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Payday Loans vs Personal Loans: What’s the Difference?

If you need money for an emergency, you can borrow it in a number of ways.

One is a payday loan. This type of loan is easy to apply for but can be very risky. Payday loans charge high interest rates and often have hidden fees. This very easily gets you into a debt trap where it becomes very difficult to repay your loan, even if you only borrowed a small amount to begin with.

Another option is a personal loan. These loans are a bit more complicated to apply for, but have much lower interest rates than payday loans. Because of this, personal loans are commonly used for debt consolidation and are a far safer way to get credit.

Here’s what you need to know about the differences between these loans and how to decide which one is best for you.

The central theses

  • If you need money for an emergency, you can borrow it in a number of ways. One is a payday loan. This type of loan is easy to apply for but can be very risky. Another option is a personal loan. These loans are a bit more complicated to apply for, but have much lower interest rates than payday loans.
  • With a simple online personal loan calculator, you can determine what type of payment amount and interest rate best suits your budget.
  • Payday loans are almost always more expensive to borrow than personal loans, and also riskier. If you’re eligible for a personal loan, this option lets you borrow more money, pay it back longer, and charge less interest.

Payday Loans vs. Personal Loans: An Overview

Payday loans and personal loans have some similarities. With both loans, you borrow money that must be repaid with interest at a later date. Both loans can be used to cover emergencies and to cover unexpected bills or other financial obligations.

These loans can vary significantly. Payday loans are generally used to borrow small amounts of money until the next paycheck and are very easy to arrange. These loans do not require collateral and can be very expensive. For this reason, they are often viewed as predatory lending as they have extremely high interest rates, do not consider a borrower’s ability to repay, and contain hidden provisions that charge the borrower additional fees.

Personal loans are a much broader category. This loan is usually offered by a bank, credit union, or online personal lender, and you usually have to show them proof that you can eventually repay the loan. Personal loans are usually for much larger amounts of money than payday loans, but you have much more time to repay that money. The interest rates and fees on a personal loan are much lower than a payday loan, so the overall cost of borrowing is likely to be much lower.

warning

Payday loans can charge high interest rates – up to 400% – and hit you with hidden fees.

How payday loans work

It is usually very easy to get a payday loan. You can walk into a payday lender’s office and walk out with a loan. You don’t have to give the lender anything to secure the loan like you would at a pawn shop. Instead, the lender will usually ask you for permission to electronically withdraw funds from your bank, credit union, or prepaid card account. Sometimes the lender may ask you to write one
Check the repayment amount that the lender will collect when the loan matures.

Payday loans can get expensive. Payday lenders charge very high interest rates: up to 780% of the annual percentage rate (APR), with an average loan being close to 400%. Most states have usury laws that limit interest charges to between 5% and 30%. However, payday lenders fall under exceptions that take into account their high interest rates. Sixteen states — Arizona, Arkansas, Colorado, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, Montana, New Hampshire, New York, North Carolina, Pennsylvania, South Dakota, Vermont, and West Virginia, and the District of Columbia — have outright bans for extremely expensive payday loans. Seven states – Maine, New Mexico, Ohio, Oklahoma, Oregon, Virginia and Washington – have introduced measures such as term limits, fee caps or the number of loans per borrower that offer some protection to consumers.

Payday loans say their high interest rates are misleading because if you pay off your payday loan on time, you will not be charged high interest. That may be true in some cases, but according to the Consumer Financial Protection Bureau (CFPB), 80% of payday loans are rolled over multiple times, indicating that the majority of these loans are not repaid on time.

consolidate debt

You can use a personal loan to consolidate debt. With good credit, you can often take out a personal loan at a lower interest rate than you would pay with your credit card.

How personal loans work

To get a personal loan, you need to contact a lender. Again, this could be a bank, credit union, or online personal lender. As a rule, you first fill out an application. The lender reviews it and decides whether to approve or reject it. If approved, you will be presented with the loan terms, which you can accept or decline. If you agree to them, the next step is to complete your loan documents.

When that’s done, the lender funds the loan, which means they pay you the proceeds. Depending on the lender, these may come through a direct deposit into your bank account or by check. After the loan is funded, you can use the money as you see fit.

Personal loans can be secured or unsecured. A secured personal loan is a loan that requires some form of security as a condition of borrowing. For example, you can secure a personal loan with cash such as a savings account or a certificate of deposit (CD), or with a physical asset such as your car or boat. If you default on the loan, the lender can keep your collateral to pay off the debt.

