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 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.
If you have bad credit, or you're a little worried about your credit score, the payday loan offers another advantage. You don't have to go through the usual credit check. This speeds up the process immensely, making it possible to have the money within a day.
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.
Payday loans can be extended, also knows as a 'roll-over'. If you roll over a couple times, you will be looking at interest rates high in the double digits. Pretty steep interest. That's why you always pay close attention to the payback date and make sure, upfront, you can pay it back within time.
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.
If you have bad credit, or you're a little worried about your credit score, the payday loan offers another advantage. You don't have to go through the usual credit check. This speeds up the process immensely, making it possible to have the money within a day.
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.
Payday loans can be extended, also knows as a 'roll-over'. If you roll over a couple times, you will be looking at interest rates high in the double digits. Pretty steep interest. That's why you always pay close attention to the payback date and make sure, upfront, you can pay it back within time.
About the Author:
Gerald writes about payday loans and other short term finance options. He also writes in Dutch about mini lening afsluiten and minilening afsluiten.
posted by Debt Consolidation Loan at
2:22 AM
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