Payday Loans To The Rescue
Sometimes bills pile up and then the dog gets sick
. This may not be the exact situation you are in, but when you need financial help you can turn to payday loans to lend you a hand.
When one month is just too expensive, there is an industry that you can turn to for small short-term loans. They will provide you with payday loans that will instantly give you cash so you can get what you need to done.
Payday lenders understand that sometimes you just need a little extra cash to make it through the month and get back on your feet.
There is an easy process that we can go through to get the cash we need fast. Payday lenders help us to easily get a small loan quickly by offering these payday loans.
Payday loans are also known as a cash advance. Payday loans and cash advances allow you to meet the needs of you and your family for the month. Payday loans are then easily paid off the next time you get paid.
The process to get a payday loan is simple. All you need to do is find a location near you that offers these payday loans.
After going in, talk with a clerk to determine what amount is best for you. Then write a personal check for the amount you wish to receive, plus the standard fee.
The payday lender will hold the check until your next payday or another other date you specify. They will cash the check at that time and you will be debt free.
Most payday lenders require a few basics to be able to qualify a person for a payday loan. These items will generally include proof of a steady source of income, a checking account in your name, and a state or federal ID.
It is highly probable that when you go in with these things that you will be able to walk out with the amount of cash you need.
When finances get tight towards the end of the month you may try to think of alternative options to make it to the end of the month. Writing a faulty check or making a late bill payment to get through the month are not good options when it comes to additional fees and your credit rating.
Don't do things that may hurt your credit. Instead you should consider receiving cash through a payday loan.
When you write a check and there is no money in the account, the check will likely bounce. This is because when you write a check, you are promising to pay as soon as the check is cashed because you already have the money.
When the check is cashed, the bank will quickly know that there are not enough funds to support the amount owed to the company. Your check will bounce, leaving you with an overdraft fee ranging between $20 to $50.
This fee will be charged to your account and you will have to pay it with your next paycheck on top of the original amount that you owed from the bounced check. Not to mention, you may have to write several checks during the last couple months. This will leave you will several fees.
In an ideal world, they just would never take your check to the bank at the end of a business day or maybe never take it home. Based on the world we live in today, it is highly unlikely that the business would wait more than a day to cash your check.
In order to avoid this faulty check situation, payday lenders offer payday loans to help you stretch your finances to the end of the month. For example, on a $100 loan you would be charged just over a dollar a day. This would end up being close to $115 at the end of two weeks.
If you are going to receive a paycheck earlier than the standard two week time period, you can opt to have the loan time end sooner. This will leave you paying less interest on the loan.
Another important thing to be familiar with is the term annual percentage rate. This rate determines how much interest will be charged on a loan for a year.
In other words, APR determines the amount a person will pay in interest during a year time span on borrowed money.
The longer the payday loan lasts for, the lower the APR can be for the company to still make a profit. Because payday loans are only given as short time loans they generally have high APRs.
This may seem daunting but it is only because they are paying a small amount during a short time span.
by: Terry Daniels
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