Need cash fast? A payday loan may be the best answer for you. A payday loan is a loan provided for a short term, which is secured by the next paycheck of the borrower. In effect a payday loan is a payday advance, that?s why it?s frequently called payday loan and payday advance. Payday cash loans are usually for small amounts of money (less than $1500). Payday loans have to be repaid on your next payday or before that, which makes the term of the payday loan less than 2 weeks in most cases. Most financial companies that offer payday loans will give the borrower up to 30% of the net amount of his/her paycheck. If the borrower bi-weekly check is $1500 after taxes, then the maximum amount he/she can borrow is $500.
- Unexpected Bills: Sudden expenses arise all the time, and often these expenses need to be paid right away.
A same-day Payday Loan can cover such unwelcome surprises today!
- Making an Important Purchase: If there?s something you need to buy now, there?s no reason to wait until payday.
A same-day Payday Loan can make any day into payday? even today!
- Paying the Rent: Sometimes other priorities arise, which leaves the rent unpaid and creates a tense situation with the landlord.
A same-day Payday Loan can pay the rent today!
- Covering Credit Card Payments: When credit card companies expect a payment, your credit rating is at risk.
A same-day Payday Loan can make that payment on time!
- Having a Good Time: Your cash advance can be for anything you want! It?s your money!
A same-day Payday Loan can let you have a good time any time of the month!
It is your responsibility to read the payday loan agreement carefully, and to understand how much exactly you will be required to pay back. Be very careful when getting such loans, because the cost of borrowing is very high due to the various service charges and fees added to the loan.
Payday loans are expensive period. In fact payday loans are the most expensive type of credit you can get. Let?s have a look at the various service fees, charges and interest you will be paying if you get a payday loan. The payday loan interest is charged from the first day of the payday loan until you repay the loan, including all other fees that the payday loan lender charges. The maximum yearly interest that payday loan lender can charge you is 60%. Because the interest is limited to 60% per year, lenders charge various service fees, to increase the total amount you have to repay them back.
You might be charged a setup fee by some payday loan lenders, if you are dealing with them for a first time. The cost of the setup fee can is usually between $10 and $20. Then come the administrative fee, verification fee and processing fee, which usually cost between 10% and 35% of the amount of money you are borrowing. For example if you are borrowing $500, expect to pay between $50 and $175 in fees for a 2 week period. If you repay the loan earlier than the maturity date, the lender might charge you early repayment fee. A non-sufficient funds fee will be charged if you don?t have enough funds in your bank account to cover the post-dated cheque you wrote to the lender when you took the payday loan. The same fee will be charged if the lender tries to do a direct withdrawal from your bank account and you don?t have enough funds to cover it.
The payday loan fees that we described above are by no means all fees charged by payday lenders, so make sure that you read the payday loan contract carefully and that you understand all the fees that the payday loan involves.