The Truth About Guaranteed Payday Loans
Guaranteed payday loans are temporary loans that are designed to get you to your next pay check. Getting a loan of this type is very easy and fast, in fact you can usually secure funds within one business day. You can often secure funds on the spot, as long as you are trying to get the loan in the store, as opposed to online.
If this is the type of loan you're going to get, do some good research before you pick a lender. If the service is legal in your state, you have probably seen quite a few payday loan stores around. If it's not, you probably haven't.
The amount of interest you can expect to pay with loans of this type is generally about ten percent of the loan amount. Since the loan term on these loans is generally only two weeks, that's a lot of interest.
Borrowers that are unable to pay the money back when it is owed, in most cases two weeks from the lending date, the interest will continue grow exponentially. The best plan is to be wise in the amount you borrow.
Some lending institutions will ask you to write a post-dated check covering the amount borrowed and associated fees. It is still your responsibility to go to the lending source in person by the due date of your loan and pay back the money. However, if you are negligent and dont pay back the money in person, they will most likely cash the check you left as collateral.
If you think that the payday store is going to cash your check, make sure you have funds available. People sometimes can't pay back the loan and get deeper in the hole by racking up bounced check fees.
This type of loan is extremely quick and easy to get, but isn't usually recommended. If you take out a payday loan, use it with extreme caution.
If this is the type of loan you're going to get, do some good research before you pick a lender. If the service is legal in your state, you have probably seen quite a few payday loan stores around. If it's not, you probably haven't.
The amount of interest you can expect to pay with loans of this type is generally about ten percent of the loan amount. Since the loan term on these loans is generally only two weeks, that's a lot of interest.
Borrowers that are unable to pay the money back when it is owed, in most cases two weeks from the lending date, the interest will continue grow exponentially. The best plan is to be wise in the amount you borrow.
Some lending institutions will ask you to write a post-dated check covering the amount borrowed and associated fees. It is still your responsibility to go to the lending source in person by the due date of your loan and pay back the money. However, if you are negligent and dont pay back the money in person, they will most likely cash the check you left as collateral.
If you think that the payday store is going to cash your check, make sure you have funds available. People sometimes can't pay back the loan and get deeper in the hole by racking up bounced check fees.
This type of loan is extremely quick and easy to get, but isn't usually recommended. If you take out a payday loan, use it with extreme caution.
About the Author:
Trinity teaches individuals how to get quick guaranteed payday loans and about many other types of bad credit loans.
posted by Debt Consolidation Loan at
4:10 PM
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