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Do you need just a few dollars to get you through to next payday? Have an unexpected expense come up, but you have no savings or credit cards to use? For many people in this unfortunate financial circumstance, the answer is a payday loan. But is this a wise financial choice to cover emergency purchases — or even everyday expenses — when your cash runs short?

Sometimes called “cash advances,” these loans were listed as one of the five most dangerous loans by Bankrate.com. How do payday loans work and what exactly is so dangerous about them?

How a Payday Loan Works

When you go to a check cashing place or another business that offers payday loans (including some that operate solely over the Internet), you write the lender a check up to the amount of your next expected pay check, usually post-dated for two weeks later. The lender gives you a “cash advance” on that check, and you can spend the money however you’d like.

You can get a payday loan with no credit history or a bad credit history. Even if you have a credit score of 520 and a recent bankruptcy, you can get a payday loan. All you need is a job. The check is

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Tags: Payday, Payday Loans

If you’ve recently had an application turned down because of bad credit, you know the importance of good credit as well as anyone. Having bad credit can make life a little inconvenient. You might find yourself paying high security deposits or getting turned down for credit cards, loans, and even jobs.

Credit repair services look very attractive when your credit is damaged. Many consumers who’ve used these companies have found themselves out of hundreds, even thousands of dollars, with no better credit than when they started. Credit repair scams are rampant and it’s up to you to recognize them. Read 7 Ways to Spot a Credit Repair Scam.

You might also be interested in:

• Why Good Credit Matters
• Credit Repair Organizations Act
• How to Repair Your Credit

Tags: Credit, Credit Repair

Are you looking for a new MasterCard? Do you want generous rewards, a low introductory APR and, of course, no annual fee? CreditShout.com has recommendations for the best MasterCard credit cards available now.

Chase Freedom

One of the best MasterCards available today — and possibly the best MasterCard available for people with excellent credit — is the Chase Freedom(SM) card.

Rewards: Chase is offering 5% cash back in rotating categories where most people spend money. You can get 5% cash back on:

• Gas
• Groceries
• Home improvement
• Department stores
• Hotels
• Airlines…and more

For instance, between July 1 and September 30 you can get 5% cash back (up to $1,500) on gas, airlines, auto rentals and hotels. Notice a theme? These rewards are perfect for summer vacationers.

Fourth quarter (October 1 through December 31) gives you 5 % cash back on purchases at grocery stores, department stores and movies — ideal for holiday shopping, seasonal parties and holiday guests, not to mention the winter movie season when the kids are home from school.

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Tags: Cards, Credit Cards, Mastercard Credit, Mastercard Credit Cards

Right now, the Obama administration wants to help small businesses get loans by injecting $30 billion in to community banks.  This will allow up to $300 billion in new loans to small businesses.

As reported by Bloomberg news the other day, experts have doubts about this plan: “Bankers say the problem isn’t scarce credit, it’s lack of demand from creditworthy firms in a weak economy. The result may be more loans given to distressed firms and higher losses.”

I continue to be puzzled why so many experts and those in our government do not understand that the bad economy has rapidly stressed the root of the problem, individual credit scores.  After a

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Last summer, roughly 6,400 7-Eleven franchisees banded together to express their dislike of “interchange fees,” which are the percentage of each transaction made through Visa, MasterCard or other member banks that are collected from retailers each time a credit or debit card is used.

The fees average about 2 percent per transaction or roughly $1,000 per month for some storesand have become too much too pay, resulting in many franchises discontinuing the cash-back option.Many store ownerscreated the “Stop Unfair Credit Card Fees” petition drive tofight the fees. So far, over 1.6 millionsignatures have been collected (Times Herald).

Tags: Fees