Payday Advance Loans
Payday advance loans - beware. Stay ahead of the game when seeking one of the payday advance loans.
Payday Advance Loans - You Play, You Pay
If you're finding yourself in a financial jam and need to borrow money immediately, but don't know where to turn because of bad credit, a last resort you can consider is the payday advance loans. Cash advance payday loans can get you up to $500 within 24 hours, but you will inevitably owe way more than that by the time you repay the loan.
Its a lot of money - are you ready?
$500 is a lot of money, a very significant portion of your bi-weekly paycheck. $100 might be a lot of money for you, and the same question remains - will you be ready to completely repay your payday cash advance upon your first paycheck? Or will you need that $500 for your living expenses and delay the repayment. If you know before hand you will not be able to repay your cash advance loans on time, you should not be considering these loans, which only work when you repay them quickly and completely.
Function of payday advance loans
Are you familiar with how payday advance loans work? Basically, you are advancing your paycheck. In fact, the one provision in most cases is that you have an incoming paycheck, and that the checks are directly deposited into your checking account, to allow for smoother transactions. You borrow an amount less than what you will gross and with a price for their services. The price comes in the form of a fee. The fee tacked onto the majority of the payday loans will be a flat monetary rate for each $100 borrowed.
Ordinarily, it's $20-$25 per $100. So then, say you'll borrow $500. Add $20 on for each $100. After doing the math, you see you'll be responsible for having $600 in your account on the scheduled day of the withdrawal. The day for scheduled repayment is customarily 14-18 days after the initial amount is borrowed.
Get the Cash
Do yourself a favor. Make sure you have the money available on the day of. If you don't, you'll be charged the total fee again. And again. Each time the payday advance company attempts to withdraw the amount that it's not present, you'll be charged again. Welcome to the cycle of debt. So - don't let this happen. Be sure you are accountable for you payday advance loan.
Stay informed of your rights to access the right payday advance loans
Another way of safeguarding your best interests is to familiarize yourself with the Truth in Lending Act. We can tell you that one of the stipulations under this manifesto in regard to payday advance loans is that their cost (fee) must be disclosed. Among other information, it is your right to obtain (and you should get it without having to ask for it) the finance charge, in numerical amounts and in writing, and the annual percentage rate or APR. An APR is the cost of credit on an annual basis.
If your using the payday advance loans as a means of establishing credit, or repairing a staggering credit, it's an expensive alternative.
Consider all angles before relying on payday advance loans
You should carefully consider other alternatives before utilizing the extreme usury payday advance loans sector. Shop around and compare offers. Always look for the offer with the lowest APR, if possible. If you haven't tried obtaining a loan from a credit union or other type of small loan company, give it a shot. Also, another alternative if there is just no other way, is to ask your employer directly for an advance on your pay. In sum, try to avoid the necessity of taking out one of the payday cash loans, but if you can't get around it, do your best to be informed of your rights as a consumer so you don't get ripped off.
The risk of payday advance loans
Because once you do this, you will feel that much better about proceeding forward into a payday advance loans arrangement. Get the facts straight. You may not have all the time in the world to research rival cheap payday loans providers, but you can get the fees and scheduling straight and clear before signing to anything contractually. Remember, it is your right to stay informed and inquisitive. When utilizing an industry as risky as the quick payday loans industry, you're gambling. Play your cards right and do what it takes to stay ahead of the curb.