03 Dec
2009

Money Now! USA Expands Lender Group, Offers Loans to Bad Credit Borrowers

Jason Smith for MoneyNowUSA.com

Money Now! USA announced today that borrowers would be able to obtain loans faster than ever through its expanded lender group. The Scottsdale-based loan service company now has increased its lender group to include 131 lenders. The expansion allows loan applications to be processed faster than ever and gives customers the best chance to get the highest loan amounts.

Credit history is a major concern for consumers looking for a loan in today’s credit market. Many lenders have stricter lending requirements, even for those with excellent credit scores. “With our network of lenders, borrowers can look securely for their next personal loan, even with no credit or bad credit,” says Chris Kay, founder and CEO of Money Now! USA. Consumers shopping for loans on the internet will end their search with Money Now! USA.

Customers can apply for a loan by visiting Money Now! USA’s fast and secure loan application at https://www.moneynowusa.com/prefill_app.php

The lender group expansion is just another stepping stone on Money Now! USA’s journey to help struggling consumers. Money Now! USA recently began offering additional resources on its website located at http://www.moneynowusa.com/blog/

MoneyNowUSA.com No hassle Personal Loans

02 Dec
2009

Why Do Payday Loan Lenders Need your Social Security Number?

By Jason Smith for Money Now! USA

When you apply for a payday loan over the internet, your application will go though a few different verification processes. Your Social Security number is required so lenders can make credit decisions on whether to grant you a loan. Your SSN is used to identify who your are, and how you handle alternative credit products like payday loans.

Lenders will not grant a loan without a social security number because they need to verify who you are, and take a look at your credit history. This is all done in just mirco-seconds though automated processes.

Most lenders do not run a traditional credit reports using the big 3 credit agencies. Instead, Payday Advance Lenders use special smaller credit agencies like Teletrack,CL verify, Datax and others.

Websites like www.MoneyNowUSA.com will take your application and “ping”  (Quick   Electronic Look with just a few key parts of your loan request )  to many different lenders. These lenders will make approval choices in REAL TIME based on a set of business rules in their loan portfolio. If they like the look of your application you will be re-directed to sign the loan documents on the lenders page.

For more about payday loans

02 Dec
2009

Here is another 419 scam !! I got this email today.

UNITED NATION OFFICE
FOR THE COORDINATION
OF HUMANITARIAN AFFAIR
Our Ref: FGN/SNT/RAL
Your Ref: SNT/ATM/822

Attn:

I am directed to inform you that your payment verification and confirmations are correct, Therefore we are happy to inform you that arrangements have

been concluded to effect your payment as soon as possible and in our bid to transparency.It is my pleasure to inform you that ATM Card Number:

5428050011004432 have been approved in your favor, The ATM Card Value is $515,810.00 USD (Five Hundred and Fifteen Thousand, Eight Hundred and Ten USD

Only) You are advised that a maximum withdrawal value of $5,000.00 USD is permitted on withdrawal per day and are duly Inter Switch so you can make

withdrawal in any location and ATM Center of your choice.We have concluded delivery arrangement with the ups courier services.Please note that the UPS

Courier Company is fully insured by Nicon Insurance Corporation.Please do inform us if you will be able to pay for the delivery cost (150 Pounds ) so

that I will know how to proceed, and please be informed that the delivery will be made to your address in 48 hours (2 days) after our confirmation of

this payment for delivery, as you know that the delivery fee receipt will be used to attach on your payment delivery documents to avoid being delayed

by customs.Kindly provide the details below for delivery.

Reply To : sandradalwin@yahoo.com.hk
Phone Number : +447024052663
+447023064797
Your Details:
1. Valid delivery address
2. Name
3. Phone Number
Treat urgently and note that your ATM Card is ready and available for
dispatch to you.

Regards,
Dr. Sandra Dalwin
HEAD OF INTERNATIONAL REMITTANCE DEPARTMENT

If you need cash before payday apply here!

02 Dec
2009

Tricks and traps of Payday Loans:

by Chris Kay for MoneyNowUSA

Advance Fee Loans: Never pay in advance to a site that is promising a personal loan, or a payday advance. Legitimate lenders and online loan brokers will never charge up front to help you obtain a cash loan. Most online providers
Opt In’s  Avoid “opt in”  offers unless you read the fine print. On many loan applications there are additional offers in the application that try to convince you enroll for additional offers and products. Some examples of the type of offers added to payday loan applications are: Debt Relief, Catalogue cards,Dating offers,Discount clubs,Shopping Offers,Credit reports, credit monitoring, ect ect. Many of these offers are legit, but many charge on a monthly basis. Our experience at www.MoneyNowUSA.com showed that when we added a credit rebuilder Catalogue Card offer, consumers simply did not read about the product or the charges, therefore we removed it when we found consumers were blindly opting in to the program. We do not offer, ANYTHING but loans now, and we encourage folks to use clean sites like MoneyNowUSA.com and or make sure they read the fine print.
Out of Country Lenders – There are a few overseas operators that charge super high interest rates. This loan companies are not operated within the states, and charge much higher fees then your average lender. There are known lenders in Costa Rica, Canada, Panama, and India that engage in this practice. When you sign the loan documents make sure that the lender has a physical address in the USA, and CHECK the loan amount and interest rate.
Repayment Trap – Everyone, even many professionals run short of cash from time to time. When you borrow money from a online payday loan lender or a payday loan store remember to  have a solid plan for repayment. Payday Loans can be a big help when running short on cash flow, but it is the loan extensions that keep piling up the interest. It is very easy to just keep paying the interest and extending the loan. Avoid the temptation. Instead of just extending the loan, always try to work with the lender and pay a little principle. Most lenders will be happy to take an extra 25,50,75,100 off your payment every other week.

