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The Severe Drawbacks of Payday Loans

Although payday loans may seem like the easy way to fix your current financial problems, they are not. Instead there are many drawbacks to using payday loans, and you can benefit by learning about these before ever applying for, or receiving, a payday loan.

The extremely high interest rates charged by payday loan companies is one of the biggest drawbacks, and it is something that should deter you from ever using one to hold you over until payday. Some states have gone so far as to ban payday lending companies from offering loans to residents because of the predatory interest rates. In fact, some interest rates are so high that the companies can easily be considered ‘loan sharks’. These companies are often making huge profits by giving high interest loans to desperate people.

Why would people even consider applying for a payday loan with the high interest rates? For one thing the advertising campaigns run by most loan companies make it appear extremely easy to get a loan and just as easy to pay it back. The companies will simply ask for a canceled check to get your bank information and will get their money back directly from your account. What the ad doesn’t tell you is that because of the high borrowing fees and interest rates you will have double, triple, or quadruple the amount that you actual borrowed taken back from your bank account.

Harassment for non-payment is also a drawback to using a payday loan company. The amount which you are loaned must be paid back, and this may not be accomplished with just one paycheck if you took out a large sum of money. Instead the company will work with you to set up a payment plan that is explained to you before the loan is finalized. The company will make the payment plan seem reasonable and convenient hiding that you are often paying back additional fees. If you are late on a payment or a payment attempt is returned because of insufficient funds companies will call your home and work place constantly. Some will even contact your neighbors and family members to embarrass and harass you. Many payday loan companies have even found ways to go around the laws set in place by the Fair Debt Collection Act so that they can harass loan holders without fear of legal retribution.

Finally the largest drawback to payday loans is the fact that they are not a permanent solution to a long-term financial problem and can often cause more financial woe. If you are living paycheck to paycheck and experience a sudden emergency that requires quick cash, a payday loan will only cause more headaches for you rather than actually help you. You will still end up with an additional bill to pay to a lender that will usually not be reasonable if you experience repayment problems. It is important that you realize this and find alternatives to getting the cash you need in order to avoid serious financial problems later or even bankruptcy.

Wedding Loans: Ideal way to make your wedding day memorable

Do you wish to celebrate your wedding in an enormous manner? But, insufficiency of funds forces you to compromise with your dream? Then, no more compromises are desired as wedding loans are available to you on easy and simple terms & conditions. With this loan you can easily meet with your wedding requirements without putting much effort. With support of this loan people can grab enough funds to make their life’s important day perfect. Wedding loansare available in both forms secured and unsecured. Now the choice is yours that which options suits you a lot. If you need high funds for long duration then secured option suits you, plus it is easy to avail. The funds you can grab with this loan facility ranging from £5,000 to £75,000 for the term duration of 5-25 years. Here, due to presence of collateral you are charged with low interest amount. On the contrary side, for those who are unable to pledge collateral can freely consider unsecured option. With this loan scheme people can avail amount ranging from £1,000 to £25,000 for the term period of 1 to 10 years. Here, you are charged with high interest rates as it approved without placing any security. Though, proper research of lending market can surely avail you affordable loan deal.

With the availed amount one can easily meet with their multiple wedding purposes such as wedding reception, music, arranging variety of foods, decoration, purchasing wedding dress or cake, plan a dream honeymoon etc. This loan scheme proves to be an ideal option for couples who are facing shortage of money for their life’s important day.

Even the borrowers facing credit problem such as default, CCJ’s, bankruptcy, late payments, arrears, IVA can simply apply for the same day bad credit loanswithout feeling any hesitation. Timely repayment of borrowed amount will give you an opportunity to mend their worse credit rating. There is no lengthy faxing or documentation process attached with this loan process.

The best way to apply for this loan can be online. Just fill out an application form and within next 24 hours your cash will get transit in your bank account without any hassle. Comparing the loan quotes of numerous lenders will avail the best deal without any difficulty.