.%20You%20can%20easily%20find%20news%20in%20popular%20news%20directories%20like,%20a%20payday%20loan%20lender%20is%20asking%20for%20about%202500%%20interest%20rate.%20The%20point%20to%20be%20discussed%20here%20is%20that%20are%20these%20payday%20loans%20really...){kind=link}
Are Payday Loans Really Emptying Your Pocket
Many newspapers and magazines are raising news like
, are payday loans are an issue or a boon for society? To give stress on their point they are using negative factors like high interest rate (termed as APR). You can easily find news in popular news directories like, a payday loan lender is asking for about 2500% interest rate.The point to be discussed here is that are these payday loans really expensive? Truly speaking they are not. Actually the much debatable APR which is annualized premium rate is calculated on an annual basis. So if you taking a payday loans and is not paying it on time, you are going to repay heavy amount. But this is clearly not a point to raise against payday loans. The main reason I am raising this point is that, payday loans are meant for a short period of time. This short period can be any time between one week to three months. So these is no reason you should delay your payment for a year. Generally the time in which you get the amount in to your bank account is less than a day (probably few hours). So again you have this advantage over other traditional loans. In normal loan application the waiting time is very high. Sometimes it reaches a month. Even after that you may not be sure to get the loan in to your kitty.
It is not only about the advantages that payday loans are good. It is also about the about other factors like transparency. The companies offering these payday loans are very fast and efficient. All of them are registered with the government of the country in which they are operating. So there is no case of any fraud. You can get all the information related to the company if you visit their website. In the website all the information like their contact details, registration details, their terms and conditions etc can be easily found out. Many payday lenders has the facility of live chat on their website. So while filling the application form you encounter any doubt, immediately you can use the live chat to clarify it. If still the doubt persists better clarify it before applying as the financial term may surround you and with some more issues.
Now when one knows the difference you can easily find out whether payday loans are expensive or not. Infact the features offered by them are marvelous and there is no doubt that one can expect to get out of all his financial problems by availing such a loan. Even in situation where you are not in a position to go out, payday loans are very effective as you can apply online from anywhere using your personal computer.
by: Steven Francis