After I was fired from my high paying job about a year ago, I have since then found another job. However, this job does not even pay half as much as my previous job. Subsequently, there are times when I do not have money to cover the bills. In order to cover the bills I usually go and get online payday loans.
Payday loans are basically very short term unsecured loans where the borrower has to repay the loan by their next payday. Usually, the lenders will check your income or verify your employment by looking at your pay stubs and bank statements, but many online payday loan companies do not look at this. I like to use online payday loan lenders because it is quick and easy. All I have to do is fill out the application online and the lender will direct deposit the money into my checking account. Some lenders may ask that you fax the documents but others may not even request any documents. Other lenders might not even do credit checks. When the due date comes, the lender will automatically withdraw the borrowed money from my checking account. Fees for a payday loan are usually much higher because the lender is taking a big risk. The fees are usually anywhere from 15 to 30% of the loan amount. Obviously payday loans should not be used too often because they are quite expensive. However, for emergencies every once in awhile is fine.
Before I apply for a payday loan, I always read the terms and find out what the fees are and when the loan will be due. It is also imperative to find a reputable lender because there are many scammers out there. You can also your friends who have used payday lenders that they can recommend. Also, you should look at some of the reviews online.
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