Interest Rates & Features:
If we’ve learned nothing else when comparing credit cards for bad credit, we’ve learned that every advantage seems to be offset by an equivalent disadvantage when weighed against the competition. Nowhere is that clearer than when examining unsecured cards next to secured cards. The interest rate for purchases with the First PREMIER Bank unsecured card is 9.9%, lower than that charged by any of the secured cards. Further, there is a 25-day grace period for purchases making it very feasible to avoid interest charges altogether by paying the entire card balance monthly. On the other hand, cash advances carry a hefty 19.9% interest rate and, not surprisingly, there’s no grace period. We should also point out that failure to comply with the terms of the card agreement, such as exceeding the credit limit or making a payment late will result in a penalty interest rate of 19.9% even for purchases transactions.
Other Fees:
Though possessing a clear advantage over its secured counterparts in the area of interest rates, the First PREMIER Bank unsecured card is expensive with regard to other fees. The tradeoff that will be attractive to some consumers is that no security deposit is made in order to get this card. The annual fee for the card is $48.00 but there’s also a monthly servicing fee of $7.00. Additionally, when setting up the account there’s a $95.00 program fee and a $29.00 account set up fee. All of these fees add up to $179.00 and will be charged to the account as soon as it’s opened. If the initial credit limit which is granted is the minimum $250, a very realistic possibility, that means that only $71.00 would remain available for charges until the initial onslaught of fees is paid off.
Credit Limits:
Unlike secured credit cards which literally don’t consider past credit performance when granting a card, the application process for obtaining an unsecured card does include a cursory look at past credit history. If granted, the minimum credit limit that would be allowed would be $250.00. It could, of course, be substantially more than that because an individual applicant’s risk is assessed. The initial credit limit remains in effect for a period of six months. Following that, presuming satisfactory compliance with the terms and conditions of the card, the credit limit may be raised. If a limit increase is approved, there is a onetime charge of $25.00 for the increase.
Cash advances are further limited. During the first 90 days of the account, cash advances cannot exceed 10% of the total line of credit. Following that 90 days, the advance limit can be raised to 50%, again presuming compliance with the terms of the card agreement.
Features:
The whole point of getting an unsecured credit card for bad credit is to build a better credit rating and the First PREMIER Bank unsecured cards accomplish that by reporting card activity to the major credit bureaus monthly. That’s about all that can be expected of the account. The legally required protection against unauthorized usage is included and, needless to say, customers suspecting such use or have a card lost or stolen need to report it to the card issuer without delay.
Help & Support:
Customer support is provided by round the clock internet account access. There is a $3.95 onetime fee associated with initial setup of online access. Customer support is also provided by telephone and email.
Summary:
An unsecured credit card for bad credit such as the First PREMIER Bank cards won’t be right for everyone but some consumers will find that being able to obtain the card without having to make a collateral deposit is advantageous if rather expensive. To see how these cards compare to the top rated cards in our survey, check out the objective reviews of cards from Applied Bank, UltraVX Visa and the secured cards offered by First PREMIER Bank.
Friday, October 8, 2010
http://www.checkcity.com/
has offices in Utah, Nevada, Virginia, Maryland and Colorado. Check City offers online loan services in 13 additional states (AK, AL, MO, IL, WI, KS, NM, ND, SD, WY, MT, WA and CA). For all other states, this site refers applicants to partner companies. Compared to ThinkCash , Check City earned higher ratings because of its greater flexibility in repayment options. Check City also offers more types of online personal loans (like unsecured personal loans) than lower-ranked sites that solely offer payday loans.
For residents of the states serviced by Check City, this site is our top choice for online personal loans.
Loan Fees:
Interest on online personal loans is typically represented as a flat fee per $100 borrowed. Rather than being compounded like the interest on a standard bank loan, the interest on an online personal loan is similar to a service fee. As long as you pay back your loan on time, no additional interest is added.
