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A Guide to Personal Loans
Personal loans can be lifesavers, providing you with much-needed financial assistance at the most opportune times. Not everyone really understands personal loans, however, and that can sometimes lead to problems in finding the best deals for...
A Methodical Approach to Best Secured Loans
I was always very sure of my analytical and decision making
skills, and was sure of my capability to unearth the best
secured loans. But the significantly larger number of decisions
that one has to make on personal loans had my...
Home Loans and Mortgages – Time to Consolidate Loans?
Home equity loans and lines of credit are useful tools for homeowners. They allow the homeowner to borrow against the value of his or her home for all kinds of purposes – home improvement, debt consolidation, vacations, and more. The loans, backed...
No fax payday loans - paperless loans
As soon as you finalise the loan terms with a lender, the first
thing that you remember to do is to fax your papers to the loan
provider. Before the documents can be faxed they have to be
arranged. There are always a few documents that you...
Use Real Estate Loans To Finance A Commercial or Residential Property
Real estate is one of the most lucrative investment options.
Besides using it for investing, people acquire real estate to
have a comfortable and sprawling residence. Real estate is also
used to further a person's business and commercial...
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Payday Loans Pro's and Con's
Payday Loans, often referred to as cash advance loans, are amounts lent by specialized lenders to borrowers until the next pay day. Typically, payday loans are extended for amounts that are less than $1,000. The loan is extended to the borrower against the personal check of the borrower that is placed with the lender until the next pay day. The cost of carrying payday loans is very high as the risk of default is high, since generally borrowers who find themselves in a very difficult financial situation avail of such loans.
Why are Payday loans popular?
They are popular for a number of reasons such as:
· Credit checks are not required. The personal check that you make payable to the lender acts as security.
· Approval is quick. If all the necessary documents are submitted, your loan application maybe approved in minutes.
· The paperwork involved is simple. Generally one or two documents would suffice which explains the loan process and your obligations.
· The repayment process is without hassles. The check submitted as security is encashed on the
next payday by the lender. You could extend the loan to subsequent paydays for a fee. However this is very expensive.
· Easy availability. Payday loans are particularly appropriate for emergency situations provided the amount required is small and one is willing to bear the high cost of the loan.
Drawbacks of payday loans:
· Such loans are prohibitively expensive. Lender fees can range from $15 to $25 per $100 borrowed. These fees are for a period of 14 days.
· Many borrowers, within a short time, find themselves in a debt trap. With each extension of the loan, the fees in total increase such that at the end of two, three or four extensions they equal the loan amount.
· Collection of outstanding loans is harsh. Considering the fact that this business is a high risk lending game, lenders wield the stick harshly on the slightest default.
About the Author
John Williams is the payday loans specialist at http://www.paydayer.com Click on over today to see the top offers on the web right now for payday loans.
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