Sometimes it seems there's just no way out. Maybe your car breaks down, you have an unexpected medical expense, or you just find your self coming up short when you're shopping to put a smile on your kid's face for the holidays. All of us have felt strapped financially at times, and the choices we have are accruing more credit card debt, borrowing from friends or family, or trying to get an advance from your boss.
In the past decade our communities have seen little money mart stores popping up all over the place, fulfilling a need that many of us have when we're strapped for cash. If you have a job and are just a little short of cash, you might want to consider taking out a Payday Loan. Now you can get a cash advance payday loan on the Internet approved with no credit check in as little as 30 seconds, and they will deposit up to $1,500 electronically into your bank account within 24 hours.
Payday loans, sometimes called cash advance or paycheck loans, fulfill a real need for people that are forced to live paycheck to paycheck, have little or no credit, or just need some extra cash for the holidays. Just be sure you can pay the loan back and as quickly as possible - payday loans are not cheap!
A short term cash advance payday loan online will charge you anywhere from $15 to $30 for every $100 borrowed. When looked at as an annual percentage rate this is huge, but the idea here is to pay the loan off, or at least down very quickly. Therefore it is probably best to look at the charge as a fee, or service charge.
Payday loans are not without controversy. Critics of the industry say that the brick and mortar lenders tend to set up shops around poorer neighborhoods and close to military bases where people are often strapped for cash and don't really understand the relationship between time, money, and recurring payments. Some compare the lenders to loan sharks because of exorberant interest rates that can reach in excess of 250% when annualized. Most states have usury laws that put a cap on what an institution can charge for a loan, but lenders can easily bypass that by funding the loan through a bank that is chartered in a state that has no such law.
On the other hand, payday loans are not the only ones whose fees seem excessive when annualized. A bounced check or a late credit card payment can easily cost just as much or more. Think if you bounced a $100 check every month for a year. With an NSF fee of $48, that would come out to a whopping 1,250 annual percentage rate.
The bottom line is that a payday loan can be a good thing if you're in a bind, and are sure you will have the capability to pay it off quickly. If you think you would have to pay it off slowly, you would be better off using a credit card and making the minimum payment, if that is an option.
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