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from: Need a $500 Dollar Loan Today? Try a Payday Loan

Need a $500 Dollar Loan Today? Try a Payday Loan
By Dave Budke

Sometimes life doesn't play fair. Payday is about a week away and your car engine light goes on. You're overheating. You take your car to the mechanic. He gives you the bad news. Pay $350 now or blow out your engine. You know you don't have money available. Your credit is horrible and you don't have a credit card. Where do you get the money?

Consider a payday loan. It could be the easiest and fastest solution is to getting the cash you need. A payday loan can be obtained quickly online. With a payday loan the upside is, there are usually no credit checks and very little hassle. Plus with a payday loan, you can get the money wired directly into your bank account the same day you apply.

The downside of a payday loan? The interest rate on a payday loan which really is a fee - is kind of high. But again, it's a fee for the convenience of a no-credit check payday loan which is usually about $30 per $100 borrowed. Just make sure you cover your payday loan in full on your next payday.

You can defer the payday loan principal and keep paying the fee until you have the money to pay off your payday loan in full. (warning: this can go on for up to 9 pay periods!). That means you'll be paying a lot of interest on that payday loan.

Face it - credit cards are worse than a payday loan. You can pay the interest on a purchase for 10 years or more before you ever touch the principal - which makes a payday loan a better option! Think about it, your credit card charges you a cash advance fee of 3% - that's $15 on a $500 loan. Then your APR on cash advance is about 29.99%. That's $149.95 for a year - same as a payday loan at term. But unlike a payday loan you can add other "charges" to your principal like clothes, food, etc., and you may never payoff the cash advance portion.

When you make payments to the credit card, they have the option of NOT putting any of that payment to the cash advance portion. What this means is the higher interest payment gets paid off LAST - which, unlike a payday loan, can keep you paying interest on that same purchase for years. Again, not so with a payday loan.

With a payday loan you have to pay if off. It doesn't go on and on forever like a credit card [which used to be called rotating credit line]. A payday loan is a fixed term loan.

So if you have a very short-term need for money. You may want to consider a payday loan. Just remember to use your payday loan wisely and never become a payday loan addict.

Dave Budke worked in the finance industry and has dedicated his time to telling the truth about credit and debt. He suggests always steering clear of easy credit unless it's a true emergency. To find a good payday lender click here

Article Source: http://EzineArticles.com/?expert=Dave_Budke
http://EzineArticles.com/?Need-a-$500-Dollar-Loan-Today?-Try-a-Payday-Loan&id=776362

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A payday loan is a small unsecured loan, usually for $50 to $1,500, which is designed to meet your financial needs until your next payday. Essentially, you are making out a check for the advanced loan amount, plus a fee, to be held until your next payday, whenever that would be. Whether to get presents or pay a bill.