Payday Loans

Before you consider a Payday Loan you need to make sure you have exhausted all other avenues. Loans like these are very expensive and companies thrive of people that are desperate. 

If you find you are short of money and payday is still a long way of then I suggest you approach those closest to you. By asking for a loan from someone you know won’t cost you near as much in interest charges. It may require you swallowing your pride but it will save you in the long run. The way these loan companies operate is buy writing a cheque out too you less their fees. So straight away its cost you money. Fees charged for payday loans are usually a percentage of the face value of the cheque or a fee charged per amount borrowed.  

A cash advance loan secured by a personal check - such as a payday loan - is very expensive credit. Remember if you roll over or extend your loan then you will be charged a fee for each roll over. If you can avoid it don’t get into this situation, pay the loan as soon as you can.

Alternatives to Payday loans:

·        Shop around for credit. Compare the APR and finance charges.

·        Ask your creditors for more time to settle you bills. There may be a late payment charge but can still work out cheaper.

·        Control your budget in future to avoid a cash flow problem.

·        Get an overdraft on your account.

·        Make sure you can afford to pay the overdraft and have enough cash left over until the next payday.