Payday Advances

Payday Advances

What Are They?

Payday advances are generally small short term loans with relatively high interest rates. Fees charged for the payday loan are usually a percentage of the amount borrowed. Customers usually apply for payday advances over the internet and provide personal and financial information to the lender online. When approved the customer agrees to a contract and the money is deposited directly into their checking or savings account. Payment is usually due within 15 days or the date of the customer's next paycheck. If the balance can not be payed on the scheduled date the customer can ask for a roll over. A rollover fee is applied to the the payday advance amount already borrowed, including interest. Sounds good, huh? Keep reading. Online payday advances are not all wine and roses?

What Are The Disadvantages?

Unfortunately, payday advances can become a costly solution for your financial obligations. At time of payment, many people find that they are in no better financial standing than they were when the borrowed the money. The cost of taking out loan extentions builds up and eventually puts customers into greater debt. Although this is a common result, there are ways to avoid the need for emergency payday loans.

• #09 Set a realistic budget and stick to it. Develop of savings plan. Your savings can then be used for emergency situations instead of payday cash advances.
• #09 Talk to your bank about receiving overdraft protection against bouncing checks
• #09 Seek counseling on managing money and getting out of debt.
• #09 Remember to only borrow how much you can actually afford.

Sometimes you simply do not have the funds to repay these cash advances on the due date. If your check is deposited and it bounces, you will be charged a small fee. You will be charged to repay the amount in full including all fee associated. Once again, the easiest way to avoid this is to find alternatives to payday advances.

Always use the who, what, why and when approach to getting fast payday advances. Ask yourself

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