Payday loans are a good way to avoid late fees

 

Millions of people apply for payday advance loans every year, and this number has been on the raise for years now. However, the payday loan or payday advance market has been frequently attacked by many organizations. Many articles have been written about how payday advance loan lenders target low income neighborhoods, and low-income families. They claim payday advance lenders charge high interest rate and push low-income people or families even further into debt. Putting them on a “debt treadmill” they can never get off. The irony is that the banks decline to lend directly to a person a payday loan or payday advance loan. But what is interesting thought is some of the largest banks have extended lines of credit to payday loan lending institutions. I guess the large banks don’t mind lending to lenders who lend to people payday advance loan? I guess they want to get their hand in the cookie jar, just not get caught doing it? Since, the banks decline to provide loans to people because of their bad credit scores. Most individuals who access payday loans do so since they do not have any other option. Which is due to no fault of their own. As in the case of people lost their job due to a lay off where they worked. Or any number of reasons. Lucky for borrowers the payday loan lending institutions turned to technology and have made it quite easy to apply for a payday advance loan online. Online payday loan websites like paydayadvance.com have made the process so streamlined and easy to use. After you apply the first time you’ll have all your info set up with them making it is easier than visiting the regional pawn shop or borrowing from your pals when you need emergency money. Current technical advances such as smart phones and tablets have now prevented even the need to fax files as evidence of loan information. Payday advance loans are just like the name implies. A short-term loan that are granted to a borrower until their next paycheck. On the day agreed upon by the borrower the lender will pull the funds from the borrower’s bank account, so the loan is repaid on time. The lenders get repaid, and the borrower doesn’t pay any additional late fees, or interest.

 

 

There is no need to be afraid of applying for a payday advance loan

 

Here is an easy example of how a payday advance loan could help you get out of a tough spot. Say its Sunday night and you just realized rent is due Thursday, but you don’t get paid until Friday and you don’t have the $950 for rent. And you have a landlord that is a real stickler for being paid on time on the first of the month. Two things are going to happen if you’re late. #1 they are going to yell at you like you are the biggest loser on earth. And #2 they are going to charge you a $75 late plus add $20 per day you are late.

 

Rather than get hit for $75 for being 1 day late. Just go borrow the $950 for your rent for the 2 days until you get paid on Friday. If the interest rate of a payday advance loan were 10% a month. You’re only going to pay 2 days of interest so if your payday loan were for $950 and a whole month of interest would have been $95 (10% of $950 = $95) but you are only borrowing that money for 2 days then you would take that $95 and divide it by 30 days on an average month($95 dollars divided by 30 days = $3.16 a day) so you would pay $6.33 in interest. Rather than an $95 late fee and get yelled at by a jerk of a landlord! I think just about everyone would agree paying $6.33 in interest is a lot easier then a $95 late fee and getting yelled at every time you leave your apartment. $6.33 is the price of a Starbucks coffee.

 

Do yourself a favor and if you get strapped for money go to paydayadvancecredit.com and get set up with them.