Tuesday, February 21, 2012

When Payday Loans Are Used Properly They Turn Out to Become an Absolute Life Saver

Nowadays, cash advance loans or payday loans mainly get a lot of criticism because consumers always unfairly compare them to bank loans. Those are set up with monthly installment payments that you pay back over time. Actually, payday loan is sounds "Hey can I borrow a few pounds until my next wage day?" Which means in about one or two weeks later the full amount of money that you borrowed, plus the fee, must be paid back to the lender. It is no doubt that, if you compare those regular loans you would get at your bank with payday loans then the interest rate of the second will appear extremely high. Nevertheless, a lot of people say that comparing payday advance loans to traditional installment loans is like to compare apple and oranges. But since they are both loans actually I feel it’s more like comparing oranges to grapefruits.

Usually, the potential for a lot of consumers to get in trouble with those payday loans exists because they misuse them and keep renewing, in such way becoming dependent on them. However when payday loans are used only as they are intended, like for monetary emergencies (the car breaks down, the unexpected bills appear, etc) they turn out to become an absolute life saver. Actually, I've needed to use them in the past. My car did break down and I didn't have any other appropriate solution how to get to work and I could not afford to miss any more days. So I felt the online payday lenders can help me very much to keep my job. But I paid it off on time and didn't go back to get another one next week.

One friend of mine told sometime that he have got payday advances from time to time with the company in his neighbourhood. But the only company he did borrow money with moved their office and they are now almost one hour away from his place. He liked that payday loan office because the staff knew him. And they never asked to check his credit report. I told him that I don't think the reason that mentioned payday loan office didn't asked to check his credit before giving him the wage day advances was because they just knew my friend. Most of all direct payday lenders do not require credit checks from their applicants. All you need is to prove your identity and your ability to repay it. For this purpose your short personal and financial information, that you will be asked in the form, is enough.  

The main difference between applying for a payday loan via the Internet vs. walking into a payday loan store is, of course, convenience. Because all of the online payday loan lenders I've checked out will deposit the requested money directly in your bank account. And on the mentioned repayment date they will draft the borrowed money plus fee directly out of it. They will contact you by e-mail first. Payday loan company will give you all the necessary information about the exact amount and the exact date; you'll need to repay it. Then you make your decision whether, or not, to apply for payday advance loan.


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