Tuesday, September 13, 2011

Sunday payday loans

Payday loan is a short term loans for bad credit that is normally taken by a person in between his paydays so that he can meet certain urgent and unforeseen expenses. The borrower is supposed to return the loan amount along with the lender's charges when he/she gets his next paycheck. If due to some reason, the borrower is not able to return the loan as originally stipulated, it can be rolled over till the next paycheck by paying extra charges and an additional interest. This carries on till the loan amount is fully repaid.

Cash advance can be obtained from many companies that specialize in making payday loan advances. Besides these companies, banks and other financial institutions also provide same day payday loan facility. A payday loan can also be obtained if you apply online as there are many lenders operating on the Internet nowadays.

Most people make use of traditional installment loans as source of instant cash in times of emergencies. However, such emergency cash problems do not only occur during regular business days and many times people might need loans on the weekends. Only a few companies offer weekend loans to their customers. However, payday loans offered on weekends provide less amount of cash as compared to those which are offered regular weekdays.

Though the cash offered may be less, but this too can be of great help to you during an emergency. If you need money till eleven in the night on Saturday then you need not wait till Monday for getting financial relief. Even the traditional services offered by banks normally are not available in weekends so you cannot try there too. In order to get such weekend loans you need to search for companies which provide such special monetary support on weekends to people.

The lenders of weekend payday loans will lend money to their customers on Friday, Saturday and Sunday payday loans. The major difference between traditional weekday and weekend loans is days on which they are availed. No matter you apply for these loans during working weeks or weekends their procedures remain the same. However, lending terms of companies offering weekend payday loans vary from company to company.

The money gets sanctioned within twenty-four hours after you fill and submit your application form. The time taken for loan to get approved depends on essential checks performed by lenders. In addition, lenders may ask borrowers to provide their bank details, salary skip, residential proof and age proof. Once all these details are provided lenders approve loans instantly. It's very easy to get a fast easy payday loan as the requirements are not very stringent. Basically, you need to prove that you are employed and you have a steady source of income. You should also be an American citizen, at least 18 years old and have a checking account in a bank. Moreover, you should be earning at least £1000 per month to avail the payday loan facility.
Hence, you need to be having necessary qualifications for applying to such loans as unexpected emergencies may arise at any time.

Tuesday, September 06, 2011

Proposed Ballot Initiative Seeks to Cap Payday Lending Rates

A petition effort is underway in Missouri to change the rules on the controversial practice of payday lending.

A group known as "Missourian's for Responsible Lending," has earned approval from the Secretary of State to begin circulating a petition that would place a referendum on the statewide ballot in 2012 aimed at capping the costs of short-term, high interest loans.

"This business makes money off of people that are in trouble for whatever reason," said Rev. James Bryan, the group's treasurer. "They just prey on those poor people that are in a desperate situation."

The proliferation of payday lending companies across Missouri and the United States has gone hand-in-hand with their growing controversy.

Payday lenders provide payday loans for abroad studies in the form of paycheck advancements. But the companies have frequently come under fire for attaching unreasonably high interest rates that compound over multiple pay cycles to drag many into debt.

According to the Missouri Division of Financial institutions, the average interest rate for a payday loan in Missouri is 445 percent annually. Seventeen states have capped the cost of short-term loans at 36 percent, along with the U.S. government which enacted caps for military personnel.

During the most recent legislative session, multiple bills to reform the system were introduced in the state House of Representatives, but none made it to the governor's desk. That's way Bryan said the debate should move directly to the people.

Bryan, a retired minister of Missouri United Methodist Church in Columbia, said his organization is partnering with faith-based groups across the state, along with the NAACP and the National Center for Responsible Lending. He said the group has been successful so far in attracting religious groups across multiple faiths, calling the payday loan dilemma a matter of conscious. "With the faith based, most of us see this as a moral issue," he said. "It's big companies taking advantage of the weak. People who aren't able to make a house payment or pay a medical bill, they get trapped under this debt."

The payday lenders themselves also see it as a moral issue for payday loans for after bankruptcy, but in the other direction.

Gerri Guzman is executive director of the Consumer Rights Coalition, a group which represents the interest of payday lenders nationwide. Guzman said that despite what has been said by groups like Missourians for Responsible Lending, the industry is often the last resort for those in dire financial straits. She also said that the 400 percent interest rate is being misused by opponents, pointing out that it represents the compounding of loans over the course of months.

"This ballot initiative is an ill-advised assault on all forms of consumer credit that, if passed, would hurt Missourians by eliminating their only real credit options and forcing them into more-expensive and credit-damaging alternatives," Guzman said. "CRC will consult our more than 10,000 members in Missouri to get their input on how they wish to engage in this potential ballot initiative."

Before any statutory changes can be brought before Missouri voters in November 2012, signatures must be obtained from 5 percent of registered voters in six of the state's nine congressional districts by May of next year.

Saturday, September 03, 2011

Euribor 3-month rates edge up on economy, banks angst

Key euro-priced bank-to-bank lending rates edged higher on Thursday, pushed up by concerns about the outlook for the economy and euro zone banks that outweighed downward pressure from an excess of liquidity in the system.

A worsening euro zone debt crisis and fears a recession is looming have seen money markets freeze up and prompted banks to stock up on limit-free ECB funding, pushing liquidity back to exceptionally high levels.

The three-month Euribor rate -- traditionally the main gauge of unsecured interbank euro lending and a mix of interest rate expectations and banks' appetite for lending ticked up to 1.543 percent from 1.542 percent.

Six-month Euribor rates eased to 1.748 percent from 1.749 percent, while 12-month rates were unchanged at 2.089.

One-week Euribor rates , most heavily influenced by excess liquidity -- currently at just under 95 billion euros according to Reuters calculations dipped to 1.098 percent from 1.101 percent.

Overnight rates rose to 0.955 percent on Wednesday from 0.865 percent, but were still well below the ECB's 1.5 percent headline interest rate .

The excess liquidity bloating money markets and keeping downward pressure on some bank-to-bank lending rates is set to remain high.

Banks took 122 billion euros in the ECB's latest offering of 3 month loans on Tuesday, slightly below expectations of 130 billion. They also took 49.4 billion in the latest handout of 3-month loans bang in line with forecasts of 50 billion.

There were no takers for the ECB's offering of dollar funding for the second week running on Wednesday, helping ease fears about euro zone banks' access to dollar markets, after the facility was used late last month for the first time since February.

The central bank also reintroduced six-month funding last month, a crisis tactic it had previously mothballed, while it also extended limit-free funding in all its lending operations up until mid-January.

Most significantly, it has also started buying sovereign bonds again, spending almost 45 billion since reactivating the controversial purchases early last month. (for latest stories click )

Euribor futures <0#FEI:> show markets have priced out further interest rate hikes for the next couple of years and now see a good chance the ECB may revert back to rate cuts as early as December. (for analysis click )

Euribor rates are fixed daily by the Banking Federation of the European Union (FBE) shortly after 0900 GMT.

* For a table of the latest Euribor fixings for terms of one week to one year, double click on

* For a table of the previous day's fixings of EONIA swap rates, which show market expectations for future overnight lending rates, double click on www.3monthpaydayloansnocreditcheck.co.uk