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Payday loans get a bad rap mainly because of high fees and a large interest rate. These loans are designed for people who need cash now for an emergency [Medical problems, car problems, any unexpected expense] that do not have the cash on hand. Payday loans are designed to be very short term loans, just one or two weeks, people do not start paying crazy interest rates until they go over a month or so without paying off the loan. If you will not be able to pay back the loan within 5-10 days you should not get it to begin with and find a way to live without the money.
If a loan company gives out $1,000 to a client with very poor credit it needs to charge a high interest rate in order to make up for the defaults that will come with giving out loans to people with poor FICO scores. Defaults are when someone takes out a loan and fails to pay it back. Receiving $1,000 via a short term loan and paying back $1,100 or $1,200 a week later is perfectly reasonable. What is not reasonable is having to pay back $3,000-$5,000 six months later. If you are not financially responsible or financially healthy you should ignore these types of loans completely. Unfortunately the vast majority of consumers who use these loans do not know the basics of personal finance. To sum everything up, payday loans are not bad for those that know the consequences of them and can pay them off swiftly.
500 money . Assuming the individual is approved, all cash will be electronically transferred in to the applicant's banking account and made intended for use sometimes inside a single morning. The exception to the latter rule is if the application was made on a day which is not considered a business day or if your consumer submitted an application that could be delayed due to a bank holiday and such.First time consumers, new to the pay day loan application process might be worried about the potential of excessive fees associated with quick payday loan. So if you have had an unexpected auto repair, such cash advance companies will not charge unreasonable fees if you take a minute to check out your options.For a person who has already established their car suddenly breakdown in it, the choice is straightforward: either get the car fixed by securing a web-based payday loan or lose their job because they do not possess a reliable way into work every day.