Federal laws require all lenders to disclose their interest rates in terms of APR for base of comparison, but with short term loans it is easier to think of interest in terms of flat fees. Check City’s interest varies by state, but on average it is around $17 per $100 borrowed. This means that if you borrow $100, you will have to repay $117, and if you borrow $300, you will repay $351.
Loan Details:
Minimum requirements for a loan from Check City:
At least 18 years old
Proof of income (non-work income is acceptable)
Valid checking account in good standing
Valid home and work phone numbers
Check City is a direct lender in 18 states. In the remaining states, Check City will attempt to match customers with partner companies. If you live in one of the states with a Check City office (UT, NV, VA, MD and CO), your loan funds will come from your own state. In some cases, these states do not offer loan services online, and you are required to visit a store to obtain a loan (Maryland, for example). For the 13 states in which Check City offers online personal loans only (no storefront locations), the loans are handled by one of the branch offices in a neighboring state. For the rest of the states not included in Check City’s coverage area, your loan will come from a third party lender with its own policies and fees. In these states, Check City will not handle your loan but they will help you find a company that can.
The minimum online personal loan amount is $100, and the maximum varies by state but averages around $1500. For cash advances, your maximum loan amount is a percentage of your income. Many states have laws governing how much money anyone can borrow in an unsecured loan or payday loan. Your maximum loan amount might also be partially determined by your income, outstanding loans and other qualifying factors.
Once you have applied for a loan, you will be notified of your approval status within a few hours. If you are approved for your loan, the funds are automatically deposited into your bank account on the following business day.
Types of Loans
Check City offers many types of loans: payday loans, cash advances, unsecured personal loans and secured loans.
Payday loan: short-term loan designed to be paid back with your next paycheck. In most cases, if your payday is less than five days away, your loan will not need to be repaid until the next payday.
Cash advance: similar to a payday loan in that it is short term and unsecured (no collateral is offered), but a cash advance might not need to be paid back on your next payday.
Unsecured personal loan: short- or long-term loan accessible to people with bad credit because usually there is no credit check involved.
Secured loans: loan where some type of collateral, like a car title, is offered as assurance that you can repay the loan. Secured loans usually have higher limits because they pose less of a risk to the lender.
Most lenders will not approve you for a loan if you have outstanding loans with other companies, including other online personal loan providers.
Repayment Terms:
Online personal loans (also known as payday loans) with Check City are meant to be paid back on your next payday. The maximum term is 31 days, to accommodate people who are only paid once a month. If you cannot pay back your loan on the due date, you have the option of extending or renewing your loan up to four times. However, you will be charged the initial loan fee again. For example, if your initial loan is for $100 at a rate of 25%, you will have to repay $125 on your next payday. If you renew your loan until the following payday, you will need to repay $150. If you renew the maximum of four times, you will have to repay $200 (100% interest). Please note that some states prohibit the renewal of online personal loans. In those states, you are required to repay your loan on your next payday.
Help and Support:
Check City has a wealth of help and support options, including live chat. The only other site on our list that offers a live chat option is Cash Central. Check City has separate pages of FAQs for many different categories, including information on all the types of loans offered. There is also an option for phone or email support. The terms of use section has a lot of information, but many of the specifics of your loan are determined by your state, so the first thing you’ll want to do when you visit this site is check the link “Rates and Fees” under the “Company” tab in the main navigation. This page has a clickable map of the U.S. that will help you find the guidelines, options and fees for loans in your state.
Summary:
When taking out an online personal loan, you will almost always save money by dealing with direct lenders rather than third-party companies that refer you to other direct lenders. Given this fact, you are guaranteed the best deal from Check City if you live in one of the 18 states where it is a direct lender. In the other 32 states, Check City cannot guarantee you the best rates and you might have more luck dealing with another site.
For residents of the states serviced by Check City, this site is our top choice for online personal loans.
