Is a small payday loan suitable for you?

To some people getting credit isn't 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 touch them. These kinds of borrowers are the kind that have a few bankruptcies. Tons 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 more than a few times. For some people this is a daily part of their life, which is truly sad. But the truth is, in the world we live in let's face it, credit is a part of life People need money all the time, but typically 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. Small payday loans as most of the lenders describe them. Are short term small consumer loans against your next pay check. They are created for short term money issues and are not designed to be a long-term financial solution. The majority of the consumers know this and handle them appropriately. The APR on these kinds of loans is high, because of the risk of default to the lender is high. Ranging from 250% to 500% over a year. These kind of small payday loan isn’t taken out by individuals in annual 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. Think of what the alternatives 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 two weeks to borrow $100 is starting to look like a budget-friendly 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 large amounts of money to people.

 

When a borrower isn’t able to repay the loan. It’s the loan company that is stuck. 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 collected $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, in contrast to the popular impression small payday loan companies do not target the poor, unemployed, or disabled people. To be approved for a payday loan, you must show you have income. 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 numerous credit products easily available to people online. Used smartly, for what they were developed for. Which is a short-term solution 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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