A lot of times, payday is the best day of the week or month because you feel as though you have enough money to go eat at your favorite restaurant or simply have a sense of security. However, there are some people for whom payday is just a fleeting moment when money goes into their checking account to be used for repaying numerous bills. This is especially true if you have taken out a payday loan because these loans do not lend any security to the large amount of money that you momentarily have in your checking account.

You may be wondering exactly what a payday loan is. Well, it is a short-term, small amount of money (between $100 and $1000) that is secured until your next payday. Usually these loans are secured with a post dated check or electronic agreement for debit from your bank account that will take place upon your next payday. These loans are usually easy to obtain as long as you have a steady job and a checking account since there is no credit check.

Payday loans are meant to be used for emergency purposes that occur between the times when your paychecks arrive. These emergencies can include such things as unforeseen medical bills or for avoiding late fees on other payments or overdraft fees in your checking account. However, these loans should only be considered after all of your other options, such as asking to borrow money from your friends or family, have already been exhausted.

Whenever you secure a payday loan you may feel as though their interest rate is small. However, if you read the fine print or compound the interest to an annual percentage rate (APR), you will see that some interest rates will range from 300% to 500%. As you look at the big picture of things, you will see that this is actually an astronomical amount. This can become especially noticeable whenever you look at the normal loan rates for personal loans, which tend to hold steady at around 10%. Of course, these loans are not as easy to secure, especially if you have poor credit. So, whenever you are borrowing $200 from a payday loan and have to pay back $220 in 2 weeks, the fees may seem small. However, when you take the time to figure out the APR you will see that you really are looking at a much higher percentage than if you had borrowed the money from a family member or bank.

If you have borrowed money and cannot repay the payday loan when it is due, then the loan can be rolled over for another pay period. Of course, this will more than likely result in several more fees that you must pay immediately. You will find that these fees could range from the amount of the original loan to more than twice the loan’s original fee.

As you can see, it can be dangerous to take out a payday loan. You also need to realize that some lenders are actually predators who are stalking vulnerable people in order to get their hands on these people’s personal and banking information. This is why it is so important to check the background of any payday lender that you are interested in borrowing money from. After all, you want to make sure that they are a reputable company. This research can be done online, via the company’s corporate office and through your own personal contacts. It is something that you need to do before you submit an application for a payday loan.

While payday loans can be real lifesavers, they can also easily lead to your financial ruin.

Payday loans have many names — cash advances, signature loans and paycheck loans, etc. Payday lenders provide quick and easy short-term cash to those who need money immediately. That’s the big reason why they’re so popular.

However, payday loans come at exorbitant costs. This can — and often does — lead borrowers into a downward spiral of rapidly escalating debt. Let’s look at the issue from various angles to get a complete picture.

First, the pluses. Here’s why cash advances may hold enormous appeal for you.

You can have bad credit and still qualify for a payday loan. In most cases, no credit check is conducted.
The process is fast — it takes as little as 20 minutes to complete. You can even find lenders who target approvals in 30 seconds!
There are no upfront costs — so the buy-now-pay-later mentality can find full expression.
You can apply in person at a local outlet, over the phone or over the Internet.
You get funds deposited into your bank account in 24 hours.
Compared to some other sources for cash, payday loans are discreet — no one else needs to know about it.
The transactions are secure — your financial information remains private.

If you’re faced with an emergency — say, unexpected medical bills — your only consideration might be to get money now. The speed and convenience of a cash advance comes in handy here.

So what are the disadvantages?

The most obvious one — high costs. A payday loan can cost you say, $15 per two weeks. If you’re borrowing only for two weeks, that doesn’t sound like much. However, if you calculate the Annual Percentage Rate (APR), you’ll see it comes to 391%!

If you don’t think that’s too much, let me ask you this question. If you invested money in the stock market, what would you consider a good annual rate of return? 20%? Maybe 30%? If you made a 20% return (on average) in stocks year after year, you’d be doing very well indeed. And this is for an investment that’s generally considered high risk.

Now compare that with what the payday loan companies charge. You are providing them with a return on their money they likely won’t get anywhere else on the planet!

