Individuals in the city of Daytona, Florida have many opportunities when it comes to borrowing cash. When looking for bad credit unsecured personal loans it is very important for these individuals to recognize that high interest rates will likely be applied to this money borrowed. Also remember that bad credit payday loans are available in the state of Florida but they will come with astronomical interest rates. When looking for Daytona, Florida banks with bad credit personal loans remember that there are few options available.
Bad Credit Unsecured Personal Loans vs Payday Loans
There are quite a few states that have created laws that prohibit bad credit cash advance payday loans. Florida is not one of those states as bad credit payday loan companies can continue to offer financial services to struggling individuals. This can be both good and bad. It can be good for individuals who simply need $500 to $1500 to get by for the next few weeks. If these borrowers know with 100% certainty that they will have this money in their bank account with the next paycheck the money can be very useful when it comes to avoiding having their electricity turned off or losing their vehicle.
These types of loans can be very bad because high interest rates and high fees are often applied to the money borrowed. In fact, in the state of Florida an individual could pay interest rates in excess of 390% on a payday loan. Note that most cash advance payday loan lenders do not illustrate the interest rate that is paid. They simply call it the fees enter a stock. In the state of Florida were laws that prohibit bad credit cash advance payday loan lenders from applying more than $15 to every $100 borrowed. What this means is that borrowers will have to pay $15 for every $100 borrowed each time they take out of bad credit payday loan. If a borrower takes out $500 they will have to pay back $575 with their next paycheck.
Unfortunately, this borrower will have to pay even more fees if they can not fulfill the commitment to pay the $575 that is assigned to them. Each time the borrower receives a paycheck and does not pay the loan off in full fees will reset. This money can accumulate quickly. There is a very large difference in bad credit cash advance payday loans and bad credit unsecured personal loans. When taking out a personal loan individuals will sign a contract stating that they will pay the amount of money back over the course of time through monthly payments. This is much different than a payday loan in that borrowers will have an extended period of time to pay back this money.Please do not feel as if this money will come at no cost.
Finding Daytona, Florida banks will loan offers does not mean money is cheap or free. Most bad credit unsecured personal loans will have an interest rate between 15% and 35%. Although this is significantly less than a bad credit payday loan it is still much higher than a personal loans taken out from somebody with a very good credit score. If an individual has a credit score that is above 750 there is no reason to take out a bad credit unsecured personal loan. Some individuals may put up collateral and get a much lower interest rate on a larger secured line of credit.
Daytona Florida Banks with Bad Credit Personal Loans
Before moving forward we must understand bad credit can be defined in many different ways. Some people feel as if bad credit is anyone with a credit score below 500 that cannot take out a loan. This is a very strict definition of bad credit and can often be defined as a very bad credit borrower or an extremely bad credit borrower. Others feel as if bad credit would be considered anyone below the 650 credit score. This individual has made very poor financial decisions in the recent past but they still have opportunities to borrow money.
Note that most banks will not allow individuals with a credit score under $500 to borrow a significant amount of cash. Most of these individuals use the last resort of a cash advance payday loan to borrow money. Note the cash advance payday loan lenders often do not allow borrowers to take out more than $1500. With this loan being due with one’s next paycheck it makes sense that most lenders would not be willing to allow borrowers access to more than $1500 cash. There are very few bad credit borrowers who make more than $1500 in a pay period.
All of that said, there are many banks and financial institutions in Daytona, Florida that offer financial assistance. The first step is to determine your credit history. If you have been on time with all of your bills throughout the last several months and years there is a good chance that your credit score may be better than you would have imagined. Banks like Regions Bank, Wells Fargo, SunTrust, Surety Bank, Gateway Bank of Florida and BB&T all have branches in the Daytona Florida area. Also remember that there are financial institutions spread throughout the state that offer bad credit help individuals who have struggled through the current economic environment.
It may be worth it to drive a half hour or an hour to a bank that is willing to help minorities, single mothers, or those who have recently been laid off or are currently unemployed. Finding these banks are not as difficult as they once were. This is true because the economy is not as strong as it was prior to the subprime mortgage or credit crisis. If you’re struggling to find a bank that offers personal loan opportunities I would strongly suggest using the FDIC search tool. This tool lists all of the financial institutions that are currently insured by the FDIC. You can search this website for financial institutions based upon their current amount of deposits or the state in which they are located.
Make a mental note that some banks may be located in a particular state but have a presence elsewhere. One example of this is Bank of America. Bank of America is located in Charlotte, North Carolina but has a presence in many states throughout the Southeast. In fact, most Florida residents have seen Bank of America locations in all of the major cities such as Miami, Orlando, Tampa, Fort Myers, and Jacksonville.
If you are willing to do a little bit of extra homework you will likely find that some of these locations offer much better customer service than others. It is very similar to shopping at a WalMart location. We all know that some WalMart locations offer much better customer service than others. Take the time to find a financial institution that is willing to work very hard for your business. If you are going to be taking out a bad credit unsecured personal loan in the city of Daytona, Florida there should be banks and financial institutions that are more than willing to work for your business as this will be money in their pocket down the road.
Payday Loan Lenders in Daytona, Florida
If you are simply seeking $500 cash and you feel as if you cannot get a bad credit unsecured personal loan there are payday loan opportunities in the Daytona, Florida area. I would strongly suggest considering every other option before taking out a cash advance payday loan. As stated earlier, individuals are going to pay very high fees for borrowing this money. Unfortunately, some individuals may not have any other options as they have lost access to their bank account, have not paid bills in the last few months, or simply have a very low income.
Below you will find some of the addresses and phone numbers to cash advance payday loan opportunities in the Daytona, Florida area. If you would like any more information on cash advance payday loans and the problems they could cause please feel free to contact me through the comments below.
Fast Payday Loans
701 W International Speedway Blvd,
Daytona Beach, FL (386) 238-7300
1551 N Nova Rd,
Holly Hill, FL (386) 257-0934
875 Mason Ave,
Daytona Beach, FL (386) 248-1119
1352 W International Speedway Blvd,
Daytona Beach, FL (386) 255-4660
Always make certain that bills are paid on time and in full as this will help you avoid teetering on the bad credit brink. If you are willing to create a strong weekly or monthly budget and stick to that budget there is a very good chance that you could end up making your financial life much easier. This means loans will be available without having to pay very high interest rates. There are plenty of useful financial calculators that are free online.
Take advantage of these calculators before jumping into any type of bad credit loan offer. If you sit down and crunch the numbers you will find that there are options that are better than others. It never hurts to step back and sleep on one of these major financial decisions before taking out an unsecured personal loan or a cash advance payday loan in Daytona, Florida.