Are Payday Loans Good or Bad?

Are Payday Loans Good or Bad?
Are Payday Loans Good or Bad?

Journalists, consumer groups, and outraged individuals continually criticize payday loans and the often shockingly high APR rates that come with them. And yet, millions of people continue to use these loans in spite of the harsh disparagement. What explains the enduring popularity of payday loans? More importantly, are payday loans really as bad as they are made out to be?

  • The Good

Perhaps the greatest appeal of payday loans, also called cash advances, is their convenience. Regardless of whether you have a horrible credit rating or function on a low income, you can easily secure a payday loan from websites like MyPayDayPlace.com. Most providers only require proof of employment and a valid checking account. Some payday loan providers are accessible online 24/7 and are literally just a click away. They are also incredibly simple; you take out the amount you need, pay it back by a certain date, and incur a specific percentage of interest. As long as the loan is paid back on time, the process is extremely straightforward and transparent. Get the best strategy in place and you can use it to your benefit.

  • The Bad

Unfortunately, the critics of payday loans aren’t just weaving tall tales. There are some distinct disadvantages to using payday loans for microcredit. The relative convenience and simplicity of securing these loans can lull lenders into a false sense of security; they end up borrowing more than they can pay which marks the beginning of their descent into debt. Then of course, there’s the astronomical annual percentage rates (APR) for payday loans which can be as low as 200% or as high as 5,000%. Clearly, customers must pay for the convenience and accessibility of payday loans.

Despite these disadvantages, we aren’t likely to see a major decline in payday loans anytime soon. Not as long as they continue to provide a viable financial option for people who are turned away from traditional lenders.

How to Save on Your Next Computer Purchase

How to Save on Your Next Computer Purchase

Buying-A-PC

You and your computer have been through a lot together. The two of you have stayed up late finishing work, patiently helped your children research science projects, and relished the moments of mindless internet browsing. But now your trusty companion is refusing to start, sending you the not-so-subtle message that it’s time to part ways. A computer can be a stressful purchase but there are a few steps you can take to lessen the burden.

1.      Shop around

This may seem elementary, but it is really critical to getting a good deal on a computer. Go to several different electronics stores and investigate your options thoroughly. Shopping around allows you to compare prices, features, extras, etc. to find the very best deal.

2.      Bring a friend

If buying computers is as difficult to understand as Einstein’s theory of relativity for you, it would be a good idea to elicit the help of a friend who is knowledgeable. They will be able to explain what particular features are and determine if they are really necessary.

3.      Check online

Once you have seen several computer models you are interested in, search online for those models. Often, you’ll be able to find a better price online than in a store, but be sure to factor in shipping, handling, and other fees.

4.      Hold off on extras

Any salesman worthy of the name is going to push as many extras as possible. They’ll insist that you purchase the latest anti-virus software, spyware, pop-up blockers, and so on. However, most of these extras can be purchased and installed separately, which will save you money.

For more tips, check out:

Tips to Find Less Expensive Computers

Save Money When Buying Computers

10 Essential Computer Money Saving Tips

Buying in Bulk: How Changing Your Food Buying Habits Can Save You Money

Buying in Bulk: How Changing Your Food Buying Habits Can Save You Money

Buying in bulk does save money. It’s a simple wholesaling principle that everyone understands in principle. But how are you supposed to tap into wholesale prices as an individual? Of course, you could even start a wholesale business yourself, but if you don’t quite want to go that far yet, here are some tips to help you make buying in bulk work for you.buy-in-bulk-lg

1. Buddy up. The number one complaint about buying in bulk is that you simply get too much food for one person or family to handle. Even if you’re buying non-perishable food items (or at least items with a long shelf life) like dried chickpeas or tinned tomatoes, buying in bulk can still mean taking on 10 kg of chickpeas at a time. If you share your purchase with a friend, you can enjoy the cheaper unit price without having to figure out how to store huge quantities of food.

2. Buy direct. While you can get bulk prices from retailers, especially if you visit the bulk food bins in a supermarket, you can often get even better prices when you buy straight from the source. For example, you can get excellent prices on meat when you buy a whole side of beef from a butcher. You can also get good bulk produce prices when buying directly from the grower at a Farmer’s Market.

3. Use your freezer. People often make the mistake of thinking that buying in bulk keeps you from getting to taste fresh food. In fact, you can buy fresh food in bulk. Eat the most perishable fruits and veggies first, and then freeze the rest for later. Most foods will survive surprisingly well in the freezer.