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Payday lenders cash in on extremely high interest rates as well as the borrowers inability to make payments which lead to mounting roll-over fees. What I can do to avoid abusive lending through payday loans.
Use a payday loan only if it is absolutely necessary. If you decide to use a payday loan, borrow the smallest amount possible that you know you can pay back with your next paycheck. Find the best deal. Compare the terms and fees of different lenders before you take a loan.
Banks check your credit before giving you a loan to figure out how much to charge you. If your credit is really poor, you probably cant get a loan at all. But you dont need good credit or any credit to get a payday loan. All you need is a bank account, proof of income (such as a pay stub), and an ID that shows youre at least 18 years old.
You can walk out with your money in less than an hour a major reason these loans appeal to financially desperate people. Automatic Repayment.
In this day and age, its very easy to get deep into debt in a short amount of time, but its not so easy to find a way out. In todays society everything is fast paced. Our cash emergencies happen faster than ever and the reaction to them needs to be fast as well. Any number of cash advance lower credit score could go wrong that might wipe out your savings account and put you in the hole. Its pretty scary, for instance, if you get laid off from your job and you need to hit the streets to find more work.
Even if you get hired back or if you find a new job, it could mean a period of time without money coming in. How can you survive without a salary.
You still have rent to pay, kids to feed and bills to pay. In other situations, total emergencies might come up and slap you in the face. Totally personal loan status bdo expenses so of course youre not prepared for them.