Fast Payday Loans VS. Credit Cards?

When finances get tough and you need access to credit, which comes in the form credit cards and Texas payday loans, emergency situations don’t have time to wait for traditional bank loans or lenders. They often take their time running your credit and making you wait for approval. If you need fast cash and don’t have a lot of time to spare, don’t make financial decisions in haste. Take some time to consider the advantages and disadvantages of how you will acquire the money you need and then decide which financial route you will take.

The first thing you need to consider is whether or not you have a credit card and if so, does it even have any available credit? If the answer to either question is “no”, then this is not an option for your particular situation. If you are thinking about applying for a credit card to help you deal with your financial fix, keep in mind that it could take weeks to get approved and get your card in the mail. A financial emergency may not be able to afford that much waiting. Even so, you may not get approved for the amount you need, putting yourself back at square one with your cash crunch. With an overnight payday loan with Approved Money Center, you can apply online in minutes and get approved the same day. Your money will then be deposited directly into your bank account on the following business day. No waiting- no check cashing- no driving around town.

You need also consider that when you use a credit card, it may end up taking months to pay it off which will cost you a lot more than you needed in the first place. Interest charges can really add up and if you are late on your payment(s) you will be charged a substantial late fee as well. Payday loans are meant to be utilized for short-term and temporary financial times, paying them off when you get your next paycheck. You will still be charged a fee for being able to borrow but once you payoff your initial loan amount and fees, you will be free and clear of your payday loan debt. In the event that you can’t payoff your loan in full, most lenders will work with you.

In the event that you have enough credit available on your credit card, make sure you can use that card for your emergency bill. Some auto mechanics require that you pay cash for repairs. Certain vendors don’t take plastic credit because credit card companies charge business’ high usage fees. There are other circumstances that may call for cash. While you most likely can take a cash advance on your credit card, be mindful that you will pay an even higher interest rate on the money you borrow as well as any fees that may be charged for a cash advance transaction on your credit card.

A payday loan lender will never charge you more because you need the cash quickly nor should any lender ever ask you for any money up front in the form of fees or an application charge. Take a moment to work the numbers and figure out just how much it will cost you to borrow these two ways: a short-term payday loan or a credit card cash advance. Which one will you be most likely to pay off sooner? Which one will cost you more? Figure that out first and then make your decision.

While you may have a much lower interest rate on your credit card, you must be realistic about how long it will take to pay it off. If what you charge ends up being long-term debt, you can bet your going to pay quite a bit over the duration. If you can pay it off before the end of the billing cycle, you most likely won’t pay anything in interest charges or fees (except if you are charged for taking out a cash advance with your credit card). With a loan from a payday lender, you will be expected to pay back what you borrow within a couple weeks depending on your pay cycle. You’re are free and clear once you payoff your lender.

Only you know your budgets’ potential to pay back what you borrow. That goes for your financial tendencies as well. It’s best to consider how you deal with your finances and how disciplined you will be in paying back a credit card cash advance or fast cash payday loans.

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Payday Loans And Making Them Work For You

Taking out a payday loan can help you deal with an emergency financial situation, or it can create one that is worse than it originally was. It can be the perfect solution for you if you fully comprehend the process and what it involves. The following piece offers great advice about payday loans that can help you maximize your experience.

Usually a post-dated check is necessary to take out a payday loan. If this is the case with your particular loan, you need to be very sure that your checking account will contain adequate funds when it’s time to repay the debt. You could get an overdraft charge if you don’t have the money to pay for it.

Always calculate the interest and fees to know how much the loan will actually cost you in the end. High interest rates are commonly charged by payday loan companies. In addition to these interest rates, payday debt companies may charge high fees for every loan. These administration fees are often hidden in the small print.

Take some time to explore every option you might have before deciding on a payday debt. Ask your friends and family if they can help you out before you take out a payday loan. Payday debt can end up costing you a lot of money, so only use them as a last resort.

