subject: Payday Loans: Take the Good and the Bad [print this page] Payday Loans: Take the Good and the Bad Payday Loans: Take the Good and the Bad
Bank loans can be a bit hard to get. Banks have to practice solid investing. The world of personal cash loans is a bit different. Paycheck advances can be a great resource if used correctly. One of the biggest benefits of a cash advance type of loan is that your credit history means little. Past credit problems usually don't count against you. There are generally only a few requirements: be over 18 and a US citizen and have a bank account and regular income. You don't have to worry about a drawn out process. This system of lending holds a lot of risk for the company. The lender accepts the risk while you reap the benefits. The paycheck loan system is only as rewarding as you make it. The most essential rule is to pay back your loan at the proper time. For paycheck advances this advice is extremely important. There are very stiff penalties for late repayments. Before you know it, you could create a host of other money problems. It's a good financial practice to pay the full amount promptly. Depending on the lender you could repay the loan early. Borrowing as little as needed is one good way to help ensure you can repay it. $1,500 is generally the maximum a company lends at one time. Consider carefully how much money you can afford to borrow and pay back. For many people a cash advance is an opportunity to get a short-term loan for an emergency situation without facing fees on a bank account overdraft or for a bounced check. On the other hand, the benefit is erased when you fail to pay back the loan on time. You can further damage your credit and create an unnecessary hardship. From start to finish the payday loan process is quite easy. You should still remember to take the process seriously. The financial reward for you can be high and so can the consequences if you don't act wisely. Payday loans are only as valuable as you make them.
