Pay Day Loans

What are Pay Day Loans?

Are Pay Day Loans a Good Source of Cash?

Why should I Beware of Pay Day Loans?

Things to think about when getting a Pay Day Loan!

Pay Day Loans, Cash Advances, 24 Hours Loans Provide Fast Cash in a Pinch
By Daymon Hoag

You’ve seen ads on television, in your local newspaper, and
online for quick loans, or short term loans. These loans can
range from cash in one to 24 hours. You can go to your local
cash advance business down the street, or you can apply
online. In both cases the cash is pretty easy to get right
away when you’re in a pinch.

When you need money fast, pay day loans are there to save
the day, but be careful where you go to get your cash
advances since some will charge you a pretty penny in
finance fees, and normally require you to pay back the loan
in one to two weeks time, and with interest. There’s no harm
in borrowing, just be sure it fits your budget.

Here are a few tips in how to avoid the cycle of borrowing
fast cash loans pay day after pay day. Don’t borrow from
Peter to Pay Paul. If you find yourself taking out a cash
advance from company A to pay your cash advance at company
B, you have just gotten caught up in a reoccurring, yet
avoidable cycle.

The main cause of this problem are finance fees. Payday loan
finance fees can range from free to 25 dollars per 100
dollars borrowed. Free financing is not the norm, and
normally reserved for first time customers. The next best
average finance charge for pay day loans is ten dollars per
one hundred dollars borrowed.

So if you’re looking for a low rate on cash advances, go for
free financing or ten dollars per one hundred. That’s only
ten percent folks, and fifteen dollars cheaper than the
twenty five dollar finance fee. Lets say you borrowed five
hundred dollars. Would you rather pay back 50 dollars, or
125 dollars?

Whenever possible, get make sure you have at least two
paydays before you have to pay back your short term loan.
For example, if you get paid bi-weekly, try to go with a
lender that will give you at least 30 days to pay back the
loan. This way you’ll have a little cushion to work with and
won’t blow your whole check paying off your loan, and can
help you avoid the cycle of borrowing again right away.

Pay Day Loans are great for keeping the repo man away, or
the mortgage companies, and landlords off your back. Be
responsible, use them sparingly, and cash advances can be a
god send. It’s always nice to know money is available when
you need it in a pinch. Keep it cheap, keep it infrequent,
and most of all keep as much as you can in your pocket.

Daymon Hoag is the founder of Cheapest Service where you can shop for Payday Loan – Cash Advance – Bad credit Pay Day Loans

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