subject: Do Instant Payday Loans With Lower Interest Rates Exist? [print this page] Author: Hector Milla Author: Hector Milla
Instant payday loans are quick, easy to qualify for, short term loans designed to help consumers out of an immediate cash crunch. Most consumers only need to be able to prove income, residency and have a few references in order to walk away with $100-$1500 with only a signature and a check written to the lender, depending on where they live. Repayment terms are simple. The balance of the loan is due on your next payday. Sounds like a dream come true, right? Hctor Milla Editor of the "Best Payday Loan Lenders" website -- http://www.BestPaydayLoanLenders.com -- pointed out; The problem is, most of these loans come with a high interest rate. Some of them can have interest rates that run 400% or more. This means that the loan obtained by the consumer can cost them anywhere from $10-$200 or more. And while the repayment term states that the loan is due in full at the end of the term, most of these companies allow the consumer to rewrite or obtain a new loan immediately after paying off the original, requiring them to pay another fee on their next payday The alternative is that bills will go unpaid, the car might not get fixed, or consumers will overdraft their bank accounts, racking up hundreds of dollars in bank overdraft fees that total well more than the exorbitant interest rate of the payday loan. There are alternatives. While most payday loan companies, especially the retail ones, charge the same fees as their competitions, many will offer a free or discounted loan to new customers. This will allow the customer to borrow the money with no interest the first time they utilize the company, or only pay a fraction of the fee, usually $3-$5 instead of $30. Plus, retail establishments charge much less than payday lenders on the Internet. Each payday loan establishment is governed by the laws of the state in which they reside. The amount of interest they charge is governed by state law. In the case of Internet based payday loan companies, the amount of interest the company charges can be different than the rate charged locally because most of them are in another state, usually one that allows a higher interest rate to be charged. If you are in the market to obtain a payday loan, do your homework. Find a local company that allows first time customers to obtain a new loan for free or at a discount, pay it off at the end of the term, and only use this option if it is a true emergency. This way you will be able to pay what needs to be paid and not end up over your head H. Milla added. Further information and instant approval payday loans regardless of your credit by visiting: http://www.BestPaydayLoanLenders.comAbout the Author:
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
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