You can also find personal loans online. Many lenders offer personal loans through their websites. You can apply electronically, receive a decision in minutes and, in some cases, receive funding within 24 to 48 hours of loan approval. With a simple online personal loan calculator, you can determine what type of payment amount and interest rate best suits your budget.

Lenders may have different requirements when it comes to the creditworthiness, income, and debt-to-income ratio that are acceptable for personal loan approval. This can help you narrow down the loans that best fit your credit and financial profile.

main differences

There are several key differences between payday loans and personal loans when it comes to covering emergency expenses:

  • costs. Payday loans generally have much higher interest rates than personal loans and can hit you with hidden fees and charges.
  • Accessibility. Payday loans can be easier to arrange, especially for people with limited credit histories and other financial challenges. With some payday lenders, you can even get an unbanked loan as long as you have a prepaid card account.
  • Impact on your credit score. Most payday lenders do not report to the credit bureaus. This means that only personal loans will appear on your credit report. Taking out a personal loan and paying it on time will increase your credit score, which will help you qualify for better loans and interest rates in the future.

In almost every situation, a payday loan will be more expensive than a personal loan. If you need emergency money, it’s best to apply for a personal loan if you can qualify. If you don’t qualify then you can look at other options. Even then, it may be better to spend money on your credit card, ask your employer for overtime, or borrow money from family and friends.

Is a Personal Loan a Better Alternative to a Payday Loan?

In general, a personal loan is cheaper than a payday loan. Lower personal loans give a borrower more time to repay a loan than a payday loan, and most credit unions offer APR personal loans that are comparable to credit cards, which still charge lower interest rates than payday loans.

Are Payday Loans Hard Or Easy To Repay?

Payday loans are sometimes more difficult to repay than a traditional loan because the lender has not verified your ability to repay before lending you money. Payday lenders generally don’t evaluate your debt-to-income ratio or consider your other debts before making a loan to you.

Do Payday Loans Help Your Credit Score?

Probably not. Payday loans are generally not reported to the big three national credit bureaus, so they are unlikely to affect your credit score. Unless you don’t repay the loan on time and are referred to a collection agency: that will damage your credit rating.

The final result

Payday loans are almost always more expensive to borrow than personal loans, and also riskier. If you are able to qualify for a personal loan, this option allows you to borrow more money, give you more time to pay back, and charge you a lower interest rate. If you need some emergency cash, the first thing you should do is apply for a personal loan.

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Nightclubs

Irish nightclubs could reopen in a few weeks as Minister Catherine Martin provides update on Covid rules

Tourism, Arts and Culture Minister Catherine Martin said she “hopes” that nightclubs can reopen in February.

Minister Martin said the 8 p.m. closing curfew is “awful” for musical events, live artists and theaters.

However, she said “we have to take public health advice but I still have hope” of easing restrictions next month.

The Taoiseach said the 8 p.m. closing time would not be counted until January 30.

Tanaiste Leo Varadkar said the lifting of the current restrictions will be phased out over the next month.



Minister of Tourism, Culture, Arts, Gaeltacht, Sports and Media, Catherine Martin.

When asked if she could guarantee nightclubs could reopen next month, Minister Catherine Martin told the Irish Mirror she “had high hopes for February” but added “we’ll have to see where we are”.

She said she was hopeful when she looked at the current ICU numbers.

It comes as Cabinet has agreed to change isolation periods for Covid-19, which will take effect from midnight Thursday.

The changes end the five-day isolation period for fully vaccinated close contacts who show no symptoms of Covid-19.

However, they will be advised to wear a medical or higher quality mask and have regular antigen testing.

Close contacts who have not received a booster vaccine will need to restrict their movement for seven days.

Wednesday’s decision also means that anyone with Covid-19 will now have to self-isolate for seven days instead of ten.

And it will no longer be mandatory to confirm an antigen test result with a PCR test for people aged four to 39 years old.

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Cafes

Wellness Boutique and Café opens on Trade Street | To eat

“We have similar offerings as you get in any cafe, but our specialty drinks use these superfood powders,” Luzardo said.

Customers can get a regular coffee, espresso, tea or chai latte. But they can also get tea, coffee, and other drinks with powders and concentrates with ingredients associated with wellness.

La Luz uses local companies Magic Beans Coffee and Vita Pour for its coffee and tea. Its wellness powders and concentrates come from Anima Mundi, a company based in Costa Rica.

