Fast Payday Loans - Think Before You Apply For Payday Loans
You might be familiar with payday loans although doubted whether it could be right for you
. Given that payday loans have very high interest rates that involve you to provide the lender an access to your savings account; you might want to think on it with awareness if there is a dependable way to avail yourself of payday loans.
A payday loan, also called as cash advance loan, is an instant cash advance of up to $1,500 for a term of less than 21 days, otherwise till your next paycheck. Given that the interest rates and fees are very high, you should think about a payday loan only if you have attempted other sources of cash, a personal loan that needs to apply for and a credit check. If you succeed you'll be paying a great deal lower interest rate. Close associates, who in all probability will charge you less or offer you for free or a cash advance from your company. If you are going through a crisis, like a medical problem or car repairs, a payday loan might seem right if you bear in mind that the loan is an advance against your next paycheck. This indicates that you will be short of cash next month, can you manage it?
Here is a case in point. You have a stable job and a saving account. Every month, you draw $3,500 as salary. Your salary is transferred directly into your saving account. A few weeks after you have been paid your car need urgent repairs costing you $900. You have tried to get help from your family and your credit cards are blocked, and your reserves are low so, you go for a payday loan. The payday loan lender approves your loan and transfer $900 into your savings account.
Now, your next payday is a week away. The interest cost for such loans can be as high as $20 per $100 borrowed now this is exorbitant. To have a loan of $900 for one week, you will pay a $180 as lending fees in addition to the sum borrowed. Your overall repayment will be $1080. In addition, to get the loan you have to provide the lender with the right to debit your savings account. If on your next payday there is not enough money in your account you will owe the late fees as well.
You might perhaps believe this is manageable and you can settle off the loan on your next payday. However bear in mind that as soon as your next payday approaches, you won't have $3,500 in your savings account. You will just have $2,240 since the loan amount along with the fees will be debited from your account automatically. If you are always on a tight budget, like many are, that might indicate you will run out of cash in a couple of week. Besides think about this, if you can't spend $900 to repair your car now, are you certain that a week hence you can spend $1080 to settle up your loan? Therefore, if you do need a payday loan, be all set to cut back on avoidable expenses to make up for the extra outflow you will need to take on in the weeks to come.
Fast Payday Loans - Think Before You Apply For Payday Loans
By: Angela Dalton
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