Predatory Lending: Last Week Tonight with John Oliver (HBO)
Payday loans put a staggering amount of Americans in debt. They prey on the elderly and military service members. They're awful, and nearly impossible to ...
Paycheck Offering Payroll Loans – Do I need a payday loan?
Payday loans are an accessible solution for those that have found themselves in a financial bind without access to other means to acquire cash quickly. If you’re in a position where you think you need a payday loan, answering the questions below could help you decide if this is the best decision for you.
How will I use the money?
Single pay loans should be used for emergency or required expenses. We recommend that customers aren’t using single pay loans to pay for expenses or items that are not urgent. Payday loans were created to help consumers out between paychecks, hence their name. This is another viable reason to use a payday loan; if you’re struggling to make it to your next paycheck and are concerned you will overdraft your account. You can get a payday loan to avoid the fee and pay it back once payday arrives.
For example, if your car breaks down and needs an urgent repair in order to run properly or you’ve had to make a sudden trip to the emergency room and can’t pay the fees out of pocket, these are both great reasons to utilize a single pay loan.
A paycheck advance is paying an employee their already earned wages, slightly before pay day. A loan is not guaranteed to be recouped. Your staff member might not make loan payments on time, or worse, not pay the loan back at all. And if they don’t pay it back, how large of an impact will it have on your business? A paycheck advance offers ...
Business Loans Small business loans If you’re making a go of your entrepreneurial dreams, you might have, at one time or another, felt like a small fish in a big pond.
Deductions and payroll advances: Be sure you account for taxes and anything else, such as insurance premiums, when you calculate the advance amount. There are a few payroll deductions that can be made that reduce an employee’s pay below minimum wage and loans and payroll advances are included in that list.
Today, this payroll schedule means an estimated 70 percent of employees in the U.S. live paycheck-to-paycheck – and many […] Breaking Away From The Bi-Weekly Payroll Tradition – PYMNTS.com
As long as the $250 plus a $37.50 fee is paid at the end of the two-week term – the time your next paycheck comes due – you’ll be debt free. No harm, no foul. Before you know it, you run out of money again and can’t repay the loan two weeks later. So you pay a fee to extend the loan for another 14 days.