Everything in coffee is plant-based. Non-dairy milks include almonds, oats, and macadamia.

Luz Latte is an espresso with homemade rose and cardamom syrups, coconut cream and a dirty rose chai collagen booster (associated with the strength of bones and joints, nails and hair. , etc.).

Mucuna Rose Matcha combines matcha with rose powder (associated with anti-inflammatory properties) and mucuna (associated with stress reduction, lower cholesterol and more) as well as an ‘elixir of euphoria. for a better mood ”.

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Restaurants

How to eat on a keto diet at restaurants in Charlotte, NC

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Fin & Fino mussels.

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How to eat healthy in Charlotte restaurants in 2022

If you’re trying a new diet and aren’t sure how to order when you go out to eat, check out our guide:


At this point in 2022, New Years resolutions are in full swing, with healthy eating at the top of many people’s lists. Have you decided to go keto? You’ll have plenty of company: In 2020, ‘keto’ was the most searched-for food-related topic on Google in the world.

The ketogenic diet prioritizes consuming foods that are low in carbohydrates, moderate in protein, and high in fat in order to send the body into a fat burning state rather than carbohydrates.

But trying a new diet for the New Year brings up the age-old question: what about dining out?

We’ve scoured Charlotte’s menus to find the right foods so you don’t have to.

PRO TIPS: When Dining Out on the Keto Diet …

  • Avoid extra sauces which can often contain hidden sugars.

  • Skip the bread.

  • Stick to healthy proteins, fats and carbohydrates with lots of fiber.

  • Don’t be afraid to get creative and change the dish (if the restaurant allows).

  • Substitute green vegetables for the fries.

Here are some keto-friendly dishes from Charlotte restaurants to try:

Cafe Abugida

Location: 3007 Central Ave, Charlotte, North Carolina 28205

Neighborhood: Plaza Midwood

Cuisine: Ethiopian

Dish to try: Doro Alecha, tender chicken thigh cooked simmered in Ethiopian herb butter, garlic, onion and spicy curry sauce with hard-boiled egg.

Fin & Fino

Location: 135 Levine Avenue of the Arts # 100, Charlotte, NC 28202

Neighborhood: Uptown

Cuisine: Seafood

Dish to try: For those who like a little extra heat, try the mussels, served with poblano peppers, andouille and tomato-pickle broth. This broth has no added sugars – the sweetness comes from the tomatoes, tarragon and tamarind, then the sauce is finished in butter. To avoid added carbohydrates, skip the bread.

Meat

Location: 1400 Church Street B, Charlotte, North Carolina 28203

Neighborhood: South End

Cuisine: Korean BBQ

Dish to try: At this all-you-can-eat Korean barbecue restaurant, there’s no shortage of protein-rich meats, from curried pork belly to spicy chicken. Just replace the side of the rice with some green vegetables like zucchini or green lettuce.

Charlotte’s Mad Greek

Location: 5011 South Blvd, Charlotte, North Carolina 28217

Neighborhood: Madison Park

Cuisine: Greek

Dish to try: The Mad Greek Salad, made with lettuce, tomato, onion, cucumber, feta, green pepper, olives and pepperoncini. For more protein, consider adding grilled chicken. And hold the pita.

IMG_3034.jpg
Charlotte’s Mad Greek salad is one of her most popular dishes. Melissa Oyler Charlotte five

Mezeh Mediterranean Grill

Location: 340 E 16th St, Charlotte, NC 28206

Neighborhood: Optimist Hall

Location: 4920 Old Sardis Rd, Charlotte, North Carolina 28211

Neighborhood: Strawberry Hill

Cuisine: Mediterranean

Dish to try: Build your own bowl with a green base like spinach, kale or arugula. Then wrap it with protein like chicken shawarma, chicken kebab, or grated lamb. Top it off with your choice of toppings.

The roasting company

Location: 1521 Montford Drive, Charlotte, North Carolina 28209

Neighborhood: Montford

Location: 122 Oakland Ave, Rock Hill SC 29730

Neighborhood: Rock Hill

Kitchen: Rotisserie

Dish to try: kale kale bowl, made with kale, arugula and mixed vegetables, cotija cheese and Italian dressing (which does not contain sugar). For more protein, add pulled chicken or pulled pork.

Related stories from Charlotte Observer

Maddie Ellis is a reporting intern at CharlotteFive. She is studying English and Journalism at the University of North Carolina at Chapel Hill.

