Payday Advances

Payday advances may not be the right solution for financial situations. For many people the disadvantages of payday advances out weigh the advantages.

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.

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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