When we face
tight financial situations we also face different options we can choose from to
help lift us up out of debt. Considering there are numerous options, it can be
overwhelming to figure out which one is the best based on what is in our path.
We do not want
to choose the wrong one because we want to save the most money we can. This is
why it is incredibly important to understand what the options are and use that
knowledge to our benefit.
The problem is
that some of the options are less publicized or even downplayed so we do not
consider them. Payday loans are one of those options that are commonly
misrepresented.
Because of
this, it is necessary to understand what they are and contrast their cost with
other options to see which would save the most money. In your financially
difficult dilemma you are $100 short on cash and you have to pay your rent at
the end of the week.
The problem is
that your paycheck will not arrive until the following Thursday. You have to
pay off this debt but you simply do not have enough money to do so.
You decide that
you will simply not pay off your rent and hope your landlord will accept a late
check. The problem here is you will be charged a late fee on your rent as soon
as it is late.
This fee is
usually a percentage of how much rent you pay so you end up paying a
significant amount of money. Realizing this you decide you want to avoid going
this route and look to other options.
Another thing
people often choose to do is write out a check for money they do not have. This
means that you would simply hand your landlord a check for the amount in full
even though in your bank account you are $100 short.
This is done in
the hope that the check will not be deposited until after you receive your
paycheck and are able to take it in. This is a tricky decision because banks
charge an overdraft fee on every check that bounces.
When your
landlord takes the check in to deposit it, it will bounce, and you will be left
with the fee. These fees range from $25 on the low end up to at least $50.
Considering you
are just $100 short, this translates to a costly fee. Payday loans came into
existence because of these costly situations.
** This
article is knowledgeable and persuasive article for anyone who is interesting
and seeking for payday loan. Please fill
in your information to apply for a loan and to have your credit check at the
same time. Thank you. **
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