Pay Day Loans EXPOSED - Part One
These are ads to get you to use an easy and potentially very expensive way of raising cash- the origination of a "Pay Day Loan" or "Pay Check Advance". Payday loans are also known as cash advance, short term loans, payday advances, cash loans, fast cash, fast loans, bad credit loans, deferred deposit. These are short-term cash loans that usually require you, the borrower to grant electronic access of your bank account to the lender. The lender can then gain access to your paycheck, once it has been deposited into your account to get repaid. Payday loans are originated by:
• Payday loan stores
• Check cashing stores
• Pawn shops
• Some rent-to-own companies
• Classified ads with toll-free telephone numbers
• Companies working over the Internet
Why take out a Pay Day Loan?
Most of the time, Pay Day Loans are taken out due to an emergency situation requiring extra cash: car repairs, such as a flat tire that needs to be replaced; an unexpected medical bill; or an emergency home repair, such as a water pipe that bursts and must be replaced to avoid flooding the house. However, because the loans are so easy to obtain, it is tempting to fall into the trap of using the loans for non-emergency purposes, such as buying birthday or Christmas gifts, eating out at a restaurant, taking a vacation, etc. The typical Pay Day loan customer is a low to moderate income person who has bad credit or no credit, no savings, and lives from paycheck to paycheck or even from government check to government check. In some areas of Florida, the clientele is mostly Senior citizens on Social Security, who borrow money for holiday gifts for family members, prescription medicine not covered by government programs or insurance, or just to make ends meet. "Brick and Mortar" Pay Day loan stores spring up and proliferate around military bases and in economically disadvantaged neighborhoods. In the last year, there has been a literal EXPLOSION of these businesses on the internet, as a way to get around laws passed by some states such as North Carolina and Texas, prohibiting or severely restricting these loans.
For more information, please visit my blog: http://help-me-fix-my-credit.blogspot.com/ .
Related Tags: bad credit, loan, credit, interest, scam, usury
Dottye is a Realtor in Central Florida, an internet marketer, and a wife, mother and grandmother. She is the published author of a book and several short stories, songs, articles and poems. For more information, please visit my blog: http://help-me-fix-my-credit.blogspot.com .
Your Article Search Directory : Find in ArticlesRecent 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