Posted in Information Article

Information Article: Payday Loans

S

o what do you do . . . you made your mortgage payment which wiped out your checking account; your five year old threw a golf ball at the big family room window and cracked it to smithereens.  You got a flat tire on your way home from work and your wife lost her cell phone and you still need to pay the electric bill so you don’t get a shut-off notice.  Your next paycheck is a big one, even with a bonus, but you don’t get it for two weeks.  You need money today before the domino effect keeps going.  There’s not even time to get approval for a bank loan.  What do you do?

For many the way the economy is,  getting loans including credit card loans is quite difficult.  One option to consider for a quick loan is various types of  payday loans.  As with any loan, one has to be careful to know the details of all the charges, interest, and possibly different types of fees.  If you know that you can stay committed to paying off a payday loan right away, this may be an ideal emergency type loan to get.

Some times small businesses get into the same type of situation with not having enough cash flow.  Payday loans are usually more flexible than a bank and can even help a business or individual better their credit rating if they keep with paying it off immediately.  For the future, it is possible then to get a lower interest rate the next time a loan is taken out.  It appears that one of the fastest and cheaper type of cash advance or payday loans to get is the type that are online because then you are skipping some of the middle people and can get an answer much quicker.  On-line also allows for a quick answer and many times, a loan within 24 hours.

Most loans are between $100 and $1500 and  generally a person or business are given 8 to 25 days to pay it off, going by the next time the person or business expects to be paid.  The best way so one does not forget or is late, is to have it automatically withdrawn from your bank account.  Sometimes more time is needed, so then just the finance charge is paid on the due date and the remainder of the loan on the next pay day.  Either way, being prompt is important!

Author:

Beloved KEPT Child of Jesus stumbling by faith ~ Married 30 years ~ Blessed Mama of 10 beside me & 2 at Jesus' feet ~ "Retired" homeschool mama of 22 years ~ Writer * Blogger * Reviewer ~

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