When someone needs cash and their pay check is still not due for another week, many will turn to a lending source that will offer them a guaranteed payday loan. It can be the quickest and easiest way to get the money you need. It is a short-term loan that can help you cover your expenses until your next payday.
If you're in the market to take out a payday type loan, you'll need to find a lender that can work with you. Legal issues vary from state to state so the first thing you're going to need to figure out is whether this type of loan is legal for you.
If you live in a state that allows this type of loan, you will be good to go. However, with this type of loan you will need to make sure to read the fine print. These loans are usually quite pricey. You will usually have to pay 10 to 15 percent of the loan amount in interest, and this is often over a two week period.
Guaranteed payday loans should only be used as a last resort. You should make sure to never borrow more than you will be able to pay back on your next payday. Generally speaking, if you don't pay back the full loan amount within two weeks, you will have to pay interest again. Often after 4 weeks the loan amount will double because of the extreme interest of this type of loan.
In some cases, lending sources require that you write a post-dated check in the amount borrowed plus fees for them to hold onto. You are still expected to show up in person by the due date of the loan to pay it back, but if you fail to do so, most institutions will cash the check you left with them.
If a payday lender tries to cash a check that has insufficient funds, they will usually charge you extra fees and increased interest. To avoid these complications, you should make sure that you can pay back the full amount, on time.
If you decide to take a cash advance or payday type loan, it will be fairly easy to find. If you're in a state where it's legal, you will find quite a few payday loan stores on any major street. You can also find these loans easily online.
If you're in the market to take out a payday type loan, you'll need to find a lender that can work with you. Legal issues vary from state to state so the first thing you're going to need to figure out is whether this type of loan is legal for you.
If you live in a state that allows this type of loan, you will be good to go. However, with this type of loan you will need to make sure to read the fine print. These loans are usually quite pricey. You will usually have to pay 10 to 15 percent of the loan amount in interest, and this is often over a two week period.
Guaranteed payday loans should only be used as a last resort. You should make sure to never borrow more than you will be able to pay back on your next payday. Generally speaking, if you don't pay back the full loan amount within two weeks, you will have to pay interest again. Often after 4 weeks the loan amount will double because of the extreme interest of this type of loan.
In some cases, lending sources require that you write a post-dated check in the amount borrowed plus fees for them to hold onto. You are still expected to show up in person by the due date of the loan to pay it back, but if you fail to do so, most institutions will cash the check you left with them.
If a payday lender tries to cash a check that has insufficient funds, they will usually charge you extra fees and increased interest. To avoid these complications, you should make sure that you can pay back the full amount, on time.
If you decide to take a cash advance or payday type loan, it will be fairly easy to find. If you're in a state where it's legal, you will find quite a few payday loan stores on any major street. You can also find these loans easily online.
About the Author:
You should only use guaranteed approval payday loans with extreme caution. Dave educates people on how to use personal loans instead of high interest loans to save themselves money.
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