Payday lenders fill an important niche that is not served by traditional banks. In an ideal society, everybody would be on top of their finances, and there wouldn't be a need for payday lenders. But reality is not consistent with this utopia, as the majority of us have gotten a little bit behind on bills at some point.
National Payday offers cash advance loans that basically use your next paycheck as collateral. A payday loan is an option to consider if you find yourself in a short-term bind and in need of money. If, for example, your car breaks down or you encounter an unexpected expense, a payday loan could definitely assist you. Obtaining a payday loan is relatively easy. The online application takes only a few minutes to complete. According to National Payday, most no credit check loans are approved within 24 hours.
National Payday's FAQ does a lot to explain the process of applying for a loan. A checking account and a steady job are the main prerequisites to apply. To explain how the loan works, suppose you were to borrow $300 from the payday lender. The lender then transfers this money to your checking account, and expects to be repaid this amount plus a 25% fee ($75 on a $300 loan) when you receive your next paycheck. National Payday currently has a special offer for first time borrowers: you will get your first loan for free, if the full balance is paid by the due date.
I would advise borrowers to read National Payday's disclosure statement before applying for a loan. Understand that, in some cases, the effective annual percentage rate (APR) on the loan can be the equivalent of several hundred percent. Payday loans are designed to help you through a short-term credit need and are not meant for long-term borrowing. If used correctly a payday loan can help tide you over to the next payday.
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11 comments:
Dear Readers: I have deleted all comments to this post, and have turned off new comments. Numerous commenters have posted unauthorized links to other payday loan companies in their comments. Posting of what amounts to advertising in the comments of this post is unfair to the company who is the paid sponsor. I consider these comments to be spam. To be fair, I have attempted to contact the commenters and the payday loan companies involved. However, they have been unresponsive. Therefore, I would consider these to be disreputable companies, and I strongly caution readers against doing business with them.
Sincerely,
PF Stock
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