Interest Free Payday Loans- Possible?
One question that often pops up from the mind of potential borrowers is whether they are available interest free payday loans
. A lot of people are complaining with the huge interest rates involve with payday loans. If you are watching the news closely, you are already familiar with the states that include payday bills on their ballot. Majority of these bills were focusing for the regulation of the interest rate that a lending company can charge with the payday loans. A lot of people are in financial trouble nowadays because of this high interest rate and how they wish that a payday loan that is interest free exists.If you are looking for a payday loan that has no interest charge, you can call it free money. You are hoping that if you borrowed $500, the lender will give you $500 and you are going to pay them back later with $500. If this is what's going to happen, the company will not make any profit so this is a no-no scenario. Also, such scenario gives no incentive to lend you any money and you have no incentive to pay back what you owe on time. If, along your search for a loan company, you encounter one like this, you should find out if everything about it is legitimate because it seems too good to be true. Probably, this is just a scam. You might be tempted to try your luck with these companies because it can save you a lot of money but you can put yourself in a more complicated situation when you mix up with an illegal business.Some websites of payday loan companies are setup with a sparkling banner saying "Apply for a payday loan with 0% interest rate today for only $15." It is true that they are not going to charge you any interest but, in place of it is an initial fee. So, you are actually not saving any money yet. The company just shifted the fee to the beginning of the process of payday loan which is supposed to occur later. Be careful with these offers because you might be paying more in fees than you would have to pay in interest rates. You would not want to put yourself in a worse situation because you are avoiding paying interest rates. In any way, payday loan companies are going to get their money and earn profit from you.If you really want to save money when borrowing free payday loans, always pay on time. Sometimes, the fee for late payments are higher than the interest rate. This is possible if you always miss your dues because charging of a late fee continuously occurs. If you are following the rules and agreement with the lending company, things are going to be easier for you and you will realize that the most dreaded interest rate is not too much of a burden as you thought. There are no existing payday loans with zero interest but, if you play by the rules, you have no problem paying your payday loan dues.
Interest Free Payday Loans- Possible?
By: Gen Wright
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