subject: How To Avoid Bank Fees With A Payday Loan [print this page] If youve never had to deal with steep bank fees, then congratulations are in order. However, if youve ever bounced a check or overdrawn your account, then you know how harsh these fees can be.
Imagine bouncing a five dollar check and being charged $40! It happens all too often when it comes to bank fees. In fact, if you are the unlucky one that overdraws your account, you know that each and every transaction that is posted to your account once you have overdrawn it will cost you dramatically.
Bank Account Fees: What Can You Do?
When you consider the cost of overdrawing your bank account versus incurring interest charges from a payday loan, the choice is obvious, which is why many people turn to payday loans in an effort to avoid bank fees.
The problem with bank fees is that the bank will typically charge you for each transaction that exceeds your bank account balance. In other words, the bank will not take into account that it was just one incident that overdrew your account; instead, a bank will usually penalize you for each and every transaction you make that takes your account into a negative balance.
When considering all of the fees charged for overdrawing your bank account or bouncing a check, it becomes increasingly clear why bank fees can far surpass any fees or interest charges for a payday loan.
Payday Loan Interest Rate vs. Bank Fees
One of the reasons why so many lawmakers and legislators have come down hard on payday lenders is because of the high interest rates typically charged. However, what many of them fail to see is that charges by banks often far exceed the charges imposed by payday lenders.
It comes as no surprise, then, that many consumers are now fighting against bank fees and using payday loans as a way to avoid paying these outrageous bank fees. Because most payday loan transactions can be completed within hours and money can be deposited into your bank account in less than a day, many people are choosing payday loans to cover expenses that post to their bank accounts, thereby avoiding the over-the-top fees charged by banks.
Perhaps the best part of a payday loan is the fact that the entire application process can be completed online in a matter of minutes, and that the money can be deposited into your bank account in a matter of hours. This extremely quick process allows you to remedy your bank account situation immediately, before the bank fees are imposed.
If you find yourself on the receiving end of outrageous bank fees, consider a payday loan the next time you risk overdrawing your account. A simple application process and easy and straightforward repayment terms allow you to cover your bank account balance while avoiding excessive bank account fees.
