The Truth About Payday Loans
We've all had the experience of having a little month left over at the end of the money. You've either made a mistake in making your budget, or some unexpected expense has come up like a broken washer or a broken car. You're strapped for cash, the credit card has already reached it's limit and you don't feel comfortable asking friends or relatives for money. In this situation, you can consider a payday loan.
A payday loan is a loan that's typically in the $ 100 to $ 500 range. It's a small loan, with a quick payback date and high interest. The payday loan has advantages and disadvantages. But if you're strapped for cash, the advantages sometimes outweigh the disadvantages.
If you're short on cash a payday loan is one of the quickest and easiest ways to get it. It's a better way to get money than having to ask your friends or relatives for money. Asking friends or relatives for money can put them in an awkward position, a payday loan is discreet.
A payday loan also has the advantage that you skip a step you would normally have to go through with every other loan: a credit check. The entire process takes under half an hour and you can have the money in your bank account within a day. That's fast and easy.
If you have short term cash problems, and you're sure you can pay the payday loan back in time, this is a good alternative for you. But if you're not sure about your next paycheck, don't apply for a payday loan. Because you will be looking at some huge interest costs if you don't pay back in time.
If you allow the loan to be extended a couple of times, you can be looking at interest rates high in the double digits. That's why you always need to pay close attention to the payback date and make sure you won't miss it. If you pay back in time, a payday loan can be a good alternative to coming up short.
A payday loan is a loan that's typically in the $ 100 to $ 500 range. It's a small loan, with a quick payback date and high interest. The payday loan has advantages and disadvantages. But if you're strapped for cash, the advantages sometimes outweigh the disadvantages.
If you're short on cash a payday loan is one of the quickest and easiest ways to get it. It's a better way to get money than having to ask your friends or relatives for money. Asking friends or relatives for money can put them in an awkward position, a payday loan is discreet.
A payday loan also has the advantage that you skip a step you would normally have to go through with every other loan: a credit check. The entire process takes under half an hour and you can have the money in your bank account within a day. That's fast and easy.
If you have short term cash problems, and you're sure you can pay the payday loan back in time, this is a good alternative for you. But if you're not sure about your next paycheck, don't apply for a payday loan. Because you will be looking at some huge interest costs if you don't pay back in time.
If you allow the loan to be extended a couple of times, you can be looking at interest rates high in the double digits. That's why you always need to pay close attention to the payback date and make sure you won't miss it. If you pay back in time, a payday loan can be a good alternative to coming up short.
About the Author:
Gerald writes about payday loans and other short term finance options. He also writes in Dutch about rente mini lening and afsluiten minilening.
posted by Debt Consolidation Loan at
8:42 AM
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