You might be reading this because you are unsure as to what payday loans really are, or maybe you need money quickly and have heard that these loans are a great option. There are many reasons why you might check into information regarding payday loans.

I am sure most, if not all, of you have had a need to get some money more quickly than you could get it. The price for a payday loan is a bit more than you would pay elsewhere, but that price tag comes with ease and convenience.

What I mean by the price being “a bit more”, is that the interest rate you can be higher than a traditional loan. Also, most credit cards charge 18%-30%. It is common for payday lenders to charge around $15 for every $100 borrowed. This is an estimate; please note that it can change from lender to lender.

That is only 15%. And since these loans are only meant to have a term of a couple of weeks, that’s not too bad actually. It can be hard to go to a bank and ask to borrow only $100. Most banks have a minimum borrow amount of $500 or so.

Now remember, I said that payday loans are only supposed to have a term of a couple to a few weeks. That is what they were designed for. There are many critics out there that do not seem to want to talk about customer responsibility in paying these loans back during the term. Every lender of any kind of currency has customers that don’t pay back what they borrow.

And it’s no secret that lenders of every kind find ways to make money when a person is delinquent on an account. So please, enough with the finger pointing if you are a critic.

Payday lenders offer a service to get people money in times of crisis and urgency. However, humans have become weak creatures in a society of ease and convenience. Conveniences have their place, but people Silagra Brand Cialis tend to gravitate towards what is easy and fast without thinking about the consequences their actions might take.

I personally know people of several ethnicities and income brackets who have taken payday loans and paid them back in a few weeks. And I know a few who didn’t. So with that said, when you are in a crunch for money, the traditional lending process can be aggravating and slow. Payday loans offer a service that is definitely worth paying for, and paying for responsibly!

Payday loans are sometimes called cash advance loans, post-dated check loans, or deferred deposit check loans. The benefits of payday loans are very attractive to people who are in need of money. And people who have less than fabulous credit.

My neighbor taught her 18 year old son, who had no credit, how to responsibly borrow viagra pills and pay back small amounts of money. And the few loans he took out and paid back on time have started to build his credit.
As consumers, we are protected. Read on about the Truth in Lending Act.

Under the Truth in Lending Act, the lenders must disclose the cost of payday loans. So look for them to compare. Among other information, you must receive, in writing, the finance charge (a dollar amount) and the annual percentage rate or APR (the cost of credit on a yearly basis).

The purpose of the Truth in Lending Act, is that we experience economic stabilization and competition is strengthened by informed use of credit consumers. Meaning: customers of payday loans get better deals when lenders compete instead of being taken advantage of by hidden costs and fees.

Lenders must disclose all the following information. Identity of the creditor, amount financed, and itemization of amount financed, annual percentage rate, including applicable variable-rate disclosures.
As well as finance charges, total of payments, payment schedule, and prepayment/late payment penalties must be clearly displayed. These must be clearly and conspicuously posted, in meaningful sequence, in writing, and in a form that the customer may keep.

When you are given all the information about a product, you can make better decisions for yourself. Make sure to compare information about different loans and lenders and then determine if such a loan is right for you.

If it is, then happy lending!

Author Bio: Jack R. Landry has a PHD in financial services and has written hundreds of articles relating to consumer services and cash advance payday loans. He has been a consumer advocate for nearly 25 years.

Contact Info:
Jack R. Landry
JackRLandry@gmail.com
http://www.checkcity.com

Category: Finance/Credit/Loans
Keywords: cash advance payday loans