There is another, less obvious reason why payday loans are dangerous. According to some estimates, over 60% of borrowers roll over a payday loan. Many take loans repeatedly, too.

Let’s put in some numbers so that you can clearly see what rollovers imply.

Assume you borrow $400 for two weeks at a cost of $15 per $100 per two weeks. At the end of two weeks, you owe them a total of $460.

Let’s say you don’t repay the $400 at the end of two weeks. Instead, you request a rollover. So you pay them the lending fee of $60 and they agree to roll over the loan for another two weeks. The total cost of the loan at the end of 4 weeks may be as follows:

Original loan amount: $400
Fresh lending fees payable: $60
Late fees payable: $60 (assuming late fees apply at the same rate as lending fees)
Lending fees already paid: $60
Total: $580

At the end of this period (which is 4 weeks from the day you originally took the loan), you decide that you don’t have $580 available and so request them to roll the loan over for another two weeks. Then this is what it can cost you in total at the end of 6 weeks:

Original loan amount: $400
Fresh lending fees payable: $60
Late fees payable: $60
Lending fees already paid: $120
Late fees already paid: $60
Total: $700

If you continue this process for six months (more specifically, for 24 weeks), this is what it may cost you in total:

Original loan amount: $400
Fresh lending fees payable: $60
Late fees payable: $60
Lending fees already paid: $660
Late fees already paid: $600
Total: $1780

For an original loan of $400, in a mere 6 months, the payday loan company will collect fees and charges of $1380 from you. That’s 3.45 times the amount you borrowed. In APR terms that’s 749.5%! If over 60% of borrowers roll over their loans, no wonder many payday loan companies are wildly profitable!

Snowballing costs can easily lead you into a debt trap if you get addicted to payday loans.

So what are the key points to keep in mind when dealing with payday loan companies? Two things:

First, avoid them if at all possible. The best way is, of course, to get your finances fully under control so that you always have cash and / or credit available to meet emergencies.

Second, if you do choose to borrow from payday loan companies, borrow only an amount you’re 100% sure you can repay on the due date. If that amount is too low to meet your needs, get additional funding from other sources. Because rolling over cash advances is one of the worst things you can do to yourself.

Thanks to high-speed Internet and quick online services, getting a loan is easier than it used to be, say, 20 years earlier. As with any service, payday loans are associated with their own set of plus and minus points. The trick lies in being able to discern exactly when such a loan would be useful.

Before explaining when a payday loan would be useful to you, it’s important to understand when NOT to apply for one. Here are some situations where such instant loans might not be the best option:

You have already availed of a loan which you are in the process of repaying. Avoid applying for a second loan to pay off the first; this is usually the beginning of a vicious cycle of debt
You require a loan for impulse spending or spending on luxury or non-essential items; if you want to buy that expensive perfume, hold on until you have enough money to do so. The same goes for holidays, gifts and clothes shopping
Your income is low. Keep in mind that fast loans are usually expensive. The interest rates are exorbitant. If you earn a low income, these might not be for you. Ask for help from your bank or financial advisor instead

There are certain advantages of payday loans:

They are fast, easy and hassle-free to procure: If a loved one is in hospital and you need airfare urgently, payday loans are a good option. The approval is often within the hour and you can get the cash almost instantaneously
They are an excellent option if you need urgent money on a weekend or public holiday. Since the Internet operates 24 x 7, payday loans are always accessible including nights and over weekends
If you have a bad credit history, there are certain lending companies that will be happy to offer you credit. It’s important to bear in mind that loans given despite bad credit might (and often do) cost more. The interest rates could be higher. But the option is available in the event of a dire emergency
The application process is simple. The forms usually ask for your name, contact, age (you have to above 18 years of age), employment details, salary earned etc. You might have to scan your ID, bank account details and employment certificate
You can apply for a payday loan from the comfort and privacy of your home. There is no need to run back and forth to banks and other lending institutions.

