the Beginner's Guide To Payday Loans
It can happen to all of us. An unexpected expense comes up, like a broken washer or a car that won't start. How do you pay for it when you're temporarily strapped for cash? You can put it on your credit card. And pay it off later, over a long period of time, with interest. Or you can apply for a payday loan.
A payday loan is a small loan, typically in the $ 100 to $ 500 range. It has high interest, especially when you fail to pay it off on time. As with any loan, the payback loan has it's pluses and minuses. But if you're looking for options to get some quick cash, the benefits may outweigh the disadvantages.
If you need some quick cash, a payday loan is one way of getting it. For many people, it beats the alternative of having to loan money from friends or relatives. With the added advantage that you don't have to put your friends and relatives in a tight spot when you ask them for money.
A payday loan has the advantage that you don't have to go through all the hassle of a credit check. Plus, it can be done in a couple of minutes. If you apply for the first time, it may take half an hour. That's fast. You get the money within 24 hours most of the time.
This is what makes a payday loan a quick fix for your short term credit problems. However, you have to be sure that you can pay it back within the set time limit. Most of the time, the deadline is 3-4 weeks. If you can't pay it back then, you're looking at some huge interest costs.
Payday loan companies give you the option of extending your payday loan. This is also known as a 'roll-over'. The problem with rolling over, is that the interest rate can reach high into the double digits. Don't let this happen to you and pay attention to the date that the loan should be paid off.
A payday loan is a small loan, typically in the $ 100 to $ 500 range. It has high interest, especially when you fail to pay it off on time. As with any loan, the payback loan has it's pluses and minuses. But if you're looking for options to get some quick cash, the benefits may outweigh the disadvantages.
If you need some quick cash, a payday loan is one way of getting it. For many people, it beats the alternative of having to loan money from friends or relatives. With the added advantage that you don't have to put your friends and relatives in a tight spot when you ask them for money.
A payday loan has the advantage that you don't have to go through all the hassle of a credit check. Plus, it can be done in a couple of minutes. If you apply for the first time, it may take half an hour. That's fast. You get the money within 24 hours most of the time.
This is what makes a payday loan a quick fix for your short term credit problems. However, you have to be sure that you can pay it back within the set time limit. Most of the time, the deadline is 3-4 weeks. If you can't pay it back then, you're looking at some huge interest costs.
Payday loan companies give you the option of extending your payday loan. This is also known as a 'roll-over'. The problem with rolling over, is that the interest rate can reach high into the double digits. Don't let this happen to you and pay attention to the date that the loan should be paid off.
About the Author:
Gerald writes about payday loans and other short term finance options. He also writes in Dutch about mini lening rente and minilening.
posted by Debt Consolidation Loan at
6:01 AM
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