Are small payday loans suitable for you?

To some people getting credit seriously is not 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 a few bankruptcies. Loads of of credit cards all maxed out they never made any payments. And of course they are no stranger to having their car repossessed, since it happened to them multiple times. It is sad, but it is also a part of life for some people. The fact is now a days in our daily lives credit is a part of life. People need money all the time, but normally 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 be applying for a small payday loan. It is just like their name implies. A small loan against your next pay check. They are short term loans to help get thru money issues. They are not in any way designed to be a long-term financial fix. The majority of people know this and treat them appropriately. 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. But normal individuals do not take out small payday loans in annual terms. They think in shorter terms. That a 2-week loan maybe costs $15 per $100 borrowed is most certainly a budget friendly short-term solution 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 14 days to borrow $100 is starting to look like a economical option 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 huge amounts of money to people.

 

When a borrower isn’t able to repay the loan. 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 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. People somehow also believe small payday loan companies focus on people that are out of work or disabled. 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. To be approved you will need to have a regular monthly income. 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 a number of credit products widely available to people online. Used smartly, for what they were intended for. Which is a temporary remedy to an income problem. They can save you a huge 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