Steer clear of automatic rollovers when it comes to loans. Some payday lenders have systems set up that extend the term of your loan in exchange for fees deducted from your checking account. Most of these do not require any action from you aside from setting it up. You may never be able to completely pay the payday loan off and end up getting stuck with fees. Read the small print and select a lender with a good reputation.

Avoid using a high-interest loan if you have other options available. loans have extremely high interest rates that can have you paying up to 25% of your initial lone. Explore all other avenues before you take out a loan.

Look carefully at your budget before deciding how much to borrow on a loan. Calculate your expenses into the formula and don’t forget to keep them in mind throughout. This money needs to remain untouched for borrowing. Base your borrowing on the amount of money available to you once your budget expenses are covered. A good rule of thumb is to avoid borrowing more than twenty-five percent of your paycheck.

Anytime you take advantage of loans, it is important to ensure that your repayment is made promptly. The loan should not roll over at all costs. This keeps your interest and fees to a minimum.

If you’re constantly using loans to make ends meet, you may need to use a money management service to learn of what you can do to handle your finances. You will find that payday loans can become a big problem and will end up costing you more and more.

Besides the interest charges and possible penalty fees that could be assessed by your lender, remember that a payday loan is also capable of overdrawing your bank account or custom business checks accounts. If the money for a payment isn’t in your account, then you can add overdraft fees to the existing expense of a payday loan.

If circumstances require you to seek loans, it is important to know that you will have to pay exorbitant rates of interest. Sometimes the interest rate can calculate out to over 200 percent. There are legal loopholes employed to charge these extreme rates.

Payday debts have a lot of complicated parts, so researching the loan and the lender is imperative. If you’re not fully aware of the commitment you’re making and to whom you’re making it, you could end up in hot water. Be sure you check out all the terms and conditions of the loan. Don’t forget to scan the fine print. Don’t agree to the conditions of a loan without knowledge or while depressed.

Take a solid ten-minute break to think about what you are doing before you finalize the arrangements for a payday loan. Sometimes you have no other options, and having to request payday loans is typically a reaction to an unplanned event. Therefore, it is important that you understand the loan agreement thoroughly.

It is important to keep in mind that payday loans are extremely short term. Make sure that you’ll have enough cash to repay the payday debt on the due date, which is usually in a couple of weeks. If your payday comes within a week of taking out the loan, you may have longer. Usually, this moves your due date back to your next payday.

Now that you have an idea of what is involved with getting a payday loan, you should feel a bit more confident about what to think about when it comes to payday loans. The negative portrayal of payday loans does mean that many people give them a wide swerve, when they can be used positively in certain circumstances. When you do things appropriately, payday loans are useful tools and you can use them without harming your credit rating.

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Payday Loans – What Are the Dangers?

A payday loan can seem to be a life raft to a drowning person when there is still too much month left after your paycheck is all gone. So you go downtown and drop in at the handy Payday Loan Store.

You can get $100.00 right over the counter. On payday you will pay them back $115.00. It appears to be a cheap price to be able to get your hands on a c-note without a lot of paperwork and red tape.

But is it really so cheap? Well, you really needed the money and after payday you’ll be out of hock, so who cares…? But just suppose you can’t pay the money back. Your paycheck that wasn’t enough two weeks ago now has to stretch enough to cover that $115.00 loan, too. Where can you turn? There’s only one place…the Payday Loan Store that’s already cost you $15.00.

There’s nothing else to do but ask them for another c-note. Now you’ve got to hand them another $15.00 of your hard-earned money. Believe it or not, paying $15.00 every two weeks all year-long for that same $100.00 loan will cost you an interest rate of about 390% APR. THAT’S enough to choke a horse!

When a year is up, you’ll be out a grand total of $360.00 for that lousy $100.00 loan that never seems to get repaid. Stuffing all that money into the payday loan company’s pocket has got to hurt you badly.

You might become desperate enough one day to take out a $200.00 loan instead of the usual hundred. The Payday Loan Store is thrilled to up the ante. After all, you are a really good customer.

