Tuesday, July 24, 2007

Easy Payday Loan – Tread With Care

It is so convenient to get an easy payday loan – you just have to walk down the street in your neighborhood and you’ll find cash advance stores by the dozen that are vying with each other to get customers. With the internet revolution, you can get cash advance payday loans online. Short-term fast payday loan can be obtained merely by providing information regarding your employment and checking bank account to the lender. You need not even visit these stores as you can make your application over the phone or on the Internet. The conditions under which you can get an easy payday loan are so convenient that almost anyone who has been employed for a month to three months and earns at least $1000 per month can avail of this loan.

If you satisfy the above criteria and if you have a valid checking bank account, you will receive an approval for the loan within an hour. On approval of the instant no fax payday loan, you would have to provide a post dated check to the lender for the amount of the loan plus the financial interest charges. Alternatively, you can also give an authorization to your bank to electronically transfer the loan amount to the lender’s account when you receive your next paycheck. Thereafter, the amount of the easy payday loan will be transferred to your checking account on the very next working day.

If you find that it will become difficult for you to fulfill your repayment obligation, you can request for a roll over of the easy payday loan but this will prove to be very costly. As it is, the finance charge for such payday cash loan is very high. It costs between $15 and $50 to borrow $ 100 for two weeks which in terms of APR is extremely high. You’ll be lucky to get away with these charges if you can repay the loan on time but if you try to roll over the loan, the finance charges and the fee will increase tremendously.

A Word Of Caution

Easy payday loan is an excellent solution for your short-term requirement of money especially if you are overwhelmed with an emergency situation. However, it’s necessary to weigh the consequences of taking this loan in relation to the damage that might be caused by the adverse situation that you might be facing. On the other hand, you should never think of taking an easy payday loan to supplement your income or think of it as a solution to a long term problem. Moreover, you should never make it a habit to take a cash advance before every payday. It’s advisable to make a family budget and try to live within your means. Instead of depending on such easy payday loans, you should try to inculcate the habit of setting aside a small sum of money every month into a savings account so that it can see you through a rainy day.

Easy payday loan is so easy to get and can really save you from an emergency situation but you should not make a habit of taking a cash advance before every payday. With the advent of loans such as instant no fax payday loan or fast payday loan, taking cash advance has become a child’s play. Read on at Best Payday Loan to find out more regarding the precautions to be taken for payday loans.

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