Payday Loans Without Bank Account
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.
Teachers always say that the only stupid question is the one you dont ask. This is true! Again if you do not understand all the terms of the loan do not sign paperwork until those terms have been fully explained to you. Otherwise you are legally bound by those terms that could prove disastrous for you if you fail to act in accordance with the terms of the loan. We would like to think that everyone is above board but not all lenders are. Unfortunately there are unscrupulous lenders out there who intend to make a profit at your expense. It has been noted by the NAACP and the Department of Defense that payday loan offices have strategically opened offices near military bases and in socio-economically disenfranchised areas where the demographic is largely African American and Hispanic. Many reputable financial institutions consumer groups and civil organizations are doing all they can to shut down payday loan offices but their efforts to date have been largely unsuccessful.
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The idea is to take out the loan to cover a small bump in the road or to smooth out any rough financial edges until your next payday. If you are thinking of the payday loan as way to repair a much bigger financial problem the advice is to STOP! A payday loan can create bigger problems down the road when used as part of an overall troubled cash flow situation. SO WHAT IS A PAYDAY LOAN? The most important thing to remember about payday loans is that they must be repaid on time in order to avoid paying insane fees that could potentially equal or surpass the amount of the loan itself! It is the renewing of the loan and failing to repay it on time that can create a major financial dilemma for the borrower. Most loans have a repayment period of four to eighteen days depending upon the terms negotiated with the lender. The repayment schedule and the method of repayment is arranged at the time the loan is disbursed. More often than not the borrower will agree to pay the loan in full with cash on or before the due date. Additionally some lenders may opt to collect on the loan by depositing the borrowers post-dated check against his/her bank account on a mutually agreed upon date.
As payday loans grown in popularity more and more people want to know just what a payday loan is and if it is the right solution for their situation. SO WHAT IS A PAYDAY LOAN? A payday loan is an unsecured short-term loan of anywhere from a few hundred dollars to as much as fifteen hundred dollars in some instances. A borrower generally secures the loan by post-dating a personal check for a specific amount of money to be posted against their account on their next pay period. Payday loans are designed to help out in situations when you need quick cash to cover an unexpected bill or an emergency situation until your cash comes through or is made available. A payday loan is NOT a revolving line of credit. It is short-term and that is a key factor in this type of loan.