The Payday Loan Store knows something you don’t know yet. You are about to get in so deep you won’t be able to dig yourself out again.

Before you know it, your life becomes an endless round of robbing Peter to pay Paul. You are so sorry that you ever took that first $100.00 loan. You are really in a pickle. And as you find it harder and harder to keep your head above water, you notice your once friendly payday lender is becoming nasty to you at times. He doesn’t want to hear any stories: he just wants his money.

Your life is falling apart. You and your wife are constantly fighting and your kids are miserable. You get a second job. Now you are exhausted, and yet you still can’t make all the money you need. You can’t see a way out.

This is a picture of the way in which the payday loan industry can ruin the lives of folks who live from paycheck to paycheck. It’s really tough to make ends meet nowadays. But the very worst thing you can do is to make that first trip to a Payday Loan Store. That is the sure way to total and complete devastation…

But there IS a better way. If you already have an internet connection and a computer, you could become an affiliate marketer. You could end your financial worries forever. You could say “Good-bye” to rapacious Payday Loan Stores forever!

An affiliate marketer is a person who sells online another person’s product. Let’s say your name is Joe and the person who owns the product is called Bryce. Bryce is selling a software product that he has designed to make internet marketing easier. The product sells for $97.00. Joe reads about this product at the Warrior Forum where everyone is raving about it (and also selling it as affiliates!). Joe decides he will sell it, too. He contacts Bryce and signs up as Bryce”s affiliate. This costs Joe nothing to become Bryce’s affiliate.

Joe doesn’t have very much money. Actually, he doesn’t have any money…He is in bad shape. He goes to Blogger.com and he sets up a really nice blog, all for free. He blogs about how great Bryce’s software is and about how much it will help internet marketers.

Now he needs traffic to his blog. He can’t afford to buy any traffic, so he decides to write articles about the software. He sets up an account at EzineArticles, which is free. He begins to write articles, at least one every day. At the bottom of each article, he adds his URL so that readers of his articles can find his blog.

He has set up a PayPal account (also free!) so he can accept payments. He keeps writing articles about the software and related topics. He is starting to get a little discouraged because he really needs money and nothing seems to be happening in that department..

Then one morning he wakes up and checks his email and Lo and Behold! there is an email from PayPal telling him that $50.00 has been added to his account! He can’t believe it! It is the commission from one sale of the software that he has brought about through his articles.

And this is the real start of Joe’s new career as an internet marketing affiliate. The merchant will take care of all details having to do with selling and customer care, etc. All Joe has to do is to keep sending traffic to Bryce’s product. Bryce pays a 50% commission, so it is well worth Joe’s time and effort.

Soon Joe decides to build a list of folks who have bought products from him. He becomes an affiliate for other products related to the internet marketing field. He keeps writing articles, but now he is beginning to earn lots of money, so he can accelerate his sales by other ways of getting traffic. He builds a big list of warm and willing buyers, from whom he makes even more sales.

Before you know it, Joe is very prosperous, his family is happy and comfortable, and those bad old days of having to grovel down at the Payday Loan Store just seems like a bad dream. Or rather, a bad nightmare. Those days are gone forever for Joe!

Direct Payday Loan Lenders’ Affordability Screams Fast Payoff

Before you consider using a loan from one of the many online direct payday loan lenders, you will want to make sure you give the whole borrowing process some thought. One of the biggest problems in short-term lending today is when a borrower doesn’t plan for the payoff just a few short weeks later.

Affording a loan does not necessarily mean that you have the money for it. It is important to keep all of your other costs in mind prior to signing for the loan. In its efforts to help educate the public, the government created a ‘quiz’ to test your borrowing knowledge. It’s a little questionnaire which makes you think about whether or not applying for a direct payday lender’s loan is going to help you. In fact, this little quiz could help you with any type of loan. When your income struggles to afford everyday costs, adding the price of third party money often spells trouble.

