Is a small payday loan suitable for you?

Getting access to credit to some people seriously is not an option anytime soon. 

 

Some people have so many problems in the past on their credit report that no lender is going to want to deal with them. These kinds of borrowers are the kind that have one or more bankruptcies. Several times have had their car repossessed for lack of making the payments, and numerous credit cards all maxed out and defaulted on. This is sad, but to some people this is a part of their life. Having said that, in the world we live in let's face it, credit is a part of life More often than not people get paid every 2 weeks, but they need money all the time. What do you do when you have zero money in the bank, but are still a week away from getting paid? Because you can’t get a credit card using a card isn’t an options at all. The answer might be applying for a small payday loan. Small payday loans as most of the lenders describe them. Are short term small consumer loans against your next pay check. They are short term loans to help get thru money issues. They are not in any way meant to be a long-term financial fix. This information is widely known by people and the majority of them know this and treat them accordingly. Because these kinds of loans are risky to lenders they have to charge a high APR. Across a years time the interest rate can range from 250% - 500%. But normal individuals do not take out small payday loans in annual terms. They think in shorter terms. To borrow $100 for 14 days will only cost maybe $15. That is absolutely a very reasonable budget friendly short-term solution. Considering what other options will charge.

• A bank over draft fee of $35 per transaction
• Paying your rent late $50 late fee + $25 a day

Suddenly, a small payday loan that only maybe charges $15 for 2 weeks to borrow $100 is looking as a much more appealing option. If you'd like to apply online here is a link to our website. 

 

The amount of money small payday loan lenders are looking to lend isn’t huge at all.

 

For the reason that when the person can't pay it back it's the lender that is in trouble. Think of it from the lenders side. When they loose money, they have that much less to lend to some other borrower. If they made 10 loans each for $100 for a 2-week period. And 9 out of the 10 paid their loan off on payday. And the 10th one defaulted. They would have gathered $1035 from the 9 borrowers. So even with that one borrower not paying them back they still ended up making $35. So, making small payday loans for short periods of time is better for both the borrower and the lender. Neither side walks away unhappy. People somehow also think small payday loan companies target people that are poor or disabled. To be approved for a payday loan, you must show you have income. After all the name “payday loan” means you will have a payday coming to make a loan payment from. So, you must have regular monthly income to be approved. Also, you need to have a checking account in good standings with the bank. That way the lender can deposit the money into your account when you are approved. Among the now numerous credit products offered to people small payday loans are one of them offered online. Used smartly, for what they were designed for. Which is a temporary remedy to an income problem. They can save you a ton of hassle, embarrassment, and most of all time. If you are in need of a small payday loan or know some that does I hope you let us try and help you by visiting paydayadvancecredit.com