PayDay Loans - Making Them Work For You

Tim needed immunizations and school supplies for his son to go back to school on Monday. Unfortunately, he didn't get paid again till the following Friday...

Cynthia's car broke down a week before payday. What was she going to do? She had to have her car to get back and forth to work...

John's computer crashed today (the 8th) and he works from home as a virtual assistant. Too bad for John he doesn't get paid till the 15th. No computer, no check...

What do all these people have in common? They all had an emergency of some sort where they needed money in a hurry. And, like a lot of us, money was short. A lot of people live paycheck to paycheck. If an emergency arises what are we supposed to do?

You could borrow money from family but who wants to do that? You could try to borrow from a friend but if your friends are like mine, they don't have extra money to lend either. You could try to get a loan from a bank, even your own bank, but that takes a lot of time you don't have. Plus, unless your credit is fairly good, you're not going qualify for the loan anyway.

The best solution for you may be to get a PayDay loan. Payday loans are not for everyone and you want to use them with caution as the interest for these loans can be very high, but if used correctly they can be a real lifesaver. I'm going to give you some good information and tips to use them to the best advantage.

PayDay loans, sometimes called payday advances or post-dated check loans, are just what they sound like, a cash loan till your next payday. Utilized correctly, they can be fairly inexpensive. Used incorrectly, they can be quite costly.

Payday loans are ruled by state regulations and not all states even offer these types of loans. Currently, only 37 states are able to offer payday loans. Do your homework before you apply and know what your state regulations are. Payday loans are considered high-risk to the lenders so expect to see higher rates of interest being applied.

You can go to a local institution that offers payday loans. However, if you are a bit intimidated by talking to a real person, or wish to maintain more privacy, you might want to apply online. There are many options online that can get you money fast. Usually by the next day! Some require you to fax some pertinent information while others use a no-fax- system. Whichever option you choose the process is pretty much the same.

Fill out the online application with valid and truthful information and you will be contacted in a timely manner, either for more information, or with a decision on your application.

Payday loan institutions do not check your credit, which is a good thing if your credit rating is poor. The disadvantage to this is that they will not help your credit rating either. Also, failure to repay your loan in a timely manner will adversely affect your credit rating. Most companies will check to see if you have other loans or bad checks outstanding. This is usually done through a system such as Telecheck or something similar.

If you are approved for a loan you will authorize the lender to deduct the payment from your bank account on a specific date pre-arranged by you and the lender, usually your next payday. You must have a bank account to qualify for a payday loan! You will most likely have options either to pay off the loan in full or to "refinance" the loan for a fee. This is basically an extension on the loan and options vary by lender. Be warned, these fees can be costly.

Remember, payday loans should be used for the "I needs" not necessarily the "I wants" in your life. If you want something, try to find a more cost effective way of getting it than a payday loan. However, if you have a real emergency, a payday loan may be your best option. Carefully consider your needs at the moment, do your homework, and understand your options. This is the best way to make a PayDay loan work for you.


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PayDay Loans - Making Them Work For You


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