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Payday Advance Loan
Payday Advance Loan
A Payday Advance Loan is a short-term for $100 to $1500. It is also referred to as a
payday loan because you promise to repay the loan on your next payday.
Here's how it Works
As an example, your car breaks down and you need $300 to get it fixed.
However, you do not have any cash or way to pay for the repairs and your payday isn't for 2 weeks.
The lenders agrees to give you a payday advance loan if you agree to pay a
$60 fee for the service. If this is agreeable, you will give the payday advance loan
lender the authorization to place the money into your account with the promise to pay
on your next payday. On your next payday, you can pay the payday advance loan off or extend it again till your next payday.
If you chose to extended the loan you will have to pay the $60 service fee. Depending on the payday advance lender,
you may be able to pay down the loan. In increments set up by the payday advance provider.
Payday Advance Loan Costs
When trying to determine if a Payday Advance Loan is right for you. You need to compare
the costs of getting the loan or what the costs are if you don't. The real cost of
Payday Advance Loans is really hard to pinpoint. Of course, you
have the cost of borrowing cash before your next payday. You also have to determine whether
the payday advance can be paid off when your next payday comes around. If you do not believe
you will be able to pay it off, you need to factor in the additional fees associated with rolling over
or extending the payday advance loan. After you have planned your repayment strategy, you will want
to determine the costs if you do not get the Payday Advance Loan.
Will not getting the Payday Advance Loan cost you time from work, will it cause you to overdraft your checking account,
having a utility shut off, or even worse cause you illness from the stress related to your
finances? After taking all of these factors and adding your specific situation into the mix, you
can determine if a Payday Advance Loan is right for you.