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Quick Loans-Julián Infante (Statistics (12 million Americans use this for…
Quick Loans-Julián Infante
Advantages
Reliable
No personal information is required
Only things needed: income, a bank account, and be 18 years or older
Fast and Easy
Quick processing and transfer. No queuing for hours.
Transactions can be done online.
Does not require documents and information that is hard to find. Avoids stress of paperwork.
Does not require credit.
Protects credit rating
Allows independence
Sometimes young people might not know how to manage finance. Therefore, they don't need to beg their family for money they don't have in that moment.
"Instant Solution"
Examples: paying car repairs, traveling for an emergency.
Convenient:
Saves time
You can do it whenever and wherever you want.
Saves money
From transportation.
Avoids charges from bounced checks, bank overdrafts, and credit card fees.
Saves energy
Can be done in your house. Therefore, you do not need to go trough a whole day for this.
Disadvantages
Fees might double if not paid in time
Borrows money for a short period only
Very high interests and fees
May come from a fraudulent source
Rollovers
Happens when you pay fees continuously because you can't pay the initial loan.
Relatively small amounts
Statistics
12 million Americans use this for financial help
People aged 25-49 are the most common.
People who don't have a 4 -year degree are most likely to use this.
African Americans are two times more likely to use this.
People who have an annual income of 15,000- 25,000 are most likely to use this.
Renters are two times more likely to use this than homeowners.
People who are disabled or unemployed two times more likely to use this.
Parents most likely to use this than adults with no children.
People who are separated or divorced twice more likely to use this.
16% of this are used for unexpected emergencies
58% of people can't repay at time.
Average pay day loan is $575 for just paying $375.
Average fee: $55 per two-week loan.
Am I in favor or not?
No I am not in favor but the only reason I would consider this is because most of the people who use this don't have any other option. Most people prefer paying more for living under a roof rather than not paying a rent and be kicked off.
Definition
Short-time loan which gives small amounts of money with a high interest.