Read More about Payday Loans

02 Dec
2009

The pros and cons of Online Payday Loans V.S Local Payday Loan Stores

There are really 2 ways to get a Payday Loan, either from a brick and mortar store in your local Area, or you can apply online to get your loan. There are pros and cons for each.

We compare Online Payday Loans and Physical store location loans in 7 different areas:

Here are the Pros and Cons.

Loan Amounts:        Winner………… Online Payday.

Online lenders are normally willing to lend more money then local payday loan stores. When consumers apply online for a loan they are normally dealing with larger finance companies that are better able to fund larger loan amounts than the average local payday loan office. Also some payday loan sites like www.MoneyNowUSA.com have Installment loans up to $5,000 built into the loan search system.

Time to get Cash:    Winner………….Local Payday Loan Stores

Most Local Payday Loans Stores are able to get a check or cash in your hand in about 30 minutes to an Hour. With online lenders some are able to wire funds are fast as one hour, but in general terms most consumers receive their funds around midnight the following day.

Time it Takes to Apply:    Winner…. Online Payday

Normally applying for a payday loan online takes around 5 minutes. With a local payday loan store, it takes the time to drive to the store, and then waiting in line or for documents to be checked. In addition many payday loan stores do not carry cash, so you may need to make two trips one to the store and the other to the bank to cash the payday loan store check.

Security:  Winner………………………… Online Payday

How do you know if the Payday Loan store is careful with the copies of your bank statements and personal information? The truth is no one can be sure. With online payday lenders, most belong to privacy groups, and are regulated by law.

Payment Options:  Winner…………. Local Payday Loan Stores

For the most part your local payday loan store is going to be more flexible with payments. While it is true true that online lenders can be more flexible in the collection area, when it comes to paying a little late or skipping a payment many brick and mortar stores can be more forgiving to a local resident.

Privacy:  Winner   ………………………..Tie

For privacy it is best to spilt these up into two areas: Personal Privacy and Marketing Privacy.

For personal privacy the winner is…. Online Payday Loans.

The process of apply for a payday loan over the internet is very private. Your friends and family will never know. Applying for a loan online does not carry the same embarrassment as walking into a payday loan store.

For marketing Privacy the winner is…. Local Payday Loan Stores.

Most big websites have privacy policies that prevent them from selling your data to anyone but a lender who wants to get you a loan. However some of these smaller sites so try to sell your information to marketing companies. This is legal if outlined in the privacy policy of the website, but it can be rather annoying. If you are applying for a loan online please make sure to look for a anti-spam sticker like “Truste”

Recurring Loans:   Winner……….Online Payday Loans

It is very easy to re-apply for a loan over the internet. In many cases the lenders save your data and it only takes a few clicks of a mouse to reapply and get cash from the same lender. Also many online lenders will automatically increase your loan amount with your good payment history. Apply For a Payday Loan here!

29 Nov
2009

Why does the mainstream media blast Payday Loans?

There are many reasons why commercial media blasts payday loans; We will list a few of the main reasons here – the most important one: Payday Lenders typically do not advertise with mainstream media.

Follow the money, and you will find the truth.

Have you ever noticed that very harmful credit products like credit cards, fixed rate home mortgages, and super high banking and late fees are almost never attacked in the media?

It may have something to do with the billions of dollars the providers of these products spend each year marketing though traditional mainstream media.

The truth is taking out almost any consumer financial product is like going to Las Vegas. THE HOUSE ALWAYS WINS IN THE END.

The financial system makes a huge profits on the backs of middle class consumers paying usury rates every month to credit card companies, Mortgage Lenders, Banks, finance companies and payday loan providers.

We always advise consumers to borrow with care. If you need a payday loan to handle some emergencies or a mortgage loan to buy a house, great. But, think about saving a little bit of money, or increasing your income if you can. Maybe go back to school and get some new training. Increasing your income is always better than borrowing more money.

The Mainstream media loves to attack payday loans because they need somebody to go after. They cannot attack: fast food companies, Wal-Mart, Credit Cards, Fixed Rate Mortgages, or other producers of harmful products and systems because THEY SPEND WAY TOO MUCH MONEY !!!

