These days there’s a lot of information floating around about payday loans versus military loans. Here’s what you need to know about both products:

A payday loan is a short-term loan, cash loan. Normally, the consumer writes a post-dated check for the amount of the loan plus an interest fee. The lender then cashes the check at the pre-determined due date (which does vary, but usually around 14 days). Cash loans are fairly easy to qualify for; you need to be at least 18 years of age, a U.S. citizen, and be able to provide proof of employment. And, the benefit to this type of loan is that there’s no credit check required!

A military loan is explicitly designed for military service members. Therefore if you’re not serving in the US military and have not served in the past, you will not qualify for this type of loan. Military loans are categorized into several types: home leave assistance loans, bereavement loans, convalescent leave loans, and help loans. Depending on your individual situation, any one of these may be better suited for you. A help loan is probably the most comparable to a payday advance. Help loans are one-time, non-rollover loans for $500.  These have fixed-rates and four equal monthly payments.

Question: Are military loans considered predatory cash loans?

Answer: Not necessarily. Predatory lending happens when a financial institution offers loans with triple-digit interest rates, applies excessive administration fees, or deceives the borrower with the intent to gain profit.  So, any type of loan can be deemed predatory.

Question:  Are military loans classified as subprime?

Answer: They can be. Several military lenders offer subprime loan products. However, they’re not always considered subprime (subprime loans are designed as loans for bad credit). Often times, military loans are not categorized as subprime. Rather, military loan products were developed as a benefit to the men and women serving our country.

Unless you’ve been living under a rock, you’re probably aware of the great recession that has plagued America. Even if you’re fortunate enough to still have your job, it’s always a good idea to have a financial plan in place- should something happen to you or a loved one. Most financial experts agree, you should have a minimum of 6 months worth of living expenses saved up in an emergency account. Don’t have one? Definitely- get started today. Here are a few easy ways to save:

1. Utility Bills. Go through each one and identify areas to save. For example, do you really need 150 cable channels? Or, could you get by with a basic cable service? Depending on your cable provider, this could save you about $50 per month.

2. Cut down on the places you commute to. Instead of driving to the store around the corner, is it possible to ride your bike? Just think: you’ll be saving gas, the environment- and be getting a great workout!

3. Avoid taking out unnecessary cash loans. These types of loans are very expensive. If you need cash loans for bad credit, consider your alternative choices first. For example, maybe you have a bunch of junk lying around? Why not have a garage sale? Although, it may seem like a pain- it will really pay off in the end.

Basic Budget Worksheet

These days most Americans are juggling more than ever. With work, family, friends, and weekly errands- it’s no wonder we’re exhausted! If you’re like me, you’re constantly looking for ways to eliminate tedious tasks and save yourself any unnecessary trips to the bank. With an online bank account you can:

-View your account balances
-Access a debit card
-Setup direct deposit
-Transfer money from one account to another
-Pay bills
-Apply for financial products, like a payday advance without ever leaving your own home!

With the modern conveniences of online banking, you can virtually eliminate your trips to the bank. And, just think- instead of wasting time standing in line, you can be doing something you enjoy.

FDIC Bank Guide

Spring is coming to an end and hot, sticky, summer days are quickly approaching. Is your air conditioning unit functioning properly? If the answer is “no”, you could get stuck paying a monstrous electricity bill. Or, worse, you could be putting your family members at risk of developing heat stroke and other heat-related illnesses. Don’t wait until it’s too late- especially, if you live in an area with extreme temperatures.

With tough economic times, fixing your ac can be a financial nightmare. If you’re like most Americans these days, you probably don’t have an extra $500 lying around. With bad credit, it can feel overwhelming trying to find a loan. When my ac broke down, I didn’t know what I was going to do. A friend told me about MoneyNowUSA and how to get an instant approval payday advance. I was so relieved to have my cash that same day and get my ac working!

Tips on Saving Energy

Ask any college graduate what they remember most about their college days (aside from partying-of course) and most will tell you stories about having no money and just how creative one can get with a few dollars. It’s always amazing how many different meals you can make with five ingredients or less. For example, my college roommates used ketchup as a sauce, soup, salad dressing, you name it- they probably tried it. I don’t think I’ll ever miss having no money, but I will say this- those experiences definitely built character.

Looking back on my own college experience, I wish I would’ve paid better attention to my finances and made smarter decisions. Here are a couple ways to make your dollar stretch a little further:

1. Pay attention to your energy use. Keep your thermostat higher when you’re not home. Turn off lights when you’re not in the room. And don’t forget to turn off things like TV’s, Hair appliances, etc. It doesn’t seem like a lot, but these little changes can really add up.

2. Create a budget and stick to it. If you know how much you’re spending each month, you won’t be scrambling when you have to fork over rent and tuition!

For more helpful tips, checkout this article on how to Create a Budget

First and foremost, talk to close friends and family members about your situation. Explain that you’ve come down with an unexpected illness and you simply don’t have the savings to cover the bills. Sometimes friends and family will lend you the money, saving you high interest fees and hassle of taking out a cash advance.

If you’ve exhausted friends and family, the next best option is to apply for a payday advance. You can apply for a payday advance online, from the comfort and privacy of your own home. A multiple-lender service like MoneyNowUSA, works to hundreds of different lenders to ensure that everyone who applies, qualifies.

It’s no secret that cash advance loans carry hefty interest fees. In contrast to traditional loans, these loans have interest rates typically in the range of 300% to 800%. However, it’s important to understand that the loan term is generally about 14 days. A traditional loan term can fall in the range of several months to several years. As a result, the interest fees appear to be astronomical, when in reality- they’re not nearly as high as they seem.

So, that brings us to the question: Is there such thing as a zero interest cash advance?
Short answer: Not really. Unless you’re borrowing cash from a friend or family member, you’re probably going to pay fairly high interest fees. The exact interest fee varies with each individual. As a general rule, the fewer outstanding loans you have, the lower your interest fee will be.

Loan Calculator

Several states no longer have personal loan stores that you can walk into. But, you can still get a payday loan online. Internet-based lenders like MoneyNowUSA provide cash advance loans to anyone located in the United States.

First, select a a BBB accredited provider to ensure your information is kept safe and secure.

Second, fill out an application. You will be required provide: social security number, driver’s license, checking account number, and bank routing number. Keep in mind that some states require less documentation. For individual state requirements, check with the National Conference of State Legislature.

Lastly, your application will be approved or denied. Money Now USA works with over 150 credit loan providers. As a result, you can be assured that you’re getting the highest cash advance at the best available rate.

Short answer: It depends.

Generally speaking, most cash advance companies do not run a credit check. If you repay the loan on time- these unsecured loans will have no effect on your credit score.

However, be aware that some companies may run a credit check. If that’s the case, your credit score will go down slightly. Your credit score will also go down if you’re late on any payments.

Most payday loan companies require you to write a check for the loan amount in advance, which they then cash at the end of the loan term. If there isn’t enough money in your account to cover the check and it bounces- that could potentially have a negative effect on services, such as utilities.

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