The Statistics Say Otherwise

In the UK and the US, payday loans are the most popular form of lending service with more than $3 million customers stating that they have taken a payday loan at least once during their lifetime. More than 70% of these customers also stated that they had taken repeat loans from the payday lending services and they were very happy with the lending service provided by the companies. Almost 90% of the consumers also stated that they were very happy with the quick application process, the easy disbursal of cash and the quick repayment process of the loan which was the primary reason why they took the loan in the first place. Most consumers were also quick to point out that conventional banks were not willing to provide short term loans to customers who had bad credits histories. As a result, there was no other option for customers other than payday loans companies who were happy to deal with them and provided them the loan with no questions asked.

The important question then is: Why are there demands to restrict the industry and what could happen if payday lending is restricted?
Most consumer groups agree that lower-economic group consumers and mathematically challenged consumers and even a certain racial group of consumers are being taken advantage of with payday loans. But this is not so. It is not possible to force a person to take a loan and most consumers are economically-intelligent enough to know what type of loan they are getting into. They still come back to take payday loans and the reasons for this patronage are quite simple.

• Payday loans are expensive. Consumers are not dumb and most can read quite well. Most consumers know that they are asking for a short term loan and they will not get this loan from anywhere else. As a result, they are well aware of the interest rate but they are happy that at least they have recourse to a single lending agency in an emergency. In a study conducted by the Federal Reserve Bank of Kansas City, it was noted that more than 50% of the consumers who opted for payday loans had bad credit history and they had been refused personal loans from every bank they approached. Lack of access to any other credit form made payday loans their only choice and they were very happy with it.
• Financial embarrassment to the consumer. Restricting payday loans would resulting in financially strapped consumers having to borrow from employers, friends and family resulting in almost every one realizing their financial situation. This would be particularly difficult if the consumer had to ask for salary advances. It would result in the employer realizing that the consumer could not manage his or her own finances resulting in negative opinions of the person.
• Credit cards are better? No they are not. Most consumers had bad credit history and they were automatically banned from getting credit cards. Those who could get credit cards had to provide a monetary deposit to get secured credit cards and they had to pay higher interest rates. As a result, for them, credit cards were a last resort to be used in case of desperate conditions. If the consumer could not pay the credit card bill, he would lose credit ratings and even lose the deposit he had paid on the credit card as well.
• A tighter payday loan industry would mean that profits for the payday loans companies would be lower. They would then have to carry out mandatory credit checks to protect their lending services and this would result in longer approval and cash disbursal periods. Eventually, the people who most needed payday loans would not be able to get loans at all.

As a result, we can see that a niche group of people actually desperately require payday loans as the only form of credit they are eligible for. Restricting the industry could result in a chain reaction with these customers declaring bankruptcy and losing their homes and jobs completely. Yes, we do agree that transparency is required in the payday loans industry from the lenders but don’t penalize the customers for it.

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You can play at any option from secured loans and unsecured loans, well secured loans come with your property equity while unsecured ones require no such equities. But is it so easy? When every bank denies you, these lenders are giving you money, rather offering you. The reason is high rate of interest. Though the 3 terms of repayment somewhat ease the huge amount you pay as interest. But may be at needs you can have solution with the money you are getting but make sure to repay on time and improve your credit ratings!! Though pretty sure on the stuff that these badcreditloans going to drain you off with huge interest, so calculate wisely before taking the loan.

Often several fake agencies or middlemen offer to provide help to those willing to get credit card debt relief. But you must consult with the authentic credit counseling agencies that can help you with some good advices. As a wise credit card user you should contact those who are able to give you lower interest rates and those who will not take any untoward advantage of your bad credit card report. You can join the professional classes and thus can learn about the ways you manage your credit. Selling the stuffs that you think are in sellable conditions should be sold, but downsizing your home is an option that comes later in more aggravated situations. In this regard you can think of selling the good that you bought through your credit card. So take these ideas and try to lessen the burden of your credit card.

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A reverse phone lookup service takes the phone number (including area code), and translates it into the corresponding account holder’s information. In some cases (landlines in particular), this can provide the name of the account holder and/or the business that they belong to, the telephone service provider (such as AT&T, Sprint, et cetera), and sometimes even the street address, city, state, ZIP code, and country of origin. In the case of a cellular phone, you may be able to discern the address on the account, however the exact location the call was placed will not be available. Unless you have Sherlock Holmes on your side, that bit of information will likely remain a mystery.

There are a number of services that offer reverse phone lookup services. Some are free and ad-supported (the site operator is paid for unique visits to the site who view and/or click  on advertisements), and others cost money. Usually, these sites offer a subscription fee so that you can look up as many phone numbers as you want in a month. Otherwise, you can pay a one time use fee to perform individual lookups. To use these services, you will need the phone number to look up, and an internet connection. The phone number can be obtained in at least two ways. The first is by checking recent calls on a cellular phone (these are usually stored in a section called ‘Call History’ or ‘Call Log’, ‘Dialed Numbers’ or ‘Incoming Calls’). An alternate way, if you are using a landline, is to dial *69. This will return a recorded voice message with the number and area code that most recently called your number.

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There are plenty of options you have for remitting such as bank transfer, wire transfer, cheque transfer etc. While those options suit you well in case you don’t remit on a regular basis, for more regular remittances, opening a bank account in India is far more convenient.

Having a bank account for remittances helps you manage your funds more effectively. Talking of bank accounts, there are two options you have- an NRE account and an NRO account. Both the accounts serve the same purpose of remit India . However, they differ by way of their interest rates as well as tax structures. Here are the two accounts explained in simple terms.

NRE (Non Resident External)

An NRE account is a savings bank account meant for transferring your earnings from abroad. With an NRE account, you transfer money in foreign currency only which is then converted to Indian rupees by the concerned authorized dealer.

Recently, RBI came up with a regulation whereby it decontrolled the interest rates of NRE accounts. Thus, in recent times, the interest rates of NRE accounts have gone upto 9%, meaning more earnings for NRIs. Apart from that, interest earned from NRE accounts is also tax free, which means further savings for NRIs.

However, since the account receives foreign currency, it is susceptible to currency fluctuations. For example, if you send money to India from USA  in your NRE account at a time when the rupee is strong, you could get much lesser amount for your dollars than otherwise.

NRO (Non Resident Ordinary)

An NRO account is the usual rupee account opened by an individual before or after becoming an NRI. It is meant for depositing earnings from India. For example, if you are an NRI and you have invested in Bombay Stock Exchange, your earnings from stock investments could go into this account. Compared to NRE account, the interest rates for NRO accounts is typically lower. Other than that, the interest earned from NRO accounts is also taxable, unlike the NRE accounts.

As with usual bank accounts, you can open a savings account or a fixed deposit account in an NRE or an NRO account.

Of course, if you do not require to remit to India frequently, options like wire money to India , cheque transfer, bank draft transfer etc. work very well. The option you choose for remittances depends on your needs.