What do you do if you've rolled over your payday loan and just find yourself fighting an uphill battle? Ruby and Ronald Stoker of Junction City, Oregon, got into trouble when they took out a payday loan for $700, according to the Oregon Student Public Interest Research Group, then bounced a check for the amount plus the $140 fee.

Overdraft fees, a lot of stress, and one rollover later, the couple was left with two options by the fast cash advance company:

1. Pay the full amount owed.
2. Pay another $140 fee to roll over the payday loan for another two weeks — and, in the process, retain their status as a "preferred customer."

This is where the real problem hit. The Stokers rolled over the cash loan and, when it came due again, rolled it over a third time. In order to keep up with the escalating fees they had been sucked in by, they took out two additional payday loans and a car title loan — for a debt that ultimately exceeded $2,000. Luckily, they were able to find help.A local credit union, which helped them refinance their repayment, got them out of this mess, but the lesson is clear. If you are in a position where a payday loan is the best option you've got, be sure you can make the payment date. Rolling them over is how you get yourself into serious trouble.

The point of instant payday loans is to pay off debt, not dig yourself an even deeper hole.

You’ve read about military payday loans and why they’re often considered detriments to those hoping to benefit from them. The Navy has recently launched a website echoing this sentiment.

NavyMoney.com is meant to offer advice to members of the United States Navy. It’s an alternative to the Navy Federal Credit Union. The site is aimed at giving financial advice - do you apply for a cash loan? What are the drawbacks? - to those entering the military.

Information included in the Website includes articles and links to help sailors establish and maintain good credit while enlisted. The service offers advice on:

• Building credit
• Establishing loans for property and vehicle purchases
• Repairing bad credit
• Qualifying for credit and educational opportunities for military personnel

“I remember the hard times I had coming up through the ranks while trying to live and have a little fun on my salary”, says Jared Croslow, owner of NavyMoney.com. “If I can help other sailors by providing the resources to make it easier, then I have succeeded in my goal.”

The site also provides many valuable resources pertaining to credit. It includes information on the importance of diversifying credit from the Navy Federal Credit Union.

There is also insight on automobile and motorcycle loans, VA loans, credit card debt and alternatives to payday loans. The suggestions offered in the site will help sailors apply for the loans and credit with the highest potential for approval.

Even as news about payday loans and possible regulations on them dominate the headlines, a couple companies appear to be doing quite well for themselves.

According to Marketocracy.com - which tracks more than 60,000 stock portfolios that are run by amateur investors - top analysts poured new money into small-cap financial services companies. Specifically, two of those top buys were companies that operate pawnshops and make payday loans:

1. Cash America International
2. EZCorp
   

What does this mean? The industry is still thriving in certain areas. It could be possible that if you find the right quick cash advance company, you can actually receive assistance from these cash advances.

Hey, are you looking for advice about payday advances? Do you live in Southern Arizona? Then listen up!

You can register for a free training seminar to be held April 1. The city of Tucson is co-sponsoring the event for residents of neighborhoods that are part of the federally funded Weed & Seed program. Also sponsoring the session will be the Arizona Federal Credit Union and the United Way of Tucson and Southern Arizona.

The training is intended to educate residents about their finances and the financial resources available in their neighborhoods. Recent surveys in the state have contrasted between just which income bracket payday loan applicants fall into.

They fight for our country. They defend our freedom. And they’re rewarded by being victimized via the debt trap of various cash advances. That’s the basic conclusion reached by the Center of Responsible Lending in its critique of military payday loans.

In many ways, soldiers are ideal targets for these resources. They have a steady income from the government of just $1,200 per month for new recruits. At deployment time, when military families are faced with extra expenses at home and abroad, they’re more vulnerable to the promise of quick cash loans from online companies.

A recent report by the Consumers Union Southwest Regional Office confirmed that military personnel are an attractive target for payday lenders because they are young and financially inexperienced. Also, their government paycheck ensures that payday lenders have a steady source of income for repayment.

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Payday loan companies are often referred to as financial predators, taking advantage of the vulnerable. While lenders range in quality, as with any industry, there are clear signs of abusive lending in the payday advance business. Keep your eyes open for these signs and make sure you don’t get victimized. From the Center For Responsible Lending comes a list of Nine Signs of Predatory Lending:

– Out-of-state banks violating local state laws. Federal banking laws were not enacted to enable payday lenders to circumvent state laws, but a lot of corporations use them to avoid possible legal entanglements.

– Triple digit interest rates. Credit cards are known for their high APRs, but payday loan companies typically charge fees equal to 400 percent per year and higher. Lenders, by contrast, contend that their interest rates are necessary to counter the potential loss.

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The Payday Loan Times does not suggest that you apply for a payday loan online. Nor do we wish to stop you from doing so. We are simply here to provide both sides of the story to help you make the right decision. If this course of action is something you are considering, you should carefully balance the risks and rewards.

