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Payday Advance Loans
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Payday Advance Loans:
It is almost the middle of the month, you find out that the limited edition book which you always wanted but out of print has come on the market again and your pockets are empty. And you know you cannot borrow from your friend as he is in the same boat. And the amount is such that it does not warrant taking out a bank loan. So what do you do? Take a payday advance loan of course! Naturally I hope the reason for you availing a
payday loan is more urgent or necessary than buying a book, classic though it may be! Payday advance loans almost unheard of in the past is rapidly growing in popularity today. But what is a payday advance loan. It is just like taking a part of your salary in advance in return for a small fee. It is a convenient option for the middle class employees who can meet their unanticipated expenditures through this facility. Expenditures arise unexpectedly and most of them are not provided for. By borrowing a part of your wages in advance, you can meet the unplanned expenses. The need for a payday loans advance arises when you have to meet unexpected expenditure arising between two consecutive paydays. If you are like the average salary earner, you will be no stranger to running out of money even before the end of the month. All your major expenses would have already been met but, with life being so unpredictable you are bound to run into unplanned expenses such as, maybe your roof needs fixing you forgot about your parents wedding anniversary and want to buy them a decent gift. Now since these are expenses which have not been provided for, obviously your pockets would be empty. Of course there are other options too. You can avail a loan from the bank or even sell some of your assets and even mortgage your property. But the problem with them is that they are time consuming and you need the money urgently. And most of the payday loans can be availed within approximately twenty four hours. So it comes to your aid when you need it the most.
Of course, we all know that good financial planning involve setting aside some money for any eventualities but very few of us do so. The end result being that we are facing a severe credit crunch when we need money the most. There are many advantages to availing payday advance loan, but only when the situation warrants it. You can use it to meet your monthly interest obligations which would otherwise not only attract a late payment fee but also adversely affect your credit score. Other benefits of payday advance loans include: The biggest attraction of a payday advance loan is that it does not take into account your credit score. This is a big relief if you happen to have inadvertently accumulated a bad credit rating. So even if you have a record for defaulting or late payments, it should not stop you from availing this facility. To qualify for this loan, you should have been in employment for not less than three months. This is the only condition applied. The bank account into which your pay is credited every month, will be the same one into which your payday advance loan would be deposited and not in any other account which you may happen to operate. The date for the repayment of your payday advance loan generally corresponds with the day on which you receive your next salary, which is usually around one or two weeks from the day you availed the loan. On the repayment day which happens to be the day you receive your salary for the month, you only have to repay your payday advance loan and you are home dry! Of course you have the option of repaying the entire loan on the predetermined day or event forward the day to a future one. But in such cases the cost of extending the period of loan is noticeably higher. So do so only after taking into account the costs involved. It should be remembered that the purpose of this loan is to cover unforeseen expenses between two paydays it is not a substitute for a long term loan. The full benefit from the payday advance loan can be derived only when you repay it on the coming payday without making the mistake of carrying it forward. Which would make the loan very expensive. Another advantage of the payday advance loan is that it is very quick. Since you need the money to tide over an emergency, receiving it when you need it the most makes it invaluable. Generally, the amount of your payday advance loan is credited into your account in not more than twenty four hours and in some case even on the same day. Hence, this loan is perfect for meeting any emergency circumstances. There is no uniform interest charged by the payday advance lenders, the fees charged varies widely. So just like you look around before you close on the best deal in case of the other loans, in this instance too, it is better to look around for one whose terms and conditions charges are more acceptable to you. If the amount of the loan is on the higher side, the lender expects you to submit a postdated check in their favor. But if the amount is small, you do not have to give them the post dated check. The maximum amount of loan that you can avail depends on the size of your monthly paycheck. A payday advance loan is cheaper than a credit card loan but considerably more expensive than a bank loan. But bank loans take time to get cleared and you need money in a rush. But just because it is very easy to get a payday advance loan should not make you turn a blind eye at the costs involved. A payday advance loan should be the very last option for you. First check with your family and friends and only if you do not succeed, opt for the payday advance loan. And finally remember that a payday advance loan should be availed only for absolute necessities and should be repaid as soon as you receive your next paycheck otherwise it would prove to be a costly mistake. Other Articles |
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