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Payday loans are known for being one of the top solutions when you need instant cash. Unlike other loan options, this kind of short-term loan can be acquired easily and quickly. The requirements asked by the lender are simply and the loan procedure is less complicated. On top of this, it can be acquired over the Internet; meaning, you can get the loan anytime, anywhere.
But what is a payday loan really about? And why many critics are against it?
What Is A Payday Loan?
A payday loan is a short-term loan offered in a small amount. It is unsecured; meaning, you don’t need to pledge collateral or bring a guarantor to cosign the loan contract. It is easy and quick to acquire; some lenders can even provide the cash advance in as fast as one hour.
Normally, the payday lender will only require you to fill out an online application form, which will ask about your personal and financial details. As long as you can provide proof of income and an active bank account, you can have the loan you need on the same business day or in just an hour. After filling out the form, the lender will verify all the information provided and it’s important that you answer each question truthfully; otherwise, your loan application may be rejected. Once approved the loan will be sent to your provided bank account.
The simplicity of payday loan made it a popular choice to many people who need a quick financial relief; however, it comes with several downsides such as the high-interest rate, short-term repayment, and small amount offered.
Things To Know About Unsecured Loans
Since the loan is unsecured, the only way for the lender to minimize the risk is to apply expensive interest rates. On top of this, you need to settle the high-interest rate plus the principal loan amount. As a result, many borrowers find it challenging to repay the loan on time, leading them to a vicious cycle of debt. For this reason, many critics find the loan more detrimental than helpful.
You got unexpectedly laid off your job and your car broke down, apartment rent is due, and your power just got cut.
Basically, you’re in a chain of bad luck and need a little bit of cash to get by. So you decide to get a payday loan. But what happens when you can’t even pay the loan you took out?
Risks You Need To Know About Payday Loans
A payday loan is a type of short-term loan that’s mainly used to bridge a gap during paychecks or whenever you need a small injection of cash, usually $1000 or less. You can get a payday loan everywhere; the real work is finding the right lender with the right terms.
A payday loan is repaid through writing a post-dated check with the amount you borrowed plus fees and interest, or you could authorize the lender to debit the full amount from your bank account on the due date.
Payday loans are notoriously known for their astronomical interest rates; as high as 400% APR. That can make it hard for you to stay on top of your payments. A lender may offer you to “roll-over” or to extend your loan, but not for free; Your interest rate would likely get increased.
What happens if you fail to repay?
If you’ve taken out a payday loan and is having troubles paying? Don’t worry, you’re not alone. In America alone, people have spent $30 billion a year borrowing from payday lenders. Payday lenders target people who don’t have access to the traditional lenders such as banks, and credit unions.
When people take out Payday Loans, that generally means that they have no other option. People who usually take out Payday loans are those who have poor credit and is unable to make ends meet.
A payday loan is enticing especially for those who have bad or little to no credit at all as lenders don’t usually check applicants’ credit score. If you have a monthly income, then you are qualified. Once you’re in and don’t manage to solve the root cause of problems? You’ll be trapped in a cycle of taking out payday loans, cause even more financial damage.
Defaulting happens when you aren’t able to pay your loans on time, or have stopped paying entirely. Needless to say, that won’t be very good for your already damaged credit score, your loan will then be passed on to a debt collector, and in extreme cases; will result in legal actions which can be costlier for you.
If you’re having trouble paying.
When in a rough spot, it’s best to ask for help, whether through a credit counselor or a co-signer – every help you can get is valuable.
You can try and ask your friends and family for financial help. Sell anything that you don’t need and use your resources to get an extra flow of income.
And if you still feel like you have to worry about too many payments, try and explore the idea of a payday consolidation loan.