PAYDAY LOANS: MAKING IT THROUGH THE RECESSION & BEING AWARE OF THE DANGERS OF LOANS
EASY CASH DOESN’T COME FREE!
During this recession and these turbulent economical times Americans are facing, payday loans have become a popular alternate source for short term financial relief. This has become especially true for low-income families. Payday loans are easy to be approved for and don’t require any sort of credit check. If you are in need of a good legit short term payday loan, please visit www.cashstop.info for a fax free payday loan. They have quick approvals and only takes 7 minutes to complete the application. Have your cash in as fast as 1 hour. Another great alternative for short term financial assistance please visit www.dashforthecash.info for a secure 60 minute approval payday loan. You can borrow up to $1000.00 and no credit check needed.
What is a payday loan? A payday loan is a small cash loan given to an individual based on the fact that the loan is expected to be repaid with their next paycheck. To break the process down, its basically like getting part of your next paycheck in advance. The repayment is based on how frequently you get paid. The borrower has to show proof of employment and a bank statement to be approved for the short term loan. This alternative is especially true for low-income families. However please be aware a payday loan is like a double edged sword. It can be good for short term relief of any financial bind. However it can be a nightmare if you do not pay it back in the short term as expected.
The downside to these loans is they can carry a hefty price tag. Finance charges for these type of loans are between 15 to 30% of the amount being borrowed. For example, the standard for most Payday loan lenders is as follows: You borrow $300.00 cash and in 14 days on your payday to cost to pay off the loan will be between $360.00 - $390.00. If the loan cannot be settled and you want to “refinance”, you will have to pay the $60 to $90 finance charge which will give you 14 more days to pay off the loan. This process will continue consecutively every 14 days until the loan is settled in full. Lenders usually have options of how the loan will be paid back. Options include but are not limited to coming into the payday loan storefront, post-dated check which secures the loan will be deposited on the day loan is due. Or they have a bank E.F.T. or direct debit option which the funds are taken directly out of your bank account. Be aware many no longer allow post-dated checks.
Payday Loan Alternatives
Payday loans can be a great alternative to getting a long term loan from the bank or credit unions. However this has to be done by a responsible person that knows how to create a budget to assure the short term loan is paid off quickly as possible. Another alternative to payday loans are Pawn Shop loans. However these types of loans carry their own high stakes. Good Luck on your journey to financial freedom.
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