Payday loans are popular for many reasons. Generally speaking, there are situations that require instant money and then advantages of short-term loans outnumber their disadvantages.
Imagine putting yourself in place of the person who looks for an instant solution. You may have to pay a huge car repair bill, or you may really need to travel unexpectedly, as in the case of death in family. Whatever the reason is, you desperately need money and you do not have it just now. And this is when you clearly see the benefits of payday loans:
- Fast credit check;
- No upfront fees;
- An easy way of application;
- Quick processing;
- Quick transfer.
Obviously, these are sufficient reasons to get rid of the stress of staying short on cash with payday loans. You will be able to solve the problem effectively and move on with your life.
Payday loans companies are everywhere. There are over 450,000 payday loan companies in operation in the United States and much more distributed in the same way worldwide. If there is not a loan store near you, you can search at the Internet and find the best offers there.
Now that we have studied the convenience of payday loans, take a look at their disadvantages. The main trick is timely payment. If perhaps you arrived short again, you should not be troubled – payday loans are extendable or renewable. This option is called “rollover” and if you do it more than once, it will cost you a fortune.
Imagine you borrowed $ 150 for two weeks (until your next salary). You give a check to the loan provider for $ 180 (a $ 20 fee for every $ 100). If perhaps you can not pay $ 180 on the due date, you can refinance the loan for another couple of weeks. Next time you will have to pay more than $ 200. Numbers are scary, so do not miss the payment on payday loans.