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New Yorkers – finding funding – Payday Loans

New York City which is popular across the world for making its presence in fiction, movies, songs etc, is the melting pot of all the cultures. It has taken 21 million people under its wings. It is the largest metro of America. It has fast paced life and it pulsates with it 24X7. It is the city that always remains awake. It has mesmerized many and people who   want to follow their dreams   and stretch their limits get gravitated towards it. No wonder 200 languages are spoken in this city. It is believed that it gives you a real time experience and the one who can survive here can learn to survive anywhere.

The lure of the city has attracted many unskilled laborers but they are not required so they add to the unemployment and poverty. Half of the budget of the city goes in supporting poor people. Poverty is expensive affair for New York. As it is a big city so crime is bound to be there. It is believed half of the drug addicts of the whole USA live in New York, they too are responsible for incidents of loot and snatching. The other major problem that more than half of the New Yorkers  are dragging with them is student  loan. According to the research every one person out of five is under Student loan debt. $ 90 billion debt has accrued under student loan title. Nearly 50% of youngsters owe student’s debt. Even the older generation, who are in the last phase of their lives are infested with student debt. It is quite shocking that the people in their 80s have not been able to payback debt which they used in 20s

installment loans new york city usa

installment loans new york city usa

The government should step in to improve the condition of the borrowers. The way it has banned   the payday loans in New York, similarly   it has been proposed that the student loan lending companies will run their business only if they have license, they need to abide by the rules framed by the government.

Pay Day Loan banned in New York

Online Payday loan is a short term loan which a person has to repay by his next pay day. The amount of the loan can vary from $100 to $500 and the borrower is to return it within two weeks. The interest charged is very high and most of the times the people go for another loan and the vicious circle starts and they have to pay hefty amount to get over with it. The private money lenders made consumer paid through their nose, so it was banned by the government in some cities.

Options for different types of Loans

In today’s world with ever rising cost of living, it is not possible to survive without financial help taken. So New Yorkers too need finances to live and here are the options they can opt for.

 

Installment loan

This is the loan in which the money is provided to the borrower in a single go but he is required to return in installments.

Under this canopy comes various types of loans.

Mortgage

Student loan

Personal loan

Auto loan

Mortgage

Mortgage are used by consumers to purchase home. It is a long term loan and the most common is fixed rate mortgage which gets extended to 30 years with fixed monthly installments. There is mortgage which extends to 15-20 years but it is not generally popular because the monthly rate comes out to be very high.

Student loan

Most students borrow loan to finance their education as higher education is the costliest thing and New Yorkers are badly in debt of Student loan. There are mainly two types of Student Loans

Subsidized loan is meant for students with greatest financial need and for this the Government makes   interest payments while the student is still in school. The unsubsidized   loans are normally opted by undergraduate students who are still dependent on their parents. They are allowed to borrow $31,000 over the course of their career. The student loans are available with individual lenders too but there interest rates vary.

Personal loans



This loan is quite a hit with the consumers. The advantage of it over the other types is that it can be used for routine day to day needs of the customer whereas other loans like, auto loan, mortgage and student loan have to be used for specific purpose only.

The general term length is 10 years and the amount capped is 100,000. It can be secured or unsecured loan. If it is unsecured then the interest rate will be high and if it is secured, means is against some collateral then interest rate is low. The common use  made by people of personal loan is to manage credit card debt. The interest   on credit card accrue very fast so in order to pay that people opt for personal loans.

Auto Loans

It is used to buy new or an old vehicle. The term is spreads over to 24 to 80 months though the longer loans with term of 72 to 84 is becoming more common with the consumers. The longer the period of loan, lesser is monthly installment but more is the interest to be paid. Thus in long run longer term loans are expensive as the consumer has to pay more interest.

So the financial help can be taken from time to time in order to realize one’s dreams. As happiness too comes in installments.

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