Budget Blogger

Bank of America recently announced plans to increase their overdraft fees. When the price change goes into effect, their $39 overdraft fee will be the highest overdraft fee charged by a major bank.

The way these fees are “earned” is pretty sneaky. Most of the time customers are surprised to learn about their overdraft fees because they think if they use their debit card and the purchase goes through, they have money in their account.

That’s how a $5 breakfast at Panera Bread can turn into paying $44 for a bagel and coffee. The bank approves your purchase, then hits you up for the $39 fee. Even if you make a deposit before the end of the day, you still owe the fee for the priviledge of the $5 “loan.”

A typical California payday loan costs less; usually $15 for every $100 borrowed. When you borrow money from a payday or title lender, the fees and charges are clear, and displayed on your loan contract. Lenders aren’t trying to earn their fees by sneaking extra charges onto your bill. Expensive? Yes, but so is the overdraft fee and with payday and title loans there are no surprises.

With California Payday Loans or Title Loans of California you pay for the convenience of getting cash quickly, usually within 15 minutes of applying, and knowing that your past credit history won’t prevent you from borrowing money. Who wants to spend $44 at Panera anyway?

My nine-year-old has been waiting for the release of the new Nintendo DSi since he placed his $25 deposit with Gamestop last month.  Last night, an hour before the store closed, he picked up the DS.  We waited until the last minute because I refused to give him any cash or use my credit card to help him make the purchase.

He called the store and discovered they were offering $30 and $20 bonuses on trade-ins of old DS models.  He scrounged around the house for loose change and gathered up every single game he could find to trade in.  I let him sweat it out. It wasn’t easy finding all the old games, chargers, and other exchangeable electronic equipment scattered around the house – like finding a needle in a haystack.

While his DS was being rung up, I thought this must be how loan customers feel when signing documents or applying for credit – confused.  Once the clerk started talking about half rebates, discount cards, and protection plans; he lost me.  Luckily my son had enough trade-ins and cash to buy the DS, but my brain felt like it had just been tossed around in a salad spinner. 

When I looked at the receipt and the company’s promotional advertisements to sort through our transaction, things just got worse.  I put the receipt away and sat back to watch my son enjoy his new DS.  I promised myself I’d check the receipt once I had some peace and quiet in the house.

Few title loan companies or payday loan companies can match the great service you’ll get at any of these locations Alabama Title Loans, Arizona Title Loans ,California Title Loans ,Delaware Title Loans , Georgia Title Loans, Idaho Title Loans ,Illinios Title Loans , Louisiana Title Loans , Montana Title Loans ,Missouri Title Loans , Nevada Title Loans ,New Mexico Title Loans ,South Carolina Title Loans ,South Dakota Title Loans, Tennessee Title Loans , Texas Title Loans ,Utah Title Loans ,Virginia Title Loans ,Wisconson Title Loans . 

Payments, repayment schedules, fees and yes – even the dreaded annual percentage rate — are clearly spelled out for your review. 

Even if most proponents of pink slip and payday advance loans disagree with the regulations that make it mandatory for calculating the apr based on a a yearly loan, the rate is right there, and customer service reps are happy to explain how it’s calculated.  Maybe Gamestop needs a little tweak to their promotional programs.

I never believed in the saying what goes around comes around — but I bet there are plenty of lending institutions, business executives, and lawmakers giving that exact saying quite a bit of thought these days.

They’re the same group promising to protect American consumers by cracking down on predatory lenders.  They did their best to take away one of the few credit options for borrowers with cash flow and credit problems in the past few years.

Wouldn’t it be interesting if just like the saying “comes around goes around” the government declined their pleas for quick cash to save their businesses?  The average consumer calls this request a title loan or payday loan – big businesses call it a bailout.

No matter what type of loan you’re looking for, it’s easy to get caught up in media advertising and Internet pop-ups promising to deliver the best loan rate on the market today.  Bank, auto pawn, payday advance, or even using a new or existing credit card  are just a few of the options available to consumers today.  One important thing to keep in mind is that for many types of loans, it’s best to choose a company that truly provides one-stop service.

It’s hard to tell the difference.  A loan broker’s storefront or Web site may look exactly like any other payday loan company you borrow from, but the broker is actually selling your application to a lender.   These lenders may have limited or even no storefronts or Web sites.  They rely on payday loan brokers to represent their products. The company pays the loan broker a fee or commissions for your business.

These are “back-alley” brokers that exist specifically to gather your personal information and then sell that information to the lender willing to pay the highest amount of money for your paycheck advance, title loan, or payday loan application.  Mortgage loan brokers and credit card brokers are out there too.

While the internet offers a quick and easy way to get access to payday and title loans, it’s really important to make sure that the company you’re giving your personal information to is reputable.  Make sure that the bank or lender you’re applying to is the same company that will ultimately be funding your loan.  That’s the best way to limit the chance that your personal information will be resold.

Also, make sure the payday or auto title lender you are borrowing from adheres to standards established by the Community Financial Services Association of America — an organization dedicated to ensuring that payday loan customers have access to companies offering safe and responsible lending practices.