Quick payday loans are offered to individuals who have some type of financial emergency that they need money for immediately. They are easy for people to access and they take almost no time to obtain. Most businesses that offer quick payday loans tend to capitalize on those individuals that do not have any other source of money when they have a situation arise that they need money for. These loans may cover the expense of your car breaking down out of the blue and you are unable to pay for the repairs.
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Quick payday loans may come with a maximum of only $500, to be borrowed. The lenders do this as a way to get the money owed plus the interest without having too much of a hassle, or taking too much of a risk. Most likely you will qualify for a payday loan if you are able to furnish proof of identity, a paycheck stub, and a bank account.
A Cheap Solution
Many with bad credit are able to get quick payday loans, because these loans do not require the borrower to have a credit check conducted. Many times there is little information needed from the borrower, as mentioned above.
Even if the borrower has good credit the annual percentage rate or APR on the loan seems to stay as high as someone with bad or no credit. The APR is normally very high and there may also be a service charge from the business when you get these types of loans. These fees are dependent on the amount that is borrowed.
Many borrowers are not generally concerned with the fees until it is time for them to pay back the loan entirely. This may be where several people run into complications. They know that they had to pay back the amount borrowed, but did not plan ahead for the additional fees. Hence, they may have a need to wait until their next paycheck to pay the loan. If this happens to be the case then there will be more charges added to the loan.
Default
Many lenders have a system in which they are able to recognize potential defaulting borrowers. If a borrower has defaulted with any other lender they may be put on a list that states they should not be loaned money to.
If a loan is severely defaulted it will appear on the borrower's credit report and they may be denied quick payday loans from any lender anywhere in the nation. Normally their name and other information would appear on the "do not loan" list, so lenders know exactly who they are. These loans were not created for individuals to use for unnecessary spending. They were there as a way for consumers to have an emergency taken care of should one arise. This type of lending was not meant to be used to take care of long-term problems. That is why it is a short-term loan.
Borrowing may be quick and easy, but it is easy to get caught up in needing to borrow time after time when you feel the need to. You may want to do as much research as you can so that you are fully aware of the pros and cons of payday loans.
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