Helpful Tips On How To Avoid Getting Financial Trapped With An Online Payday Loan
These overpriced loans go by several names, online payday loans, online cash advance loans, online check advance loans, online post-dated check loans or online deferred deposit check loans. An online payday loan by any name means high interest rates. These convenient online payday loans come at a very high price.
These loans all have the same impact on the bottom line of the consumer, the interest rate will kill you if you don't handle your loan with care. The online payday loan process involves the following:
1.Provide the online payday loan company a personal check payable to the lender for the amount of the loan plus the fee.
2.The check is post dated until the day of your payday. Usually two weeks from the time you request the loan.
3.The money you request is electronically transferred into your checking account.
4.On your payday, the loan company sends your check through your account.
5.There is an extension for some online payday loans but they will cost you more money.
If you choose to extend your loan, you will pay a few for each time you do this is called a roll over payment. If you choose to do a rollover for $100 loan your fees will jump to 60.00 for borrowing $100. For a prudent buyer, the high interest rate is outrageous but for a desperate consumer trying to make ends meet. The ends may justify the means.
The problem is that once consumers start using these high priced services, they get stuck and cannot get out of the hole except by more borrowing. Getting money this way is the only resource for a vast number of people. The lenders exploit this segment of the population to line their pockets with huge profits. Some of the online payday loan programs charge in excess of 391% APR for these quick convenient online payday loans.
To get out of the quagmire of the online payday loan's clutches do some of teh following:
Get a part-time job. This may be an extreme solution but it will prevent the need to borrow money from online payday loan providers at their exorbitant interest rates.
Ask family of friends for a loan and pay them back promptly.
Shop for the cheapest interest rate you can get if you must use an online payday loan.
Monitor your checking account carefully after you apply for one of these online payday loans to make sure they do not abuse your information.
Check to see if your employer has an emergency loan program. It might be embarrassing to ask but you will save a lot of money in the meantime.
You may be able to get overdraft protection on your checking account so you can write a check for the emergency loan at a much lower cost.
These online payday loans can become a habit and an expensive one. Look in your closet to see if you have something to sell. Avoid getting your finances dependent on online payday loans. If you are there, make it a point to get out of the loan as soon as possible.
Related Tags: online payday loans, online cash advance loans, online check advance loans, online post-dated check
If you're looking for a quality wholesale home tanning bed then try visiting http://www.tanning-bed-solutions.com where you will quickly and easily find information and resources on home tanning beds, commercial tanning beds, tanning bulbs, lamps and sunless tanning lotions. Your Article Search Directory : Find in Articles
Recent articles in this category:
- Payday Installment Loans: Ideal Funds That Supports Your Impending Needs
Any impending monetary crisis will be tough to deal with, if you are not having adequate funds. Neve - Educational Loans -helps To Secure Bright Future
Education is said to be the most important thing in ones life. It not only helps to improve the stan - One Hour Payday Loans No Faxing - Fastest Option Of Acquiring Money
Nowadays, loans have become a common thing among the UK people as needs are rising while the salary - Tenant Loans - Instant Monetary Support For Non Homeowners
Are you looking for an unsecured financial help that does not demand security to place against the r - Payday Loans No Faxing - No Verification And Delay
So many times, the approval of the loan gets delayed due to the lengthy paperwork and documentation. - Bad Credit Car Loans -helps You Finance A Car
Are you in need of a new car? Here bad credit car loans can offer you finance as you need. Perhaps y - Logbook Loans - Friendly Deal For Car Owners
Everyone knows that logbook is a paper issued by driver and vehicle licensing agency. This important - Same Day Loans For People On Benefits - Quick Money For Instant Financial Hold
Urgent and unpredictable demands might arise at times when you are not financially prepared. To deal - 3 Month Payday Loans - Feel Free With Longer Repayment Option
Are you looking for the loan that can give you small cash, but for longer duration? Are you worried - Loans For Bankrupt People - Look Forward For Financial Stability
Financial acronym or injury and inability for reimbursement to the concerned are known as insolvency
Most viewed articles in this category:
- Unsecured Personal Loans - Loan for the Common Man
Loans can broadly be divided into two types - unsecured loans and secured loans. Secured personal lo - High Risk Unsecured Personal Loans at Nominal Interest Rate
Today, unsecured loans gave grabbed the market as more and more people are opting for it. The loan m - Personal Loans-Don't Suppress Your Financial Needs
Personal loans can be segregated into a secured and an unsecured loan option. If you are a homeowner - Take the Loan; Show No Reason
If you are in need of a loan and want to utilise it for any purpose without showing the reason to th - No Compromise With Your Pleasure, Have Your Own Car
On a fine morning, you get up to see the sun shining brightly in the sky, leaving the world bathed i - Subsidized And Unsubsidized Student Loans!
These loans carry different loan terms and different requirements. According to the student situatio - Interest Rate: The Key Factor on Car Loans!
There are such wide variations in APR between lenders that you can end up overpaying on your car loa - Fight Against Tight Financial Situation With Personal Loans UK
It is always better to prepare yourself for unforeseen or unexpected expenses. If you are not born w - Advantages And Disadvantages Of Lack Of Security On Loans!
The unsecured nature of these loans attracts tenants but homeowners as well. However, in order to de - Unsecured Personal Loans-A Loan Everybody Is Eligible To Procure
Unsecured personal loans cater to urgent day-to-day financial requirements, and have become very pop