The Disadvantage of Payday Loans
You would have to be living somewhere in the desert if you knew nothing about payday loans in California. The other term for these loans are fast cash advance, and when talking about personal loans, they are the number one.
With all the effects of the downfall of economy including bank rates increasing, and prices of commodities getting higher, solving the unexpected financial needs quickly is not an easy endeavor especially if your next paycheck is due until next week or all your savings are emptied. Due to these problems, money lenders offer short-term loan assistance, in the form of payday loans.
As stated earlier, payday loans are monetary loans that are released on a short-term. Normally these loans are paid back within a couple of weeks, a month or until your next paycheck. There are two kinds of people who normally go for these loans. They are those who need of cash fast or those who have a poor credit rating history.
Qualifying for payday loans in California is made easier now that Internet is around. All you need to have are personal computer with Internet connection, stable job and bank account. If you have all of these then bid your unexpected financial need goodbye. After you fill-in the one-page application form online with your personal data and bank account details, you can have the cash on the following day, once your loan is approved.
Nevertheless, the Annual Percentage Rates (APR) that are attached to these loans are higher than those traditional loans. As per calculation, the average of APR reaches up about 450%, and this shows that you will be paying about $25 for every $100 you loaned with payday loans. Indeed, this APR is quite high. However, the large number of Californians embarking into payday loans in California daily show that the financial assistance they get from these loans are more important than the expensive interest rates.
Because of this high APR, it is better using these loans when you are in desperate need of quick cash only. These types of loans should never be applied to just because you feel like buying a new pair of shoes. The interest rates are high and the surcharge fee for failing to repay the loan on time are even higher, so be cautious when thinking of embarking into these loans.
On the other hand, you should keep a portion of your paycheck so that when financial emergency is troubling you, you have a savings account to run to, instead of lending institutions.
Written by Mary Gee. Looking for quick cash?Check out payday loans, then visit www.paydayloanranger.com to find the best advice on payday loans in California.
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Source: http://financehelpnews.com/business-finance/the-disadvantage-of-payday-loans
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