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Pay Day Loan - Is It Your Last Resort?

Feb 2, 2008
People are often burdened with unexpected expenses. There may be a large bill waiting to be paid for the car that you had got repaired. There could be large medical bills that you need to pay. The question is how you are going to pay for it. Are you going to use your credit card and pay back your credit card by monthly installments with high interest? Or don't you have a credit card at all? Do you carry too much debt on you? You may of course approach your friends, but then again they may not like that. So what do you do? Well, you could think of taking a payday loan.

It is sometimes called a "cash advance loan". At times it is called a "check advance loan" and another would call it "post-dated check loan". Payday loan has many names, and even has the name of "deferred-deposit check loan". Further, it is called "costly cash" by the Federal Trade Commission in the US. No matter what you call payday loan, it remains a small kind of an advance in the region of $50 to $500, and bears a high interest. The loans are typically given out on a 2-week term, and what surprising is that it bears interest rates which go up to 780%. in the range of 390 percent to 780 percent (APR).

Does payday loan become the last resort for you? Or do you have other alternatives that you want to look into? Here are some of the important benefits in taking out a payday loan.

* In getting a payday loan you do not need to go through credit check.

* You can apply for a payday loan in person, on the phone, or on the Internet.

* The process takes less than 20 minutes.

* When sanctioned, the loan proceeds are paid into your bank account and it is available to you in 24 hours.

* The loan does not want you to pay anything up-front, and is available immediately.

* The loan is given discreetly - and no other person is involved in the middle.

* In having a payday loan your financial details never get shared.

Payday loan is a sort of "quick fix". It is taken out for your immediate relief when your other alternatives have failed. In taking out such a loan, you can solve your immediate financial need, and pay back the loan on your next payday. So it appears that you have solved your problem.

There are several payday loan companies. If you do not find one near you, you could search the internet. There are several such websites who provide payday loan, and you could compare the terms and select one. These are the places where you are sure to get help in your time of your financial needs. You would go to one such company only when you have tried everywhere else, and you could not get the financial assistance that you need. There are companies which would be open in the normal banking hours, and some would stay open even beyond the closing hours. They would be in more accessible areas in the city that you live in. These companies would cash your checks even when the banks close, and you need not travel far to get their services. Some of these companies have exploded in growth and have grown from one single outlet to 1,500 branches all over UK.
About the Author
J Amalorpava Mary is the owner of Loan Online Direct, to find out more information on Payday Loan, Student Loan and much more financial topic visit her site.
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