If you listen to or watch financial shows you’ll sometimes hear payday loans getting bad press; mainly they gripe about the high interest rate and occasionally point out a company that has ‘shady’ business practices. Well in spite of what you may have heard from those “pros” there is another side to the story.
Lets say I have bad credit, I don’t feel like getting laughed at by my bank or by some loan company and I don’t want to borrow money from friends or relatives but still need maybe $100.00 to get an emergency repair done on my car or some other unexpected expense has popped up. What I do in that case (and I have done this several times in the past) is get a Payday Loan. Within just a short time, with just minimal documentation and with NO credit check I have the $100.00 in my hand and have time to pay it back. If I don’t have the full $100.00 (plus less than $20 in interest) to pay back by the next payday I either pay just the interest and let the loan ride for 2 more weeks or I pay maybe 1/2 the loan and the interest. If you use payday loans properly and don’t borrow what you know you won’t be able to pay back (at least over the next couple paydays), you’ll be in good shape.
The interest rate (if you are just looking at interest rates) is high that’s true but, at least in my world view and compared to long-term loans or loans where you have property to guarantee your loan, the benefit of being able to handle an emergency, when I have no other course of action, far outweighs the few bucks in interest.
You can get all the basic details about payday loans here at Payday Cash Advance Loans. These people will shoot straight with you, telling you all about the process and the payments and will help put you in contact with lenders that can help you in your particular situation. Just click on this Payday Advance link and scroll down on the page until you get to an article entitled: “Payday Loans 101;” it gives you honest information on this little understood subject.
This post was sponsored by Payday Cash Advance Loans but it is based entirely on my personal experience with payday loans.