subject: Payday Loans Are Here To Help [print this page] Unexpected things happen to people every day. When it comes to unexpected money problems payday loans are here to help.
These loans can help you whether you need to pay off the cell phone bill, get car maintenance, or get a few more groceries, etc. Payday lenders understand that sometimes we all need a little financial help to make it to the next paycheck.
These loans act as a cash advance until you are able to receive your next paycheck. They allow people to meet their financial needs and then pay off the small loan quickly.
The process of acquiring a payday loan is an easy process. First, locate a lender near you. Then write a personal check for the amount you wish to receive, plus the standard fee of the business you visit.
The lender will hold the check until the next time you get paid or another date that you choose. Then, when that day arrives the check will be cashed.
In order to be eligible to receive a loan you will need to take three things. These include proof of a steady source of income, a checking account in your name, and a state or federal ID. If you don't take these things you will not be eligible for a payday loan from most lenders.
These loans will give you the funds you need to make it to the next paycheck leaving you less stressed and more capable of dealing with the things that come your way.
Remember that these are small loans. Because of this if you receive one you need to pay interest on it, just like you would with any other loan.
The interest rate on a loan is called an annual percentage rate, or APR. This rate determines how much interest will be charged on a payday loan, or in other words, determines how much interest will be owed on an amount of borrowed money.
The longer the loan lasts, the lower the APR will be. This is calculated this way so that the lender can still make at least a small margin of profit. Payday loans are only short term loans that often don't last more than two weeks, causing APRs to be high.
Because they have a high APR they may seem intimidating to many people. But a high interest rate should not scare you.
In fact, don't allow the APR to intimidate you. The reason payday loans have high interest rates is because they are small loans given for a short period of time. This combination inflates the interest rate.
When you need a little extra financial help, you can easily get a payday loan that will help you make it until your next paycheck.
by: Ronald Pedactor
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