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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Payday loans have many names -- cash advances, signature loans
and paycheck loans, etc. Payday lenders provide quick and easy
short-term cash to those who need money immediately. That's the
big reason why they're so popular.
However, payday loans come at exorbitant costs. This can -- and
often does -- lead borrowers into a downward spiral of rapidly
escalating debt. Let's look at the issue from various angles to
get a complete picture.
First, the pluses. Here's why cash advances may hold enormous
appeal for you.
You can have bad credit and still qualify for a payday loan. In
most cases, no credit check is conducted. The process is fast --
it can take as little as 20 minutes to complete. Some lender
even claim to target approvals in 30 seconds!
There are no upfront costs -- so the buy-now-pay-later
convenience applies here as well. You can apply in person at a
local outlet, over the phone or over the Internet. You get funds
deposited into your bank account in 24 hours.
Compared to some other sources for cash, payday loans are
discreet -- no one else needs to know about it. The transactions
are secure -- your financial information remains private.
If you're faced with an emergency -- say, unexpected medical
bills -- your only consideration might be to get money now. The
speed and convenience of a cash advance comes in handy here.
So what are the disadvantages?
The most obvious one -- high costs. A payday loan can cost you
say, $15 per two weeks. If you're borrowing only for two weeks,
that doesn't sound like much. However, if you calculate the
Annual Percentage Rate (APR), you'll see it comes to 391%!
If you don't think that's too much, let me ask you this
question. If you invested money in the stock market, what would
you consider a good annual rate of return? 20%? Maybe 30%? If
you made a 20% return (on average) in stocks year after year,
you'd be doing very well indeed. And this is for an investment
that's generally considered high risk.
Now compare that with what the payday loan companies charge. You
are providing them with a return on their money they won't get
in too many other avenues.
There is another, less obvious reason why payday loans are
dangerous. According to some estimates, over 60% of borrowers
roll over a payday loan. Many take loans repeatedly, too.
Let's put in some numbers so that you can clearly see what
rollovers imply.
Assume you borrow $400 for two weeks at a cost of $15 per $100
per two weeks. At the end of two weeks, you owe them a total of
$460.
Let's say you don't repay the $400 at the end of two weeks.
Instead, you request a rollover. So you pay them the lending fee
of $60 and they agree to roll over the loan for another two
weeks. The total cost of the loan at the end of 4 weeks may be
as follows:
Original loan amount: $400 Fresh lending fees payable: $60 Late
fees payable: $60 (assuming late fees apply at the same rate as
lending fees) Lending fees already paid: $60 Total: $580
At the end of this period (which is 4 weeks from the day you
originally took the loan), you decide that you don't have $580
available and so request them to roll the loan over for another
two weeks. Then this is what it can cost you in total at the end
of 6 weeks:
Original loan amount: $400 Fresh lending fees payable: $60 Late
fees payable: $60 Lending fees already paid: $120 Late fees
already paid: $60 Total: $700
If you continue this process for six months (more specifically,
for 24 weeks), this is what it may cost you in total:
Original loan amount: $400 Fresh lending fees payable: $60 Late
fees payable: $60 Lending fees already paid: $660 Late fees
already paid: $600 Total: $1780
For an original loan of $400, in a mere 6 months, the payday
loan company will collect fees and charges of $1380 from you.
That's 3.45 times the amount you borrowed. In APR terms that's
749.5%! If over 60% of borrowers roll over their loans, no
wonder many payday loan companies are extremely profitable.
Snowballing costs can easily lead you into a debt trap if you
get addicted to payday loans.
So what are the key points to keep in mind when dealing with
payday loan companies? Two things:
First, avoid them (and other high cost borrowings) if at all
possible. The best way is, of course, to get your finances fully
under control so that you always have cash and / or credit
available to meet emergencies.
Second, if you do choose to borrow from payday loan companies,
borrow only an amount you're 100% sure you can repay on the due
date. If that amount is too low to meet your needs, get
additional funding from other sources. Because rolling over cash
advances is one of the worst things you can do to yourself.
About the author:
Prakash Menon is a financial expert and writer specializing in
managing personal debt and providing wealth building solutions.
He has written articles on short term cash
loans, personal debt management and other topics. See http://
www.payday-cashadvances.net/paydayloan.html for alternatives
to payday loans.