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Most people who end up getting payday loans take this step because they have relatively little extra money. As they go through their week just trying to get by, something out of the ordinary happens that causes them to need quick cash that they just don’t have on hand. Maybe somebody gets injured or has to go to the hospital unexpectedly. Maybe the truck blows a tire or has carburetor trouble. Whatever the problem, it leads to a budgetary disaster, as bills pile up and the affected person is unable to pay.
At this point, people often turn to payday loans in order to get cold, hard cash in their pockets. We understand this impulse, and sometimes it is the only way in which you can keep your finances current. However, payday loans can be very dangerous if you do not understand how they work.
Lenders who finance payday loans will give a loan to anyone with a valid bank account. You will have to write a check that is dated one month from the day you are getting the loan. It is vital that you repay the loan before this date arrives! You will likely already be facing a high interest rate. Some lenders charge up to 5,000% interest – this is outrageously high. You don’t need to be slapped with extra finance charges. The reason many lenders are able to give payday loans to so many people is due to the high interest rates they collect.
You can find payday loans at pawn shops, as well. However, the important thing to remember about this type of loan is that you should only take it if you have no other option. It often happens that people get caught in an endless round of borrowing, taking out more loans to pay off the interest of the original payday loans. This is just the way these loans work.
Ask about your lenders policy. No matter which state you live in, your lender is not supposed to accept or ask for a car title to secure payday loans. They are not supposed to charge more than 36% APR, but this regulation is not always followed. Find a lender that offers honest payday loans with low interest rates.
You need to think long and hard about using payday loans. If you have looked at every other option and failed to find one that will meet your financial needs, payday loans may be the answer. However, make sure that you don’t borrow more than your paycheck will cover! This is how many people end up deeper in debt than ever.
If you want to avoid payday loans altogether, look at your situation with a more balanced eye. Do you really need to pay this fee now, or can it be postponed until your upcoming payday? Can you make a few sacrifices for the short time between now and payday, such cooking meals at home, or walking or cycling to work? Payday loans are so tricky to manage that they can end up taking over your finances.
If you find that you must get payday loans in order to keep your budget in order, be sure that you understand the risks involved. Find out the lending cap that is in effect for your state, as each state has its own unique laws regulating how much a lender may give you.