Payday personal loans and instant cash advances carry a stigma with many consumers as being a "rip off". In fact, the Consumer Federation of America (CFA) is warning consumers to exercise extreme caution when shopping for Payday personal loans. Lets consider together both the advantages and disadvantages of these personal loans as well as the costs that are associated with them. Just what does it cost?
On average, payday personal loans will cost you a $15 finance charge per $100 loan with a 14-day repayment term." This does seem a little excessive but we must also consider how obtainable these types of loans are. Payday loans are virtually instant personal loans under $1500 that have very little qualification criteria associated with them. Individuals needing a quick cash advance to hold them over till payday can qualify quite easily. There is usually no credit check required and the application process is quick and simple. This means that for all those who need bad credit personal loans, High risk personal loans, unsecured personal loans or simply a personal loan for poor credit (unestablished), you still have options! The biggest hang-up or challenge for approval will come with being unemployed, otherwise you got yourself a guaranteed personal loan.
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Consider now the reasons why you would need to obtain one of these types of personal loans. Most of these reasons would probably fall under the "emergency" category. Perhaps your car has broken down, you commute 30 miles to work and there is not a transportation system to assist you. Fixing the car would be an immediate must. Without a car your without work, without work, your without money, without money your without... well you get the picture. Are you starting to see the real costs here?
Perhaps due to these types of emergency circumstances you're left short the capital to make your credit card payment. If you don't take the Payday loan option, you must determine the price you'll have to pay for bad credit. Did you know that delinquent payments account for thirty five percent of your credit score? And your credit report reflects each delinquency for up thirty six months after the incident has been resolved and is in good standing. What might you try to purchase over the next 36 months on credit. Maybe a new car or even a house might be in the cards. The extra monthly interest you will now be paying on these big items because of an old delinquency will leave you begging that you had obtained one of these online personal loans.
Some may say that payday personal loans are financially irresponsible, and I would tend to agree if a personal loan is obtained for the purpose of financing a night on the town with your friends. But if you're in an emergency situation they may very well save you, and your credit from a world of hurt. In conclusion, it is wise to ask yourself "What will payday personal loans online cost me" but perhaps the real question should be, "What will it cost me if I don't".
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