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The Basics of Payday Loans
Interested in payday loans? In todayís economy a lot of people are living from
paycheck to paycheck. With increasingly growing prices on products and services
it is rather difficult to manage our finances. Sometimes it comes to a point
where in we are really in dire need of cash and extreme measures are considered
to be taken into account. One of these methods is by taking a payday loan.
What is a payday loan? Payday loans are short term loans for a small sum of money. You can borrow the money and have it repaid in 1-2 weeks. The small amount of loan is useful when you are out of cash and the next payday is still a couple of days away, even more, hence its connotation. The loan range may be around $200 to $1000 maximum depending on your credit capacity and ability to repay. Usually, a payday loan is acquired by writing a check with the borrowed amount plus surcharges that the lender will charge. You can leave the check with them and they will cash it as soon as the money you are going to pay them with is available.
In the event that you are unable to pay the loan when the due date comes you can still do a roll over and have the repayment extended but late fees will apply.
Although this is a quick fix to your budgetary problems, bear in mind that payday loans cost a lot of money to repay. The annual percentage rate or APR of this type of loan may be a hundred percent, possibly even more. Look at it this way, if you are going to borrow letís say $100 for a week or two, a fee of $20 may be charged for the loan. There are calculations made in studies that would reflect that a single payday loan would have a 426% annual percentage rate.
However, some consumers would say that payday loans do come in handy when it comes to tight financial situations. After all, the amount you are borrowing is not a high amount so if you have the means of paying it then you have been spared from experiencing the effects of being flat out broke. All in all, it is up to you as a consumer to be responsible for your finances. Be smart about your budgeting. If you are sure you can repay it back during the allotted period then go ahead and get a payday loan. Everyone needs a quick fix every once in awhile, right?