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payday loans

Debt

Learn More About Payday Loans – They Are Simpler Than You Think

A payday loan is a loan given to the borrower by the lender with the next paycheck of the borrower as collateral. They are short term loans and the most widely used time span is 2 weeks. They can be rolled over as well if the borrower cannot pay the money on time.

Why do people use payday loans?

Most people use payday loans to meet an immediate monetary crisis. If someone needs cash at hand instantly, say for medical expenses or some unforeseen expense that he or she has to meet, then a payday loan can be useful Payday loans are available in all parts of the United States and the normal interest charged is $ 15 to $ 20 on every $100 lent.

May 25, 2012

Debt

How Online Cash Loans Can Be Used To Cover Funeral Costs

We often think of online cash loans as associated with our living costs, with good reason. Even the thriftiest can be hit with unprecedented unemployment, injury or illness that leaves them cash short. Instant cash loans are invaluable in filling short-term needs. However, did you know that online cash loans can also come in handy when it comes to paying for the cost of dying?

Funeral Costs

The standard cost of a burial in America is well over $6,000, even going as high as $10,000 or more. Good for undertakers and funeral parlors, but an unexpected blow to the families of the deceased who have to deal not only with their grief but also with the numbing cost of the funeral. Though online cash loans especially in United States are restricted to a maximum of $500-$1,000, it may turn out to be what you need to provide a loved one with a fitting farewell.

January 12, 2012

Debt

Think Before You Go For A Payday Loan

Sometimes we may need a small amount of cash to solve our financial problems. We might be sinking deep into the debt whirlpool. This is when we need money and we should go for a loan if we don’t find any other sources. Loans are good to take when we need them, but if we do not act wisely, we may end up paying five to ten times more money than what we had actually borrowed. But you need not get scared about it. Payday loans can turn out to be a blessing, but only if you understand how to use them.

Everyone likes to have money, and to have the opportunity to get a loan instantly. But it is exactly during such moments of urgency that most of us tend to overlook the terms and conditions and the details and straight away apply for a payday loan to the first payday loan company that we can find. We don’t even think about the company’s standards, and we don’t research it or even compare other available options. And this is where the problems begin. There is no doubt that a payday loan can serve you better when it is really needed. Like everything, payday loans also have their pros and cons. So the trick is in knowing about payday loans and making appropriate and sensible use of them.

September 16, 2010

Debt

Steer Clear of Payday Loans

While flipping through David Bach’s book Fight For Your Money, I came across a section on payday loans. I have always known that payday loan companies ripped people off, but after reading this section of the book, I am more convinced than ever that payday loans should be absolutely the last resort in a financial emergency. In fact, I wouldn’t even consider a payday loan as a feasible option.

First of all, if you take out a payday loan, you will be charged outrageous loan payment fees. In the instance referred to in the book, a woman borrowed $400 and was charged a $60 fee.

Then, because she couldn’t afford to pay the full $400 at the due date, she was forced to take out another payday loan to pay off the first loan. This caused her to pay yet another ridiculous loan fee. Payday loan companies do not accept installment payments, so if you don’t have the means to pay off your initial loan, they have got you exactly where they want you – you will end up in a vicious cycle by taking out one loan after another in order to pay off the previous loan.

By the time the woman had enough to finally pay off her debt with this particular loan company, she had paid $1,780 to borrow the $400! That means she paid 445% in interest charges! Unfortunately, some payday loan customers get stuck paying as much as 1000% in fees and interest charges as it takes them longer to get out of the trap.

Payday loan companies may seem attractive, as they are willing to lend to anyone with a job, even if they have bad credit. Before resorting to such an option, do your research and make sure you understand the full implications of taking out a payday loan. Learn from other people’s mistakes and avoid falling in the payday loan trap.

November 15, 2009

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