Fast Payday Loans, Financial Literacy and Comprehensive Publications

Today, many people suffer from financial issues either temporary or permanent. The reasons for this are different: unreported, low-paid job, great expenses, inability to control your own budget, etc. The main problem is that people cannot handle the finances got, its distribution is irretional many times. Of course, there are many optins to cope with money lack: change the job, start investing, issue fast payday loans as a temporarty solution to temporary inconvenient circumstances.

We are going to explain to you the essence of fast payday loans and as a concequences: financial literacy.

What are payday loans?

We have collected several definitions what this means. Let’s start:

  1. as set in the Collins Dictionary: “A payday loan is a small personal cash loan at a very high interest rate, secured by the borrower’s next paycheck.”
  2. the second definition is taken from the Urban Dictionary: “A payday loan is when you get an advance on your paycheck and pay it back with interest on payday.”
  3. according to Investopedia: A payday loan is a type of short-term borrowing where a lender will extend high-interest credit based on your income. Its principal is typically a portion of your next paycheck. Payday loans charge high interest rates for short-term immediate credit. They are also called cash advance loans or check advance loans.

Every person is able to apply for fast cash advance, borrow funds you need but with its further repayment on the specified due date. But if you are not ready to apply for a loan, you may get to know more about financial literacy. Let’s start finding out more about this phenomenon.

What is financial literacy and how it affects human lives?

Financial literacy is the set of knowledge in the field of finance necessary to make sound decisions in this matter. It includes an understanding of the meanings of basic economic terms, the ability to practically apply this knowledge provides a citizen with the opportunity to manage his budget wisely and improve his well-being.

A financially literate person should be able to:

  • keep your budget;
  • take into account income and expenses ratio;
  • put money aside;
  • consciously use financial instruments;
  • understand the offers in the financial market;
  • use savings and insurance instruments.

The high level of financial literacy of the population is one of the indicators of the state economic prosperity. A large number of citizens who do not understand finance results in the country’s decline. The growth of financial literacy of citizens reduces the level of crime (including fraud), reduces the creditworthiness of the population. Therefore, many states are developing special programs to improve it. The national policy of developed countries – for example, Great Britain, the USA and Germany – necessarily includes the introduction of accessible training programs in this area.

We have collected top 12 books decsribing everything about financial literacy, management, control.

Dave Ramsey’s “The Total Money Makeover”

Dave Ramsey’s “The Total Money Makeover”

David Bach’s “The Automatic Millionaire”

David Bach’s “The Automatic Millionaire”

Erin Lowry’s “Broke Millennial”

Erin Lowry’s “Broke Millennial”

Carl Richards’ “The One-Page Financial Plan”

Carl Richards’ “The One-Page Financial Plan”

Bola Sokunbi’s “Clever Girl Finance”

Bola Sokunbi’s “Clever Girl Finance”

Morgan Housel’s “The Psychology of Money”

Morgan Housel’s “The Psychology of Money”

Vicki Robin’s “Your Money or Your Life”

Vicki Robin’s “Your Money or Your Life”

Ramit Sethi's “I Will Teach You to Be Rich”

Ramit Sethi’s “I Will Teach You to Be Rich”

Sophia Bera's “What You Should Have Learned About Money, But Never Did”

Sophia Bera’s “What You Should Have Learned About Money, But Never Did”

Steve Burkholder's “I Want More Pizza”

Steve Burkholder’s “I Want More Pizza”

JL Collins's “The Simple Path To Wealth”

JL Collins’s “The Simple Path To Wealth”

Tood Tresidder's “How Much Money Do I Need to Retire?”

Tood Tresidder’s “How Much Money Do I Need to Retire?”

Category: General

Tags: finance, payday loans, publications