In order to avail of payday loans, you might want to keep the following precautions in mind:

Ensure that you are aware of the state laws governing interest rates. Each US state has different laws when it comes to capping high interest rates. If you find a lender asking for too much, you can report them to the consumer bureaus
Apply for an instant loan only if you are seriously stressed out for cash. Remember, payday loans do not come free. Sit down and analyze if the situation really warrants an application for a payday loan
Before applying, calculate and see if you can handle the repayment schedule. If you skip repayment deadlines, you might have to pay double or even triple the interest rate. The company will then offer to rollover your loan but it won’t disappear. You might end up paying interest rates of 400% per annum.
Compare and check if your credit card company can help you out with a loan instead of a payday lender

Payday loans fit the bill only if:

– The emergency is urgent and pressing

– You can repay the principal and the interest amounts without getting squeezed into a corner

Payday loans are time and again marketed as the simplest way to obtain quick cash for those who need it to fix some short-term financial crisis. For instance, when you notice that the roof of your house is leaking during the rainy season and you do not have any spare money to fix it, payday loans are to bail you out from search potentialities. In real sense however, most people tend to neglect the negative features associated with them and easily end up riddled in a vicious cycle of debts. Consequently, before using this borrowing facility it is imperative that we have a concise understanding of both its upsides and downsides.

Upsides

The below features make payday loans a formidable financial service:

Only A Bank Account With A Solid Income Is Required

The minimum threshold required for one to qualify for a payday loans is very simple. You should have been in employment for a minimum period of three months and a hold checking bank account whereby your employer deposits your wages or salary. Payday lenders will offer you up to 80% of your salary. Self-employed clients may also qualify as long as they produce evidence of a solid income while other lenders are also known to advance loans to applicants receiving alimony payments.

The Service is Accessible Online

Application for payday loans can be done at the comfort of your home. Most lenders ensure that loan requests can be made from their official websites. After filling their simple online application forms, money will be sent to you right away or after two business days depending on the type of lender.

Lenders Do Not Check Your Credit History

Even if you have a poor credit history, the approval of your loan application does not depend on it unlike most normal financial institutions. You will be still legible for application.

Downsides

The following features make payday loans not a recommendable source for financial assistance:

High Interest Rates

Significantly high interest rates are charged on loan advancements. For instance, some lenders will give you $100 for a two week period and demand that you pay $130 when it matures. Others may lend you $1000 and expect $1500 on return. Note that these figures are general figures; some lenders may charge higher rates than these, exclusive of a loan processing fee.

They Take Full Advantage Of Defaulters

Default payments are basically what keep payday loan facilities in business. Defaulting of their loans can easily transform a small loan request into a gigantic debt. Some lenders are known to charge up to double of the initial request within a month of the due date. The longer the loan remains unpaid the faster the debt keeps growing.

They Give Lenders Access To Your Bank Account

Lenders use your bank account as a cover against loans you apply for. They necessitate that you allow direct debit authorization to your lender so that they can withdraw the reimbursement amount straight from your bank account when the loan matures. In instances whereby there might be inadequate funds in your account, heavy fines will be promptly imposed.

In conclusion, before requesting for payday loans, make an informed decision by taking into consideration the above pros and cons. This way, you will be able to comprehend whether they are suitable for you or not. The world is full of people that have mistakenly thought that a payday loan or cash advance was a good solution for their money worries when in fact the opposite was probably true. They have had to deal with the consequences of getting a loan when they probably couldn’t afford or fathom it.

The statement that a payday loan will be your sheet anchor when you desperately require cash is rather sketchy. They, without any doubt, have got their very own positive factors. Nonetheless there are actually many disadvantages to this type of financial loans. I personally try to step back from this form of lending services. Nonetheless let us evaluate pretty much all advantages and drawbacks of these loans to create an objective view on this credit service.

In actual fact, payday loans are money advances. When you get caught up in between your pay days with no money in your purse, you desperately require some funds from an outside source. Moreover if you are faced with various unpredicted expenses, you have got very poor credit rating, and credit cards aren’t any option for you, a payday loan is what exactly will be able to assist you to make it through until you obtain your next paycheck.

Dealing with such kind of financing is merely like dealing with pretty much any other loan. You simply borrow a certain amount of cash with a commitment to return it back at the pre-agreed fee and rate.

