Payday Alternative Loans vs. Personal Loans: What is the Difference?

At times, you need some urgent cash. Say, for example, you need to handle an emergency. In this situation, finding a way to borrow some money can be a complex thing. For a good number of people, turning to payday loans is their first option. However, payday lenders take advantage of you by charging hefty interests and fees.Payday Alternative Loans vs. Personal Loans_ What is the Difference

Also, they offer a short repayment period. The other option is taking a personal loan. This option, too, is not easy as you must meet particular criteria set by your bank.  Fortunately, you can now have alternatives to payday loans, called Payday Alternative Loans (PALs). This article will help you understand what the PALs are and how they differ from traditional personal loans.

You probably think that these loans are just alternatives to payday loans because of the name. Well, you’re not alone. Many people will have the same interpretation. However, this is not the case even though they are one of the alternatives to payday loans (others are advances, overdrafts, credit card loans, and peer lending). If you are confused, do not worry as this article is here to educate you.

What Are Payday Alternative Loans?

In a simple definition, Payday Alternative Loans are a form of short-term loans or credit offered by federal credit unions offered to credit union members; they follow strict regulations. Unlike payday loans, credit unions must meet the regulations and requirements of the National Credit Union Administration, a body that regulates credit unions in the United States.  Some of these rules are:

  • The loan must be between $200 and $1000.
  • The interest rate cannot be beyond 28% (but this depends on the set lending rates).
  • The processing fee is not more than $20.
  • You have a repayment term of between one and six months.
  • You cannot take more than three PALs in a span of six months.
  • Payday Alternative Loans cannot overlap each other. This aspect is common in payday loans, though.
  • You need to be a credit union member for at least one month. However, the NCUA enacted new rules in 2018 to eliminate this requirement.

With these rules, Payday Alternative Loans have become more flexible and better than the normal payday loans or various alternatives. However, it is important to note that these rules only apply to federal credit unions offering them. Private credit unions can have other terms, even though they fall under the National Credit Union Administration (NCUA) regulations.

Personal Loans

For a long time, people have confused the Payday Alternative Loans with personal loans. As you know, a personal loan is a form of loan you can borrow for a particular purchase or payment purposes. Mostly, it is unsecured meaning you will not need collateral; some lenders require some security. With this in mind, it is essential to determine the difference between the two loan types.

Differences Between A Payday Alternative Loan And A Personal Loan

These nation21’s dollar 2000 loans differ in terms of eligibility, repayment period, loaned amount, processing fee, etc. Here is an elaboration of each of these differences:

♦        Eligibility

Eligibility involves the requirements you need to fulfill in order to qualify for the loan. Even though the loans are easy to qualify for and have a decent interest, it is not available for everyone. These loans are part of the credit union credit laws. Therefore, one must be a member of the credit unions to qualify for a PAL.

However, becoming a credit union member is not an easy task.  The reason for the limited membership eligibility is because credit unions are not-for-profit organizations. Their purpose is to enable marginalized people to have an opportunity to access credit.  

♦        On the contrary, eligibility for personal loans is not strict. First, you do not need to be a member of a credit union to get a personal loan. Secondly, you can get a loan from any lending agency such as banks, national lenders, online lenders, and peer-to-peer lenders.

Repayment terms

Repayment terms are the next aspect that differentiates personal loans and Payday Alternative Loans. For the PAL, you have a repayment period of one to six months. This term is shorter than the personal loan repayment period. When you take out a personal loan, you have a repayment period of one or more years. This aspect allows you to have a lower monthly repayment. However, it also means you will be in debt for a longer duration, and it might be a good and bad idea.

♦        The loaned amount

As stated, Payday Alternative Loans are short, small loans, so, do not expect to get a huge amount. To reiterate, you can borrow a minimum of $200 and a maximum of $1000 from the PAL lenders. On the other hand, personal loans offer credit starting at $1000 and above. You can get a loan of $60,000 or more depending on your needs. When in need of small amounts to meet urgent needs, Payday Alternative Loans are a good idea.

♦        Similarly, if you are looking or in need of hefty amounts, personal loans are the best alternative.  The loan processing fee and cost

Obviously, each loan has costs and processing fees. Some lenders offer inexpensive interest rates, but make up for that by charging a processing fee and other costs. To shield borrowers from exploitation, Payday Alternative Loans have a capped fee of $20. Lenders can charge below this amount, but not more. Since they are not-for-profit lenders, they charge lower interest. Consequently, the loan cost is lower compared with other lenders.

For personal loans, lenders have different terms. The lenders can have different costs for these loans such as origination, application, and processing fees. Others will not charge you any fee. For those who charge the fees, they can put it as a percentage of the loaned amount or use other criteria to determine it. At times, the charges will be higher than those of PALs.  

It is essential to consider the terms and conditions of personal loans before accepting them. For the Payday Alternative Loans, you are safe from extra charges due to the capped fee rule.

