"Payday Loan Info"

"Are You Missing These Payday Loan Setbacks That Could Put You Deeper In Debt?"

, 2007

From the desk of Earl Taylor:

Dear Friend,

Have you ever received an unexpected bill in the mail or an unanticipated car payment or just a bill you totally forgot about?

I have, and I don't think that'll be the last time either. Some of us are able to use a credit card or just go to bank and pay that bill. But there are some of us who aren't fortunate enough to have those things.

So what do the unfortunate ones do? If you've heard of payday loans or cash advances, this maybe your way out.

A payday loan is a short term loan that you can pay-back when you get your paycheck, or a loan you can pay-back in about 14 days or so. Usually 14 days from my experience.

These loans are a great option for easy cash that you can get on the spot if you have the required information needed. Something like a pay-stub, check stub, blank check, references, state-id and address verification. This is usually when you go to the actual business place.

Now when you apply online some things are different but not much differences. You'll have to fill in a form asking for the information, like your bank account information.

This is so they can send the money to your account instead of giving you a check. Which I think is the best option since you wouldn't have to wait in line to cash a check.

Advantages & Disadvantages of Using A PayDay Loan

Here are some of the advantages:

1) Easy to apply online, in person or you can even apply by phone.
2) It's a short process, usually takes about 25 minutes.
3) There are no credit checks to worry about.
4) Low interest, usually $10 on every $100.
5) There are no upfront fees.
6) No other institutions are involved.
7) Your information is never shared with others.

This should give most of us enough reasons to try it out. It's worth it to rid yourself of the stress and headaches of being short of money.

Ok, now lets take a look at the disadvantages:

1) If for some reason you weren't able to pay the loan on time, you would have to renew the loan which would add more interest to what you had to pay back costing you more money.
2) You could borrow too much at a time which could result in too many renewals and a higher interest rate. I would make sure not to go overboard or it could cost you dearly.

These are some factors to remember before borrowing from a payday loan business. I would say that the advantages do out-weigh the disavantages with this option. At least you'll be able to resolve some important issues even though you'll have to pay-back a little extra.

Recommendation: I found that PayDay OK has the lowest interest on payday loans. What I also like about them, is that, they even offer the no-fax option. This is a great benefit for some of us. Nevertheless, you can't beat the $10 interest for every $100. The only disadvantage is, if you're going to need more than $500.