These are short term loans that folks can use for bridge financing. Bills become due or financial anomalies occur. The car breaks down or some other emergency happens that requires instant payment. Another scenario may be that you have set up pre-authorized debits to your account. They are due but payday is not due until a few days or a week after they will be paid automatically. Your accounts will not have enough money in the short term to cover your expenses.
You need some cash but Payday is a week or two away. So true to their name, Pay Day loans terms are 1 week to 1 month depending on the laws where you live and work. The concept is that you get the loan now to take care of whatever short term financial need you have and then you pay it off when Payday arrives.
The best Payday loan companies are on line. You go to their website and fill out the application form from your computer or your hand held device. They will tell you how much you can borrow. If you choose to move forward with the application, the best ones will approve or reject your application within 10 seconds. The money will be in your account the next business morning. You pay a fee for the transaction and/or you pay a fixed fee per $100 borrowed.
The two reasons you may choose this option is that it may be cheaper than the other options and it will save you time. Weigh out the costs of NSF charges or overdraft fees and interest and compare it to the amount you will pay the Payday loan company. In a lot of cases you save money by using the Payday loan option. On top of that your problem can be solved in 10 seconds after you have filled out the application. You are then free to go to work to take care of business worry free.
When you take out your Payday loan and pay it back on time there is no impact on your balance sheet. The loan sits on your balance sheet as a liability and comes off in 2 weeks or a month when you pay it off. In fact you may actually save your balance sheet from the negative impact of service charges from overdrawn accounts or NSF debits. These pile up as liabilities on your balance sheet and then you pay interest on these charges. The Payday loan pays for itself by costing you less than these charges.
You need some cash but Payday is a week or two away. So true to their name, Pay Day loans terms are 1 week to 1 month depending on the laws where you live and work. The concept is that you get the loan now to take care of whatever short term financial need you have and then you pay it off when Payday arrives.
The best Payday loan companies are on line. You go to their website and fill out the application form from your computer or your hand held device. They will tell you how much you can borrow. If you choose to move forward with the application, the best ones will approve or reject your application within 10 seconds. The money will be in your account the next business morning. You pay a fee for the transaction and/or you pay a fixed fee per $100 borrowed.
The two reasons you may choose this option is that it may be cheaper than the other options and it will save you time. Weigh out the costs of NSF charges or overdraft fees and interest and compare it to the amount you will pay the Payday loan company. In a lot of cases you save money by using the Payday loan option. On top of that your problem can be solved in 10 seconds after you have filled out the application. You are then free to go to work to take care of business worry free.
When you take out your Payday loan and pay it back on time there is no impact on your balance sheet. The loan sits on your balance sheet as a liability and comes off in 2 weeks or a month when you pay it off. In fact you may actually save your balance sheet from the negative impact of service charges from overdrawn accounts or NSF debits. These pile up as liabilities on your balance sheet and then you pay interest on these charges. The Payday loan pays for itself by costing you less than these charges.
About the Author:
Virgil Jones is a consultant in the area of personal finances. Virgil has writen for online ezines such as How to Compund Interest on the website Thinkyourmoney.com
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