Tag Archives: pay day loans
Is pay day loan a trap?
What is a pay day loan? It is a small amount of money that you borrow to meet the expenses deficit until your next payday. Why people go for these loans? Simply because pay day loans offer easy solution to someones immediate financial need. These loans are easily available and do not require much paper work. This easy coming money is a big temptation for the borrower who ignores the fact that these loans are not the money earned by him. Any employed person with a verifiable income can avail pay day loan. There are several companies operating in the market who offer short-time loans on different terms and interest rates. You can check various available options and select the one that suits you best.
Normally, pay day loans are meant for people in job to handle their immediate financial problems. This class of society is not equipped to face the increasing load of interest and penalties in case they fail to clear the loan. Such loans may be tempting and alluring but they can lead you to a bigger trouble in future.
You will find many people recommending pay day loans as best solution to your immediate financial problem. You must consider the pros and cons before opting for such a loan. It is true that people, when find themselves in tight financial situation, mostly fail to visualize the after effects of such easy and hassle-free availability of money.
Some people opt for short term cash loans to maintain their social status and life-style. They try to justify their action without actually knowing that repeated money advances can ultimately put their entire economy out of control.
Once resorting to this easy-to-get money channel, you forego your financial freedom and are compelled to avail a second loan to clear the first one and thus the cycle keeps going on. People get habituated to avail Pay day loans whenever they find themselves in smallest financial inconvenience.
Money lenders lay out a smartly woven trap in front of the needy person who, driven by the magnitude of his immediate financial requirement, just falls into it. Borrower finds this process very easy and he need not worry about it for a month. Money lenders start charging interest at exorbitant rate which sometimes goes up to 300%. A stage may come when you find yourself in much bigger financial crisis than the one when you started out.
Here is a piece of advice in your own interest. Keep away from pay day loan trap. Never go for such loans unless it is absolutely unavoidable and you have no option left. If you are compelled to take one loan, ensure paying it off immediately after you get the money.
Yes, you can avoid falling into pay day loan trap. What you need to do is a little financial planning. Have a close look at your income and expenses pattern. Make your budget and cultivate some saving habit. Small savings in different heads can help you in getting bigger amount of money when you actually need it.
Loan Payday Makes your days till your next payday
Tight money situations are faced by one and all. You may be careful most of the time, but yet situations so come up that you do require a short term loan to tide over the crisis.
Sources of availing short term loans could mean borrowing from friends and colleagues. But by doing so, you could portray wrong image of yourself. At such times you could always approach a third party source such as a money lender and avail the required funds. This loan can be availed against the surety of its repayment whenever you receive the next pay.
A payday loan is offered to people who are above 18 years of age and have a operating bank for more than 3 months. Lastly they should drawing steady income over a period of time.
In most cases you can avail this loan for a short term which is usually 14 to 31 days. If at all, you wish to lengthen the repayment period, you could do so with a prior discussion with the money lender.
Conveniently, pay day loans are available online. The numerous advantages of availing pay day loans online include
1.Applying them is fast and easy 2.Minimum processing procedure required 3.No faxing or no credit check involved 4.Enjoy near Instant approval 5.No questions or reasons asked 6.Avail an unsecured loan
For your loan payday application, you need to furnish your name, personal details, address details, contact details, bank details and employment status as well details. These details have to be furnished online. At no point of time you do need to visit the money lender personally as loan processing and loan approval procedure is done online.
There are many online money lenders who would be eager to provide you with a loan payday. You could begin with asking for loan quotes from them and review them before you avail the payday loan. It is very crucial that you go through all the terms and conditions. The repayment schedule and term should be read even more carefully. After you are satisfied with them, you could proceed to avail the loan payday. At the same time you should be equally confident of repaying them on time. You are supposed to repay the loan entirely, no part payment of the loan payday is permitted.
You could go for Loan Payday provided you have duly considered the cost as well as the repayment terms and conditions. Loan Payday is an easy and most preferred way to tide over short term financial crisis against your pay which is due in the near future.