Payday Loans Costs

Different creditors sanction loans at various fees and rates. And this particular problem actually is a drawback of these loans. You will often shell out from $ 15 – $ 30 for receiving $ 100. In terms of interest you would require to pay, it’s really drop-dead enormous. The interest rates range in between 390% and 780%. And this is really the worst part with regard to these loans. Let’s now proceed to the more pleasant aspects.

Applying for a Payday Loan

The procedure for payday loans application is very simple. You can execute it on the Web, or go to a loan office. You complete a loan application and give a few personal details for a loan provider to make a loan decision. The requirements are usually pretty much the same: you have to be at least 18 or above, need to have a stable employment with a minimum monthly income of $ 1,000, and also a checking bank account. You will, quite possibly, be asked to give your social security number, copies of bank accounts and pay stubs. In case you fulfill all the specifications, you can be positive that you would be approved for a loan. Thereafter you normally have got to hang around for 24 hours (or less in some instances) and you will have the access to your cash.

Payday Loans Positives and Negatives

Payday loans really are a solution for cash-strapped individuals. In the event that you desperately want to get hold of some cash and you need the same fast, using a payday loan is certainly much better than stealing a bank. Another nice thing with regard to such sort of loans is that by getting one you do not expose yourself to a long term obligation, such as whenever managing a typical bank (when you get a mortgage, a car loan, or a reward charge card). You’ve got to pay back the money borrowed soon after you receive your next paycheck. Usually, the ceiling on the highest possible sum of money you can borrow is $ 2,500. Therefore, this is one more advantage of such loans. You just won’t bury yourself in big debts. And payday loans end up being significantly less expensive as compared to bounced checks.

So, when you have a heap of bills to pay one day and no credit line or cash available for doing it, consider getting a payday loan. It is usually a good backup strategy for you. However be responsible with respect to paying it off on time, otherwise, you will encounter big charges and might get the sticky end of the stick. Recollect payday loans primarily in some cases of unexpected emergency, not whenever you feel like purchasing a new designer’s suit or jewelry.

The advent of online services such as Internet banking has made managing your finances easier than ever. The days of reams of paperwork, faxing back and forth between agencies and customers, and weeks of waiting while paperwork was processed have all been replaced by instant, online quotes, no-paper banking and direct contact between financial service providers and customers.

The same holds true for Payday Loans. Payday Loans have become far more accessible, thanks to secure Internet sites, minimising the amount of paperwork involved and replacing copying and faxing documents with online forms that are filled out in a few minutes. In the bad old days there was also the question of access to a fax machine – if you wanted to keep your financial affairs private it was very difficult to get to a fax machine without your co-workers seeing all your details. Now that almost everyone has access to a home computer, no fax Payday Loans can be arranged in the comfort of your own home. The only security measure you really need to think about when arranging an online Payday Loan is that the site you are putting your details into is a secure one. This is indicated by the prefix ‘https’ in the URL address line and a locked padlock icon in the in the URL address line or bottom right corner of the screen. These security measures ensure that your details cannot be cloned by ‘spyware’ software and should be looked out for on all pages where you are filling in an application form.

The reduction in hard-copy paperwork such as faxes or letters also means that a Payday Loan is much quicker to arrange. Whereas before you may have to wait days for an approval, no faxing Payday Loans are usually responded to within 24 hours. If you are approved, the money will be generally paid directly into your bank account that same day, giving you access to the funds in a much shorter space of time.

Payday loans are a quick and easy way to ‘top up’ a bank account that may have too much month left at the end of the money! Unexpected expenses crop up for everyone, and despite careful financial management (and particularly if you are paid monthly) a sudden car repair bill or a last minute opportunity to book a cheap holiday can scupper even the most prudent of customer’s fiscal plans.

Payday Loans are small loans paid against your expected monthly income and repaid with your next pay cheque. They are not intended as long-term loans, so it is essential that you work out exactly how much you can afford to repay with your next pay cheque without leaving yourself in the same financial position the following month. To qualify for a Payday Loan you must have a bank account, be at least 18 years of age and a UK citizen and be able to show that your wages are paid directly into your bank account on a weekly, fortnightly or monthly basis. Payday loan providers practice responsible lending policies, and aim not to lend to those who are over indebted, so they generally carry out credit checks as part of their approval process.

