subject: Payday lenders and check cashers [print this page] Payday loans will give you money until your next pay check; they will do this while charging you a fee for their services. If you need 200.00 often payday loan brokers will give you the money and then will charge you 20.00 or more for the "loan" until your next paycheck. When you get your paycheck you will then repay your loan plus the 20.00 so your total payment would equal 220.00. Payday loan or payday check cashiers can help you out in emergency situations such as home and car repairs. There are even payday lending services that are online.
Online payday lenders will usually need your personal information as well as some banking information, online payday lenders also usually require that their lenders have their paychecks directly deposited into their bank accounts. This helps to ensure that the money that the payday lender is advancing you is going to be available for them to withdrawal.
Payday lenders usually expect to have their loans repaid to them within the week or two weeks time period, but many will allow you to extend your payments out, this may mean that more fees or interest will be charged to your account and the amount that you end up paying could be much more than the amount of money you received in the first place.
Payday lenders can help you out if you find yourself in a financial hardship just remember that it is a loan that has to be repaid.
Payday lenders and check cashers
By: Alex Pomery
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