Payday Loans Money
It's the middle of the month and an emergency cracked up and money is required, not to worry any more, payday loans money can come really handy. Haven't heard of them - the concept is simple it is a short-term cash advance designed to let you through your emergency financial needs. Payday loans money also do come handy at times when you need a bit of extra cash for any unexpected bills or for some special occasion. The normal fee structure for a cash advance is $25.00 for every $100.00 borrowed. For example, a payday loan of $300.00 will mean you will have to a payback $375.00. Payday loans are generally granted for a two week period; however, you can extend the time, only thing you would end up paying more interest. In order that you wish to extend the period of your payday loan you are required to make at least the minimum payment which is required as per the policy of the lender on the cash advance.
And if you are wondering who can avail of this anyone provided you have a steady job, or some regular source of income like retirement pension. If you are working you should have been working for at least a 6 month period in the current job. You are indeed required to have a savings account or checking account with checks which have your name printed on them. And you need to be drawing a minimum income of at least $1000/month, or at least $500 per month in Social Security or a retirement pension.
The process to obtain it is simple again, you can either apply for it completely online or at some places you might need access to a fax machine. It is quite possible that the payday loan check can be on your table as soon as the very next day.
Definitely with all this said it seems much tempting, too simple and easy as well. But be sure before you take the plunge as you might end up being in huge debts for the small cash advance you may avail of.
Of late the term payday loans money has been a lot in news, with lots of positive and equally good no of negative issues related to it. The exorbitant rates of interest have been in the spotlight; on a small loan, could accrue loads of interest, especially if not paid within the stipulated time, so be sure to enquire in advance about the offer in details, and make sure there are no hidden charges.
Do check up with more than one company, get all details and evaluate the offers before deciding on any one. And if you are not in that much of a haste do try to check up for other alternative sources to generate short term loans as they may turn out to be more economical and would make much more sense than a high interest payday loan. Here is an eye opener before you venture out:
The very last year, Sandra Miller a habitant of Clarkston took a payday loans money amounting to $300. But could not return the loan by the term end, so decided to roll it over again and again as she was unable to pay. Well it must seem fine to you but here is here present situation- today, Miller owes $3,700 to seven payday lenders.
Here is another one: who had just started a family, soon found bills coming due and needed money to settle them. The Navy seaman recruit, as he was in a tight fix situation went to a "payday" store and got himself a $500 as a payday advance.
He did pay it off on time. But more bills stood out. And as felt that payday loans are quite convenient he went to another store and took up another loan. And he continued taking up more loans like this.
In three years time, Kenneth had taken up 11 payday loans from 11 different lenders and he found himself in debt amounting to nearly $10,000. Out of which a major part of this was due to the huge amounts of interest that had accrued on the small principal that he had once taken.
Here is what we suggest: When you need credit, be careful. Compare available offers. Look out for the various credit offer options, especially the ones which have the lowest APR. Also check up for some other sources to generate short term credit like a small loan from your credit union or your company, and pay advance from your employer, or borrowing from family or friends. It may also be possible to get a cash advance on your credit card, but do check out for what the interest rates are like. Find out the terms before you decide. And do make it a point to analyze and to compare the APR and the finance charge of all credit offers available, if you want to have the best bargain.
If you are taking a loan to settle your outstanding bills, try asking your creditors for more time to pay your bills. Get to know what they will charge for that service - late fee, an additional finance charge or a higher interest rate.
Go ahead and enquire about overdraft protection available on your checking account, it can come quite handy. If help is required to work out a debt re-payment plan with creditors, get in touch with the nearest consumer credit counseling service. These services would either charge you nothing or at times some really low fee. If you decide you must use a payday loans money, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday.
