They also had a flawless, ten-year history of paying their debts on time. They had more than sufficient funds to cover their closing costs and down payment. They were, by most standards, well-qualified borrowers. Five days before their scheduled closing date, the loan underwriter raised a red flag and put the process on hold. At first, he said the borrowers would need two months worth of cash reserves to close the loan. We were surprised by this, since we had asked about it in advance, said Melinda.
But we figured it was still do-able. We had some extra funds in the bank, aside from our down payment and closing costs.
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Despite their speed and convenience, there are some compelling reasons to avoid payday loans. Payday loan interest rates. Although a number of payday lenders' websites come equipped with a sliding tool showing the total amount you'll repay (if you make your repayments in full and on time), to compare loans against each other you need to check the APR (annual percentage rate). Payday loan APRs tend to be incredibly high - over 5,000 in some cases.
Regulations introduced by the FCA in January 2015 cap the total interest and fees of payday loans at 100 of the original amount borrowed, but that's still a lot of unnecessary debt compared to other options.
Repayment problems. Your repayment amount and period depends does loan for corp affect personal credit the loan you're taking out, so always read the terms and conditions carefully and make sure you're able to make the payments. Missed payment charges can rapidly stack up and leave you in even more debt. Anyone who's having problems making repayments should contact their lender as soon as possible to discuss payment options, rather than just letting the charges multiply.