Cash Til Payday Loan
Here are most of the reasons why you still need to keep an open mind regarding payday loans however caution is always wise: 1. Payday loans can help when stores have no credit card facilities. Even in todays economy credit cards are still not accepted at some merchant stores who prefer to accept cash only. Or it could be that the emergency amount you need is greater than the limit on your credit card. So as useful as credit cards are in a lot of cases payday loans are a handy compliment to have to help you with your financial situation. 2. Payday loans can help with bills that fall due before your next pay day. Often we have due dates on our bills that fall due before our next pay day especially if we get paid on a monthly basis such as a mobile phone bill car registration insurance premium or electricity bill. So to help us with our budgeting and to cover all the different bills that fall due at different times in the month applying for payday loans are a convenient way to obtain funds to meet these demanding financial stresses in our lives. Payday loans could play the role of our pay day income before we receive our next pay packet to take care of bills that need to be paid immediately or a bill that unexpectedly pop up. In many instances the late payment or penalty charges on these bills could exceed the rates charged by payday lenders so payday loans can be a solution of eradicating these existing debts. The attractive thing about payday loans is that you could have a cash payment of up to $2000 within the hour or paid to you the very same day or next week day once your loan is approved. The process of getting a loan approved for payday type loans requires no or little security is hassle free and depending on which payday lender you submit your application with they will even approve you for a loan if you have bad credit. The money can even be transferred directly into your bank account without you need to visit the payday lender. 3. Payday Loans can help with maintaining a good credit profile. Its not a good idea to make late payments on your credit card as a late payments could stay on your credit profile for 5 years and affect your credit rating. So if you have a minimum due balance you have to pay on one credit card you cant use another credit card to pay that due balance unless if you are doing a balance transfer from one credit card to another credit card. The solution to this could either be if you have a line of credit on your home to use that to pay your credit card balance or you if you dont have a line of credit then you could apply for a payday loan.
Like I said ive been there before and as a survivor of payday loan debt I have knowledge that can help you. I want you to ask yourself a question which is "if you dont have enough money to get by what makes you think you can payoff a loan with 300%- 700% interest?" You might as well sell your first born child. Payday loans may seem good in the short run and you may get instant gratification and even a rush when you hold that cash in your hands or see it in your bank account but in the long run it is a race that many cant win. My story like many was that I obtained payday loans to cover immediate expenses I needed cash for but didnt have money to pay the loans back so I got extension after extension paying out ungodly amounts of money.
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Next you set up a plan to pay them a monthly amount on your payday loan debt and they pay your debtors directly. They will give you different term options to pay the debt off and they will deal with the payday loan companies for you. Doing this took a huge weight off of me. I got a 12 month term to repay my payday loan debt at 35% of what I owed the payday loan companies. The $400 a month I was paying on this plan was much better than the $700 plus every two weeks I was paying for all the loans I had. One important thing to know when you start a payday loan consolidation program is that the payday loan companies are going to call you to collect. When they call just give them the information for the company that is representing you and let them know that the debt is going to be repaid to them as part of a loan/debt consolidation program you have initiated. I obtained the fax numbers to my payday loan companies and sent them notification on who to contact regarding the repayment of my loans.
Once you have submitted your application you should hear back from the payday loan provider within minutes. They will email you with their decision to the email address you have registered with your application. Payday loan providers partly make their decision as whether to lend you money dependent on the amount you want to borrow compared to the amount you earn. Only borrow what you need the less you borrow the more likely that your application will be accepted and the smaller the amount of interest you will accrue. If your application is successful you will be sent by email your loan agreement showing the amount that will be lent to you the repayment date and the amount of interest you will pay on the repayment date. Along with the loan agreement you should also be sent loan conditions. These loan conditions should outline your rights under the Consumer Credit Act 1974 along with details about repaying the loan cancelling the loan and the use the personal information you supply when applying for the payday loan.