Pros and Cons of Payday Loans
If you need money fast, then you might be considering a payday loan. Payday loans are a relatively new way to get quick cash and can be a saving grace for people who don't have any other means of getting the emergency funds they need. Let's say your car breaks down and you have no savings to pay for repairs. In this case, one of these loans could provide you with the money you need to get your car back on the road.
You may also hear these loans referred to as cash advance loans. There are many different establishments popping up all over the place, both online and at physical locations. One good thing about this type of loan is that there is no credit check. That means if you have bad credit, you can still get a loan even when a bank, credit union or other financial establishment refuses to give you one. There are some things that these companies normally check, however. Because they want to make sure you will be able to repay them, your income will probably be verified. You can provide check stubs, or have your employer write a letter stating how much you make each month.
Another thing these companies may need is a few references. You can often use friends and family members as references. Sometimes they call them before giving your loan, other times they only call if they are having trouble collecting payment and cannot reach you. Which brings us to one of the drawbacks of these loans -- paying them back!
Let's say you take out a loan that requires an initial $20 fee for every $100 borrowed. If you borrowed $500, you'd end up paying a total of $600 when your loan came due, usually in one week. But suppose you didn't have $600 in one week? You can often choose to renew the loan and pay the interest charges only. The thing is, the longer the loan remains unpaid, the higher the interest charges go. It's not uncommon for the annual percentage rate on one of these loans to go as high as 600 percent!
All in all, payday loans are helpful if you have no other way to obtain the cash you need. The smartest thing you can do if you decide to get one of these loans is to read all the fine print, understand all the fees you'll be liable for, and pay the loan back as quickly as you possibly can to avoid extravagant interest charges.
Copyright 2006 Jim Sterling - All Rights Reserved
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