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Wednesday, January 7, 2009
If you need cash quickly and won't be getting paid for a week or two, there are quite a few options available to you. Many people turn to cash advance or payday loans to get the funds they need. Lenders can often give you the funds you need on the spot and this can save you late fees and other expenses.
If you need to get a payday loan or cash advance, you'll want to check to make sure it's legal in your state. 12 states prohibit lenders from offering this type of loan. These loans are also illegal in Canada. However, some states allow this practice without any problems.
If you live in a state that allows this type of loan, you will be good to go. However, with this type of loan you will need to make sure to read the fine print. These loans are usually quite pricey. You will usually have to pay 10 to 15 percent of the loan amount in interest, and this is often over a two week period.
Guaranteed payday loans should only be used as a last resort. You should make sure to never borrow more than you will be able to pay back on your next payday. Generally speaking, if you don't pay back the full loan amount within two weeks, you will have to pay interest again. Often after 4 weeks the loan amount will double because of the extreme interest of this type of loan.
Many payday lenders will direct deposit your funds directly in your account and will then withdraw your payment automatically. Other lenders will require you to post date a check to make your payment. You are usually expected to pay the loan back yourself and if you don't, they will cash the check you left.
If your payment check bounces, you're looking at a lot of extra fees and interest. Payday lenders usually make a lot of money on people that pay late and to avoid really paying out a lot, you need to make sure you pay back your loan before it's due.
If you decide to take a cash advance or payday type loan, it will be fairly easy to find. If you're in a state where it's legal, you will find quite a few payday loan stores on any major street. You can also find these loans easily online.
If you need to get a payday loan or cash advance, you'll want to check to make sure it's legal in your state. 12 states prohibit lenders from offering this type of loan. These loans are also illegal in Canada. However, some states allow this practice without any problems.
If you live in a state that allows this type of loan, you will be good to go. However, with this type of loan you will need to make sure to read the fine print. These loans are usually quite pricey. You will usually have to pay 10 to 15 percent of the loan amount in interest, and this is often over a two week period.
Guaranteed payday loans should only be used as a last resort. You should make sure to never borrow more than you will be able to pay back on your next payday. Generally speaking, if you don't pay back the full loan amount within two weeks, you will have to pay interest again. Often after 4 weeks the loan amount will double because of the extreme interest of this type of loan.
Many payday lenders will direct deposit your funds directly in your account and will then withdraw your payment automatically. Other lenders will require you to post date a check to make your payment. You are usually expected to pay the loan back yourself and if you don't, they will cash the check you left.
If your payment check bounces, you're looking at a lot of extra fees and interest. Payday lenders usually make a lot of money on people that pay late and to avoid really paying out a lot, you need to make sure you pay back your loan before it's due.
If you decide to take a cash advance or payday type loan, it will be fairly easy to find. If you're in a state where it's legal, you will find quite a few payday loan stores on any major street. You can also find these loans easily online.
About the Author:
Only use guaranteed payday loans with extreme caution. Dave educates people on how to use personal loans to save themselves the extreme interest rates on other types of loans.
posted by Credit Counseling at
1:18 PM
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