Debt Management and Debt Reduction Tips

Do You Have Debt Problems?

If you answered yes to the question above you are no different that millions of other Americans. The credit crisis we have experienced recently in our country and throughout the world is largely as a result of people and organizations taking on too much debt. YadYap does not want you to be in debt! We are here to help you when you most need it, but you should not look to us for long term cash flow.

Getting out of debt

There are many ways to help get yourself out of debt. You can create a budget to control what you are spending money on. You can call and talk to your creditors to see if maybe you can work out a payment plan with them. Don't wait around for something to change, you must be proactive and work to get yourself out of debt.

Can you not afford to payback your YadYap loan on time?

YadYap has created a system where you can build a reputation (your YadYap Score) by paying back your loans on time. If you know that your checking account is not going to have enough money in it when your loan is due PLEASE CONTACT US. We will work with you to create a payment plan that will help you pay off the loan. If you ignore the situation it will only get worse.

APR

The APR (annual percentage rate) that you will pay for a loan is one measure of the cost of taking out a loan. Disclosing the APR that you will pay for your YadYap loan is required by law. YadYap is transparent and upfront about everything. We will always show you the APR and the total dollar cost of each loan that you apply for.

However, we also encourage you to consider that the cost of lending money for a very short length of time is expensive for YadYap and our lenders. We hope that our marketplace will deliver the lowest possible short term lending rates that you can get anywhere, but expecting "normal" APR rates such as those paid for when getting a car loan for example is not a realistic expectation.

Short Term vs. Long Term loans

The APR is a good standardized measure for comparing different types of traditional loans, specifically loans that are long term such as a year or more. Another way to evaluate the cost of a loan to you is the actual dollar amount you will pay for the loan. You should consider the alternatives to using a YadYap loan. For example will you be charged expensive overdraft fees from your bank, etc.

YadYap loans are only for 30 days or less, and as discussed above the APR is best used as a measurement for loans of a year or more. YadYap provides a marketplace to give you the lowest rates possible, and we offer a very convenient way for you to get a short term loan fast! So in short, consider all of the factors that go into making the decision to apply for a YadYap loan, and please only apply if you are sure you can pay it back on time.

Is a YadYap Loan Right for You?

YadYap Loans are loans to be used for 30 days or less. Before you apply for a loan make sure this is what you are looking for. There are many different types of loans for all types of situations. If you want to get a loan to buy a car you wouldn't' take out a payday loan, you want a fixed rate loan for 3-5 years. For a house you want the lowest rate you can get and it will most likely be for 15-30 years. Just make sure that when you take out a YadYap loan that you are looking for a loan to fill a very short term cash need and that you can pay it back in back on your next, or the following pay date.

Check out alternatives

If you are in need of longer term financing, or if you find yourself in the same tight spot month after month you may want to consider alternative loans. If you are a home owner you may qualify for a long term home equity loan. Maybe you have friends or family members that can afford to give you a longer term loan. The options are many and YadYap wants to make sure you are choosing the right one for you.

Make sure you can afford the loan!

It is very important to us and you that you evaluate your financial situation before taking out a YadYap loan. Please look at the income you have coming in the next month and the bills you need to pay and determine before taking the loan that you can pay it back.

Understand the loan

YadYap makes every effort to give you all of the details about your loan that you will need to make an informed decision. Do not apply for or use a YadYap loan unless you understand all of the details. Before accepting a YadYap loan you will be given disclosures and a loan agreement or contract. Make sure you read and understand it carefully before accepting it and agreeing to the loan.