Tag Archives: payday
Why not to use a Payday Loan to pay for a Vacation
We all run into those financial emergencies at one point in our life. Some people have money saved for these occasions, others use credit cards, and others again use a payday loan to fill the financial gap for the 15 to 30 days where we need the cash. This is what a payday loan is for. Be able to make it to the next paycheck. Pay for the car repair because without a car you will be out of work soon. Situations like this are where the payday loan does its duty.
However, some payday loan lenders advertise their loans to be used for normal consumer needs. Needs? Well, not really. These lenders play with your desire for having a new TV, a new iPhone or iPod, or to go on vacation. Sure, we all like to treat us to those nice things in life, but we need to be able to pay for it and not necessarily to buy these items on credit. Especially, not to buy these items on very expensive credit.
While this article is mainly written with the payday loan situation in mind, it also applies to using a credit card to pay for these items. In both cases you put a consumer purchase onto a very expensive credit account. The initial interest fee on the credit card might be lower, but statistics show that consumers easily need 18-24 months to fully pay off their purchase. That is very expensive at 18%-27% if you ask me. A payday loan is even more expensive, but it forces the customer to re-pay the loan much faster, which is a good thing. The initial interest rate for this type of loan is higher, but the time between when the loan is taken out and when it is paid back is much shorter.
So, while these are the basics the real story is that both types of loans are not designed to be used for normal consumer purchases. We all have seen what the last recession has done to consumers who were in debt way over their head. The number of foreclosures and bankruptcy filings has sky-rocketed. While some blame goes out to the banks and mortgage companies, a lot of blame has to go to those consumers who financed non-critical purchases with very expensive loan type. Everything is good while you have a job, but when the money gets tight these loans are going to destroy your financial status.
Conclusion: Payday loans are a financial product that is designed to be used in a financial emergency. It is expensive, but payday loans are granted faster than a normal bank loan + they do not affect your normal credit history. A fast payday loan is not to be used for normal consumer purchases for gadgets, TVs, iPhones, or cars. Used with the proper understanding of how these loan work is essential to your financial well being.
90 day payday loans Sure-Shot Way To End-UP Financial Turmoil
Unexpected circumstances crop-up randomly without giving you time to prepare for the situation. At such a point of time, falling short of cash can make it difficult for you to tackle those abrupt problems. Usually, in circumstances like this, people start searching for monetary help from friends and family. However, discovering that all doors of help are closed they consider applying for loans. Of all the loans available in the market, 90 day payday loans make for one of the most sought after options. These loans are the convenient way to manage the situation.
Using funds availed through this loan you can resolve all your middle month financial woes within no time. You can maintain your economic growth and stability by approaching these loans. You can use the loan amount as per your need and wish. Lenders who help you get loans are not concerned about your purpose for taking loans. So, you can use it to arrange a wedding party, pay off pending credit card bills, storage bills, electricity bills, home renovation, get a damaged vehicle repaired or pay for certain medical urgency.
If you are someone having an appalling credit background, there is no need to worry as these loans cater to all equally. You can apply for this loan despite suffering from tainted tags such as bankruptcy, county court judgments, arrears, foreclosures, individual voluntary arrangements and insolvency. Just make sure that you fill up the loan application form carefully and completely to avoid delays or rejections later.
With internet, conventional mode of appliance has taken a backseat making the entire process easy and quick. There are plethora of lenders who offer this loan to people of all walks of life. Compare different quotes before reaching any decision. You can be assured of finding a deal that not only carries pocket-friendly interest rates but also easy and flexible repayment terms and conditions. Going through details carefully before zeroing on any particular deal would help you make a well-informed and smart decision.
90 day payday loans, as the name indicates, are sanctioned for a limited tenure of three months. Although, these loans carry a high interest rate, it is their quick and timely approval that allows you to avail their benefits without even giving second thought.