As much as possible avoid using this type of loan. But if borrowing from payday loan is inevitable, once is enough…Payday loans must be very pleasing to people in great need of immediate money. And why not? Imagine that you can apply for a loan and get approved within minutes! Imagine that you will not have to go through several administrative papers just to borrow a couple of hundred dollars you need for emergency bill or a 3-day household budget. Imagine that you don’t need to risk bigger assets such as your house and car just to get a small amount of loan. Imagine that you don’t have to be a good credit record holder to get approval. These may be the reasons why you want to consider payday loan. Okay, the bottom line is, you need money fast and there is this type of loan where you can get it, which also offers the amount you need without asking so many questions about your credit history or requiring you to submit several documents or asking for big collaterals.With a document proving that you are presently employed, an ID, an active savings account, and an age of 18 years old or above, you can apply for payday loan anytime- and get approval in 24 hours or less. These are very simple requirements compared to other requirements asked from other types of loan vehicles. You can also file your application online, over the phone, or at the local office. But regardless of how you apply, you can get the money deposited right at your savings account. That easy and that simple!Instead of being delighted with this offer, why not ask the question, “why getting a payday loan easy and simple?” The answer is, payday loan companies charge high interest rate on each loan they approve. Oftentimes, interest rate will go between 30% and 50% per week. Meaning, for every $100 you borrow, you will have to pay $130 to $150 back, in one week alone. That’s $30 to $50 for every $100 loss on your next budget! It may seem small at first but you will only realize that the cost if it is taking its toll on your budget.But in spite of this, making payday loan a habit is very tempting, especially with the offers given to return costumers or frequent costumers. Most payday loan companies offer lower interest rate or even a long payment terms for costumers who borrow money 2 times or more from them. Yes, you can get a loan for a cheaper interest but the word ‘cheaper’ is relative to what the companies offer and not with the ‘cheaper’ in real sense. You may get $15 less to pay for every $100 you borrow but still, the interest remains high.Again, if you find yourself in the situation wherein borrowing from payday loan is inevitable, once is enough. Let me give you a concrete example why you should not make a habit out of using payday loan: Your bi-monthly budget is $1000. Three days before your next paycheck, you are out of cash. You borrow from a payday loan company $300 with 30% weekly interest, and you promise to pay on your next paycheck. Your next paycheck arrives. You pay $300 plus $90 for interest. Your budget for the next 15 days shrinks to $610. Six days before your next paycheck, you are out of cash again. Since you have borrowed from payday loan companies before, you are confident that it can help you solve your immediate need for money so you apply for another loan again. The rate is reduced to 15% since you are a return costumer. So you borrow from them again. This time, $600 at 15% interest to survive until the next paycheck. Now, your total debt is $690. What is left on your budget is $310 after paying for your debt. Can you imagine where is this leading to?The point is, you can never rely on borrowing as a solution to your financial problem. It may give you temporary breathing room but will definitely hunt you once the air from that room expires. Look for other alternative source of emergency money and do not make payday loan a habit.
Monthly Archives: July 2023
Legal Research and Writing
The legal process outsourcing industry has been in the news for some years. Recently it has come to play a frequent international role as a consequence of the 2008 global financial crisis which burdened many international firms with loads of cases involving litigation and bankruptcies. Now these law firms and their clients were themselves hit by the recession and hence not in the position to pay the standard charges demanded by their local legal services providers. In any case, most companies would any day prefer to cut down cost if they got an opportunity. LPO companies based in developing countries give them this opportunity. Law firms are now able to get a variety of time consuming and expensive legal work done for a fraction of their local cost through offshore legal services providers based in distant countries.A major percentage of the companies using legal process outsourcing services prefer to outsource legal research and writing services to LPO companies. Broadly, legal research and writing involves the following functions-
Locating the primary sources of law for the given cases, regulations, statutes, etc.
Looking through secondary authority sources for background information on a legal subject. Such sources include law reviews, legal treatises, legal dictionaries and legal encyclopedias like Corpus Juris Secundum and American Jurisprudence.
Conducting research on non-legal sources to find supporting information.
The above tasks can be time consuming and hence quite expensive if done by a qualified legal services provider in a country like the United States who charges tens or even hundreds of dollars by the hour. But the same work can be done very efficiently in countries like India for rates as low as one-fifth of what it costs in the US.Law firms that outsource legal research work benefit from the highly qualified talent pool that LPO hubs like India can offer. The country has a vast educated work force that is capable of producing high quality legal research writing. Moreover, in recent years India has seen considerable infrastructural development which has created facilities like 24/7 legal process outsourcing services, timely deliveries and full proof security measures. Reputed LPO companies maintain a substantial work force which enables them to complete high volume legal research writing projects in record time.Apart from saving on cost while getting high quality work delivered on time, law firms that outsource legal research services require a high level of confidentiality to protect sensitive information contained in their legal documents. This facet is taken care of by reputed LPOs that make use of high quality security software to ensure that all sensitive information remains protected under every circumstance.The age of information technology has bought along with it many marvelous developments; the ability to outsource legal research services is just one of them. This whole process where the legal research writing of a law firm based, for example in in Los Angeles, is seamlessly carried out by a legal services provider working somewhere in a country like India or Philippines is nothing short of amazing if you give it a thought. In fact a few decades back the same thing might have been considered preposterous if not magical. But it is a ubiquitous reality today and is highly beneficial to all associated parties.