Use This Process And You Will Get Your Payday Loan
If you are in need of some cash for just a short period of time
, a payday loan could be the answer. How to get a payday loan is easily done. There are many places to find these lenders. Even the internet can get you in touch with many of them. These loans are set up with a fixed amount of money plus interest. You would give the lender a check to cover the loan and fees, and the lender would submit the check for payment on an agreed upon date.
If you have had previous payday loans, a lender would want to examine your repayment record. Proof of employment would be satisfied by producing your last pay stub. Proof of identity is mandatory of course and some may wish to see your last bank statement.
One of the major drawbacks of a payday loan is not being able to repay on the agreed date. You can ask to have your repayment extended. Lenders will easily agree to hold you repayment to your next pay period. Interest rate will of course, continue to accrue and that is where the fault lies.
The lender, or loan company, makes its money with repayment of the loan. The money does not have to come out of your next paycheck as the term 'payday loan' implies. Still there are many borrowers who wish to repay in this manner but other terms can be arranged. So far, everything sounds rather familiar with a regular bank loan. The major difference in regard to this type of short term loan, is the interest rate involved.
Caution is a word to be heeded here. The interest rates levied on these loans far exceed what a typical lending institution would charge you. ON top of that, just one missed payment will cause rates and late fees to skyrocket. If there is absolutely no other form of borrowing quickly available to you, the payday loan often remains your only option. Unexpected emergencies do not always give us time to shop around and look for the best available lender and this is why the easy access loans are so convenient in providing the services you need.
Regular lenders, such as banks, do charge bounced check fees and overdraft protection seldom comes free. The payday lender will entice you with these facts and claim their costs are much lower. Do not listen to their tripe. While they get rich; you get poorer.
Keeping finances in perspective is the best route to follow. It is difficult but even a few dollars a week set aside can add up quickly and be there when needed. Keeping your credit in good standing will make banks eager to give you a short term loan. Even an emergency only credit card will save you a ton of cash over the long term. Take time to examine your options and save.
by: Josie Olson..
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