Payday advances are usually
short-term loans (most payday loan terms are just for a few weeks) that allow
borrowers to receive fast cash for a financial emergency. Payday advances are
provided by cash advance stores or web-based companies and have become
increasingly popular over the last few years.
Expect to pay a high interest on a
payday advance, and also expect to pay a one-time processing fee. It is not
uncommon to pay between $15 and $25 for every $100 borrowed on a payday loan.
The loan is taken out against the borrower's next paycheck or paychecks, and if
he or she is unable to pay back the loan in the agreed upon timeframe, the loan
may be rolled over. However, rolling over a payday loan may prove to be quite
costly, so it is always recommended that borrowers try their best to pay back
the loan during the original loan period.
The bottom line, however, is that
payday loans have proven to be a very useful type of loan for today's consumer,
as they are usually quite convenient and practical. Although the interest rates
on these types of loans can be astronomical if you think in terms of APR, the
fact is that the interest is diminished because the loan is repaid in a short
amount of time.
Payday Loans for Individuals with
Poor Credit
One of the many benefits of online
payday advances is that they are easy to receive. For individuals in a difficult
financial situation, a payday loan may prove to be truly invaluable. In
particular, online payday advances allow individuals with poor credit or no
credit to receive the cash they need in a short amount of time.
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