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Bars

Answers asked after pardoned Hampton man stays behind bars; his co-accused is free – WAVY.com

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Eatery Business

Oportun Personal Loans Review 2022 – Forbes Advisor

Personal loan applications are approved or denied based on a number of factors. All lenders have their own specific underwriting requirements, but these usually include information from an applicant’s credit profile and other factors demonstrating the ability to repay the loan, such as: B. Income. Meeting the following requirements doesn’t guarantee approval, but they can help you decide whether a personal loan is right for you.

Creditworthiness requirements

Oportun does not disclose the minimum creditworthiness you need to be approved for a loan. However, it is aimed at people with poor credit ratings. According to the company, you may still be able to get a loan even if you have filed for bankruptcy in the past.

Income requirements

When you apply for a loan, Oportun verifies your income by reviewing either past bank statements or current pay slips. You must be making at least $ 500 per month to be eligible for an oportun loan.

Co-signer and co-debtor

If you are struggling to get approved for a loan because of your loan, one option is to mortgage your car as collateral for the loan (i.e., get a secured loan). However, if this isn’t an option for you, you may be able to use a co-signer instead. Just remember that if you don’t, your co-signer is on the hook to repay the loan.

Oportun does not allow co-borrowers.

Related: Co-debtor vs. co-signer

Secured Loan Requirements

When you need a secured loan and want to increase your loan amount, Oportun can mortgage your car as collateral that can repossess it if you fail to repay your debt. Your car must meet its own criteria.

You must be the sole owner of the vehicle (with no one else, e.g. a spouse) and it must be paid off in full with no further loans or liens. In addition, your car must be at least 25 years old. Ineligible vehicle types include:

  • Transporter
  • Leasing vehicles
  • Electric cars
  • Cars registered in a state other than where you live
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Nightclubs

Happy Land nightclub fire in 1990 left 87 dead

The Bronx fire that killed 19 people on Sunday was the deadliest fire in New York City since 1990, when a fire at a Bronx nightclub left 87 people dead.

The fire, which was started by an arsonist after fighting with his girlfriend, occurred at the Happy Land Social Club, an unlicensed club that lacked sprinklers, fire alarms and emergency exits. It had been ordered to close for fire hazards and building code violations 16 months before the fire, but it continued to operate. The nightclub was on the second floor of a dilapidated building and was crowded with mostly Honduran immigrants celebrating carnival.

The arsonist Julio Gonzalez, a Cuban refugee, had argued with his girlfriend every now and then about leaving his locker room job at the club, before a bouncer kicked him out around 3 a.m. . He walked three blocks to a gas station and filled a gallon container with $ 1 gasoline from an attendant there.

At around 3:30 a.m., he returned to the club, splashed gasoline at the bottom of the stairs and set it on fire, cutting the only open door and filling the club with smoke. As the fire grew, he returned home.

It was one of the worst mass murders in US history. Most of the people at the club suffocated from the smoke, and only six people survived, including Mr. Gonzalez’s girlfriend. She told the police about her argument with him, and when the police arrived at her apartment, he confessed. “I got angry, the devil grabbed me and I set it on fire,” he told detectives.

It was New York City’s deadliest fire since the Triangle Shirtwaist Company fire in 1911, which occurred 79 years to the day before the Happy Land fire. After the Happy Land fire, the city stepped up its investigations into illegal clubs.

Mr Gonzalez was convicted the following year and was sentenced to 87 concurrent prison terms ranging from 25 years to life. After serving 25 years in prison, he died in 2016 at age 61 in a hospital in upstate New York, where he was released from prison after an apparent heart attack.

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Cafes

Space Café Radio: 2021 Review – Blaine Curcio
















Space Café Radio: 2021 Review – Blaine Curcio – SpaceWatch.Global



















Blaine Curcio, Screensht from Dongfang Hour

In this Radio Café de l’Espace – our Review 2021 series, publisher SpaceWatch.Global Torsten Kriening speak with Blaine curcio, #ChinaSpaceGuy, Founder of Orbital Gateway Consulting and Senior Affiliate Consultant at Euroconsult and Co-Host of DongFnag Hour China Aerospace News Brief on Its 2021 Space (China) Highlights and What It Takes watch for the coming year in space.

Pierre Lionnet – @LionnetPierre – is the reference Blaine mentioned at the end.

