united states – James Langdon Work http://jameslangdonwork.net/ Mon, 24 Jan 2022 09:13:54 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://jameslangdonwork.net/wp-content/uploads/2021/10/icon-39-120x120.png united states – James Langdon Work http://jameslangdonwork.net/ 32 32 Here’s why college Americans consider payday loans with interest rates https://jameslangdonwork.net/heres-why-college-americans-consider-payday-loans-with-interest-rates/ Mon, 24 Jan 2022 09:13:52 +0000 https://jameslangdonwork.net/?p=354 With only six weeks to go until he had to pay $600 rent for the new apartment he was renting, Austin Wilson was starting to feel panicky. The problem was that he didn’t have the cash. https://ipass.net/1-hour-payday-loans/ A University of Kansas senior owed his off-campus apartment $500 in rent, as well as the community fee of […]]]>

With only six weeks to go until he had to pay $600 rent for the new apartment he was renting, Austin Wilson was starting to feel panicky. The problem was that he didn’t have the cash. https://ipass.net/1-hour-payday-loans/

A University of Kansas senior owed his off-campus apartment $500 in rent, as well as the community fee of $100 in August. 1. The issue was that his payment for student loans that was to be used to pay for his housing was not scheduled to be delivered until mid-August.

“I believe this money will be due and I’m aware of when it will be coming but it’s a bit to be late” He says.

Wilson 21, a 21-year-old, history major, claims he washed off his savings for emergencies in the last few months after his car stopped working and he was forced to buy an entirely new vehicle. With only $100 left, Wilson was planning for an economical season: “I’d try to build it up over the course of summer. I’d tighten my belt. I’d reduce my intake, and cut down on eating out.”

He didn’t know the fine print of the lease. The rent was due on at the end of August. 1 and not. 15 which was the date when he was to move into. When he realized the error and was unable to find another job to earn the $400 he earns every two weeks at in the front desk on weekends at a senior-care center. He wasn’t able to.

“I have submitted around 40 applications for jobs,” he says, but the jobs that were available were during the weekends when the time he was working. “It’s somewhat depressing,” he says. “I have to go through Indeed on a regular basis every 2 days. You can send it in, and don’t hear the response.”

After attempting and failing to secure credit, Wilson approached his bank to request an advance but the minimum loan was $3000 — far more than he would like to take on, considering the amount of his student loans. It’s not like there was anything that he could put up to secure collateral or trade for fast cash.

What exactly is a payday loan?

Payday loans, also known as payday advances are generally small-sized loans that you can obtain in most states simply by entering a store with an ID that is valid with proof of income, and an account at a bank. The loan’s balance as well as the “finance cost” (the charges for service and interest) is usually to be paid two weeks following the day after your next pay day.

Although payday loans offer quick cash, the typical annual percentage rate of almost 400 percent. Contrarily, the median APR on credit cards during July stood at 16.96 percent, as per CreditCards.com.

Wilson came up with the idea of a payday lender due to the numerous payday lenders he’s seen around. He’s even served pizzas in a cash lending center before but was not thrilled to visit one of them again. “Even entering them is a bit uncomfortable,” he says. “It was like floor polish, and everybody in there seemed sad. These are just sad places.”

All across in the U.S., there are around 23,000 payday lenders in the United States nearly twice the amount that are in McDonald’s restaurants. And that’s not even counting the numerous payday lenders online that have come up. Although 15 states as well as the District of Columbia have laws in place that limit the interest on such loans at 36 percent or lesser, 35 other states aren’t subject to such restrictions.

Where can you go instead of a payday loan

If institutions reject you If you are not accepted, you may try other individuals. However, it’s not an absolute guarantee. Wilson is the only member of the immediate family of his to go to college. “My family is a super and working-class,” Wilson says. Noting that mom is in retail while his father is constantly switching jobs. “Everyone’s quite strapped for cash,” and his relatives could not assist him.

So Wilson became creative. He shared his problem on Reddit and began asking even distant acquaintances for help. This second strategy is what eventually did the trick. In a conversation with a classmate in middle school Wilson made mention of his financial gap. The friend was empathetic and offered Wilson an interest-free loan of $500 through PayPal.

Wilson was elated to receive the loan and promised to repay the loan in full when his reimbursement check for student loans arrived.

Then it was time to make a move in the workplace too. Wilson was able to convince an executive at the Senior Center to give him some 16-hour shifts. Through the loan and the additional job, Wilson was able to save enough money to cover the rent payments.

“My savings have gone down to $20, and the amount isn’t hanging on my head,” he says. His current diet is ramen and the Thai-inspired dish that includes frozen chicken and a quick rice, tossed in an enticing sauce of peanut butter crunch and Sriracha. at least he doesn’t have to get a loan for 400 percent of the interest.

When he looks back, Wilson says at first it was too egocentric to seek money but his friend’s generosity helped him avoid getting a payday loan: “It turns out that desperateness can outweigh pride in my situation.”

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