Glendale, AZ Cash Advance Loans
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Advantages of Taking Out a Payday Loan in Glendale
While payday loans are not permitted in the state of Arizona, Glendale residents can still apply for a cash advance in the form of an installment loan. Installment loans are short-term loans that are repaid over a set period of time with a set number of scheduled payments. Cash advance loans in Glendale, AZ, can help residents cover emergency expenses, living costs, rent, utility bills, and personal expenses. Seventy-eight percent of U.S. workers live paycheck to paycheck, without any savings or cash resources. Installment loans give consumers a valuable resource for managing cash shortages and family emergencies.
Most installment loan applications can be done conveniently and privately, online. Once borrowers are approved, they are informed of loan rates and terms, which are determined by the lender. Most applicants are often able to access their money in one to two business days.
Managing an Installment Loan Successfully
Research has shown that most short-term installment loans are not affordable nor sustainable for most borrowers, often lead to repeat borrowing, and can increase the risk of cyclical debt.
To avoid the above, financial advisers recommend choosing the minimum amount for a payday loan that covers expenses. To make their loans more affordable, borrowers can also cut expenses temporarily. Cost-cutting strategies include eating at home, borrowing entertainment materials from the library instead of buying or renting them, and cutting entertainment expenses by taking advantage of Glendale's outdoor recreation and entertainment options, such as the Wildlife World Zoo Aquarium & Park, Sahuaro Ranch Park and White Tank Mountain Regional Park.
Do Installment Loans Have a Downside?
While a short-term loan can be great for remedying an immediate need for cash, there are a number of risks to be aware of when considering an installment loan in Glendale. Installment loans often come with high-interest rates and expensive fees to cover the costs of high-risk borrowers defaulting on their loans.
If borrowers are unable to repay their loan amount, the loan continues to generate late fees and a high APR that is compounded. In such events, some borrowers might find themselves having to roll their initial loan over or get another payday loan to pay off the first one. Such delinquency can have negative effects on a borrower's credit score.
Installment Loan Regulations
There are a number of protections that Glendale residents who take out an installment loan should be aware of. Federal and state laws have policies in place that promote transparent and responsible lending. For example, most lenders are expected to keep payment sizes reduced and require that all payments are spread out evenly over a reasonable course of time. Unlike payday loans, installment loans give borrowers more time to repay loans in smaller amounts, rather than with a lump-sum repayment.