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Solid advice to get you through payday loan borrowing

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Solid advice to get you through payday loan borrowing

  1. 1. by imjetred | on March 31, 2013http://www.empowernetwork.com/imjetred/
  2. 2. “ Are you in the market for a quick loan? Butyour credit isn’t good enough to obtain one?Luckily, there are many possible choices. If youfind yourself having trouble obtaining atraditional loan, then a payday loan might bethe right option for you.”Read this article to get ideas on what to expectfrom your loan.
  3. 3. • Most payday loans require the borrower towrite a check that has been post-dated to thedue date. It is important that your bank accounthas the necessary funds available for theamount the check was made out for on the dayyour loan is due to be repaid. If your paymentcheck bounces, you will be facing charges withyour bank and with the payday lender.
  4. 4. • When you look into securing a payday loan,some lenders will present you with interestrates and fees that can amount to over a fifthof the principal amount you are borrowing.These are lenders to avoid. Even though youshould expect to pay a premium for thespecialized benefits of a payday loan, interestrates this high verge on extortion; rest assuredyou can find a better deal with another lender.
  5. 5. • Do not do business with any payday loan provider that doesnot clearly disclose, in writing, their interest rates, fees andrepayment policies. If this information is not presented toyou clearly, you should see it as a red flag that the companymay be a scam.• Beware of any company that wants to roll finance chargesto the next pay period• This can cause you to pay a lot more than you initiallyexpected without paying off the actual principle. You couldwind up paying way more money on the loan than youactually need to.
  6. 6. • For your payday loan, be cautious of automaticrollovers. Many times these are set up to preventyou from defaulting on your loan by directlywithdrawing fees from your checking accountautomatically while extending your loan. Youcould find yourself in such a situation withoutever doing anything more than filling out theinitial loan application. You can end up payinghundreds in fees, since you can never fully pay offthe payday loan. Know all of the terms andconditions.
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  8. 8. • If you are considering payday loans, try toborrow as little as possible. Financialemergencies can happen but the higherinterest rate on payday loans requires carefulconsideration. By getting the least amountpossible, you can avoid high interest rates andfees.
  9. 9. • Try to find other ways of attaining moneyinstead of a payday loan. Maybe a friend canloan you some money or perhaps you cannegotiate payment flexibility with creditors.Payday loans should be used in the event thatthere are no other options.
  10. 10. • You can get a payday loan by applying over thephone. Calling is preferable to filling out anapplication on the internet. Always makecertain that you completely understand anyand all terms used throughout the process,thus avoiding any sneaky twists or loopholeswhich take advantage of the system and costyou more money out-of-pocket.
  11. 11. • Make sure that you take proof of age and proof of employmentdocumentation with you to a payday loan provider’s office. Paydayloan companies require you to prove that you are at least 18 yearsold and that you have a steady income with which you can repaythe loan.• Deciding if a payday loan service fits your needs is not an easy task.You could take time to think if getting a payday loan is right for you.Put this information to use for yourself, and be confident in makingthe correct decisions for your financial situation. This article willserve you well in this regard.• Click here to read more of payday loan articles.• Good luck and happy blogging!
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