The Truth About Guaranteed Payday Loans
People that won't get paid for a while but need money now often turn to guaranteed payday loans. Lending institutions that specialize in this type of loan can often get funds to you more quickly than other types of lenders.
If this is the type of loan you're going to get, do some good research before you pick a lender. If the service is legal in your state, you have probably seen quite a few payday loan stores around. If it's not, you probably haven't.
Finance charges on loans of this type can range anywhere from 15 to 30 percent of the amount borrowed in most situations. Since the finance charges can be quite large, youll want to only borrow what is truly needed. Youll also want to be sure you will have no problem paying the money back in full by the collection date.
Borrowers that are unable to pay the money back when it is owed, in most cases two weeks from the lending date, the interest will continue grow exponentially. The best plan is to be wise in the amount you borrow.
Some lending institutions will ask you to write a post-dated check covering the amount borrowed and associated fees. It is still your responsibility to go to the lending source in person by the due date of your loan and pay back the money. However, if you are negligent and dont pay back the money in person, they will most likely cash the check you left as collateral.
In order to avoid a ton of extra fees, make sure that you can pay back the loan on time. People often end up paying late fees, and sometimes bounced check fees from their banks because they don't have the funds to cover the post dated check.
While these loans are extremely easy to get, make sure that you're very careful. People sometimes get stuck paying thousands of dollars in fees and interest on a loan that was only $500. Make sure that you can pay off the entire loan with your next pay check.
If this is the type of loan you're going to get, do some good research before you pick a lender. If the service is legal in your state, you have probably seen quite a few payday loan stores around. If it's not, you probably haven't.
Finance charges on loans of this type can range anywhere from 15 to 30 percent of the amount borrowed in most situations. Since the finance charges can be quite large, youll want to only borrow what is truly needed. Youll also want to be sure you will have no problem paying the money back in full by the collection date.
Borrowers that are unable to pay the money back when it is owed, in most cases two weeks from the lending date, the interest will continue grow exponentially. The best plan is to be wise in the amount you borrow.
Some lending institutions will ask you to write a post-dated check covering the amount borrowed and associated fees. It is still your responsibility to go to the lending source in person by the due date of your loan and pay back the money. However, if you are negligent and dont pay back the money in person, they will most likely cash the check you left as collateral.
In order to avoid a ton of extra fees, make sure that you can pay back the loan on time. People often end up paying late fees, and sometimes bounced check fees from their banks because they don't have the funds to cover the post dated check.
While these loans are extremely easy to get, make sure that you're very careful. People sometimes get stuck paying thousands of dollars in fees and interest on a loan that was only $500. Make sure that you can pay off the entire loan with your next pay check.
About the Author:
Trinity teaches individuals how to get easy guaranteed payday loans and about many other types of loans for individuals with bad credit.
posted by Credit Counseling at
5:53 AM
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