Payday Loan or Not Payday Loan

Financial companies offering payday loan is surrounding us. More and more companies offer payday loan as an additional service or even a main service. It might be quite tempting to take a payday loan or two. However, the fee of $30 - $50 might also scare some people off. So, how to decide whether you should take payday loan or not? This short guide will show you the answer.

Although the fee of $30 - $50 seems big for some people, getting a payday loan might save you lots of trouble. The key question you should ask to yourself if you want to take payday loan is “Will the financial lost of not taking a payday loan is greater than the payday loan fee?”

Here is a checklist that will help you consider taking a payday loan:

- If the cost of not taking a payday loan is greater than the interest of a payday loan, it would be better for you to take a payday loan.
- If you can have a short term loan from your bank, you would be better with your bank short term loan because normally, although not always, the interest would be smaller.
- If not taking a payday loan will hurt your credit rating, you would be better take a payday loan. Remember, good credit rating is hard to establish and bad credit rating can happen overnight.
- If you have a dire situation, for example emergency medical bills, you would be better take a payday loan. Remember that health always comes first than wealth.
- If not taking a payday loan will hurt you in long term, something more serious than the interest of a payday loan, you would be better take a payday loan.
- If you are faced with “an offer of a lifetime”, you should consider this deeply. Take necessary time to analyze the situation. Mostly it is just another marketing technique and you will have another “an offer of a lifetime” in the near future from the competitors or even from the merchant itself.

There they are, a quick checklist to help you determine whether you should take a payday loan or not. The checklist is short and may not be able to answer you question. If this is your case try to remember the key question, “Will the financial lost of not taking a payday loan is greater than the payday loan fee?”

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Disclaimer:
The general information provided by http://PaydayLoanTips.blogspot.com is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and http:// PaydapLoanTips.blogspot.com makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
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** Attn Ezine editors / Site owners **
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What Is Payday Loan?

You may have heard it, you may not. You may think that this is a new breed of loan. You may also hear another name for it. Some people call it cash advance loan, payroll advance loan, paycheck loan, or just check loan. Which ever name you have ever heard of, payday loan is quite new for some of us.

So, what is payday loan?

It´s a very short term loan where the money amount is small and quickly payable. It works like this. You apply for a payday loan, you get the money which is normally around $100 - $500, and then when you get your paycheck you repay back along with the interest.

Now, that doesn´t sound new for you, does that? Yes, payday loan has been there alongside human history. However, recently some financial institution try to make this as another type of loan that is regulated and available for public.

One thing you should remember about payday loan is that the interest rate for most payday loan is very high compared to other types of loan. The interest rate can be around 15% - 50% for a term, and the APR could go as high as 400%. Some people call it as “shark loan”.

If the interest is so high, why should you try to get one?

Payday loan is useful for you if you have an emergency need of cash. Sudden medical bills, uncontrolled phone bills or electricity bills, and any other unexpected and urgent cash problem could be handled with payday loan. Of course you have to deal with the interest later on. But this kind of loan can be a life saver if used wisely. Moreover, payday loan is easy to apply and mostly you will get the money in 24 hours if not less.

Of course, it is always a wise move to ask a loan from friends or relative at first. Mostly you will not get any interest from them. However, if you are just stuck, than payday loan is the way.

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Disclaimer:
The general information provided by http://PaydayLoanTips.blogspot.com is intended as an educational purpose only, and should not be interpreted as legal advice. The law varies drastically by location and legal specialty, and http:// PaydapLoanTips.blogspot.com makes no promises about the accuracy or completeness of the information provided. You should not rely on our information when making legal decisions. We recommend that you consult with a lawyer to get professional legal advice on how best to deal with your situation.
-=-=-==-=-=-=-==-=-=-=-=-=-=-=-=-=-=-=-
** Attn Ezine editors / Site owners **
Feel free to reprint this article in its entirety in your ezine, blog, autoresponder, or on your site so long as you put a link back to this original post, leave all links in place, and do not modify the content in anyway.
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