Payday loans are loans that just about anyone can tap into. If
you have a steady job and need a fast loan option, then these
may be just the right solution for you. The loans are only good
as your paycheck, though, so you'll need to have a steady flow
of income coming in. Here's how they work.
How Payday Loans Work
If you need money fast, these loans are ideal. You can literally
contact the location, fill out some paperwork and walk out with
the cash that you need. The loans work by requiring you to write
the company a check that will be cashed on the agreed upon day.
They provide you with the money that you need and you agree to
pay off the loan in full usually within three weeks. On the day
that you have agreed to pay it back, the location will deposit
the check you provided. The check will be made out for the
amount that you borrowed through the loan as well as the fee
that goes with it.
How Much Can You Get?
In most cases, you can borrow up to 50-75% of your paycheck.
This amount changes based on the company and on you. You may
qualify for more or less depending on your credit history and
your past history with the company. Also, you can find locations
that offer no credit check loans as well. In fact, fewer
companies are looking into the credit of their borrowers.
What's The Catch?
If this sounds too good to be true; that is because there are
huge fees if you do not make the payment on time. In some cases,
the funds that you borrow through payday loans can be 200% or
more if you do not pay them back on a timely basis. Many people
find themselves borrowing time and time again not because they
need the cash for a repair or for an unexpected bill as in the
first time, but to pay off the payday loan that they have.
Still, there are many benefits to using payday loans and you can
easily take advantage of them.
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