Payday Loans are a perfect solution if you suddenly need a short term cash injection – perhaps to pay for a new mobile phone or a weekend break away. They don’t necessarily have to be for the nasty things in life like unexpected bills – they can be for the nice ‘treats’ as well. As said earlier, you do need to ensure that you are able to pay the loan back from your next pay cheque, so always make sure your finances can handle that extra payment at the end of the month without leaving you in financial difficulties the following month. The advent of paperless and no faxing Payday Loans have made managing little financial hiccups in the middle of the month that little bit easier.

The advent of online services such as Internet banking has made managing your finances easier than ever. The days of reams of paperwork, faxing back and forth between agencies and customers, and weeks of waiting while paperwork was processed have all been replaced by instant, online quotes, no-paper banking and direct contact between financial service providers and customers.

The same holds true for Payday Loans. Payday Loans have become far more accessible, thanks to secure Internet sites, minimising the amount of paperwork involved and replacing copying and faxing documents with online forms that are filled out in a few minutes. In the bad old days there was also the question of access to a fax machine – if you wanted to keep your financial affairs private it was very difficult to get to a fax machine without your co-workers seeing all your details. Now that almost everyone has access to a home computer, no fax Payday Loans can be arranged in the comfort of your own home. The only security measure you really need to think about when arranging an online Payday Loan is that the site you are putting your details into is a secure one. This is indicated by the prefix ‘https’ in the URL address line and a locked padlock icon in the in the URL address line or bottom right corner of the screen. These security measures ensure that your details cannot be cloned by ‘spyware’ software and should be looked out for on all pages where you are filling in an application form.

The reduction in hard-copy paperwork such as faxes or letters also means that a Payday Loan is much quicker to arrange. Whereas before you may have to wait days for an approval, no faxing Payday Loans are usually responded to within 24 hours. If you are approved, the money will be generally paid directly into your bank account that same day, giving you access to the funds in a much shorter space of time.

Payday loans are a quick and easy way to ‘top up’ a bank account that may have too much month left at the end of the money! Unexpected expenses crop up for everyone, and despite careful financial management (and particularly if you are paid monthly) a sudden car repair bill or a last minute opportunity to book a cheap holiday can scupper even the most prudent of customer’s fiscal plans.

Payday Loans are small loans paid against your expected monthly income and repaid with your next pay cheque. They are not intended as long-term loans, so it is essential that you work out exactly how much you can afford to repay with your next pay cheque without leaving yourself in the same financial position the following month. To qualify for a Payday Loan you must have a bank account, be at least 18 years of age and a UK citizen and be able to show that your wages are paid directly into your bank account on a weekly, fortnightly or monthly basis. Payday loan providers practice responsible lending policies, and aim not to lend to those who are over indebted, so they generally carry out credit checks as part of their approval process.

Payday Loans are a perfect solution if you suddenly need a short term cash injection – perhaps to pay for a new mobile phone or a weekend break away. They don’t necessarily have to be for the nasty things in life like unexpected bills – they can be for the nice ‘treats’ as well. As said earlier, you do need to ensure that you are able to pay the loan back from your next pay cheque, so always make sure your finances can handle that extra payment at the end of the month without leaving you in financial difficulties the following month. The advent of paperless and no faxing Payday Loans have made managing little financial hiccups in the middle of the month that little bit easier.

Deciding to secure a payday loan requires a methodical approach by the borrower to determine whether or not it truly is the solution to your financial problem. Remember – a payday loan is a short-term, not long-term, solution to a financial emergency.

Here are 5 questions to ask yourself before completing a payday loan application:

1. Will I be able to pay off the loan in the given timeframe? Usually, lenders require borrowers to repay their loan when they receive their next paycheck, which is typically a two-week timeframe. Sometimes, lenders will require that you hand them a blank check for them to hold and they will deposit that check for the amount that you borrowed when the time comes. It is imperative that you not only have the funds available to repay your loan, but make sure you intend on actually repaying the loan, as not doing so will seriously hurt your ability to borrow again, not to mention drown you in further debt.

