What's smarter: Balance Transfer of Personal Loan?

[smithj]

Hello Friends,

Is any of you know about no fax payday loan? Actually, I am looking for quick cash and someone has suggest me faxless payday loan for quick approved. But, before I can apply for the faxless payday loan, I need some information. So, If any of you knows about it then please help me...

[smithj]

Hello Friends,

As per my previous post someone has informed me that, some payday loans are prohibited in some states and that means that if I am in one of those states and get a loan it would be with an unlicensed/illegal company. payday loan interest rates vary from state to state. Some are very strict while others allow almost any amount.

Please suggest me if is their any other option available in payday loan except faxless payday loan. I apply for payday loan to help my friend. He lost his job in this recession period.

Please help...

[smithj]

As I am in search for payday loan service provider, I read somewhere that payday loan may be a convenient short-term solution. Borrowers can get trapped in a payday loan cycle of debt by taking out loan after loan – sometimes called “rolling over” the loan. In short as per there opinion payday loan is a small, unsecured, high interest, short-term cash loan.

I just want to share this information with you which I find-out on internet. Please continue your support.

Thanks,

[bishop]

With regard to personal loans, I would recommend a peer-to-peer loan through LendingClub.com or Prosper.com - the former may be the better option right now due to some reorganization at Prosper.

I did a loan through Prosper last year for backyard landscaping and came away with a rate of 7.25%. The payments are automatically drafted from my account each month, so I would imagine that someone looking to consolidate debt and and commit to paying it down would find that useful. It's not something you can put off...the payments come out whether you have the money in there or not.

The rate you get at these sites isn't going to come near what you could get on a promotional balance transfer (I have 0.9% on one of my two cards carrying the debt consolidations), but the card balance is somewhat volatile. If you miss a payment or are late, the rate shoots up, and there's not much you can do except find another card to transfer it to. Then you have to worry about the BT fee.

You'll have to weigh the options and find out what's right for you. If you choose to get a personal loan, check out LendingClub or Prosper. (If you decide to do that, and you don't mind being one of my referrals, let me know. )

[starshard0]

I agree with Bishop on the P2P lending. I'm personally on the lending side, but I can imagine how great it is to get such a relatively low rate on a personal loan.

[mariadonna]

does transferring to one card but reducing your open credit accounts work better?

[harry.hamlin]

Hey All,

I'm Harry, working in a financial organization from last 8 months. I just wanted to introduce my self as new comer into the forum and hope to learn and share.

According to me, Payday loans are an invaluable source of money to those who need it, and by using a payday loan company to arrange your next short term loan you know you are borrowing money via an entirely unique type of loan. No fax payday loan is an online cash advance loan that is simple and quick. For No fax payday loans, the application is submitted online and no documents are required. The funds are transferred to your account through electronic transfer overnight.

[Dr Dean]

Make sure with all this talk about balance transfers and interest rates that you are not putting off the inevitable-the talk with yourself (and your family if you have one) on why you have so many cards at their maximum and what you are going to do about it.

The quickest way to bankruptcy is debt consolidation, then no change in behavior-then those "no balance" cards will be loaded up again.

From a credit score standpoint, paying on time, and having your balances be less than half of your limit are the most important criteria.

But the getting out of debt part is more important for you and your long term mental health.
Good Luck!