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Is it a Good Idea to Choose a Pay Day Loan

Data aggiunta: September 09, 2011 07:36:09 AM
Author: MKSumner
Categoria: Acquisti: Negozi On Line: Abbigliamento
Payday loans are frequently suggested as a quick fix for a bad financial situation, letting you bridge the gap between spending all your money and your next wage or salary. The basic idea is that you can borrow a small amount of money for a short period of a week or two, and repay the debt at your next payday. This sort of facility can actually be very useful if you've got no money for daily living expenses, or if you're faced with an unexpected charge or expense that you simply can't cover when you need to, but are pay day loans always the easy way out they're described as? First, we'll take a look at the undisputable plus points of these loans, before looking at the drawbacks, and possible alternative options you may be able to use if you determine a fast cash loan isn't right for you. The lending criteria for wage advance loans are really quite lax, and almost anyone who's employed and has a suitable bank account will likely be accepted. This means that even people with terrible credit scores should be able to be approved for a payday loan, despite being rejected for nearly any other kind of finance. They are also simple to arrange, and you can frequently get the money in your account quickly. Some lenders can even set up an overnight transfer of the loan straight into your account the next working day, which is obviously very handy when you need cash urgently. Finally, once you've been authorized for your first loan, it's usually a very easy matter to 'refresh' your loan again if you find you need to make use of the facility if funds are again short in the future. There are, however, two major downsides to payday loans which you seldom see mentioned in the adverts and web sites pushing them. Firstly, they're really pricey compared to other forms of credit. Because the term of the loan is so short, a charge of 20% of the loan amount - which is about average - will work out to be an extremely high APR. The second problem is related to the first: because they're so expensive, you can easily be left short of cash the next month once you've cleared the loan and paid the interest. In this scenario, it's just too easy to roll over your loan again to cover the shortfall, incurring more charges, and a neverending cycle of debt. So, if you make up your mind that a payday loan isn't the right decision for you, what alternatives do you have? The first one is making use of a credit card, if you carry one. While credit cards are usually also pretty expensive forms of credit, they do allow you to spread the debt over a number of months rather than needing to be repaid immediately along with a charge. Many bank accounts now offer an overdraft facility, which can also be used to cover a short term lack of money. The APR on an agreed overdraft is likely to be less expensive than that of a credit card, but your bank may not extend you the facility. Beware of going ahead and overdrawing without your bank's agreement, as the charges they will impose in this case will be very expensive. If neither of these options is open to you, and you have no other way of getting hold of money such as borrowing off family, then a payday loan may be the easiest option. Just ensure that you use it correctly, and listen to the warning sign it's giving you about the longer term health of your financial life.
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