Are you aware of how much of your monthly income pays the cost of interest for other types of loans or outstanding credit? If you are spending 20% of your income towards other debt (not including a home mortgage) than you are spending too much. There are many differences between credit card debt verses obtaining a loan from a payday direct lender. The difference between interest charges is in affordability.

*A credit card’s interest is often much lower than a short-term loan lender’s. With more and more people falling deeper into debt and have seen a dip in their credit have also noticed their credit card interest charges increase. The creditors no longer keep their interest separate. You could make a late payment on your car loan and see your credit interest go up. Once a negative money management report has been sent into the credit bureaus, it becomes public knowledge for any company looking in. Creditors will use that report as a sign of what could happen. Your debt becomes risky and the interest shoots up. The new interest will affect your previous balance. High interest is not affordable.

*Direct payday lenders charge high interest for their short-term loans. There is a definite business practice behind this cost which is not based on taking advantage of customers as some people would like to think. Short-term loans are supposed to be paid off within a few weeks of obtaining the cash; there is not much time for a business to collect revenue. Short, quick and to the point. Most creditors will earn more money off their customers over a slow long drawn out process of month to month payments.

*Customers have options. You can choose a credit card based on the offered interest, but once the card is open, the creditor is free to raise the cost at their will with only having to give the person written notice. People have the opportunity to shop around for a best direct payday loan lender as well. Once you find a responsible one, the interest remains the same as listed on the contract. Because these loans are short-term, there is no incentive to keep the debt for much longer. In fact, the high interest suggests a fast payoff. Just remember, with any loan or credit, the longer it is left unpaid, the more interest you will pay – affordable or not.

* If you already have credit card debt lingering or an unpaid short-term loan, do you really want to get further in debt? Just because you have the opportunity to borrow money, is it best for your current financial situation? No matter what your interest charges are, the money will need to be returned. Will your income afford the extra cost? How will this new payment affect all other budgeted costs?

It never hurts to find out more information about loans, credit, borrowing, interest and general money management prior to taking on more debt. It is important that these direct payday lenders online and credit companies are used for emergency needs rather than increasing spending power.

Too Many Payday Loans? Not If You Are Planning Financial Doom

Sure! Take out as many online payday loans as you want. Be late on all your credit card payments and forget about your car payment for a few months! These are some great options to commit yourself to financial doom! It truly is an easy plan to set up; you could break it down into just three simple steps to make sure you create the biggest problems for your finances as possible.

Step 1 – Whatever you do, stay far away from any type of budget. Don’t look at the amount on your pay check and never, I mean never, check price tags when shopping. Who cares how much things cost? You want it, you buy it! No stress finances at its best. It is such a good feeling to be financially dependent on yourself without a care for tomorrow!

* Spend… spend… spend! Take advantage of all that is before you. You will be successful.

* The greater the debt, the more you have done your job correctly. Following a plan has never been so easy!

* Lay awake at night planning on more ways to open new lines of credit so you can finish off the month with a bang!

* Dream cars, homes and vacations are just a more developed plan away. If you dream big, plan to spend big!

If you are still waiting on your new credit card, take out a payday loan online. This is fast money to get your wants into your hands quicker than ever. Don’t worry about how many payday loans you have. Since your financial plan is to sink deep in debt, it will only help you reach your goal by having multiple loans out at once and not pay them off right away.

Step 2 – Live for today and forget about your retirement. There is no need to set anything aside for later in life, you will find many more credit options available later. Don’t forget that payday loans online are not worried about how successful you are at your financial goals. Make your future finances a total mess just through investing in your today.

Whatever you do, don’t save a penny for tomorrow when it can be spent today. It gives you so many more options available in the moment. If your employer offers to match any savings you might want to put away for later, just let him down easy and gentle when you boast of your financial success to date. There are no worries for tomorrow when today is so much fun.

Step 3 – Live abnormally and think inside the box. If you get a second job, do it just so you can go on vacation more often. Don’t worry about cutting costs or finding inexpensive activities to occupy your time. Simply keep spending. More online payday loans go for it! Higher credit limits with multiple accounts, now you are talking! Don’t forget the 5 bedroom house with a built in movie theater, a pool and tennis courts. The monthly payments will add to your success rate.Don’t forget that there are plenty of aggressive payday loan lenders out there who would love to loan you high amounts with super high rates no matter where you live.

