Debt Consolidation Credit Counseling In Phoenix

If you're strapped for cash, you don't have to look hard to find ads for payday loan services. It's a big industry now, with over 10,000 payday loan businesses in the US. It's easy to find a payday loan company online or near you.

On every payday loan site, you will find the advantages listed. A payday loan is quick. If you've tried the regular loan process before, you know that it can take days or weeks. You can get through the payday loan application process in less than 20 minutes. The money is transferred to your account within a day.

A payday loan is usually used to cover a temporary budget shortage. Some unexpected expense has come up and you need to cover it quick. If you use it that way, it's not a bad solution. What's important is that you're sure you'll be able to pay it off in time.

No matter how nice payday loan people are, they're still in the business of making a profit. They do this by charging interest on your loan. Some loans have low interest, some have high interest. A payday loan has a special kind of high interest.

Recently, government bureaucrats have tried to win votes by uttering their disapproval of the payday loan business. They profile payday loan companies as evil predators, preying on the poor consumer. This is of course not the whole picture. But admittedly, payday loan interest rates can reach some pretty steep levels. The interest rates really kick in when you're forced to renew or extend your payday loan because you can't pay it off in time.

If you pay off your payday loan in time, it's a good way to get some quick cash to get you out of a tight spot. If you don't pay it off in time, the interest rate can go up very high, very fast. So be careful and think before you complete your payday loan application.