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Advantages and Disadvantages of a Payday Loan - Yahoo Voices - voices.yahoo.comMost people, at one time or another had the car break down, or was short on cash for everyday expenses. At times like these, people turn to Payday Loans. They are convenient and even someone with really bad credit is able to obtain one in a pinch. Background of Payday Loans. Payday loans are short-term loans with a duration of typically until your next pay. The rate of interest is in the 20 to 30 percent range, which considering is only for a couple of weeks normally is extremely high. In most cases if you are employed you can get a Payday loan Most areas have several Payday loan outlets available. To make it even more convenient, the majority of the time you are able to apply online. Advantages Payday loans can be acquired very quickly, with cash in hand in as little time as an hour.\ You can apply in many ways, either in person, over the phone and even online. Can be acquired without good credit. As long as you have proof of employment then in most cases you qualify for the loan. Advantages Payday loans are very pricy when you pay them back. You end up paying in some cases 30 percent or more. If you are unable to pay the loan back on time and need to extend it you will normally end up paying 50 percent or more just in interest charges. If you have to do this a couple of times it makes it really hard to get out of debt, which is another problem all together. Conclusion Although Payday loans are nice and convenient when you need them, it is normally more economical to borrow from a friend or family member. Only use these if there is no other option.
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Advantages and Disadvantages of a Payday Loan - Yahoo Voices - voices.yahoo.comMost people, at one time or another had the car break down, or was short on cash for everyday expenses. At times like these, people turn to Payday Loans. They are convenient and even someone with really bad credit is able to obtain one in a pinch. Background of Payday Loans. Payday loans are short-term loans with a duration of typically until your next pay. The rate of interest is in the 20 to 30 percent range, which considering is only for a couple of weeks normally is extremely high. In most cases if you are employed you can get a Payday loan Most areas have several Payday loan outlets available. To make it even more convenient, the majority of the time you are able to apply online. Advantages Payday loans can be acquired very quickly, with cash in hand in as little time as an hour.\ You can apply in many ways, either in person, over the phone and even online. Can be acquired without good credit. As long as you have proof of employment then in most cases you qualify for the loan. Advantages Payday loans are very pricy when you pay them back. You end up paying in some cases 30 percent or more. If you are unable to pay the loan back on time and need to extend it you will normally end up paying 50 percent or more just in interest charges. If you have to do this a couple of times it makes it really hard to get out of debt, which is another problem all together. Conclusion Although Payday loans are nice and convenient when you need them, it is normally more economical to borrow from a friend or family member. Only use these if there is no other option.
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View more at cram.com
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View more at cram.com
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Advantages and Disadvantages of a Payday Loan - Yahoo Voices - voices.yahoo.comMost people, at one time or another had the car break down, or was short on cash for everyday expenses. At times like these, people turn to Payday Loans. They are convenient and even someone with really bad credit is able to obtain one in a pinch. Background of Payday Loans. Payday loans are short-term loans with a duration of typically until your next pay. The rate of interest is in the 20 to 30 percent range, which considering is only for a couple of weeks normally is extremely high. In most cases if you are employed you can get a Payday loan Most areas have several Payday loan outlets available. To make it even more convenient, the majority of the time you are able to apply online. Advantages Payday loans can be acquired very quickly, with cash in hand in as little time as an hour.\ You can apply in many ways, either in person, over the phone and even online. Can be acquired without good credit. As long as you have proof of employment then in most cases you qualify for the loan. Advantages Payday loans are very pricy when you pay them back. You end up paying in some cases 30 percent or more. If you are unable to pay the loan back on time and need to extend it you will normally end up paying 50 percent or more just in interest charges. If you have to do this a couple of times it makes it really hard to get out of debt, which is another problem all together. Conclusion Although Payday loans are nice and convenient when you need them, it is normally more economical to borrow from a friend or family member. Only use these if there is no other option.
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