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| Payday Loans - Cash AdvanceAuthor: C.C.Date: 8/23/2005 Get Cash Fast! Short Term Loans No Credit Check! Quick Payday Loans! Bad Credit Payday Loans! Online Cash Advances! If you haven't already been lured in by these and many other snappy television, radio, newspaper, and online ads, I'm sure you have noticed them many times as they are everywhere. Money for Nothing? Payday loans were created so that a person can get the needed money quickly without waiting until they receive their net paycheck. Sound like an honorable statement doesn't it? Actually, payday loans and fast cash advances were created to make money. There are no payday loan companies that are run as a public service. They are in it for the money and trust me... they make allot of it. Payday loans or paycheck cash advances are one of the fastest growing businesses in the US, Canada and many other countries. The only reason for this growth is because these types of businesses have almost been given a license to print money. The price they charge to let their customers borrow on their next paycheck varies from one cash advance company to another but they all have one thing in common. The price is very high!. Simple Math  Paying up to $10 of your hard earned money to be able to borrow $100 until your next paycheck might seem like a small price to pay to get you out of a bind but it's not. Multiply that $10 "fee" by 52 weeks and you will quickly conclude that you are paying $520 a year to borrow $100. That's an unbelievable 520% yearly interest rate. They can call it a service fee all they want but it is still an interest rate. Have you ever heard of a bank charging anywhere close to that much?
Other Options to Payday Loans There are other alternatives you should look at carefully before choosing to get a payday loan. Whenever you are shopping for credit you should compare offers. The loan you take should be the one with the lowest APR. Before you opt for a paycheck or payday loan consider borrowing money from a family member or friend. Try and get a paycheck cash advance directly from your employer. Apply for a small loan from a credit union or small loan company. You may also be able to get a cash advance on your credit card. All of these options are much cheaper than a payday loan and should be eliminated as a possibility first. If you Must Get Payday Loans If you decide that you have no alternative but to get a cash advance from a payday loan company, In My Opinion... you should borrow as little an amount as possible and make sure that you can afford to pay it back with your next paycheck without having to extend or roll over the loan for another period and service fee. Add your Comments: | |||||||||||||||||||
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