Loan Fees:
Interest on online personal loans is typically represented as a flat fee per $100 borrowed. Rather than being compounded like the interest on a standard bank loan, the interest on an online personal loan is similar to a service fee. As long as you pay back your loan on time, no additional interest is added.
Federal laws require all lenders to disclose their interest rates in terms of APR for base of comparison, but with short term loans it is easier to think of interest in terms of flat fees. Check City’s interest varies by state, but on average it is around $17 per $100 borrowed. This means that if you borrow $100, you will have to repay $117, and if you borrow $300, you will repay $351.
Loan Details:
Minimum requirements for a loan from Check City:
At least 18 years old
Proof of income (non-work income is acceptable)
Valid checking account in good standing
Valid home and work phone numbers
Check City is a direct lender in 18 states. In the remaining states, Check City will attempt to match customers with partner companies. If you live in one of the states with a Check City office (UT, NV, VA, MD and CO), your loan funds will come from your own state. In some cases, these states do not offer loan services online, and you are required to visit a store to obtain a loan (Maryland, for example). For the 13 states in which Check City offers online personal loans only (no storefront locations), the loans are handled by one of the branch offices in a neighboring state. For the rest of the states not included in Check City’s coverage area, your loan will come from a third party lender with its own policies and fees. In these states, Check City will not handle your loan but they will help you find a company that can.
The minimum online personal loan amount is $100, and the maximum varies by state but averages around $1500. For cash advances, your maximum loan amount is a percentage of your income. Many states have laws governing how much money anyone can borrow in an unsecured loan or payday loan. Your maximum loan amount might also be partially determined by your income, outstanding loans and other qualifying factors.
Once you have applied for a loan, you will be notified of your approval status within a few hours. If you are approved for your loan, the funds are automatically deposited into your bank account on the following business day.
Types of Loans
Check City offers many types of loans: payday loans, cash advances, unsecured personal loans and secured loans.
Payday loan: short-term loan designed to be paid back with your next paycheck. In most cases, if your payday is less than five days away, your loan will not need to be repaid until the next payday.
Cash advance: similar to a payday loan in that it is short term and unsecured (no collateral is offered), but a cash advance might not need to be paid back on your next payday.
Unsecured personal loan: short- or long-term loan accessible to people with bad credit because usually there is no credit check involved.
Secured loans: loan where some type of collateral, like a car title, is offered as assurance that you can repay the loan. Secured loans usually have higher limits because they pose less of a risk to the lender.
Most lenders will not approve you for a loan if you have outstanding loans with other companies, including other online personal loan providers.
Repayment Terms:
Online personal loans (also known as payday loans) with Check City are meant to be paid back on your next payday. The maximum term is 31 days, to accommodate people who are only paid once a month. If you cannot pay back your loan on the due date, you have the option of extending or renewing your loan up to four times. However, you will be charged the initial loan fee again. For example, if your initial loan is for $100 at a rate of 25%, you will have to repay $125 on your next payday. If you renew your loan until the following payday, you will need to repay $150. If you renew the maximum of four times, you will have to repay $200 (100% interest). Please note that some states prohibit the renewal of online personal loans. In those states, you are required to repay your loan on your next payday.
Help and Support:
Check City has a wealth of help and support options, including live chat. The only other site on our list that offers a live chat option is Cash Central. Check City has separate pages of FAQs for many different categories, including information on all the types of loans offered. There is also an option for phone or email support. The terms of use section has a lot of information, but many of the specifics of your loan are determined by your state, so the first thing you’ll want to do when you visit this site is check the link “Rates and Fees” under the “Company” tab in the main navigation. This page has a clickable map of the U.S. that will help you find the guidelines, options and fees for loans in your state.
Summary:
When taking out an online personal loan, you will almost always save money by dealing with direct lenders rather than third-party companies that refer you to other direct lenders. Given this fact, you are guaranteed the best deal from Check City if you live in one of the 18 states where it is a direct lender. In the other 32 states, Check City cannot guarantee you the best rates and you might have more luck dealing with another site.
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