Payday loans – examine your alternativesWritten by Fredric Johnson
Payday loans seem so tempting; get your money now and pay them back at salary day. The interest is high, but whatever – you can afford $10 or $20. In addition, loan process is so simple: if you deliver your application, you got your money! A goldmine if you are short of money …or not?Let us go deeper into disadvantages of payday loans: 1.The interest is huge. $10-$20 per $100 borrowed. Of course, this is affordable as a one-time fee, but if you are using a payday loan service once, then you are most likely to repeat this action, which bring us to next point… 2.If you are short of money this month, then you are most likely short of money next month (because you have spent some of your salary in advance). A payday loan that cost $20 per $100 borrowed, taken 10 days before payday have a yearly interest rate of $730. You might think: who cares, I can afford $20. Maybe you can, but if you are likely to repeat payday loans then your annual cost for $100 per month is $240. You do not need a payday loan if you can afford this amount.
| | Federal PLUS LoansWritten by Vanessa McHooley
Federal PLUS Loans As a student entering college, it is very unlikely that you have a few spare checks lying around that you can cash and magically use to pay for college. Most college-aged students, ranging from late teens through mid-twenties, have no line of credit and cannot receive much money in loans if they need to do so in order to attend college. Therefore, a loan like federal PLUS loan through federal government and U.S. Department of Education makes it easy for you, as a potential college student, to use your parents’ line of credit in order to gain financing options for your higher education. How Your Parents Can Help You Apply If your parents have good credit and you obtain them a copy of Direct PLUS loan application, you are well on your way to cracking college books and arriving on campus in fall. Keep in mind that in order to receive a federal PLUS loan, you must be a dependent potential undergraduate at any college or university in U.S. You also must be planning on attending college for at least half-time during upcoming semester. If these all apply to you, obtain a Direct PLUS loan application and promissory note, fill them out with signatures completed, and hand them in to financial aid office at your college or university.
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