When someone needs cash and their pay check is still not due for another week, many will turn to a lending source that will offer them a guaranteed payday loan. It can be the quickest and easiest way to get the money you need. It is a short-term loan that can help you cover your expenses until your next payday.
If you're in the market to take out a payday type loan, you'll need to find a lender that can work with you. Legal issues vary from state to state so the first thing you're going to need to figure out is whether this type of loan is legal for you.
If you live in a state where there is little to no legislation, you'll want to be especially sure to read the fine print to make sure you are not paying more than necessary in fees to borrow the needed money. In most cases, the finance charges range anywhere from 15 to 30 percent of the amount borrowed.
You should only use payday type loans as a last resort, and you should make sure to always pay them back on time. These loans usually need to be paid back within two weeks and if they aren't, the interest compounds again. If your interest compounds at 10% every two weeks you're going to have to pay some big time money in a huge hurry.
In some cases, lending sources require that you write a post-dated check in the amount borrowed plus fees for them to hold onto. You are still expected to show up in person by the due date of the loan to pay it back, but if you fail to do so, most institutions will cash the check you left with them.
If your payment check bounces, you're looking at a lot of extra fees and interest. Payday lenders usually make a lot of money on people that pay late and to avoid really paying out a lot, you need to make sure you pay back your loan before it's due.
If you decide to take a cash advance or payday type loan, it will be fairly easy to find. If you're in a state where it's legal, you will find quite a few payday loan stores on any major street. You can also find these loans easily online. - 16003
If you're in the market to take out a payday type loan, you'll need to find a lender that can work with you. Legal issues vary from state to state so the first thing you're going to need to figure out is whether this type of loan is legal for you.
If you live in a state where there is little to no legislation, you'll want to be especially sure to read the fine print to make sure you are not paying more than necessary in fees to borrow the needed money. In most cases, the finance charges range anywhere from 15 to 30 percent of the amount borrowed.
You should only use payday type loans as a last resort, and you should make sure to always pay them back on time. These loans usually need to be paid back within two weeks and if they aren't, the interest compounds again. If your interest compounds at 10% every two weeks you're going to have to pay some big time money in a huge hurry.
In some cases, lending sources require that you write a post-dated check in the amount borrowed plus fees for them to hold onto. You are still expected to show up in person by the due date of the loan to pay it back, but if you fail to do so, most institutions will cash the check you left with them.
If your payment check bounces, you're looking at a lot of extra fees and interest. Payday lenders usually make a lot of money on people that pay late and to avoid really paying out a lot, you need to make sure you pay back your loan before it's due.
If you decide to take a cash advance or payday type loan, it will be fairly easy to find. If you're in a state where it's legal, you will find quite a few payday loan stores on any major street. You can also find these loans easily online. - 16003
About the Author:
Only use guaranteed payday loans with extreme caution. Dave educates people on how to use personal loans to save themselves the extreme interest rates on other types of loans.
