A quick payday cash advance loan is
sometimes the only option to get quick cash for the millions of Americans who
have maxed out their credit and desperately need to get quick cash. Payday
loans are short term loans usually ranging from $100 - $1,500 and usually carry
a high interest rate with them.
It will typically cost a consumer
$15 for every $100 borrowed from the payday lender and the entire amount will
expected to be paid back on your next payday however most online payday lenders
are flexible in extending the payback date. While the interest rates are high
on a quick payday cash advance loan it is often cheaper than incurring fees on
other unpaid debt.
So is a quick payday cash advance
loan a good idea for you? A simple guideline to use is that if your fees on
unpaid debt will add up to more than the interest you will accrue on this short
term payday loan then it is financially wise to get a quick payday cash advance
loan. Below are some common bills that carry high fees for late payments:
- Credit card late payment fees -
Usually $30 - $40
- Late rent/mortgage payment- Typically $50
- Car payment late fee- $40 on average
- Bounced checks- $30 - $50 per check
- Late rent/mortgage payment- Typically $50
- Car payment late fee- $40 on average
- Bounced checks- $30 - $50 per check
It is very easy to see that these
fees can add up pretty quickly and this is why getting a quick payday cash
advance loan is often the best financial decision to solve short term cash flow
problems. Sometimes getting a short term payday loan is the only option for
consumers in desperate need to get quick cash. A car breakdown is a common
example of when consumers with maxed out credit really have no other option
than to get a short term payday loan. They need the car to get to work and
therefore the cost of not getting a quick payday cash advance loan is much
higher than getting one.
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