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College Loans: How Much Do You Really Need?
Many students are leaving high school to begin the long endeavor of college. But before YOU go to college, you may find yourself wondering how you're going to pay for it. The answer is with a college loan. Most college students obtain student loans,...
Homeowner loans commensurate with the special status of homeowners in the UK
Presuming that there are a number of children in your home, you
often have to wait for getting your needs fixed. But the single
child knows how to get his demands fulfilled. His denial to eat
once has his parents going down on his knees....
No Money Down Mortgage Loans - Ways To Get Approved For A Home Loan Online With Zero Down
No money down mortgage loans enabled more people to own their own home. The following ways will help you get approved for a home loan online with zero down.
Good Credit Ratings
In order to qualify for a zero down mortgage, you need to have good...
Payday Loans vs. Cash Advances - What's the Difference?
In the world of short-term loans, a cash advance and a payday
loan are the same thing; both of these terms refer to a type of
loan that is based off your next paycheck. This class of loans
allows you to get an advance on your next paycheck...
What are VA loans?
VA loans are basically mortgages or home loans geared towards ex-military servicemen and women. The VA loan programme was created in 1944, and was initially known as the Servicemen's Readjustment Act, to help returning servicemen settle down and...
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Do Payday Loans Deserve a Bad Rap?
We’ve all heard the stories about cash advance lenders charging their customers excessive interest fees. It is true that most payday loans have the highest interest rates compared to any other type of loan. As unfair as this may sound, payday loans do serve a purpose and there are many people who use them to their advantage.
The majority of people who need the assistance of a payday loan have poor credit and cannot obtain a loan by going through the traditional routes. Banks, credit unions and other lending institutions require for their customers to have a credit score of a certain level that a lot of people just simply do not have.
Cash advance lenders have reasons to justify the high interest rates that they charge. Where else can you go and receive cash on the spot? Lending cash to people with questionable credit is a big risk to the lender. They have to make up for this risk and for having a large amount of cash on sight by charging higher interest rates on their loans.
Critics of the payday loan say that the short terms of the loan and the high interest fees can cause people to become trapped in a never ending cycle of payday loans. In some circumstances this case may be true. It can turn into a bad situation when people take out a cash advance loan that they know they cannot payback in addition to leaving enough money left over for other bills and living expenses with their next paycheck. In this situation, the person who is in need of a cash advance is better off to ask a friend or a relative for a loan who will not charge them interest and will be more lenient on the payback terms.
In response to the allegations that the problem with payday loans lies with the lender instead of the borrower, cash advance loans are not meant to be a permanent solution to cash flow problems. They are intended to be used only for unexpected expenses and in the case of an emergency.
If someone finds themselves on the payday
loan merry-go-round, they more than likely need to step back and asses their budget. If they do not have a budget, that itself may be a large part of the problem. If someone cannot afford to pay all of their bills and necessities after cutting out all unnecessary expenses and going on a budget, they may want to seek higher paying employment or look into debt management solutions.
Even if you have good credit, there are benefits to using a payday loan. The limit on a cash advance loan tends to be much lower than the limit for a traditional loan. Many circumstances call for the borrower to only need $500 - $1,000. They can easily obtain the money through a cash advance without the hassle of an application, a credit check and waiting for approval. Many online websites like http//www.easy-approval-personal-loans.com offer both personal loans and payday loans so you can easily find the loan that best suits your needs.
In conclusion, only you can decide if a payday loan is the best option best for your situation. There are pros and cons to every situation. By being responsible with your finances and educating yourself on all of the possible loan options available to you, you will have the best chance of coming out on top.
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Note: This article may be freely reproduced as long as the authors bio paragraph at the bottom of this article is included, the article is published “as is” (unedited) and all URL’s are made active hyperlinks with no syntax changes.
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About the Author
This article was written by Beth Pardue who has over 10 years of experience in the financial industry assisting clients with assorted financial needs. To learn more about your personal loan options or to apply for a personal loan online please visit: http://www.easy-approval-personal-loans.com
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