The good, the bad and the ugly of the Payday loans!
The numbers are scary:
A recent statistics by the Federal Reserve in the country pegged the number of people who are absolutely not ready for any kind of financial emergencies at a shocking 47 percent. The whopping numbers are enough to scare the daylight out of anyone! What the statistics means is that almost half of the population of US is unprepared for any kind of financial emergency and it is hard to believe that a nation that is so strong in its economy and is also the most powerful nation in the world has half its population struggling from paycheck to paycheck! Astounding, shocking, heart numbing numbers there!
Living from paycheck t paycheck entails a consequence that none of the above mentioned people have any savings worth a mention that they would have saved for a rainy day!
In a nation and in the times when the virtues of saving albeit even smallest of sums is extolled on fall forms of media and the fact that everybody from a teen on the road to the professor emeritus at prestigious universities of commerce are waxing eloquent about how the times ahead can be made easy if the person starts a habit of saving every week, every month and every year.
Add to this the disservice of the credit cards:
The worst service that is done in such times is that done by the banking institutions who have over exaggerated the benefits of using credit cards and using credit facility on multiple cards. Now imagine that the person has used all the credit available on his numerous cards and also there has been an impending emergency which the person dealt with his salary, what will become of all the debt that has accrued on the credit card?
Who will pay all that money and the high rate of interest and that also calculated by compounding? The person will surely land in a big financial mess. The fact is the money save however big it may be may really not be enough to cover the emergencies at hand and therefore it is extremely important that the person looks for an alternative financial arrangement.
Have you heard about the payday loans?
Loans have always been on your mind, but what really are discouraging you is the long queues where you have to go through long procedures of first applying for a loan and then waiting for it to be sanctioned etc. it kind of de-motivates you. Most of the times, the emergency is for a small amount which if got in time can solve so much problem that you can be worry free and get back to work in a peaceful state of mind and be able to earn more for the next month.
This is what the payday loan can do for you:
A loan that is got on the basis of your steady income and with an assurance that you will pay up on the day that you receive the paycheck into your account is called a payday loan. The due date of the loan is on the coming payday from the date of borrowing of the loan.
It saves your day:
A payday loan can give you the immediate cash that you need to deal with an emergency and that is what makes it extremely attractive. The idea that there is no comprehensive screening before the sanctioning of the loan and also that the loan can be applied for over the phone and the cash be credited directly into your bank account is something that makes you become a fan of it. Who else can you count on for such swift help?
There are some pitfalls here though!
The payday loan is easy and convenient and swift but its rate of interest is extremely high when you compare it to the ordinary loan that is available in the markets. Therefore, a lot of caution must be exercised in taking a payday loan. The loan must not be applied for anything except for an emergency expenditure. Care must be taken to not get carried away and apply for a loan at the drop of the hat. This is because even though the lender may not really ask you the purpose for the borrowing still the loan that you borrow will be due with the fast approaching payday.
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