♦        Processing time

When considering a loan, it is important to know the processing time. Shorter processing time is important when you need cash for an emergency. Like other payday credit companies, Payday Alternative Loans have a short processing period. This credit is set to help you handle emergencies. So, you will get money in a short duration, usually less than 24 hours after application.

For personal loans, you will need to wait longer before the loan processing process is complete. Remember, the lender needs to check various factors before releasing the requested amount. It’s clear that if you don’t need more than $1000 for an urgent issue, then PAL is a good option.   

Wrapping Up

In a word, Payday Alternative Loans and personal loans are reliable emergency credit possibilities. They can help you deal with urgent cash needs and purchases. However, each of them has different costs and fees. You need to understand the terms and conditions set before applying for the loan. In addition, each of these loan types is suitable for particular cash needs. Now, you know the difference.
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Why Keto And Intense Exercise Aren’t A Good Combination

Why-Keto-And-Intense-Exercise-Arent-A-Good-Combination
Source: Pexels

So you want to improve your lifestyle. From losing weight to toning up, building muscle, and improving overall fitness, you know it’s a good combination of changing your diet and undertaking a little exercise. You know that keto is great for burning fat, and increasing the intensity of your work out is the best way to challenge yourself. So why not do both, for maximum impact? Great idea – but unfortunately tough to maintain – and here’s why.

The keto conundrum

At its core, the ketogenic diet involves a low carbohydrate, moderate protein, and high-fat meal plan throughout the day. Denying the body glucose, and slow-to-digest proteins, the primary fuel in the body becomes fat – which can lead to a boost in energy. This is primarily due to the body going into a state of ketosis, which is where the body begins to feed continuously on fat reserves when fat from food runs out.A-downside-is-that-without-glucose-in-the-body.-on-a-keto-diet-is-energy-reserves-are-significantly-depleted

If you’re concerned that this sounds like an incredible strain on your body, ketosis is actually a natural process that everybody goes through from time to time, particularly when we’re asleep. An unfortunate by-product of ketosis is that it can make your breath smell a little, so if you’ve ever woken with bad breath for no apparent reason – now you know why! However, another downside is that without glucose in the body, energy reserves are significantly depleted.

Intensity unsustainable

And you’ll notice this no more than when you next hit the gym. Whereas with a good supply of glucose in your cells you may be able to lift heavier weights, run for longer, and recover faster, a body in a state of ketosis may not match your usual levels of performance. So, although you’ll be burning more body fat during the day (and night!), you’re likely to find it tough to increase or match your usual levels of performance.

Another aspect of the ketogenic diet that people find hard to sustain, of course, is the diet itself. It can become awkward when you’re preparing food, eating out, and when you haven’t got enough low-carb supplies in the house to sustain the diet – and the human body is very sensitive to the occasional slip in your food consumption.

Finding the right balance

So, unless you can be sure that you’re going to stick wholeheartedly to the diet for a sustained period of time, it might not be worth the risk. For instance, if you were to eat a few potatoes, your body would instantly switch back to turning carbohydrates into glucose again, and all that fat you’ve been eating would be added to your existing fat reserves (even if you’ve managed to deplete them a little during the diet so far).

A more sustainable way to boost your health, therefore, would be to simply lower the volume of carbohydrates you eat and see how far you can push yourself when exercising. A combination of group training and reduced calorie consumption could be far easier to manage and adapt over time, so be sure to start with a weight loss retreat by Prestige Bootcamp, and plan your meals effectively to slowly but surely maintain a calorie deficit.

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4 Cosmetic Dental Procedures and the Case for Getting Each One

4 Cosmetic Dental Procedures and the Case For Getting Each One

It can be challenging putting a price on some things. For example, how much is a bright, healthy smile worth to you? For many people, being able to smile without embarrassment is something they’d do just about anything for. The good news is, even if you weren’t born with perfect teeth, there are several cosmetic dental procedures that can give you the smile you desire. 

Let’s take a look at a few of these procedures and talk about when each one might be appropriate. This will help you decide whether the procedure is right for you or not, and give you one more reason to consider investing in an upgrade to your smile. 

1. Porcelain Veneers

Minor imperfections in your teeth can be erased using porcelain veneers. Porcelain veneers are thin sheets of material that cover the front of the teeth to disguise any imperfections that make you less confident than you could be. 

Porcelain veneers are durable, resist staining, and come in a variety of shades to match your existing teeth. You may want to consider this dental procedure if you have cracked or chipped teeth, or if other whitening methods fail to produce the bright smile you’re looking for. 

2. Cosmetic Bonding

When it comes to cosmetic dental procedures, cosmetic bonding is one of the most popular amongst patients. It is a simple treatment that corrects a number of common issues. During the procedure, a composite resin is applied to the problem area. A curing light is then applied to the resin to harden it almost instantly. When the process has been completed, it is very difficult to distinguish the resin material from your tooth’s natural enamel. 

