Immediate payday loans can help in a bind
It feels like time for an immediate payday loan; You are in a bit of a bind, and you need to get your hands on some cash somehow, anyhow. You just need a little help. You need to borrow some money quickly and for a short time only. What are your options?
You can try the bank or building society and go through the whole procedure of applying for a personal loan that, let’s face it, will most likely be turned down. You can sign up for a credit card or a store card, or you can also use the services of a payday lender
Out of all the above options, if you are in a situation that requires you to take out a quick short term loan that you will be able to pay back, payday lenders are probably your best bet. However you need to make absolutely sure that you understand what the phrase ‘short term’ actually means. The payday industry supplies short term loans to the public. They don’t supply personal loans, mortgages, pensions, student loans, or credit cards to the public. They offer you cash quickly and ask you to pay it back quickly. Seems fair doesn’t it?
The beauty of a payday loan is that it is specifically designed for this purpose. The payday lender will not try to hide from you the fact that if you do not pay the loan back in the short term their interest rates will begin to make things difficult. Credit cards, however, as well as store cards seem almost designed to keep you spending and trapped in the loop of credit needing evermore credit to finance credit. More often than not these cards have terms and conditions that are not exactly advertised with all the benefits the credit plan will bring you. For example you may see a wonderful deal to the tune of 0% interest for the first year. Turn to the terms and conditions written in fine print at the bottom of the ad and you will notice that you have to spend over a certain amount to qualify. This is probably an amount that you didn’t need and never intended to spend, but are now doing so to get out paying interest. What they don’t tell you is that if you don’t spend the right amount the interest rate is going to strangle you. Store cards can carry an interest rate of up to 30% APR which basically means that if you owe 2000 pounds on a store card for the period of a year, it will cost you just over 500 pounds, which was probably all you wanted to borrow in the first place.
This is why when it comes to an emergency short term loan, a payday lender is most likely your best bet. Firstly there is a quick ‘in and out’ policy. You are in and out to get the loan, and you are in and out to pay back the loan. In fact you can do most if not all of the transaction online. Payday loans are never a long term solution. The interest rates on payday loans are extortionate if you let the loan rollover month after month. Of course the industry feels justified in charging such high rates because of the very nature of the transaction.
It’s a 911 loan. They take the risk to get you back on your feet. You pay them back on time and the day is saved.