2. Do I really need this money fast, or can it wait? This is a pivotal question to ask yourself, as there is an enormous difference between a payday loan and a conventional bank loan. First, if the money can wait, by all means, take out a conventional loan. For instance, if you are moving into a new place in a month or two and do not think you will have the money to put down your first month’s rent or deposit, either save up for it or take out a conventional bank loan. Conventional loans require a longer approval process, but their interest rates are lower, and you will have longer to repay the loan. Of course if you truly do need money fast, payday loans are the best option, as they offer fast approval and almost instant cash.

3. Is my credit poor? This is a question that ties-in with the previous one. Bad credit hurts your ability to secure conventional loans, as banks are usually very strict when it comes to lending money to customers with bad credit; they either saddle them with high interest rates or do not approve them, period. This is important to keep in mind, because if your credit is very poor, securing a payday loan may be your only option. Payday lenders rarely check your credit history, and even if they do and find out that you have a poor credit score, they will approve you anyway.

4. Am I looking for as simple a solution as possible to my financial situation? If the answer to this is “yes,” then look no further than a no-fax, online payday loan. The reason this is an important question is because not everybody has the time to worry about gathering all documents necessary to complete a loan application at a payday loan store, let alone a bank. There is no need to worry about meeting stringent requirements in order to obtain a loan, as payday lenders simply only require that you have a job or a steady income source, be at least 18 years of age, and have a checking account.

5. Am I dealing with a trustworthy and responsible lender? This is something to ask yourself before filling out an application, either at a store or online – mostly online, however. There are a lot of scams out there on the Internet, and you have to be very careful in whom you give your information to. Companies that require an upfront fee to process your loan are ones to AVOID, as these are known scams that have unfortunately conned many people. Always remember to research companies thoroughly. A suggestion would be, if you choose to secure a payday loan through the Internet, to deal with a site that has processed thousands of applications and is well-known in the industry.

It cannot be stressed enough how important it is to do your homework and be methodical when thinking about securing a payday loan. Remember to ONLY deal with reputable, well-known payday loan sites such as OneHourCash that match borrowers with lenders and offer a safe, simple process to secure a payday loan. Deciding to go with a payday loan is a big decision – it is not a choice to make on a whim. If you do your research, act responsibly, and deal with reputable companies, taking out a payday loan may be a worthwhile means to rectifying your financial situation.

There is perhaps a microscopic minority of American citizens who are oblivious of the term ‘Payday Loan’ then again – perhaps not.

A payday loan is the most trusted source of cash for an average American. It is so simple to get one of these loans that anyone can walk into a payday loan centre and avail of valuable service.

Anyone with a valid checking account into which their salary is being credited for the past two months at least can apply for a loan. This also means that the applicant has to be over 18 years of age given that he or she has a job – and yes the applicant for the loan also has to be a legal resident of the US.

How Does One Get A Payday Loan?

Well, in order to get a payday loan, one must be eligible in the first place. Being eligible means to be eighteen years of age and above, hold a regular paying job, be a legal resident of the States and have a valid checking account. If you fit these basic criteria you are almost there. I mean, your loan is almost guaranteed. Now, all you need to do is to search out a payday loan company and walk in, phone in, apply online or through fax for your loan.

What Is The Application Process?

The application process for a loan is perhaps the simplest applications of any loan (not counting the arm-twisting tactics you’ve used on best pals in the past when you needed some extra dough, though!)

Just fill in a simple one-page form, providing your employers phone number along with your bank statement that reflects your monthly salary. Then sign a form authorizing the payday loan company to deduct the amount along with the additional charges from your checking account on the next payday. The loan company will process your loan application and you will get the loan amount into your bank account the next working day. It is as simple as that!! You never have to go back to them again to collect or repay the loan.

Do They Trust Me?

