Is a small payday loan right for you?

To some people getting credit isn't an option for them. 

 

With all the problems some people have on their credit report, they will never be able to find a lender to lend to them. We’re talking about more than one bankruptcies. More than a few times have had their car repossessed for lack of making the payments, and lots of credit cards all maxed out and defaulted on. This is sad, but to many people this is a part of their life. The fact is now a days in our daily lives credit is a part of life. People need money all the time, but usually only get paid every 2 weeks. When you are 7 days from getting paid and no money at all in the bank what do you do? Because your credit is destroyed you can’t get a credit card so that isn’t an option The answer may perhaps 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 problems. They are not in any way invented to be a long-term financial fix. This information is widely known by people and most of them understand this and manage them accordingly. After all, to the lenders the risk is very high, so their APR is high. Across a years time the interest rate can range from 250% - 500%. But normal people do not take out small payday loans in yearly terms. They think in shorter terms. That a 14 day loan maybe costs $15 per $100 borrowed is totally a budget friendly short-term option to a problem. Considering what other options will charge.

  • A bank over draft fee of $35 per transaction
  • Late rent fee of $75 + $25 per day

All of a sudden, the small payday loan that might charge $15 for 14 days to borrow $100 is starting to look like a budget-friendly solution doesn't it? 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 big at all.

 

For the reason that when the person can't pay it back it's the financial institution 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 accumulated $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. Also, against the popular impression small payday loan companies do not focus on the poor, out of work, or disabled people. You must show you have an income to be approved for a payday loan. After all the name “payday loan” indicates you will have a payday coming to make a loan payment from. So, you must have regular monthly income to be approved. Also, in order for the lender to be able to lend you the money and be able to deposit it into your account. You’ll need a checking account with a bank. And it needs to be in good standings. Small payday loans are now just among many different credit products easily available to people online. If a borrower uses them wisely and only for what they were created for. Which is a short-term remedy to an income problem. They can save you a considerable amount of hassle, humiliation, 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

 

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