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Should I take a payday loan?

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Kim Henry Posted

Should I take a payday loan?

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adam tienter

adam tienterAbsolutely not. A payday loan is when you receive a cash advance from a lender in exchange for what’s known as a lien or collateral put on your next paycheck. Sounds fair right but the problem lies in the variable interest rates anywhere from 200-500% meaning you’ll owe anywhere from double to quintuple the amount of your original check.

example: let’s say you get a $100 pay check and you take out a payday loan for $50 that means that on your next check they will charge you anywhere from $100-$250 of your original loan to which you would not be able to cover

they would want you to default and in exchange they would give you another payday loan creating a cycle that piles on interest rates for each loan received. I’ve heard of persons that borrowed $500 and paid back in the upper $2,000 range to end the debt cycle. 

my links aren’t visible yet please refer to the comment section below.

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I can assure you that payday loans it always was a good financial solution in difficult situation.  Today there are many payday loan companies which give money to people who need them. The sums are usually small. But these loans can help you to solve all your financial problems. You can turn to Quick and Easy Loan Service  which propose very good and convenient loans . It is available 24/7 for everyone who needs money. 

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Ellie Matama

I guess it depends on how bad you need the money and whether you have exhausted the more traditional loan options. You should consider taking a payday loan if you need money urgently and have no other lender to fall back on.

You should however, have a steady paycheck and be ready to pay back a high interest amount on the amount that you have borrowed in order to avoid more debt. Payday loans also come in handy if you have a bad credit history and no one else is willing to advance you the money that you need.

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tom smith

Payday loans are short-term and unsecured loans intended for financial emergencies and that’s why they are charged with high interest rates. It’s better not to use this service to cover casual expenses because then there will be a risk to get into the debt circle. When you apply for a payday loan it’s necessary to make sure that you know how high the interest rate is and if you can afford such a loan. Some consumers use payday advance because they have a bad credit and take online lending services as easy way to borrow money. But it’s worth to remember that any loan is a serious financial commitment and it’s worth to be very cautious when you apply for expensive unsecured loans. Here are some more important details about the option.

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