Same Day Payday Loans
With payday loans there is a fixed rate fee calculated into repayment on each loan disbursed. The average rate is $15.00 to $20.00 dollars per $100.00 dollars borrowed. Due to the nature of the quick turn-around time of payday loans the annual percentage rate or (APR) is generally very high. It is not uncommon for the (APR) to be 100% 200% or even as high as 400% in some cases. If a borrower is unable to repay a loan at the scheduled time the lending institution may agree to rollover the loan allowing more time for repayment. The drawback to rolling a loan over is that additional fees are added to your account. For example if the fee to borrow $100.00 is $15.00 and the borrower rolled over the loan three times then the new fee would be $60.00. That is the original $15.00 fee plus three times that fee itself added to each $100.00 borrowed. WHAT ARE THE REQUIREMENTS FOR A PAYDAY LOAN? Generally the only major requirement for a payday loan is that you have a job.
BORROW IF YOU NEED TO BUT BE SMART ABOUT IT! With the often strict guidelines used by reputable lenders many people are getting caught up in the cycle of payday loans because of their immediate benefits. When emergencies occur and cash is needed payday loan companies offer fast hassle free cash. More often than not most have no minimum credit requirements and do not perform background checks. In most cases all that is needed to secure a payday loan is a recent pay stub and proof of a checking account. In these regards payday loans and cash advances do offer consumers financial options in emergencies. On the other hand more and more people are getting caught up in this vicious cycle of borrowing which can lead to financial ruin. This is not good especially considering that the loan was probably taken out to avert a financial disaster in the first place. With pros and cons like these it would seem that the best advice would be to borrow if you absolutely must but do so with extreme caution. Being proactive is probably the best strategy or as conventional wisdom holds "an ounce of prevention is better than a pound of cure".
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A payday loan is a small short term loan you can use to cover expenditure until your next payday. You can apply online and the decision to loan you the money is made almost straight away. In most cases the whole application can be completed online and the money loaned can be credited into your bank account on the same day as you make your application. A payday loan is an unsecured loan so it is not dependent on collateral such as you owning a house or car etc. Generally when you make your first application you can borrow any amount up to £300 depending on your take home pay. You are more likely to be approved the less you want to borrow so it is advisable to borrow only what you need. Once you have successfully repaid loans with one particular company they may then offer to lend you anything up to about £750 in subsequent loans.
If you just use payday loans to pay off the minimum due balance on your credit card it could help you keep your credit card balance current and to maintain a good credit rating with the banks and overall borrowing capacity. 4. Payday loans can help with important things you dont want to miss out on in life. Have you ever seen something you always wanted at the shops and its on sale but the sale is only for a limited time but your pay day is not until after the sale ends? Or have you got a birthday celebration that has arrived before your next paycheck? Or may a chipped tooth that makes you look unattractive if you walked into work with it. Or you might be stressed out at work and need to take a mini vacation before you burn yourself out. Are these things necessarily an expense? Perhaps not but are they essential? Most would argue that they are. So for times like these payday loans can help you not to miss out on the important things in life that you dont want to say no to delay or postpone. As you can see payday loans can help you take the stress out of life and to help you to maintain a healthy emotional balance besides helping you maintain a good credit profile and history. The ability to obtain instant payday loans online has become quite popular. It is quite easy to fill out the online form. Normally it takes less than an hour for approval and approval is gained without a credit check. It is important to check each payday loans company for verification with the Better Business Bureau in ones local area. If the company one has chosen is not registered it is a good idea to continue his or her search till he or she has found a registered company in good standing.