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When you need money fast, especially when there is a financial emergency that you’re trying to sort out, a payday loan may be something you’d want to consider. Also referred to as cash advance or check advance loans, this is a short-term loan that you can get from a variety of lenders. The fast and easy processing of these loans make them a great instrument for those who are in need of funds to bridge whatever monetary gap one is experiencing whilst waiting for his next paycheque.
How Much You Can Borrow
Being a short-term loan that is generally banked on you paying it back on your next payday, the amount borrowers are allowed to take out are generally smaller. Your credit score is not important though because payday lenders generally cater to bad credit borrowers. They’ll be more concerned if you have a regular income though to make sure that you can pay them back when the loan is due.
Benefits of Payday Loans
Payday loans are perfect for emergencies because of their fast processing. Most lenders operate online which allows customers to sign up for a loan hassle-free. Some of these lenders have advanced systems that allow them to review and process loans in a matter of minutes. Once approved, they can get the funds released soon after too. Since they do not focus on the borrower’s credit score, you can access these loans even when your credit is bad.
Downsides of Payday Loans
The extremely high costs of payday loans make them a huge risk for borrowers. While they do help in terms of financial emergencies, borrowers will have to be mindful of their due date to ensure that they will not incur any more fees or additional penalties. However, it is also this very same expensive nature of these loans that make them hard for borrowers to get them paid off on time. This is also why people are advised to only consider taking one out only if he does not have anywhere else to turn to.
Paying Off a Simple Interest Loan Faster
If you took out a loan, your loan agreement will usually indicate the loan amount (or principal) plus the loan interest. The loan interest is what the lender earns from lending you money, for example, 4% on a home loan. In the lending industry, lenders may choose to apply compound interest or simple interest.
Compound Interest vs Simple Interest
The type of interest usually depends on the loan. Compound interest on loans is usually more expensive than simple interest because compound interest is not only based on the principal loan amount but also the previous balance’s accrued interest. Simply put, you also pay interest on the interest itself. A good example here is the interest applied on credit card balances, which can grow significantly if you only pay the monthly minimum payment required since most of the payment goes to the interest and not the principal amount.
Simple interest is based on the original loan amount only. You can get a better loan deal if your loan’s interest is calculated using simple interest. Simple interest loans come in different forms. The monthly repayments are paid in equal amounts. The interest is usually highest when you start paying off a loan, then decreased as the repayment of the loan progresses.
If you have a simple interest loan, you will be able to settle your debt easily if you pay in full and on time each month. Before taking out a loan, read the details of the loan contract or consult with your loan specialist on how the interest on your loan is computed.
There’s no need to worry now if you need the cash the same day. With payday loans, you will certainly be able to pay those heaping bills on your dresser in no time at all. Just make sure to check out our amazing loan offer today and get the best service ever!
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