Radio Café de l’Espace brings you our interviews, our interviews, our impressions. In this format, you will hear conversations or the entire SpaceWatchers team while on the road. Each show will have a specific topic, unique content and a very personal touch. Enjoy the format of the show and give us your feedback for [email protected] .

Previous Space Café Radio: 2021 Review – Alex Fielding

Also check

In this Space Café Radio – our 2021 Review series, SpaceWatch. Global publisher Torsten Kriening spoke with Ken Hodgkins, president of International Space Enterprise Consultants, about his 2021 space highlights and what he’s doing. must watch for the coming year in space.


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Restaurants

Restaurants adapt to the Omicron wave

A drive-thru restaurant in Webster Groves has recorded 30% more orders in recent weeks.

ST. LOUIS – The recent surge of COVID-19 has prompted some businesses in Saint-Louis to step up their security protocols while others have closed to help slow the spread.

On Saturday, Frank Romano and his staff at Parkmoor Drive-In in Webster Groves could be seen wearing masks along with some guests at the tables.

“This is serious business and we want everyone to be safe. We follow all protocols here. Keep it clean. And do our best, ”said the Managing Director.

The restaurant opened in the heart of the COVID-19 pandemic in 2020, when you could only dine outside.

As cases fluctuated, they switched to patio and sidewalk service until they had some relief in the summer of 2021.

“It was safer. People weren’t getting that sick and we were allowed to use inside restaurants, ”Romano said.

With the virus mixing operations again and new variations in play, the restaurant has seen a 30% increase in take-out orders.

Other restaurants in Saint-Louis are preparing for the battle.

The Morgan Street Brewery in the city center is closed until further notice.

Signage on the door reads “We have made the extremely difficult decision to close due to the continuing pandemic. If life returns to normal, we hope to see you again.

Planter’s House has also been on hiatus until the end of January for some “rest and recovery,” according to their website, after ending their vacation early due to cases.

For restaurants that stay open like Parkmoor with no cases inside, it’s all about masking, pulling out and deep cleaning.

“Constant hand washing, disinfection, wearing of gloves,” Romano continued.

Like so many others with a business in this ever-changing climate, the restaurant has asked everyone who is feeling sick to stay home.

The City of St. Louis Department of Health has urged companies to reduce their workforce indoors as much as possible.

The agency also asked the companies to work with experts in H-VAC to improve the air quality in the building.

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Bars

Restaurants and bars hampered by workers sick with COVID-19, even closing for several weeks – CBS Dallas / Fort Worth

DALLAS (CBSDFW.COM) – Restaurants and bars struggled during the pandemic as closures and lack of customers hampered their operations.

Lately, many have struggled to keep staff at work, and now, to fall ill as COVID-19 continues to ravage the DFW metroplex.

READ MORE: Judge Orders Boston Marathon Bomber’s Relaunch Control Can Be Used To Pay Victims

At Alexandre’s in Dallas’ Oak Lawn neighborhood, owner Lee Daugherty said staff wanted to shut down for a month after an employee tested positive weeks ago.

Restaurants and bars like Alexandre’s in Oak Lawn are closing to protect workers as COVID-19 cases increase. (credit: Nick Starling / CBSDFW.com)

“I supported their proposal, I think it was the safest and best thing for us to do. Of course, it hurts financially, of course, it hurts them financially, but you know, in order to ‘Keeping everyone safe and doing our part to minimize transmission was the right decision, “said Daugherty,” This thing is skyrocketing and growing exponentially so fast that workers mostly need to take their own decision.

Daugherty wants this to be a wake-up call for workers to fight for their health as more people in the community fall ill. “Hopefully this will result in the workers meeting their management, their owners and their bosses and saying, listen, this is what we want, this is what is going to make us feel safe. “

READ MORE: Train catches fire after derailing near Oklaunion

Other restaurants like Bonnell’s in Fort Worth have closed after six employees fell ill. They have since reopened.

At Burgers N ‘Beyond in Fort Worth, they too have felt the tension when workers are away.

“It’s hard for us, we had to pay others to cover his shift, his morning shift and the other in the evening,” said owner Ali Altaher.

As for Alexander, after this month Daugherty said they would take him week by week to see if COVID-19 cases go down to make sure everyone can safely have a drink and have fun.

NO MORE NEWS: Strong demand for COVID-19 testing after Dallas hits record number of cases for second day in a row

“We can party in the future, we just can’t at the moment,” Daugherty added.


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