What happens when
a person's fragile personal financial situation finally shatters? If a person
is not prepared or his or her savings accounts have been wiped out by a series
of unfortunate events, applying for payday loans may be the best option to get
through the tough times.
What is a payday
loan? Simply put, it's a very short term loan meant to be paid back within one
or two pay periods. It can be given in any amount up to around fifteen hundred
dollars, it carries a marginally high interest rate and will generally cost up
to $30 per $100 borrowed...but when compared to the consequences of being
evicted for non-payment of rent, having utilities shut off, a vehicle
repossessed, or any other situations such as these, the interest rates and
origination fees don't seem that bad. Often, if a person is a first time buyer,
these fees can be cut in half, or even better...so it can be in a person's
interest to try a new payday loan company to see if they have any specials.
How does a person
get a payday loan? That part is simple...they simply prove that they have a job
and a checking account, and they typically get the money within a day. Those
are the only two requirements...credit is not important, a person's history
isn't very important at all, no collateral is required, and payday loan
companies are generally pretty generous as to who they'll loan money to. Even
if a person's credit score has been decimated, they can usually still get a
payday loan.
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