Payday Loans - A Port in a Storm

Written By Devi Kristanti on Saturday, August 16, 2014 | 10:17 AM


Just as for a captain at sea, storms can set up, unexpectedly forcing us to consider any number of moves. Should we try to ride out the storm or should we look for the nearest safe harbor? Just as for the poor captain, emergencies do arise. What do you do if your electricity will be interrupted? What do you do if you are in need of medication or a medical procedure? What do you do if the car breaks down and you need it to get to your job? Things like this crop up all the time in life and often folks do not have enough money tucked away to cover them.

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Riding Out the Storm

Do you just let the electricity get turned off? Do you let the car go unfixed, jeopardizing your job? Do you ignore the medical condition? Probably not. Letting these sorts of storms cloud your life voyage is not a good idea. Should you turn to friends or family for financial relief? Most everyone has suffered financial difficulties in these financially difficult times. Do your friends or family members have the cash that they could offer you in an expedient manner? Perhaps you are just too embarrassed to ask those important folks in your life for money.

Safe Harbor

Payday loans are available twenty-four-seven on the internet. They are reliable and usually can offer you cash within a few hours. Expediency is one of the nicest things about payday loans. They also are willing to lend to folks with poor credit. Repayment terms can be pretty easy, too. Usually you can take care of the obligation within a payday or two. Often, the need for cash hits when your next payday is a week or two away. So, payday loans could be your port in the storm.

What to Expect

Payday loans are low-level, unsecured loans. What this means is that, one - no collateral or valuable property is required to secure the loan. Two - payday loans usually range in the $500 to $1,500 amount; the amount allowed depending on monthly income. Three - payday loans are eligible for repayment within 14-30 days so you can quickly and comfortably get the loan off your back. Understand, that the interest rates of payday loans are often high, because of the risk the lender is assuming with no collateral and no credit history to rely on.

Be Careful

Watch out for extensions. If you cannot repay your loan within the agreed upon time, most lenders will offer extensions. Be aware that those extensions can rapidly increase interest rates. If you keep asking for extensions, you could very easily find yourself in a deep ocean of debt just because of interest rates. A small payday loan of $500 can quickly start costing you thousands, depending on the regulations in your place of residence. Do not take out a payday loan without a lot of forethought. Certainly do not take a payday loan just to splurge on a shopping spree or other foolishness.

Some Final Words on Payday Loans

Borrowers, of course, must be at least 18 years of age. Payday lenders will require some assurances: Proof of identity. Proof of employment. Proof of residency. Proof of social security number. Proof of an active checking account. Presenting the documentation for those items just listed, along with a short application form, should get cash in your hand within a few hours. Bon Voyage!


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