Question by Joey: How do payday loans work? I need a bit of money to catch up on some things. About 1500 dollars. I make about 300 a week. Will I be able to get a 1500 dollar loan from a payday place and pay it back over time? Best answer for How do payday loans work?:
Answer by Ben Jones
These loans usually carry a high price tag. Finance charges are from 15 to 30 percent of the amount being borrowed. Since it�??s 15 to 30 percent on just a few weeks, if�??s comparable to getting a loan with an annual percentage rate of nearly 800 percent. Because payday loans are so easy to get and lack the traditional credit checks, companies often prey on lower income neighborhoods knowing they are more likely to obtain one of these loans. The down side to this is most of these people are already experiencing financial hardship and borrowing money with such a high interest rate just makes matters worse. In addition, many of these people find themselves unable to repay the loan when it comes due. This situation leads to additional bank charges for bounced checks and the cost of the loan, or they have to extend the loan causing even more fees. Many of these people trap themselves in a vicious cycle. They pay the loan off on the next payday, but discover they do not have the funds needed to cover their expenses. They then find themselves going back for another payday loan. This cycle can continue indefinitely since there is no limit on how many times a person can get this type of loan. Payday Loan Alternatives There are many alternatives to getting a payday loan. The best thing you can do to avoid these types of loans is to create a budget so that you afford paying the bills. Cut out as many unnecessary purchases as possible. Put that money into a savings account.
Answer by Ed Fox
No. The term Payday Loan refers to a small loan you pay back on your next payday. The loan is for a maximum of 30 days in most cases
Answer by Machine Gun Messiah
If you start that, you will soon be bankrupt. they will probably take about 40% of your money if you do what you said.
If I had some strong words of advice, stay away from pay day lenders if your going through financial hardships . I have a friend who did this and I wish she would have talked to me before she got a 00 dollar loan from some loan sharks called "CashCall" to cover her rent. I'm sure you've heard their commercials with pitch man Gary Coleman ? I could have lent her the money at a cheaper rate to pay back later, if I would have known . Anyways, she had to pay back 1500 dollars, in addition the 1500 dollars in interest !? So she payed back 00 . When I asked her why did she do that, she told me she wouldn't of if they had made it clear how much interest she would be paying back .I payed her loan in full because she was a friend . However, I know most people aren't so fortunate . When your stuck, your stuck . So please if you find yourself in a money bind, stay away from these pay day places ! Try to work something out with a friend or family member . There are plenty of government rental assistant programs to help people that you can use . Rachel Maddow explains some of these predatory practices of payday lenders and why they are fearing financial reform .
http://leafgardenpress.com/ PAY DAY LOANS ? NO PREDATORY LOANS AND WHY THEY ARE AFRAID OF FINANCIAL REFORM
Payday loans are the boon for the people who often get out of cash before their payday. Payday loans 1500 are yet another step in this regard. These loans have been intended for the salaried class of US, who needs money before their payday, to solve day to day inevitable expenses. These loans prove to be very beneficial in case when no other source helps you get fast cash. At such times, one realises how important it is to have cash and we help you fulfil this need.
Payday loans 1500 can be availed only if you fulfil a certain eligibility criterion. This criterion involves some conditions, which are as mentioned below:
�?� You should be a permanent citizen of US
�?� You should have attained the age of 18 years
�?� You should have a valid bank account
�?� You should be earning regularly working with a reputed organisation of the nation
Does it need to be a good creditor to avail these loans? The answer is no.
No paper work is needed to be done in order to avail these loans. Here, you are free from all the gruelling stuff of the past times. All you need doing is filling an online application form. Pen and paper are nowhere needed during the loan procedure. A move of mouse does it all. We give you cash without making you face any hassle. Good luck!
These loans have been intended to help you get fast 1500 dollars whenever you need. You can avail these loans after fulfilling certain conditions. The bad creditors are also approved for these loans. No paper work is needed to be done.
But now, with these loans, you can get money even being associated with the worst of credit tags. Our financial schemes are customer friendly and they would never let you feel down.
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