Monday, April 23, 2012

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Payday Loans

Payday Loans


Payday Loans

If you go out in the market or browse online to find a cheap long term payday loan you will definitely end up disappointed For a long term payday loan is simply impracticable as would become clear from further facts expounded herein In order to fully comprehend why cheap long term payday loan is not viable its essential to understand the concept of payday loan or cheap loan till payday first

A short-term loan comprises small amounts These amounts range from $100 to $1000 or so As the figures themselves indicate these loans are meant for small but very often crucial needs of people These needs could be payment of school or college fee of your kids or bills which if delayed entail fines as well as cause damage to your credit score Such needs often present themselves 10-20 days before your next payday By this time mostly a large part of the money received against your last pay is exhausted So you need assistance till you receive your next pay The whole concept of payday loan is woven around these needs between your two paydays

These are unsecured loan ie no collateral is required for obtaining this kind of loan Now this means high risk for the lender Due to high risk the annual interest rate for these loans is high However over the years rate of interest on these kind of finance has reduced significantly Most of the online payday loans do not require any documents to be faxed Thats why this type of payday loan is popularly known as no faxing cheap payday loan

As already expounded above short-term loan is meant to be taken and repaid between your two successive paydays Thus the usual duration of payday loans is 7-15 days Also payday loans being unsecured loans entail a relatively high rate of interest Payment of interest at such interest rates over a short period is both logical and rational However such high rates would translate into ridiculous amounts to be paid as interest over longer periods of time So to put it plainly cheap long term payday loan is simply not logical

People benefit from cash advance only when they are availed over short periods of time Even flipping or rolling over of cash loans is not advisable By extending the natural or prescribed duration of these finances they may be called cheap loans but they cease to be cheap anymore


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