Do you know that payday loan is not for every body? Do you know that payday loan is initiated to help people in urgent need for cash and not for luxury? Do you know that payday advance only gives out maximum of $1500 dollars? Do you know that payday advance is a short term loan with a loan period of 15 to 31 days? Do you know that only people above 18 years can apply for cash advance and get approved? Do you know that only people with a checking or a savings account can apply and get approval for payday loan? Do you know that payday loan is a high interest loan? Do you know that payday lenders will not approve your application if you apply with more than one company?
Thursday, February 28, 2013
Are you aware of all the options you have for obtaining much-needed cash quickly? If your needed amount is not exorbitant, say, around a few thousand dollars or less, you may want to try exploring the option of payday loans. Simply put, a payday loan is a short-term monetary loan that is unsecured, meaning there is no collateral required. All that is required is that you have a job and a steady paycheck, and the assumption is that you will pay back the loan upon your next payday, hence the term "payday loan." These types of loans have increased in popularity as they are easier to apply for than traditional loans, and it is much faster to get the funds into your bank account.
Payday loans have become very popular these days for people who need a small amount of cash advanced to them. Payday loans help cover those unexpected expenses, anywhere from auto repairs to medical bills.
Unfortunately the high interest rates of payday loans means that borrowers can easily find themselves trapped in debt if they cannot afford to pay the loan back. The interest rate of a payday loan can range from 300% to 900% depending on the lender and the amount borrowed.
With such high interest rates, it is easy to see why many people consider payday loans to be a scam. But let's take a closer look.