Payday Loans
Payday Loans: "NEED CASH UNTIL PAYDAY?
YOU CAN GET $50 TO $500 WITHIN 15 MINUTES!
NO CREDIT CHECKS.
SOUND APPEALING? Today there are many companies offering to make 'payday loans,' 'check loans,' or 'payroll advance loans.' These are all just different terms for the same type of loan transaction.
If you are considering a 'payday loan,' keep reading…..
Before You Begin….
These loans are not an effective solution for your long term monetary needs!
Payday loans may be helpful when you are having temporary cash flow problems or are facing a financial emergency and need money on a short-term basis. You should attempt to pay your loan in full when it matures. If you are unable to do that, you should make every effort to pay at least part of the amount financed before you renew the transaction.
Interest Costs you money!
It's important to pay particular attention to the interest rate on payday loans. The rate on a payday loan may be 500% per year or more. Borrowing $200 for 2 weeks at 500% will cost you $38.36. Compare this to borrowing $200 for 2 weeks at 36% ($2.76) or 12% ($.92).
If this loan is refinanced four times, the cost difference increases dramatically! In fact, it will cost you nearly $200 to borrow $200 for ten weeks:
YOU SHOULD AVOID TAKING OUT MULTIPLE PAYDAY LOANS!
If you already have one payday loan outstanding, you should avoid taking out another such loan. When you have more than one payday loan outstanding, you may find it very difficult to pay the required finance charge payments, much less paying all or a portion of the amount financed when the loan comes due. If you need a larger, longer-term loan, you should seek other, more traditional, lending sources.
YOU CAN GET $50 TO $500 WITHIN 15 MINUTES!
NO CREDIT CHECKS.
SOUND APPEALING? Today there are many companies offering to make 'payday loans,' 'check loans,' or 'payroll advance loans.' These are all just different terms for the same type of loan transaction.
If you are considering a 'payday loan,' keep reading…..
Before You Begin….
These loans are not an effective solution for your long term monetary needs!
Payday loans may be helpful when you are having temporary cash flow problems or are facing a financial emergency and need money on a short-term basis. You should attempt to pay your loan in full when it matures. If you are unable to do that, you should make every effort to pay at least part of the amount financed before you renew the transaction.
Interest Costs you money!
It's important to pay particular attention to the interest rate on payday loans. The rate on a payday loan may be 500% per year or more. Borrowing $200 for 2 weeks at 500% will cost you $38.36. Compare this to borrowing $200 for 2 weeks at 36% ($2.76) or 12% ($.92).
If this loan is refinanced four times, the cost difference increases dramatically! In fact, it will cost you nearly $200 to borrow $200 for ten weeks:
YOU SHOULD AVOID TAKING OUT MULTIPLE PAYDAY LOANS!
If you already have one payday loan outstanding, you should avoid taking out another such loan. When you have more than one payday loan outstanding, you may find it very difficult to pay the required finance charge payments, much less paying all or a portion of the amount financed when the loan comes due. If you need a larger, longer-term loan, you should seek other, more traditional, lending sources.
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