It’s fun to think in terms of what not to do as a possible answer for life. Finances can be a struggle and to live without stress would be welcome. Poor money handling can ruin futures, family security, and break relationships. Take the time to ask for help in making your budget a success. Contact someone you know who does it well or a non-profit service which offers credit counseling. Most importantly, work as a family to keep costs down and limit spending in order to build your finances strong.

What is a Payday Loan and What Are the Advantages and Disadvantages

A payday loan is a short term loan which is provided in return for a post-dated cheque. The post dated cheque would be made payable on the date of your next pay day or maybe the following one. You can either arrange to pay the loan off in full before the due date on the cheque or alternatively allow the cheque to be presented. A payday loan really is an emergency loan when you just do not have the funds to make it through until your next payday. Very often it is some emergency that just has to be paid, example a new heating boiler.

There are some obvious benefits of using a Payday loan in this manner, particularly if you consider the alternatives.

1. – There are fees for a payday loan but costs are probably less than the additional bank charges incurred for exceeding an overdraft limit or the cost of exceeding the credit limit on a credit card or incurring late payment penalty charges.

2. – Payday loans don’t affect your credit status because the companies that provide payday loans don’t report the information through the channels as other conventional lenders would.

3. – Payday loans are usually granted within minutes and the funds transferred to your bank account. Conventional loans or a special arrangement with your bank would normally take a few days.

Payday loans have been subject to regulation in many countries and without being too specific you should ensure you are in contact with a company approved by the regulators. We all appreciate you are only going to contact a payday loan provider in case of an emergency but the rules are in place in an attempt to prevent people getting into too much trouble. The value of the loan is related to your normal earnings so it should not be easy to borrow way over what you can afford to pay back.

The Obvious Disadvantage of using a payday loan is the cost in percentage terms. If for example your borrowed £200 (or $s) and had to pay back £250 (or $s) in 15 to 30 days time then £50 to get yourself out of real trouble might be money well spent but it represents a huge percentage cost of you could fund the emergency elsewhere.

There are a range of regulations applicable to different countries and states on how payday lenders should behave and what they can and can not do. These regulations vary considerably and payday loans are illegal in some states or countries. How the payday lenders can go about collecting their money if you fall behind with a payment again varies considerably.

Finally a few warning notes:

1. – Please ensure that you read any paperwork or terms and conditions associated with a loan before you make the commitment.

2. – Take time to understand exactly what the loan will cost you if you repay when you anticipate and consider what happens if you get into difficulty. It is critical that you meet your commitments or you could soon face some very large debts.

3. – Do NOT get trapped into a rolling over situation where you are continually getting a new payday loan. The term rolling over is outlawed in several places in the world. Understand your legal rights.

If you do wish to secure a payday loan then you can either contact a local office, if you know of one, or complete an inquiry on-line via the web. A quick search on the web will provide you with a number of alternatives. You should be required to evidence your recent payslip or payslips and these would probably require you access to a fax machine.

Facts Concerning Advance Payday Loans

Once you’ve finished reading this article, you should know enough about cash loans to make the right decision about them, and also be able to explain them to others

Advances with payday loans help you get through to your next payday. These loans always come with strict fees attached. When you fall behind in your bills, you could ask for extensions and work closely with your utility service providers to pay your arrangers. Or you can go for a payday loan. A payday loans is designed for instant relief in emergency situations. Things like utilities about to be shut off, car repairs, overdrafts, tuition fees, or health costs can be good times to seek a payday loan.

Payday advance loans are generally extended for a two week period. Sometimes they may be lengthened to as much as 18 days. Whenever your fixed period of time is up, and you aren’t able to repay the loan in full, you can pay the finance fees and then have the loan rolled over for the next available paycheck. This can get to be a vicious cycle.