A faxless payday loan can be a tremendous resource for people in need of fast cash. When you apply online, you just fill out a secure form and get the payday advance you need in under 24 hours. There are no credit checks, or questions asked as far as what you plan on doing with the money. It's all yours, and you are free to take care of business.

However, a lot of people get in over their heads. The convenience factor comes at a cost, with high interest rates applying to just about every payday cash loan out there. When you extend the loan (also known as a rollover), or take out a second payday loan to cover the interest, you are heading down a slippery slope. One that may result in serious debt.

Simply put, you don't want to take out a cash advance if you aren't capable of paying it back immediately upon receiving your next paycheck. One and done. That's what this has to be if you want to make the most of your resource. The fees are steep as it is. Take out a cash advance in a second if it can help you with an urgent situation. But do not become lackadaisical when the loan is outstanding.

So think it through. Don't be afraid to ask questions of your payday lender and make sure it is straightforward about the terms of any agreement you enter into. Then plan ahead. Do what you need to do with your cash loans, then get it paid off as soon as you can. When it comes to these financial tools, the borrower's success hinges upon his or her ability to maximize the rewards and minimize the risk.

Be smart. Good luck.

Are payday loans ever a good idea? As you skim through articles that speak to the dangers of these resources and how the overwhelming APR will always come back to haunt those that acquire them, you're probably wondering whether or not a cash advance can ever come in handy.

As long as you protect yourself against certain dangers, the answer is YES. For example, always be careful about identity theft. In order to be approved for a loan, you'll have to supply lenders with a few pieces of personal information.

Beware of how many people view your proof of employment or identification. You may wish to avoid the hassle of fax machines because these expand the possibility that strangers may see specific financial facts or statements. Focus on a payday advance company that specializes in faxless loans. Many online services offer a seal of guaranteed confidentiality on their websites.

Don't be afraid to ask questions. If a lender is reputable, he or she will ignore any past credit mistakes and focus on the request at hand. Make sure you understand the payday loan repayment schedule and circle future paychecks on your calendar. This will help you keep track of when you can most easily afford to pay back the amount borrowed.

Overall, be careful, protect your interests, but don't dismiss a payday loan entirely. You never know when a financial emergency - such as immediate car repairs or surprise medical bills - will strike. You need to be prepared.

Now that payday loans are essentially eliminated from the state, where will residents of North Carolina turn for quick cash needs?

According to an article in The Charlotte Observer, consumer advocates believe the demand was created by the suppliers. The Center for Responsible Lending in Durham, a payday advance critic, estimates 99 in 100 payday loans are made to repeat customers.

"Once a person walks through the front door for the first time they're going to keep coming back" because the high fees lead borrowers to repay their loans by taking another loan, said Yolanda McGill, a CRL policy counsel.

If you face a one-time shortfall, what can you do aside from consider a payday loan? McGill suggests:

• Asking your employer for an advance on your next paycheck.
• If you regularly struggle to pay your debts, seek credit counseling.

"If you can't make ends meet, taking on another debt will never improve your situation," she said.Perhaps the most direct replacement for cash advance stores is offered by an unlikely group: mainstream banks. These companies increasingly advertise their overdraft fees as a service to customers.

The fee is charged when a customer writes a check for more than the amount in his/her account. If the customer is allowed to overdraft the account, rather than bouncing the check, they are borrowing money now and paying the bank with their next deposit - the same basic idea that underlies a fast cash advance.

Banks charged an average overdraft fee of $26.90 as of November, according to Bankrate.com. If the fee was an interest rate, it would rival the sums charged by payday lenders, and the practice would be illegal in North Carolina.

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As debt piles up and you consider a payday loan, you want to make sure you're relying on a reputable service. Unfortunately, some payday advance providers cannot be trusted.

First of all, make sure the company is properly licensed in its state of business. You should also be on the lookout for a payday loan website that is professionally designed and managed, run by a real service that understands the business and markets it resides in.

Certain states, such as Georgia, don’t allow payday loans, so they will not issue a license to any company in that state for that purpose. When looking at a particular payday loan lender you should to e-mail them and ask for information regarding their lending license.

For example, the lending institution for Personal Cash Advance is located in South Dakota. The company is officially licensed by that state. When it issues a cash loan contract with a client, it is deemed to take place in South Dakota, regardless of where the client or his/her bank resides. Therefore, the payday loan contract is bound by the laws of South Dakota.

Security is also a major concern when shopping for the right resource. When a client completes an application, the connection will be “SSL,�? which stands for Secure Socket Layer. Secure Socket Layers provide the best means of encryption available to commercial websites today. Seeing this message should be any privacy concerns to rest.

Finally, make sure someone is available to answer all your application questions. Many cash advance loan providers leave you wondering what’s going on, not exactly a comforting sign. It's probably best to avoid that sort of payday loan company. Although price is important, customer service is even more important.