One Hour Bad Credit Payday Loan – Last Minute Christmas Money Now
Posted on | December 23, 2009 | No Comments
A one hour bad credit payday loan is a way that you can get last minute Christmas money now. We are getting down to the last few hours before Christmas and many shoppers are scrambling for ways to get extra money. Some of these shoppers may have maxed out their credit cards and they have no cash left. If this is the case with you then you might want to check out a one hour bad credit payday loan.
Before you decide that this loan type is right for you you will want to do some research on when the money is due and how much you will pay in fees. If you take out a bad credit payday loan you are going to find that the money is due when you are expected to receive your next paycheck. You will have to prove your employment to these lenders and they will see when your next paycheck is expected to come in.
When you borrow the money you will write a post dated check for the amount of money you want to borrow plus fees. The amount in fees that you are going to pay will be determined by your lender and state. Most states set a maximum amount that can be charged on these types of loans. This amount is usually between $15 and $35 for every $100 you borrow. Some states have no maximum amounts and the fees are usually higher in these states.
If you are borrowing several hundred dollars then these fees can add up very quickly. You will also need to know that these fees reset each time you get a paycheck and do not pay the loan in full. You will have to go back to your payday loan lender and write another check for the amount you borrowed plus the fees times two. This process continues to repeat until you pay the entire loan off.
Most financial planners discourage payday loans for this reason. If you are not 100% confident that you can pay this loan off with your next paycheck then you should not even take it out. The fees are going to rack up so quickly that you might end up paying more in fees then the amount of money you borrowed in the first place.
Author: Mike Garner
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