form of borrowing money in times like these.
The turnaround time of this product is real quick and the entire application process is hassle free with no major processes involved. A simple online or store application is all that takes for an individual to apply and secure this loan.
The underlying contract for this loan lies in the fact that it has to be repaid completely by the next salary cycle date. This makes the loan term not more than a month and helps the borrower to get rid of the liability quickly. Equally, the lender is able to recover his loan money fast and can move on to fund more customers in short period. There is no involvement of any collateral or pledge hence making it open to people of lower income group as well.
All the features listed above come with a cost. These loans have a remarkably high rate of interest attached to it. The average interest which is charged for every $100 borrowed for 14 days is about $15. This makes the APR ranging between 400% – 700% which is costlier than the costliest credit card rate of interest. Not just the APR, the amount of rolling over of check bounce fee in the scenarios of a customer default goes very high. The lender makes all these charges known to the borrower at the time of signing the contract and thus no customer can plead for ignorance for it. in case of any default, the lender can use soft or hard collection methods based on the state where the lending has happened.
Considering the issues listed above, payday loans in New Jersey have been prohibited by the New Jersey Department of Banking and Insurance. The loan cap has been restricted to a 30% rate per annum which eliminates any payday lending per se. The regulation has also prohibited any type of lending made against a postdated check which forms the primary base in payday lending. The idea behind keeping such restrictions is to keep people safe from any kind of monetary exploitation from the hands of such lenders and indirectly promoting healthy banking habits.