Friday, February 8, 2008

Payday Loans

Have you ever used a payday loan? I haven't, but I do realize they can be advantageous for those who are risking overdrafting their checking account due to an emergency circumstance. While payday loans do charge interest, oftentimes a few overdraft charges from checking ($30 each on average) will cost more. And then there is the embarrassment of not having overdraft protection and bouncing checks… having stores call you and tell you your check bounced, and then they tack on $25+ to the check when the put it in again to collect. Those can all add up. A cash advance could help avoid some of these fees, if used responsibly in emergencies or in the case of a mistake- like you and your husband both paid the car insurance payment for that month, and you didn’t realize it, and it creates a gap in your budget. Payday loans usually go by different terms, but they are a much shorter loan than regular loans, and are designed to be paid back within a week or two, not months. There are payday loan places on the internet, also around town, especially in Billings. They are as prevalent as pawn shops and casinos it seems, one on every street.


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