A Payday Loan Story
Payday loans have helped, and continue to help many people in distressing situations
. When there is no one else to turn to, personal financing options have become easily available to people who otherwise would not get the funding they so desperately need.
My friend Sara was such a person who recently took advantage of payday loans. She is a student at a local university and has a part time job to help her get through school.
She had about 9 days before her next paycheck when her car broke down. It was going to cost her $650 for the repairs she needed so she could continue to get to and from work and school.
As you can imagine, it was vital for her to get this fixed sooner than the 9 days it would take for her to wait for her paycheck. Her savings were significantly depleted due to school tuition and fees for books and other school expenses.
A payday loan came to her rescue, or rather, she opted to apply for one to see if it would help her. Sara was a little leery of taking such a loan because she did not know much about them. She researched online to find out more about them and learned that overnight loans were short term loans only.
She knew that she would be able to pay the loan back within less than two weeks so this seemed like a good option for her. Another thing she learned while researching online was that not every good deal advertised ended up saving customers money.
She learned to read the fine print to truly understand what the fees were that are involved in this financial venture. The benefits that appealed to her were that she could have the money she needed in less than 24 hours.
Next, she looked at the requirements that she needed to meet to get a payday advance loan in Utah. She had to be 18 years of age, which she was.
She was an American citizen. Plus, she also had a regular job which was paying her $1,700 per month.
The minimum monthly income that she needed to have was $1,000. She had a checking account, so there was no problem at that end either. Sara was delighted to realize that she could easily get an overnight payday loan.
Now, all she had to do was find the right company, one that was offering these money advances at reasonable interest rates. So she quickly scanned several finance companies in Utah.
Her friend helped her out in finding a good and reputable company. Then she applied online and was granted the approval within a couple of hours.
The next day she had the money in her account. With the borrowed sum, she paid her car repair bill and added the rest to the tuition fee that also had been due.
When her next paycheck was in her hands, the first thing that she did was to repay the owed amount. She had to pay $60 as interest charges for the$650; however, that was not an issue, as the loan helped her in a very dire financial situation.
Sara sees the value in loans of this sort that help people in urgent situations, and she is well aware that they are to be taken seriously and treated like any other loan by a bank or credit union. The lender she got the loan from did inform her that if she couldn't pay the loan back that she could extend it past the original two week term.
He was honest with her though that if she needed to do that that she would accrue even more fees and interest. That it was not in her best interest to do that unless she absol
by: Jack Landry
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