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Beware Of Bad Credit Payday Loans

from:

Could bad credit payday loans be the answer consumers with low

bank accounts have been looking for? Is there any harm in using

these services? Aren't they better than using credit cards or

going hungry?

Have you seen the commercials? Cute characters promise financial

prosperity. Happy, professional individuals appear to regularly

visit their corner pay day loan shop as proudly as cashing a

check at the bank. Customers at the grocery store all recommend

pay day loans as the easy solution for a lack of funds.

WHY USE A PAY DAY LOAN?

Some individuals reason that paying a bill with borrowed money

is better than receiving bad credit marks because of not paying

the bill. This is understandable. However, some financial

institutions are willing to make the occasional exception if

contacted about the situation. Or there may be a small fee, but

not a credit report made.

Using it for groceries or other items? Consider the true cost

before making a decision. Compare the cost of using a pay day

(or cash advance) loan to the fees charged for taking a cash

advance on your own credit card. Can family help? Often those

who are forced to use pay day loans are not able to repay the

loan by the next pay check and that can lead to a cycle of debt

and stress.

WHAT IS THE COST?

Several sources, including a consumer report by the FTC (Federal

Trade Commission) and the CFA (Consumer Federation of America)

state that usual the usual APR is between 350 - 650% with some

as high as 780%.

A loan of $100 ranges in cost between $15 - $30. If the loan is

not repaid by the pay date then it can be renewed with another

fee due at each renewal. A loan of $100 can cost $60 in fees

after 3 renewals.

WHO BENEFITS?

Based on the warnings issued by federal and consumer

organizations it is clear that using pay day loans or cash

advances from these businesses can often lead to more debt and

problems. Some sites were reported to automatically roll over

the loan and only withdraw the renewal fee on the pay date.

Other sites surveyed by the CFA required customers to agree in

contract to not participate in class action suits or to file for

bankruptcy.

For those who are having debt problems it is recommended to seek

no- or low-cost credit counseling from a local non-profit

organization. These organizations can help with reducing current

interest charges and lowering monthly payments. If the problem

is budget, you should look to a financial planner who can help

you to manage the money you do have and avoid using credit at

all.

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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.