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Why use Payday Loans? And How Costs are Determined


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By: Mevish Jaffer

There are various circumstances that can cause an individual to fall into a money crunch and this is understandable. Many people live their lives struggling from paycheck to paycheck on a tight budget. With house payments, vehicle payments, rising fuel and energy costs, and kids to take care of, keeping ahead of your finances can be a real challenge. Even with dual wage earners, sudden and unforeseen events can put a huge bite in a family’s budget.

When problems arise and you need money immediately, a short-term loan till payday can be just what you are looking for to help get you by until your next paycheck comes. This is part of the reason that payday loans have become very popular. Payday loans or loans till payday are simply loans tailored to hold you over until your next paycheck. Of course there are pros and cons to getting easy payday loans that should be considered.

A cash advance loan till payday is not meant to be a solution for long-term financial problems; it is only meant to get you by until you get paid again. For most people, payday loans are easy to get and generally the only requirements for approval are to have proof of a job, a checking account, and be at least eighteen years old. As collateral, a post-dated check for the amount loaned plus fees are required. The check will be cashed on your next payday as repayment.

The amount of money that you can get from a loan till payday will vary from lender to lender. Most payday loan companies will not give you a loan for an amount that is greater than your next paycheck. This is done because the payday lender expects to be repaid quickly, rather than offering you a long-term repayment process.

Some payday loan lenders are flexible and may give borrowers extra time if needed to repay the loan. If a borrower takes that extra time, they will be charged a greater finance fee for deviating from the original schedule. It is usually best to repay the payday loan as soon as possible rather than paying the additional finance charges incurred if you roll over the payday loan to another paycheck.

Finance charges vary from one lender to another. It is more appropriate to think of the money that you are paying the lender as a “finance charge”, instead of as “interest”. Since the majority of payday loan lenders expect the loan to be repaid in a very short period of time, the concept of interest rates does not apply.

The rates that payday loan lenders charge may seem high at first. But once you compare the rates that payday lenders charge to finance charges by credit card companies, overdraft fees on your checking account, etc., you will begin to see that the finance charge on a payday loan is actually quite reasonable. Also note that rates differ in each state. Thus, a California Payday Loan may be different than a Florida Payday Loan.

These days you can get approved for a payday loan on the Internet without ever leaving the comfort of your home. You simply provide the payday lender the needed information and the lender will deposit the funds directly into your bank account. This makes getting a payday loan extremely easy and time efficient.

Again, it is important to stress that payday loans are only a band-aid that are meant to help you out in the short-run. If you have long-term financial problems, then an easy payday loan may not be the appropriate solution for your circumstances. If you have been experiencing financial difficulties over a long period of time, then you may want to consider consulting with a financial advisor. Consulting a financial advisor could actually help you resolve your long-term financial health in ways that are much less painful than choosing the wrong type of financial assistance.


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