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There are many advertisements pushing payday loans, but you may not know if getting one is right for you. The fact is that there are times an online fast cash loan is a very good idea. These loans are short-term unsecured loans, and are not given in large amounts, usually between $100 to $1500. When you originate the loan you write essentially a post-dated check to cover the loan and any fees and interest that is charged for opening it.
When it is a Good Idea
If you find yourself in a temporary money bind, an payday loan can be a good solution. Often times you face bank fees, late payments, credit card trouble, etc. All can be extremely costly. You want something that can provide temporary relief. The main selling point for these online fast cash loan is that it is exactly what the name implies, fast cash. Most often, you can receive your loan within 24 hours of your application. You then are able to pay off any debts you do not have the funds at the moment. Thus saving you money.
If you find yourself in a temporary money bind, an payday loan can be a good solution. Often times you face bank fees, late payments, credit card trouble, etc. All can be extremely costly. You want something that can provide temporary relief. The main selling point for these online fast cash loan is that it is exactly what the name implies, fast cash. Most often, you can receive your loan within 24 hours of your application. You then are able to pay off any debts you do not have the funds at the moment. Thus saving you money.
Some Caution Should Be Taken
It is true that online fast cash loans have high interest rates. However, this can be very deceptive. The lender is required, by law, to post the interest rate on an annual basis. Seeing an APR of 700% can seem to be outrageous. You should take into account the length of the loan (usually paid off by your next paycheck), and the amount, the finance charges are relatively small. Very often, less costly than the alternatives.
It is true that online fast cash loans have high interest rates. However, this can be very deceptive. The lender is required, by law, to post the interest rate on an annual basis. Seeing an APR of 700% can seem to be outrageous. You should take into account the length of the loan (usually paid off by your next paycheck), and the amount, the finance charges are relatively small. Very often, less costly than the alternatives.
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