Trying to understand cheap payday
loans is not easy for anyone. After all, cheap is a funny word. It means that
something is relatively low in price. And that means that in comparison it is
lower in price, or interest rate fees, than other methods. You are going to
find that this form of cheap really is not "cheap".
You have overextended yourself and
need a little money before your next payday. This is always a possibility for
today's consumers and you are wanting to get some fast cash no matter what. You
are in a bad position to bargain and may have terrible credit or no credit
established at all. You don't have many choices.
If you can get your hands on a
couple of hundred dollars before your next payday, that loan will get your head
above water. All you have to do is write a post-dated check to the payday loan
company and include the fee in the check. You will have 2 weeks to pay the loan
back or let them cash your check. Two weeks, then what?
The two hundred you have borrowed at
20% means that you hope to have $240 in your hands to repay the loan within 14
days. Very little credit information was necessary in order to get your loan in
the first place. And $240 may be a pretty big chunk of money to take out of
that expected paycheck for repaying your loan. The payday loan company
understands. They are willing to extend your loan... And extend it and extend
it. Now you can see what is going on with your cheap payday loan.
In fact, your cheap payday loan is
one of the worst risk you can take even if the loan interests are offered at
half. The 10% rate is often the come on that the company will offer the new
prospect. You can build confidence in that company and you'll come back time
and time again. These loans can be tempting and easy to fall prey to.
Cheap is the relative word.
Devastating your checkbook and obtaining the quick fix is a bad habit. A really
bad habit. There is no service or lender that is in business to offer you the
"cheap" way to right living and finances. The lending companies are
working to make money not give it away.
You are in need of money, so call
your lenders and make some arrangements to pay your bills in installments.
Being honest and upfront avoids the nightmare of trying to weasel and wiggle
out of financial responsibilities. Just give it a try this time. You may be
surprised to be offered a payment schedule.
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