There are times when you may be faced with a situation where expenses stare you in the face and yet your packets are empty. It could be urgent repairs to the car, a sudden leak in the plumbing at home, a death in the family or sickness not covered by health insurance.
Unanticipated expenses can cause tensions and worries. At times when the bank account has run dry and the credit card is maxed out completely you could consider a payday loan to tied over the money crunch. The loan will help you tied over until next payday.
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o A payday loan is a loan given with minimum fuss and credit checks to those employed.
o The loan is offered by currency exchanges and other lenders at a high rate of interest. The APR is as high as 391%. There are over 10,000 payday loan outlets in the US.
o The loan is always repayable in full on payday, at the end of the month. Never opt for flexible payment options as the amount to be returned will be exorbitant.
o Always only apply for an amount that you can with certainty pay back at the end of the month.
o It is instant and needs little or no documentation.
o The companies offering the loan do not do so on your credit score or report.
o The whole process of applying and getting a sanction may take just 20 minutes.
The borrower needs to give the lender a check for the amount borrowed plus the applicable fee dated on payday. The lender will furnish cash less the fee amount. And, the fees just add up if the loan is not paid back in full. For instance if you roll over the loan three times then you would end up paying USD 60 for borrowing a sum of USD 100.
As a knowledgeable person you must:
o Credit shop carefully. Make comparisons between offers from different companies. Seek a credit offer with the lowest APR.
o Before applying for a payday loan explore other options like a loan from your employer, credit union, friend or family member, or credit card. Choose one that is affordable and can be managed without digging yourself into financial debt.
o Before taking or applying for a loan work out a realistic budget and determine your unavoidable monthly expenditures. Only take a loan for the amount that your income permits.
o Always try and maintain an emergency fund, which will help you in dire circumstances and keep you away from payday loans.
o Consider taking the help of local consumer counseling services. These non profit organizations offer credit guidance and financial planning help and are available free or at low cost.
As per rules the lender must disclose in full the cost of payday loans. And the borrower must understand clearly the terms and conditions of the loan.
All said and done a payday loan is just a cash advance and the facility is also known as: cash advance loan; post-dated check loan; or deferred-deposit check loan. According to the Federal Trade Commission it is "costly cash." A payday loan varies from USD50-500 at very high interest rates. Ideally you must run your life with financial planning but in an emergency a payday loan can be availed if you are sure you can repay the whole amount on pay day.
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