People with cracked or chipped teeth, gaps between teeth, and those wanting to lengthen their teeth for a better appearance will benefit most from cosmetic bonding as the resin material fills in the imperfections, quickly and painlessly correcting them. 

3. Invisalign

Gone are the days when metal braces called attention to your mouth and left permanent marks on your teeth. If the fear of facing yourself in the mirror with a mouth full of metal keeps you from straightening your crooked teeth, you may want to consider Invisalign

Invisalign is a clear alternative to metal braces used to straighten crooked teeth. The clear trays are replaced every two weeks to promote a gentle straightening that no one but you will know is taking place. 

4. Teeth Whitening

Everyone wants whiter teeth, and while there are many over-the-counter options available, nothing compares to a professional tooth whitening treatment done in a dentist’s office. During a professional whitening, your dentist is able to use stronger chemicals to produce a whiter, brighter smile in just one sitting. 

Depending on the level of whitening you desire and the condition of your teeth, however, it may take more than one visit to get the job done. If over-the-counter tooth whitening agents just aren’t cutting it, or your teeth are stained too badly, a professional tooth whitening treatment in a dentist’s chair will likely be the answer. 

When it comes to having a healthy, dazzling smile, most people say they’d do just about anything to get there. Cosmetic dental procedures like porcelain veneers, cosmetic bonding, Invisalign, and tooth whitening are all ways you can improve the look of your teeth to get the confident smile you desire. 

For more information on these and other cosmetic dental procedures, contact your local dentist today. 

Related:
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4 Things at Home That Might Need Immediate Attention

4 Things at Home That Might Need Immediate AttentionImage source: Pexels

Did you know that there are many hidden dangers lurking in your home? You may have spent sums of money beautifying your house, but there are little details that could make it unpleasant and even downright deadly if you overlook them. Here are four red flags that you need to pay immediate attention to at home.

Filthy Carpet

Carpets can do a great job of tying up different elements of a room together. An otherwise cold and dull floor can instantly pop out with the addition of a lovely carpet. However, that gorgeousness can become the breeding ground of molds and mites. Aside from dust mites and allergens, at least 200,000 germs and bacteria could be lurking in the carpet. If your nose has been feeling stuffy and you’re experiencing allergies lately, it might be time to clean the carpet. In addition to the weekly vacuuming sessions, you also need to deep clean the carpet at least every six months. This extends to rugs all over the house too

If you don’t have a steam cleaner, a natural way to deep clean the carpet is to use a mixture of 1-quart water, one tablespoon of dish soap, and ¼ teaspoon of white vinegar. Test apply the solution on a small area of your rug first before cleaning the rest. Deep cleaning can be time-consuming, so if you don’t have the time for it, simply hire professional cleaning services to do the job for you.

Broken Locks

How many times have you had to force open a jammed lock using all kinds of household items? Broken locks are annoying, but they can also be very dangerous especially if you have a child in the house. With their endless reserves of energy and curiosity, children love playing, exploring, and getting into all kinds of trouble. This could spell disaster in a house with malfunctioning doorknobs, locks, and deadbolts as kids could end up getting accidentally trapped. Do regular checkups of the locks around your home, including those on closets that a curious kid can walk into. Immediately replace rusty old locks with new ones. Double-check cabinets and drawers that contain sharp objects and hazardous substances.

In addition to replacing the locks, you should also keep a lockpick gun or similar tools on hand in case of emergencies. Store it in a safe place that children can’t easily access.

Leaks

Your bathroom may be a small space, but it can be one of the most dangerous rooms in your home. In fact, according to a report by the Centers for Disease Control and Prevention, 235,000 people end up in the emergency room every year because of accidents that happened in the bathroom, and the majority of this is caused by falls. Your family may slip and fall in the bathroom because of a leaky pipe.

Leaks are dangerous, and they can damage other parts of the house. Small leaks can spread and leave unsightly water stains, and replacing drywall or flooring that have been stained is not cheap. The puddles and moisture that form can also cause mold growth, and treating mold growth can cost you between $500 to $3,000. If you notice leaks in your home, immediately check what could be the problem. For a more thorough inspection, hire a professional plumber who can assess the damage and what repairs need to be made.

Emergency Phone Numbers

Do you and your family know who to call in the event of an emergency, like a fire or injury? Make a list of important emergency contacts and family members who can help for situations like fire, theft, injuries, and pest control. Make multiple copies of this list and keep it in visible areas like near the telephone and on the refrigerator door. If you have children, make sure to teach them about these numbers. You can also ask everyone in your home to take a photo of this list on their phone so they have a copy of it at all times.

These may sound like simple tasks, but they can save you and your loved ones a lot of trouble if something unexpected happens. It’s better to imagine and prepare for worst-case scenarios than wait for them to happen.

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