Have you ever had the burden of unexpected expenses like a bill for car repairs? How have you been able to make that expense? Did you perhaps use your credit card, including the interest your creditor charges?
Maybe you don't have a credit card or you are already maxed out. You must have friends and relatives you can borrow from, right? Although most of us hate doing that in the first place. So what is your best option? You could get a payday loan.
What is a payday loan?
Payday loans have many names. Some refer to them as cash advance loans, some call it a payday loan. Still even others call it a post-dated check loan or a deferred deposit check loan. No matter the name you give it, it is still a short-term loan with high interest.
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Why would you get a payday loan?
Payday loans are gaining in popularity. To people who really need the fast money in hand, the advantages outweigh the disadvantages. We will look at the disadvantages later.
If you have never been in need of quick cash, then perhaps you need to put yourself in the shoes of someone who does. There are people who find that car repairs or medical expenses come up between paychecks and they are unprepared to pay for them at the moment.
There are things like death in the family that can cause upheaval to a persons life and finances. Others need quick cash to pay for rent till they have the money and even everyday expenses like groceries or utilities.
Although, I will state up front that using payday quick cash loans for every day items is a dangerous thing to do. It is easy to get caught up in a cycle of borrowing and paying back, which in and of itself is not a bad thing. It is the cycle of being dependent on these loans to survive and risking huge interest payments and fees for not being able to pay them back in the short term.
Why would you choose not to get a payday loan?
There are some things to consider when deciding to get a payday loan; they don't work for everyone. The United States government is looking at payday lenders with increasing concern.
Many people say that they are taking advantage of the low income population who have financial trouble. Payday lenders tout that they are providing a need legally and should not be ostracized so. So the argument continues like a tennis match. Let's see why.
If you are somehow unable to pay your loan back when you are contracted to, then there is good news, payday loans are extend able. This process is called a "rollover" but if you do it too many times, it could end up costing you a lot of money, as I mentioned earlier.
Here is an example: Say you borrowed $100 for 14 days (until your next payday). You write a check to the lender for $115 (includes your $15 fee). The APR (annual percentage rate) of that loan is 391%! If you can't pay back the $115 on the due date, you can rollover the loan for another two weeks.
If you rollover the loan three times, the finances charge would reach $60 for a $100 loan. That's pretty high interest, don't you think?
These are things you need to consider when you're deciding if a payday loan is the right choice in your particular situation. Yes, the cost of the loan is high, but it provides you with the money you need, when you need it, thus avoiding a lot of stress and trouble.
It's very true in consumerism today that convenience costs money. But is it worth that much? That's a question you'll have to answer for yourself.
Where can you get a payday loan?
Payday lenders are all over the place if you start looking for them. There are over 10,000 payday lenders in business in the United States alone. They are everywhere in the world though.
If there isn't one near you because of living in a rural place, or if you don't feel comfortable with the lenders in your area, then you can easily find one on the internet. Internet lending is even nicer because you can do it from the comfort of your own home and they are usually faxless.
Payday lenders were created as an alternative to banks. Their hours extend beyond banking hours and they put themselves in accessible locations. Checks can be chased when the banks are closed and people don't have to travel very far for their services.
Let us profile they typical payday loan borrower.
A typical payday customer is an average working person, 32 years old (82% of customers are under the age of 45) and employed, with an annual income around the national average. These customers go to payday lenders because of their fast service, their convenient locations, and their extended operating hours.
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