Tag Archives: cash
Unsecured Personal Payday Loans Are Not a Long-Term Solution
Unsecured personal loans are sometimes called fast cash or payday loans. The good news is that anyone with a steady paycheck, even those earning minimum wage, can qualify for these types of cash advances. Pay day lending however, can be a very short and painful way out of a temporary situation.
The bad news with unsecured personal loans were payday loans is that you almost never can seem to catch up. A payday advance is extremely expensive! How expensive, you might ask? Some companies charge as much as 25% or more, every couple of weeks. This comes out to 650% for a year. But that’s not the worst of it…
Think about this:
A payday cash advance of $100 for two weeks, would cost $125. So if you pay the loan back in two weeks. You pay them the hundred dollars plus 25 dollars in interest.
So you would think that in four weeks, it would cost an it would cost you $150, right?
WRONG!
The way payday cash advance loans work is that they loan you $100, in two weeks it would cost you $125. But if you couldn’t pay the hundred and $25 in interest, they would simply give you a new loan to pay off the old one.
So for the next two weeks, you would have $125 loan and owe $31.25 in interest.
So a 100 loan, for one month would actually cost $156.25. Here’s a quick look at it just three months for a hundred all alone could cost.
Weeks w/Loan Amount Owed
$100.00
2 weeks $125.00
4 weeks $156.25
6 weeks $195.31
8 weeks $244.14
10 weeks $305.18
12 weeks $381.47
So after four weeks. The typical payday loan of 100 dollars would cost $156.25. After two months it would cost $244.14. And after just three short months. A cash advance of only $100, would cost you $381.47.
This figures out to 650% interest over one year! That’s not the annual percentage rate or APR, but just flat interest-rate.
The last problem with personal payday type loans is that most want access to your checking or savings account. They say this is to make it easier for you but it also allows them full access to your bank accounts. If there’s an error, you fight them about it all the while they take your money.
If however, you are in need of a fast cash loan and are able to pay it off on time, there are several programs that offer your first loan free of interest. I you need a one time short term unsecured personal loan, maybe one of these no interest one-use options are for you.
Remember though, the payday loan businesses will continue to contact you trying to get you to get back in debt. You must be able to ignore these types of marketing plans that would only end up hurting you long-term financial future. Just if you decide to use a payday loan, just make certain you have a plan to pay it back on time.
Payday Loan Online – For Your Convenience
There are a lot of reasons that people choose Payday Loans Online when they’re in need of quick cash. You can apply for a loan twenty four hours a day seven days a week. There’s no having to find a payday advance office and work around their business hours. Online lender’s are always open!
It’s easy to apply. Just click on the link, and it will take you to the application. It takes no more than two minutes to fill out, and you find out almost immediately if you’re approved. Since the application is online, there’s no stack of paperwork to fill out. You don’t have to take in copies of paychecks or bank statements, or even write a check!
You don’t have to wait long to get the cash you need. Once you’re approved, the money is deposited into your checking account in as little as one hour. If you apply on a weekend, then the money is deposited on the next business day. You don’t have to wait for hours, much less days, to find out if you’re even going to get the loan.
There’s no credit check. Sometimes things happen that cause us to have less than perfect credit. When this is the case, it can be almost impossible to get any type of credit, much less a loan. With a Payday Loan Online, that’s not a problem.
There are only three qualifications. If you are of legal age, have a current checking or savings account, and a stable source of income, then you may qualify. It doesn’t matter if you get paid weekly, biweekly, or once a month. If you don’t get your money from a job, but have another steady, verifiable source of income, you may still qualify.
A Payday Loan Online can be from $500 to $1500. You don’t have to borrow the maximum you qualify for, only the amount that you need. Since you don’t have to verify what you use the money for, it’s up to you how much you borrow and what you use it for.
Since the Payday Loan Online is applied for, approved and repaid online, you can complete the whole process from the privacy of your own home. Or if you’re away on a trip and need cash, all you need is internet access and you can get the money you need in as little as one hour!
There are lots of types of people who use Payday Loan Online for a lot of reasons. Emergencies and unexpected expenses come up all the time. Since a Payday Loan Online is a short-term loan, there are no long-term payments or interest rates added on to the balance. When your next payday goes into the bank, the amount of the loan, plus a small fee, depending on the amount you borrowed, will be withdrawn from the same bank account.
To sum it all up, a Payday Loan Online is for your convenience. It is fast, easy, reliable, private, and is always there when you need it. Just click on the link, and see if you qualify for a Payday Cash Advance!