After your cash advance gets approved, your lender will deposit your money directly to your checking account. When the due date arrives, then the funds will be transferred to your lender. Many lenders will transfer your money within 2 business days, some within 24 hours. Payday lenders approve their loans quickly and advance you the cash quickly. Most lenders aren’t interested in your credit, so you don’t have to worry about credit checks.

There are loads of online loan sites that have good security, so your transactions will be safe, confidential, and very secure. This is vitally important with identity theft being so prevalent online today.

At this point of the article, you should have obtained at least a small bit of knowledge of how advance payday loans work. The following may make things even clearer:

Payday advances are designed to work for the short term. They are unsecured loans meant to tide you over until your next paycheck. When you’re between paychecks, and unforeseen expenses arise, they can be a big help. Most of these lenders make the process very simple and easy, not requiring you to fax any documents. They just verify your employment and banking information, and process the loan. But there are a few that will have you fax them documents with signatures.

The way payday advance help is in their flexibility. A borrower can be at ease knowing this transaction is private and discreet. Many advances are used for common things that can sneak up on us by our mishandling of our monthly budgets.

When you search on the Internet for a loan, you’ll see there are many websites devoted to this industry. If you can find one closer to your area, it could serve you better. Some lenders of these loans are restricted to their own areas. There is a bit of controversy surrounding this industry in many places, and some states are trying to shut these resources down.

Many people and officials claim that these payday loans are preying on people who are down financially, and taking advantage. They feel these lenders are merciless, greedy, and gluttonous, making their profits off the misfortune of others. But others say you need to look at some of the traditional loan institutions before being so quick to judge.

In reality, a payday loan can be cheaper than having a bank overdraft. Overdrafts today are quite expensive. When you obtain a payday loan for paying off overdraft fees, it might cost you, but not as much as incurring another overdraft fee. If you any type of disconnection charges, you’ll probably pay less for the payday loan for paying the bill, than your would to have that utility re-connected. This makes payday loans work to your advantage.

You can do your own research online, and find yourself a payday loan with terms and services that suit you. I hope this articles has enlightened you some as to how payday loans work, and what’s involved with them. As long as you know you can repay these loans with your next paycheck, you don’t have much to worry about.

But for those who try to roll these loans over until another payday, aside from the first one it was set up for, they can find themselves headed toward trouble. These loans are great, but only if you pay them off quickly. And never borrow more than just exactly what you need. Should you find you have enough money before your next paycheck to pay the loan off, it’s a good idea to do so. You never know what circumstance will arise on any given day. If it’s paid off, and you should need it again, then it’s no problem. But once you ruin your credit with the payday loan lenders, you really have put yourself in a box.

A Guide to Emergency Cash Loans and Payday Loans

In this rapidly deteriorating economic climate, emergency cash loans and payday loans are becoming increasingly popular. The problem with these is that more and more people that have never required a short term unsecured loan in the past are finding a need to obtain one for that ‘rainy day’ for which they have no longer been able to save up.

Many people are spending their savings, and the term ‘life savings’ is now a bit of a joke. Those that can afford a life savings scheme don’t need it, and those that need it can’t afford it. Of course I don’t mean that literally, because many people are saving and need their savings, but nevertheless the sentiment is pretty accurate. Saving is getting harder, and when that unexpected expense comes along then those that not too many years ago would have had something put by to cover it no longer can.

Hence the upsurge in emergency loans and payday loans, and there is really very little to chose between them. This guide is intended for the newcomer to this type of short-term borrowing, and how you can make it work for you, or how it can cost you more than you can rally afford. It’s all about using the loan for the right reason and paying it back as agreed.

THE AMOUNT

Unless you are dealing with a company with few morals, you will likely be offered no more than up to $1,000 for your first loan. Some companies restrict that to $600 for first time customers. The reason for that is that the loan is not secured, and even though legal action would sequester the cash back from your income, most loan companies would rather not do so for a large amount, and it is easier and less expensive to recover a small amount than a large amount.

