Online Payday Loans

P2P (peer-to-peer) lending services, which facilitate unsecured personal loans between individuals, make excellent payday loan alternatives.

Also known as “person-to-person” lending, these online services cut bankers out of the loan equation giving borrowers competitive interest rates between about 7% and 18% APR. Also, since professional lenders are involved in the process, you can avoid the pitfalls of borrowing from family and friends.

Let’s take a look at the benefits, eligibility requirements and borrowing strategies of P2P loans…
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Based on reader input, we have updated our posts on Virgin Money in our Links section and MyCashTime on our Compare Payday Lenders page…
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We would like to take this opportunity to wish everyone a happy holiday season, thank you for your continued support, warn you about a common year end scam and mention a few of our plans for the new year…
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Zopa USA is a social finance company that facilitates peer-to-peer (P2P) lending between individuals.

You can get an unsecured personal loan with interest rates as low as 8.75% APR (Annual Percentage Rate). You can also ask other Zopa members to help you make loan payments (even up to having the entire loan paid off in full) making Zopa an excellent payday loan alternative…
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“The government of Manitoba has taken a very socialist attitude of where they want to go… Why are they regulating us? Are they telling Wal-Mart what to charge? Are they telling anybody else what to charge? It’s a free market.”

Payday lender Leo Sorensen believes that the government has no place telling a business what it can charge its customers. Sorenson, who in the past has compared the payday loan business to prostitution, claims he has every right to charge borrowers interest rates of more than 700% APR and even suggested that some of his customers may resort to stealing to pay bills if payday loans were not available…
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“I recommend that the Board set the maximum fee for payday lending in the range of $20 to $23 per $100 of payday loan. A fee of $23 would allow smaller companies to operate in Manitoba, allowing the forces of competition to operate more fully.”

Doctor Lawrence I. Gould, Professor of Finance at the University of Manitoba, believes that the maximum fee for payday loans should be $23 per $100 borrowed…
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A 401(k) loan is a risky payday loan alternative.

Although 401(k) loans are cheaper than payday loans or credit card cash advances, the benefits are outweighed by substantial drawbacks and risks…
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“What started as a short-term solution became a two-year financial nightmare.”

Gail Meyers describes her ordeal when a $300 payday loan turned into $2,500 of debt…
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The list of Payday Loan Software Vendors in our Payday Loan Links category has been expanded.

This software can help lenders streamline their business (hopefully reducing costs for consumers) and the information/manuals/demos on the vendor websites can give consumers and advocates on both sides of the payday loan debate a peek behind the scenes…
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American Association of Debt Management Organizations (AADMO) members include consumer credit counseling agencies, debt management organizations, credit counselors, personal finance educators, credit and debt information educators, credit counselors and consumer lawyers.

Note: AADMO members include both Non-Profit and For-Profit Debt Management Organizations.

If expensive credit card payments or consumer loan fees are eating up a large part of your paycheck, AADMO members can give you an opportunity to pay your bills while getting the breathing room from your creditors to establish a sustainable budget…
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