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23 April 2008
Payday Loan Rollover
The real expense and debt trap for payday loans is when you rollover or extend your loan. Borrowing
more money than you need is not advised. The only purpose of a payday loan should be to take care of a
financial emergency.
If you are short on money in your checking account and are in danger of bouncing a check. A payday loan may
be a cheaper alternative for you. Many payday loans rates will range from $10 to $30 per hundred borrowed.
If you can find a lender who will borrow you cheaper money and you can pay it off on your next payday,
it can save you money.
If you have to extend the loan or roll it over till your next payday, your cost savings will most likely
be gone. It may have been a better move to eat the overdraft fee.
Way this out when you are considering a payday loan. Look at what your expenses are for your next paycheck.
Can you pay it all back? If not, think twice before getting the loan.
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