Have you ever been in a situation like this?
A friend of mine, Rachel, called the other day and told me she just spent an hour staring at her checkbook trying to figure out how she was going to cover some unexpected expenses. Her car needed new brakes and her four-year-old son just came down with an ear infection. So, she had to drive to the pharmacy to get his penicillin, but she was afraid to drive with her brakes in such bad condition. It was a no-win scenario.
“I don’t get paid for another six days. What am I going to do?”
I could hear the frustration in her voice as she tried to decide if she should–
- risk bouncing a check and incurring multiple overdraft charges?
- borrow money from friends or relatives?
- put the expenses on credit cards and incur untold amounts of interest—or are they maxed out already?
It’s humiliating getting those overdraft statements in the mail and explaining to people why you need help. So, where do you turn when you need some quick cash to keep you going until your next check? It’s a question more and more people like Rachel are asking as finances get tighter.
Fortunately, there is a great low cost solution—IF you know the score.
Short-term cash assistance has gotten a lot of negative press lately because the media and legislators have basically labeled the entire industry as “predatory lending.” Now, certainly there are some lenders who focus on making a huge profit and keeping people in debt forever. But if you’re smart about it, payday loans can be a useful tool. They can even save you money over traditional overdraft protection fees and credit card interest.
THE MYTH: Instant loans charge ridiculously high interest rates.
THE TRUTH: The finance industry is tightly regulated and any company that lends money is required to post its APR or annual percentage rate so you can compare interest rates. The key word here is “annual.”
Payday loans are not annual loans. They are two-week loans. But because they fall under lending regulations, they are required to calculate and publish the APR which usually falls in the 300% range. This is a misrepresentation of the numbers because in order to reach that annual rate, you’d have to rollover the loan 26 times. State regulations limit the number of rollovers or prohibit them entirely.
Think about this—banks charge an average flat fee of $27 every time the service is used no matter how much the account is overdrawn. And that fee kicks in every time a charge hits the account until you can cover the amount. So, if you’re in a cash bind, you can rack up hundreds of dollars in overdraft fees before you even know you’re overdrawn at all.
One easy online application for a payday loan could help you avoid all that pain and embarrassment
—for a much smaller fee.
Payday loan lenders generally charge $15 per $100 borrowed. And applying through a website is as simple as filling out a short form. Plus, it’s completely anonymous. No one needs to know but you and your lender.
Remember, these are short-term cash solutions. Because there are no credit checks and lightning fast approvals, payday loan lenders can’t tell if you’ll be better off or worse off if they lend to you. It’s not up to them. It’s up to you.
There are lots of legitimate and smart reasons to use the service. But applying for a payday loan when you are already overextended can make matters worse. Unscrupulous lenders know this and can take advantage of you. If you have long-term issues, please seek professional financial assistance!
Propaganda about these loans is designed to scare you. Armed with good information, you can find a reasonable solution to your short-term cash problems. Rachel did, and she was able to cover her loan within the week when she got paid.
You don’t have to suffer through the pain and stress of a temporary cash shortage.
Get the real story on lots of online payday loans here.
Or apply online right now. It takes just a few minutes to fill out the form and you’ll have peace of mind within seconds.