Payday Loan Cash Advance Problem Could 100 Day Loans Be A Better Solution
Payday loan cash advances seem to create more problems for people than they solve
. Cash stricken citizens turn to payday loans for urgent cash need to pay an unexpected bill or emergency. These people are given as little as 14 days to pay the loan back after they have paid a hefty fee for it. How come anyone who needed the cash so desperately recovers in that time and finds a solution. Their wages are just enough to pay for their life expenses. When the payday loan company takes the money back as soon as their wages hit the bank, they are suddenly short of cash again.According to a government study, borrowers of such advances can not recover easily. Many people get caught in a payday loan cycle. It has been reported that an average borrower may go through as much as 12 payday loan cycle, paying hundreds of dollars of fees in the process. Banks behind these institutions make so much money that they spend more money on advertising to catch more unaware consumers.
Clearly there is a need for urgent and fast borrowing. People have nowhere to turn to find the much needed cash. If only they could borrow for a little bit longer to come up with the money to pay. It appears that there are firms out there that see these shortcomings of payday loan cash advances and prepared to lend cash for 100 days. 100DayLoans.com is one of them. Since they search many lenders to get the best deal for applicants, they are cheaper than many payday loan companies, too.
Hopefully, there will be competition among payday loan lenders that leads to these companies considering extending their lending period to a reasonable time. Charges are high, but cost of missing a payment could be high as well. Almost all high street banks and reputable credit card companies charges up to $25 for a missed payment and the missed payment could be as little as $5. Availability of credit in desperate times is a blessing for many people. Shortness of the repayment period looks to be a major issue. Within 100 days people can solve their cash problems and be thankful that they could turn to such a company when they needed.
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