They don’t. They are giving you what is known as an ‘unsecured loan.’ This is why they charge you an interest of as much as 35 percent of the loan for the loan period. This amount is even higher in some cases. This is also a reason a payday loan company does not require any credit history.

If a person is not careful about paying up the loan by the next payday, the payday loan will roll over into the next month and the interest along with late fees will apply. This can take the total repayment to nearly 200 percent of the loan value.

Online Verification Speeds Up The Loan Process

Payday loan companies use a process called online processing through software shared by banks and all financial and loan companies. It does not take them much time to verify if your documents are fake or genuine.

When you apply for a loan the first time from a company it may take as much as 72 hours to get your loan processed.

However, every subsequent time, and given that you have a clear repayment history, you may get your loan the very same day. This will open up many avenues of applications to you. You will be able to apply for a loan through fax, phone, online web site application or if you want, you could physically walk into the loan company and get your loan over the counter.

So, now that weekend getaway, dorm party or the new set of snow tires you’ve been putting off for a cash-crunch needn’t pull you down anymore – these are just a few scenarios where loans have proved to be perfect ways of tiding over sluggish economic times for many people just like you and me!

Dexter Figg is a full time professional freelance writer and is based in India. He and his wife (Post-graduates in English Literature) work from their home-office setup from 9 to 5 India time, Monday to Friday. Being in the business of writing for the past 6 years and with over 15 years of work experience behind them they have written on various topics for the web and print media. They have together created over 24,000 SEO articles, and created winning content for many sites across the world.

If the information for the article is on the net, in publications in libraries or someone somewhere knows about it rest assured you will get 100 percent original articles free from any amount of plagiarism.

Potential borrowers will look towards helpful payday loan direct lenders to access emergency cash when other lenders and creditors have closed the doors on them. In order to get to this point there had to have been money troubles along the way. Too many applicants live beyond their means and build up so much debt that their income can no longer afford minimum monthly payments.

Can I afford my $500+ car payment? That’s a good question for someone who is using credit cards to pay for groceries each month. This is a perfect example of an individual living beyond their means – when budgets are strapped so tight there leaves no room for extras. You can’t count on credit or alternative direct lenders to afford basic needs. You may be able to afford the monthly minimum now, but what happens when the credit card is maxed and that small payment has sharply increased? It probably would not be so horrible if people only had one credit card in their name.

With credit card debt looming over so many households today, the thought of making their finances right oftentimes seems so overwhelming or nearly impossible. How can you clear up thousands of dollars in debt when you can barely pay the minimum monthly payment? How can you afford to use direct payday lenders online when there isn’t enough extra in your next paycheck to cover the cost? For those who question why it is that they can’t afford their mortgage, rent and/or auto loans, they may want to look at how much of their income is being spent on interest charges every month.

You can’t bank on debt. If you are planning on keeping it around for a long time then there needs to be value to what it bought. Financiers would separate good debt from bad debt by the long standing value of what was purchased. In other words, don’t strain yourself to pay off your mortgage before you get rid of credit card or short-term direct loan debt. It’s the bad debt that holds no positive value which should get paid off first.

Does this mean a person should never accrue bad debt? Unfortunately, there is a need for some credit card debt in order for credit bureaus to measure your money management skills. This measurement helps to define your credit worthiness which is then used to define interest rates for many lenders and creditors. Direct online payday loan lenders are one of the few types of money solutions which do not utilize this measurement when approving loans. Each direct lender assigns the same interest charge for every applicant. If you are looking at a short-term loan for whatever reason, assume that your interest cost will be much higher than the norm. Payday loan direct lender companies provide a service to those who lack creditworthiness.

When you are seeking out a direct payday loan company to correct your current financial problem, you will want to make sure the payment will fit into the next budgeted paycheck. If you need to seek credit counseling in order to better your financial status, then do so. There are many non-profit organizations that will help you rebuild your budget to include your debt. You can only stretch your income so far so expect to have to cut back somewhere in order to pay down debt balances. Keep in mind, that every time you pay down your debt, you free up some more of your income from less interest fees. If and when you do need access to a fast cash advance, make your payoff top priority to keep the least amount of income paying into interest charges.