1. by imjetred | on March 26, 2013
http://www.empowernetwork.com/imjetred/

2. “Payday loans are considered as short-term loans that you can
use to support you during rough times especially concerning
with monetary problems.There are a lot who wanted to be in
the know about payday loans.”
Before using payday loans, one must know the attached costs
and consequences to avoid losing much. In this topic, you
can have a quick overview on how payday loans works.
Additional facts and info about the correct usage and safe
business deals will also be tackled.

3. Definition of Payday Loans
 Payday loans are loans that are acquired if a person is in dire need of
money. One can have the opportunity to have a payday loan but only
in a small amount. Payday loans can help you through when you’re
temporarily out of cash. The time frame a payday loan lasts is not less
than two weeks, at least. That is only applicable if a person requested
for just a modest amount of money like a couple of bucks.
 To be able to request for a payday loan, the person typically writes a
check stating the amount to be borrowed which also includes a fee.
Usually, the one who is requesting leaves the check to the lender.
But what if you can’t repay it at the
right time? You can keep it rolling for
the loan to be extended. You don’t
have to repay it at once, although you
may find it surprising if your fees keep
on accumulating.

4. Payday Loans Costs
 Generally, payday loans are quite expensive. People who
go into this pay annual percentage rate or APR that
amounts to an overwhelming percentage. Example, if you
have borrowed $200 to be paid for two weeks, you can
pay a fee of $40.
 And if you can’t pay the borrowed amount and the fee on
time, you may find it very disturbing to pay more
increasingly. This kind of percentage can be quite alarming
especially for those who can only pay so much.

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6. Pitfalls of Payday Loans
 One of the main pitfalls of payday loans is that the
company doesn’t really help you solve your problem
regarding financial problems. They only make the
problem at hand even worse because of the high
percentage they are imposing on their clients.
 Regardless of what your problem is, the loaning company
doesn’t really care for as long you pay the amount and
fee adjoined with it. Because of the percentage fee that is
connected to the amount to be borrowed instead of
helping you up, it just pulls you down.

7.  Although, in times of crisis, payday loans can be very
helpful. People consider it above every risk that is stated.
Sometimes payday loans make sense most especially if the
person borrowing money needs it so much. This would
only apply for short-term payday loans. There is a total
difference with long-term payday loans.
 Trouble may arise if things are already out-of-hand. If the
checks that you have written for loaning establishments
bounced, this will appear on your credibility. Result?
Fewer banks will be thrilled to work with you.

8. Payday Loan Alternatives
 There are tons of alternatives in exchange of payday loans. These are some:
 • Having your own emergency fund that will be kept in your savings
account but this one’s easier said than done.
 • Open a credit for emergency purposes
 • Get a part time job (but this will take some time and will not be very
useful when on-the-spot emergency arises)
 • Consider peer lending service for a better and honest deal.
 Click here to read more of payday loan articles.
 Good luck and happy blogging!

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