Once you have successfully repaid your first loan, then the amount you can subsequently borrow steadily increases.

THE REASON

The reason for taking such a loan has to be compelling. If you can borrow from a family member or good friend then do so because it will ultimately be less expensive for you (unless they charge you a high rate of interest!). It is not economical to use an emergency loan to pay another loan, although if you are in danger of defaulting on accredit card payment you might think the extra expense worth maintaining your good credit record: no price can be put on that.

However if your credit is shot, as it is with many people seeking emergency cash, it would likely make no difference other than the fact that you could likely negotiate lower charges with the credit card provider than you would get with a payday loan.

There are other reasons for needing emergency cash loans apart from being unable to pay regular bills, among them family deaths where the life insurance is insufficient to meet all the expenses. This is becoming more common as process rise while investment rates remain stagnant. The same is true at the other end of the life scale: weddings. These too can be high cost events that few couples or their parents have had the opportunity to plan for financially.

In such cases, emergency payday loans are a boon, and it is a case of get the event over and paid for and then worry about repaying it. However, and this is one of the major points of this section, a regular loan, either secured or unsecured, will be considerable less expensive than an emergency loan. So if you have two or three weeks to spare, apply for a regular loan that can be paid over a longer period of time. Emergency cash loans are real emergencies when cash is short.

THE COST

Interest rates vary, but they are not termed that – they are generally referred to as the fee. That can be anything the lender wants but the average is around 25% for up to a month. So if you get paid on the last day of the month and borrow $400 on, say, the 10th, you will pay back $500 the following payday. And if you fail to do so, because you can’t afford it, then you can ‘roll over’ the loan and repay it the following payday with another fee, so you pay back $600.

That is why you must be able to meet the arrangement. To people in real need, who have perhaps just had a massive drain on their monthly salary for whatever reason, $400 to tide them by on grocery bills till the end of the month is fine, and they can easily repay $500 from their paycheck. However, if not, then it can be very expensive, that is all I am saying. I am not saying don’t do it – heck I have done it twice myself, which is why I know so much about it – but do it with your eyes open and pay on time.

THE PROCESS

There are several different procedures, and not all lenders work the same way. Here are some of the variables:

1. Credit checks: some lenders will carry out a credit check and some will not. You might get a lower fee if you have a good credit record, but a bad credit record will not stop you getting the emergency cash loan. Because:

2. Security: the loan might be legally classed as unsecured, but you have to be in employment to get one, and also have a checking account, or current account as it is called in the UK. The security is that the lender has you sign a direct debit form so that the payment is taken from your bank account on payday.

Now, they have no means of knowing when your payday is, but if you fail to pay they can have an arrestment order on your wages, so that your next paycheck comes with the repayment taken off. Your employer is bound by law to adhere to the arrestment order. That can be embarrassing, which is why you should stick to the agreement.

3. Arrangement: The way that my two loans were arranged went as so with two different loan companies:

a) I applied using an online form, providing the usual personal details, plus my monthly net income, my pay date, and the telephone number of the company – not the name, just the number.

b) I filled in an online direct debit mandate providing my bank details and account number.

c) The lender called the company and asked for me. When they were put through I was asked my date of birth and monthly salary. That was how they checked that I worked for the company, and me knowing the details indicated that it was I that filled in the form.

d) The cash was put into my bank account.

That was it – with both companies. Now I know that some ask for you to fax your bank statements and payslips, but you can avoid that if you deal with the companies on my website. There are the easy ways and the hard ways. In fact one of the two companies I dealt with had the cash in bank within 2 hours of me applying by means of a CHAPS payment – that type of payment usually costs a fee, but it came free. Well, you know what I mean. I didn’t pay for it in advance let’s say, but it was certainly included in the fee!

So there you are. That’s how I did it. Twice. I paid them back at the right time, and the loans helped out a great deal. I no longer need such services but they are great if used properly. I can help you do the same thing if you really need the money: but you must really need it now, because otherwise you are better arranging a longer term secured or even unsecured loan.