Instant Payday Loan – Can I Save Money with Lower Fees?
Posted on | August 25, 2009 | 1 Comment
Getting an instant payday loan has been something that many bad credit borrowers have looked into over the last few years. The recession has hit every one’s wallet and many people have been in search of poor credit loans. With this being the case, some hard working citizens are looking at getting a cash advance just to make ends meet; it sure seems that many borrowers are now considered subprime. Many smart financial minds say this is a bad idea, but when there are no other options who can blame anyone.
Online payday loans have become very popular because borrowers can get approved in 15 minutes and have money by the next day. The biggest concern about doing this is that there are many fees that are charged with an instant payday loan. Some fees can be quite excessive when you think about being a few weeks late on your payment. If a subprime borrower wants $300 they are likely to pay around $65 in fees for the week that they borrow the money.
Most borrowers only need a cash advance of one week but this is where it gets hairy. If you do not pay the amount back in full by the end of that week, you are hit with another $65 fee for each week it is not paid. In more words than less, you will be paying $65 times the number of weeks it pays you to pay back the loan in full. If you cannot pay the loan back within four weeks, you will have paid more in fees than the actual loan was worth.
So, to answer the question, YES, you can save money with lower fees. Obviously the object is to pay bad all loans for bad credit as quickly as possible but if you can get the fees cut in half, you could save a ton of money. With all the competition out there today, it is very possible that you can get a fee that is much lower than advertised. If you go a google search for instant payday loans you will see ads everywhere; take advantage of this and contact several of these companies.
Overall, in the economy of poor credit loans and subprime mortgages, it is not the best idea to get an instant payday loan. The problem is that sometimes this is the only option to keep your electricity on or a roof over your head. Take the time to do some research and get a payday loan that has much lower fees so you can save money in the long run.
Author: Alan Lake
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August 26th, 2009 @ 12:27 am
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