Quick_Personal_Loans_-_Should_You_Get_A_Payday_Loan_ by hashournonos

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Quick Personal Loans - Should You Get A Payday Loan?


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375


Summary:
A payday loan is a quick personal loan without the credit checks of traditional forms of credit. It offers you a
quick fix for financial emergencies, but it shouldn’t be used for long term credit. Other forms of financing
offer better deals.


Should You Get A Payday Loan?


The answer is “yes” if it will help your situation. Late fees on bills and credit cards can often add up to more
than the fees of a cash advance. NSF and merchant fees snowball to outstanding balances. ...



Keywords:
payday loan, cash advance, emergency cash



Article Body:
A payday loan is a quick personal loan without the credit checks of traditional forms of credit. It offers you a
quick fix for financial emergencies, but it shouldn’t be used for long term credit. Other forms of financing
offer better deals.


Should You Get A Payday Loan?


The answer is “yes” if it will help your situation. Late fees on bills and credit cards can often add up to more
than the fees of a cash advance. NSF and merchant fees snowball to outstanding balances. So in cases when
the finance fee is less than expected late fee costs, consider taking a payday loan.


There are also cases when the costs are larger than late fees. For example, car repairs can result in a loss of
job. In this case, paying the fee is better than losing your income.


Payday Loan Advantages


The chief advantage of payday loans is the fast service. With online lenders, your application can be
approved in minutes with cash sitting in your account the next day.


There are no hassles with your credit score as long as you have steady income. With faxless lenders, you
don’t even have to worry about finding copies of pay stubs or bank records.


When To Say No


Payday loans aren’t for every credit situation. Large purchases or splurges are better put on a credit card
with lower rates. Even better would be to pay cash for such items by saving each month. While interest rates
seem small for short periods, they can add up over months.


If you are finding it hard to meet basic expenses, then a better option would to seek help from a credit
counselor. They can help you devise a monthly budget and present financial strategies.


Other Credit


Other forms of credit are better suited for large purchases. Credit cards can be approved within days. Some
offer introductory low rates or other incentives. A line of credit can also allow you to pay for major
expenses with relatively low rates. However, a lender will look at your credit score and other financial
factors.


So when considering a payday loan, look at all your options. Payday loans offer quick cash with no credit
checks, helpful during emergencies.




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