In a capitalist system – there needs to be a profit motive to motivate  companies to provide services to the public. The same is true for payday loans.

At Money Now, we were once a payday loan lender. Though this experience we found that nearly 60 of our borrowers DEFAULTED on their loans. In fact we shut our lending services off because we lost money EVEN AT 500% APR !!

So if you are a member of the mainstream media, please think twice about attacking a loan product that half of it’s consumers never pay back!

What would happen if only half the people in the US made their mortgage payments each month?

You guessed it, the rates would have to be much higher then the 225% APR first year at 7.5%

29 Nov
2009

Searching for $5,000 Personal Loans

By Chris K. Kay For Money Now! USA

Recently we had a call to our MoneyNowUSA.com offices from a customer on the east coast who had taken out Five $1,000 payday loans to get her desired loan amount of $5,000. I told her I always advise against taking out more than $1,500 in payday loans at any one time one time. Payday loans should be used short term, and only a few times a year. Payday loans are a great product if used correctly, but this was not the best idea.

The customer asked me where the $5,000 personal loans where located on our site, I told her that when she applies for a loan at MoneyNowUSA.com we automatically seek out the highest loan amount – including personal loans and installment loans to $5,000.If she was directed to the installment loan or payday loan page, she simply did not qualify for a premium loan.

Currently there are not many lenders who offer loans above 2,500 and just a couple that offer $5,000 unsecured. The funding rate ( meaning the percentage of loans that get funded compared with total loan applications ) is currently around 2% . Unless your credit is pretty darn good, and everything else is prefect – the likelihood of getting a 3 year unsecured loan with a low interest rate is only around 2%. This is why most likely you will not qualify for a loan to $5,000.00

You do have a good chance at getting 4,000 – We do have a pretty high accept rate for installment loans ( 9-12 months to pay Up to $5,000 ) and many borrowers have received $1,500 payday loans and 2,500 installment loans for $4,000….

Remember – If you cannot get money from an advance on your credit card, then this may be the next best thing. We know that over the last 5 years our borrowers have Bad Credit 96.5% of the time…

A few years ago lenders were funding loans up to $15,000 with bad credit – but not anymore…These are tough times in deed.

Recently a company in San Diego that did Excellent credit personal loans “First Again” also stopped funding unsecured loans. This company funded loans  for borrowers with perfect credit and incomes above 100,000 a year.

Right now – It’s very simple: banks want security. After the financial crash 13 months ago, all risky loans have been removed from the market.

If you have any questions about how to free yourself from debt, or taking control of your finances please email me directly at Chris@MoneyNowUSA.com

25 Nov
2009

Hi Guys I am posting this for Beth she is off to the bay area for Turkey Day.

By Beth Nguyen for Money Now! USA

According to this report from the CFSA (http://www.cfsa.net/downloads/contrasting_reports.pdf ) Payday loans cost less than NSF and banking fees. This report states that the Average APR for Payday Loans is 391% while the APR for Bounced checks fees run between 478% and 1,353% APR !!

Needless to say the banks spend millions each year to not let this truth out of the bag!!

Let’s be truthful, who do you think has more expensive overhead?

The  local Payday Loan store, or online payday lender, or your bank?

Have you seen the bonuses these Bank CEO’s are getting?  Have you read about the company jets or the 71 dollar a square foot costs for rent in Manhattan?  (About 15 Times the office rent is Boise, ID)

The money has to come from somewhere, and it comes from you! Banks make their money from fees folks in fact according to this research the 18,000 Financial Institutions and credit unions collect 32.6 billion each year from 56 million checking accounts. If you do the math that is an average of:

$582.00 in fees for each account!! Every year….

From the article:

“While some groups have maligned payday lenders for the relatively high

interest rates they charge, the cost of a payday loan can be significantly less

than the cost of a bounced check. Indeed, bank and credit union NSF fees are

similarly expensive — or in the case of repeated fees accrued from multiple

bounced checks — substantially more expensive. If, on average, 13 checks

are overdrawn in a year, and the consumer were to incur a $28.51 fee for

each, then the annual cost of this service would be $370.63. Alternatively, if

the typical payday-loan borrower opts for as many as seven loans (at a perloan

cost of $45 per $300 borrowed), over the course of a year the total

interest paid would be $315. The State of Washington, for example, imputed

a 499.7% APR from just two $300 checks.20 If overdraft fees are incurred from

NSF checks written for smaller amounts, then the imputed APR would be substantially

higher than in Washington State’s example.21 Because overdraft

protections are not subject to Truth In Lending Act disclosure requirements,

NSF fees may represent a significantly larger economic cost than generally

understood.”

According to this report from the CFSA (http://www.cfsa.net/downloads/contrasting_reports.pdf )

http://abcnews.go.com/Business/story?id=6150746&page=1&page=1

Here is the CFSA report:

http://www.cfsa.net/downloads/contrasting_reports.pdf

Oh and of course we have thew lowest rates on payday loans!  http://www.MoneyNowUSA.com