Online Payday Loan Uses

August 1st, 2013 | Posted by michelle in Payday Loan Blog - (0 Comments)
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I go to work every day and try my best to save money. My paycheck just never seems to be enough to cover all of my expenses. I do not go out often and live within my means. So when my car broke down I was starting go very frustrated. There was some kind of trouble with my motor. I was not really sure what the problem was but the mechanic wanted $800 to fix it and return it to me. I did not have the money to pay and they would not work out a payment plan with me. My family would help me but they did not have the extra money either. I decided to check out payday online loans. This would help me get the money I needed quickly and help me get back on the road.

I was a little nervous about getting a payday loan in PA. I thought the interest rate was going to be very high and I would have to pay back double the amount of more that I owned. I thought I had no other choice but I decided to do some research on the different payday loan companies. I was able to find surprisingly low interest rates with these payday online loans. It was much less than what I thought it would be. The payday loans lenders were also reasonable in the amount of time that I had to pay back the loan. I expected that I would have to pay the full amount back on my next paycheck. This would have been very difficult to do. I only make $1000 every two week and that would have been my entire paycheck. The payday loan companies were willing to let me space out the payments so I can repay them over several paycheck so I did not have to overextend myself.

After reviewing the different payday loans in PA I found a lender that fit my needs. Their interest rate was very reasonable and the application process was going to be simple. All I had to do was fill out a form online for a payday loan from this company. The form contained my contact information as well as information about my employment. I thought this was reasonable since this company provided loans for payday and wanted to make sure that a person is working. I can understand that. The payday loans lenders are going to want to know they are getting their money back. Once I submitted the application for payday loan I received a call from a representative for the company. They needed to get some additional information off of me. They needed to see my license so they can prove that I was really the person who applied for payday loan. I had to show them proof of my address as well as a paystub. This was to prove that I was employed and was going to be able to pay back the amount of money that I was going to borrow. I was surprised that the payday loan from this company did not ask me for a credit check. I understand that I have to pay the money back but I have less than perfect credit. I made a couple of mistakes in my younger days and am still trying to recover from them. The company did not even ask about my credit history or the amount of money that I owe other companies. Since I was looking to get payday loans on such a short notice I did have to give the company my bank account information. They needed to make sure that my account was valid and active. They also needed to know this information so they can directly deposit the money for payday loan into my account. This was able to save me a lot of time. I did not have to wait for a check to come in the mail and go to the bank. Since I do not have enough money in the bank to cover the amount of the check I would have had to wait for it to clear. That can take anywhere between three days and a week at my bank. I would have lost more time and money since I had no way to get to work without fixing my car.

I was surprised at how quickly I got my payday loan in PA. After speaking with a company representative I had the money I needed in my account the next day. Payday loans on demand was the slogan of the company and they were not kidding. The money was ready for me to use and was released by the bank. I was able to take this money out of my account and go pay the mechanic to get my car fixed so I can get back on the road to work. When looking for payday loans in PA I would use this company again. I hope I do not have to be in a situation when I would needs loans payday loans to help me out when I am in a rough spot. If I ever do need it at least I know that help is there.

Since I was able to get back to work in a time manner thanks to my loans payday loans I was able to start the repayment process the very next week. I sent them the agreed upon amount and a little bit extra. By sending a little bit more money each payment I was able to cut down the amount of payments that I owed them. This helped me save some money on interest. There was no penalty for paying the loan off early or any additional fees for early repayment. This loan really helped me out. While I do not like to borrow unless I have to this payday loan helped me when I was in trouble and made a repayment plan that was able to fit my financial situation.

Applying for a loan can be an intimidating thing, especially if you haven’t done it before. Payday loans are referred to as “fast loans” because the process is a lot quicker than with traditional loans. Payday loans are different from traditional loans in many ways, but they do share similarities as well. Online cash advances, like traditional loans, require on time payment. You must pay your cash loan back on time in order to avoid high interest rates. You want to avoid paying back any more than you have to with any type of loan. Pay attention to the following tips to avoid paying high interest rates:

Tip 1: Understand due dates

An online payday loan is a short term loan. It is a loan on your next paycheck; because of this the life of the loan is typically two weeks. That means that you have two weeks to pay back your cash advance.

Tip 2: Don’t take out more than you can pay back in two weeks.

Since cash advance customers only have around two weeks to pay back a loan, it is important to not take out more than you can back in that period of time. Fast loans are not meant to fix a financial problem; they are intended to be a solution to a very temporary financial hardship. Cash advances provide emergency funding to those who can pay the loan back with their next paycheck.

Tip 3: Be aware of fees.

There is a fee associated with online payday loans, cash advances, and any type of cash loan. This fee is to protect the lenders against those who can’t pay back these types of short term loans. A payday loan fee varies from state to state, and lender to lender, so be aware of the fee before you take out any loan. Factor in the fee when determining what you will owe.

Tip 4: Set up notifications.

Whether you mark it on a calendar or set up a mobile notification, remembering your cash loan due date is important.