Are small payday loans right for you?

To some people getting credit will not be an option for them. 

 

Some people have so many problems in the past on their credit report that no lender is going to want to deal with them. We’re talking about multiple bankruptcies. Several times have had their car repossessed for lack of making the payments, and a number of credit cards all maxed out and defaulted on. For many people this is a daily part of their life, which is truly sad. Having said that, in the world we live in let's face it, credit is a part of life Individuals need money all the time, but in most cases only get paid every 2 weeks. When you are a week from getting paid and zero money 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 could possibly 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 designed to be a long-term financial fix. This information is widely known by consumers and the majority of them know this and manage them accordingly. The APR on these kinds of loans is high, because of the risk of default to the lender is high. Varying from 250% to 500% over a year. These kind of small payday loan isn’t taken out by people in yearly terms. They think in shorter terms. That a 2-week loan maybe costs $15 per $100 borrowed is totally a budget friendly short-term option to a problem. Think of what the alternatives charge.

• Bank over draft fees of $35 for each transaction
• Late rent fee of $75 + $25 per day

All of a sudden, the small payday loan that might charge $15 for two weeks to borrow $100 is starting to look like a sensible solution doesn't it? If you'd like to apply online here is a link to our website. 

 

Small payday loan lenders are not looking to lend substantial amounts of money to people.

 

Because 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 another 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 customers. 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 dissatisfied. Also, against the popular belief small payday loan companies do not focus on the poor, jobless, or disabled people. You must show you have an income to be approved for a payday loan. After all the name “payday loan” means you will have a payday coming to make a loan payment from. To be approved you will need to have a regular monthly income. And 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 many credit products offered to people small payday loans are one of them offered online. If a borrower uses them wisely and only for what they were created for. Which is a temporary solution to an income problem. They can save you a considerable amount 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