Tag Archives: payday loans
Bank Loan Charges and Payday Loans
While some of us have superior money management skills, with emergency funds always on hand and thus, never need to make an emergency loan, the rest of us arent so skilled. When somebody gets hospitalised or the house needs major repairs, we ordinary mortals usually need to take out a loan.
And when that happens, where do we go to? Do we get bank loans or payday loans?
Bank loans and bank charges
Although a lot of us are not fans of bank loans, there is an advantage to it: You do not need to repay the loan all in one blow.
If the amount you need to borrow is going to drain your next pay cheque or your next five pay cheques a bank loan definitely makes more sense.
The disadvantages of bank loans, however, are the following: First, approval takes time. These are not same day loans. Second, you may not meet the documentary requirements. Third, since you are being charged monthly, the total interest rates are generally higher than payday loans (presuming that you are able to pay your payday loan in full on its due date). And fourth, the charges are not always transparent.
What charges are you likely to meet, for instance?
1. Late fee. If you are late in paying your monthly fee, you will probably be charged for this. 2. Monthly service fee. This is a fee the bank charges you for the privilege of having an account with them. 3. Overdraft fee. This is charged whenever you exceed your credit limit, whether or not your overdraft was authorised. 4. Charge for exceeding authorised overdraft limits. This is an additional charge for exceeding an authorised overdraft.
Payday loans
If you need a same day loan, then payday loans are worth looking into.
For those who dont know what a payday loan is, its simply a cash advance on your salary. Often, the only security required is your debit card details; so that on the day your loan becomes due the money can be deducted from your bank account.
Should your loan be approved, the amount is automatically deposited into your bank account.
Of course, like all other things, these loans come with their own disadvantages: basically, it often happens that ones coming pay cheque is not sufficient to cover the amount one borrows. In that case, the borrower ends up renewing the loan instead of paying it back. This could amount to a higher interest charge than one might get with a bank loan.
If a borrower decides to pay back the loan by cheque and it bounces, the borrower would end up penalised by the bank also. In addition, the lenders, too, may have additional penalties of their own.
The good thing with payday loans, however, is that they are required by law to fully disclose the loan terms and interest rates, as well as all the fees involved. Compared to banks, the charges made by these lenders are definitely more transparent an enemy you know rather than an enemy you dont know, so to speak.
Payday loans no debit card: Best cash remedy in your financial crisis
If you need fast cash aid without facing any tricky and complicated application criteria then payday loans no debit card is perfect option for you. With support of these loans you can immediately get approved for the unexpected emergency funds. These loans are wonderful option in those circumstances where requirement of money is urgent and you dont have enough time with you.
Financial emergencies are quite uncertain and unintended by nature. No one knows when and with whom it occurs. But, you can take assist of payday loans no debit card if you get stuck in the situation of financial crisis and need quick fiscal support. The availing and approving procedure of these loans is quite simple and hassle free. No kind of faxing and extensive paperwork procedure associated with this loan procedure.
If you need cash within the same day of applying then choose online mode of application. It is quite easy to use and prompt to access. You just need to complete a single online form with basic details like name, address, contact no, email id, account, income etc. Once the form gets approved by the lender the amount will automatically transit in your bank account within next 24 hours without any trouble and hardiness.
Payday loans are basically a small term loan that is useful to resolve uninvited monthly crisis. With assist of this loan people can grab funds varying from £100 to £1500 for the time duration of 14 to 31 days. If you find this term duration not sufficient to repay the funds then by paying some nominal amount you set the duration as per your requirements.
Further, these loans are also accessible by the poor credit borrowers. While you are applying for these loans lenders do not execute any kind of credit verification process. Even, regular repayment will assist you to enhance your credit profile.
Plus, with the borrowed funds you fulfill your numerous purposes easily like medical care cost, car loan installments, credit card bills, huge previous debts, grocery bills, school and college expenses, and so on.
However, you need to pay slightly higher interest amount against these loans as it can be approved without any collateral. But, valid online research and comparison may avail you lucrative deal on affordable price.