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A guide to payday loans
By Jeff Lakie
A payday loan is a cash advance on your paycheck for usually up to
50% of what you will earn. There are many lending agencies that offer
this service and more are springing up online as well. Between the
Internet and the telephone system, you can have money directly
deposited into your account in no time at all without stepping foot in a
loan office!
Whether you have good credit history, bad credit history, or no credit
history at all, there is a very good chance that you may qualify for a
payday loan. Part of the reason is because pay day loan companies
are like brokers who find lending agencies for their customers.
Occasionally, but not always, the customer will be asked to fax some
information to the lending agency in order to allow them to make a
decision on whether or not they will lend money to you and how much
they will be willing to lend. However, there are lending agencies out
there who do not require you to fax any information in order for them
to process a loan, since they can verify some of your information online
very quickly.
For this service, lending agencies will charge a fee or may charge a
higher interest rate than other types of loans. Typically, you will be
expected to repay the loan plus the fee or interest on your next pay
date. If however, you cannot pay at that time, you may be able to get
an extension.
Payday Loans are a great way to get a little money upfront if you
cannot wait until payday comes. Perhaps you have an emergency or a
great opportunity that you would otherwise not be able to enjoy if you
waited until you got paid.
You need to be careful, though. Payday loans can be good, but they
can be a dangerous habit to get into if you find yourself strapped for
cash in the days leading up to every paycheck. Perhaps then you
would be better off analyzing your budget and determining whether or
not your spending habits or income is in line with your expectations.
About the Author
Jeff Lakie is the founder of Payday Loan Resources a website providing information on Payday Loans
Article Source: http://www.simplysearch4it.com/article/10271.html
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