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Payday loans are an excellent way to get cash fast if you don't have a credit card or overdraft facility to fall back on in the case of an emergency. The one drawback though is that they do tend to carry a high cost if not managed well. No one wants to incur huge finance costs if they can be avoided.
One of the most important things to remember about payday loans is that they are designed to be a short-term solution to a cash shortfall. Therefore one needs to ensure that the terms of the loan are adhered to, meaning the loan should be repaid on the agreed date. Failing to adhere to these terms could result in some nasty fees.
Borrowers are usually in such a hurry to obtain a payday loan that they rarely read the fine print on their payday loan agreement. It should clearly state the charges that will apply in the event of the repayment terms of the loan not being met. If there is no such clause in the loan agreement, a borrower must get the lender to give them a document that stipulates these charges in detail.
The terms might state that unless the lender is given sufficient notice of non-payment, certain fees become applicable. In a case where a borrower cannot repay the loan on time, the lender will roll the loan over into the next pay period and deduct a finance fee and possibly an administration fee as well.
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