Financial Troubles?

Have you ever found yourself having to fork out for an unexpected expense, like a vehicle repair bill? How have you gone about tackling the outlay? Do you pay for it with credit, which will include interest, over a period of time? Perhaps using credit cards is not your thing. Maybe you’re one of the millions of people who burden themselves with debt, and have already “maxed out” all their credit cards. Got friends you can lend money from? The majority of people won’t ask, or feel wrong to do so. What’s the answer to your financial woes?? There’s always a pay day loan.What is a payday loan?A payday loan has many aliases. Cash advance loan, payday advance, and check advance loan are just a few off hand. Another name is a post-dated check loan. Still others call it a deferred-deposit check loan. No matter what the name is, a ‘payday loan’ is essentially a short-term loan with a high interest rate.Why take out a payday loan?Payday loans have become extremely popular in recent times as the economic climate has worsened.Firstly, imagine you were struggling financially. Perhaps found yourself in the unenviable position of needing some serious cash and being “caught short”. Say for instance one of your siblings runs into to trouble abroad and needs to be wired cash in an emergency. Or you simply need quick cash fix to pay everyday expenses e.g. Rent, foodstuff, utilities, etc. Whatever the reason, you need the cash and you don’t have it.Is a payday loan the last resort? Are there any alternatives? What are the benefits of payday loans? They are as follows:o You can obtain funds without a credit check.
o You can apply in person, via a phone or online.
o The process won’t take any longer than 20 minutes.
o The loan amount is automatically deposited into your bank account within 24 hours.
o The process is 100% secure – your financial/personal information isn’t shared with others.Payday loans are a “quick fix”. You can cover your financial problem, and get on with your life. And the loan amount will be re-paid the next payday, problem solved…?
Where can I get a payday loan?These companies are there to “help out” those people who find themselves in dire financial need. They provide these loans to people who can’t find the money they need any other way.The site give users a detailed overview of the market and provide comprehensive information on each of the featured pay day loan companies and what they have to offer potential loan recipients.Why would you choose not to get a payday loan?There has been common consent that pay day loan companies take advantage of low-income earners in financial trouble. Some go as far as to say they “prey” on the weak. On the flipside the argument to that statement is that pay day loan companies provide a much needed service that is 100% legal.So you thought your money woes were over? What if when your pay check arrives you don’t have the required amount of pay back the loan?If you came up short, you needn’t worry – payday loans are renewable, or extendable. If you were to continually do this, it could end up costing you a enormous amount of money over time. For example: Say you borrowed £100 for 2 weeks (until your next payday). You write a check to the lender for £120 (includes your £20 fee). The APR (annual percentage rate) of that loan is %! If you can’t pay back the £120 on the due date, you can rollover the loan for another 2 weeks. If you rollover the loan for a third time fee would reach £60 for a £100 loan! That’s a fee of 60% on the original loan!These are things you need to thoroughly consider when deciding if a payday loan is suitable for your financial situation. Yes, the cost of the pay day loan is extreme, but it provides you with the cash you need, when you need it. Convenience comes at a price in this day and age; it’s your decision to see whether convenience is worth the charge.Payday loans are controversial – but they do provide a much needed service.After clearly arguing both cases of the argument, which party do you side with? That depends on your immediate situation. If your needs are that severe, and you don’t have any other choice, then a payday loan is probably an option worth thinking about.Another option could be to build up an emergency fund so if an unexpected financial problem arose you would have sufficient cover. Become your own financial manager. Then you’ll have an alternative, and you won’t have to rely on a payday loan as “your last resort”.

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