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|A payday loan (also called a paycheck advance or payday advance) is a small, short-term loan that is intended to cover a borrower's expenses until his or her next payday. Typical loans are between $100 and $500 and are due in two weeks, with interest rates of up to 400% APR. On a two-week loan, fees average $15 for each $100 lent. The loans are also sometimes referred to as cash advances, though that term can also refer to cash provided against a prearranged line of credit such as a credit card.|
Payday loans can put you in a courtroom begging the judge to relieve you of debt. While searching for payday loans you may want to consider unsecured or secured credit cards for debtors. A number of the credit cards online may have high rates of interest and fees on late charges, yet if you repay the debt before the grace period, chances are you will pay less than what you would pay on a payday advance.
Many card providersí online offer a variety of credit lines, which may include you paying a small fee upfront on the card. In other words, if you have bad credit the lender may opt you to pay fees before utilizing a fixed amount on the card.
The lender may offer $250 line of credit, which roll into the credit card. You will then pay the amount $172 give or take before using the card. Once the fee is paid, you will have $250 each month to help pay late fees, overdrafts, or other bills.
Letís review some examples. If you have an overdraft, which is commonly why people take out payday loans to cover charges and the amount due is $100. The check is already bouncing, thus the bank has charged you a fee of around $31-35 and will continue to charge a late fee per day, which at the end of the week could add up to $35. You need around $165 to cover the overdraft. Thus, you take out a payday loan of the amount of $200 and agree to repay $240. The amount includes the payday fees and loan amount.
The payday due date arrives and you do not have the amount plus the fees to repay the loan. The loan is rolled over another two weeks, and you pay $40 to extend the loan. Now you have paid $80 to avoid additional charges on overdrafts. Still, you have a savings. Yet, if you roll the loan over again, you will increase the rate to $120, which still gives you a saving.
Yet the cycle begins until finally savings is no longer in the picture and now you are experiencing overdrafts and cannot get another loan until you pay the first loan off, unless you go to another provider. You may take chances, since if the second provider notices on your bank statements that you have a pending payday loan, you might be rejected.
The cycle you want to avoid at all cost. Yet on the other hand, if you had $250 in credit on a card and wrote a check that bounced equalling $100, utilizing your credit card to repay the late fees, insufficient fund fees, etc, you will have $95 remaining on your credit card. Now, the grace period is 21 days on the card, which gives you sufficient time to come up with $165. Yet the grace period is here and you only have $100 to apply to the card, which means you will roll over $65.
The annual percentage rate (APR) on the card is 13.99% and the late fees is 9.99%. You will likely pay close to $88 on the loan, yet you have 21 days to pay $88, which will balance out to $23.98 paid resulting from overdrafts. If you can see, the credit cards could save you a fortune verses choosing payday loans to take care of incurred overdrafts.
Advantages of credit cards verses payday loans is that you reinstate your credit i.e. if you employ the card shrewdly and repay the debt before the grace period. If you roll over on credit payments, you will pay higher interest rates and fees against the card. If you roll over on payday loans, you will pay high fees.
If you employ your credit card to pay $165 in bills, you will have pay checks on hand and through the month, you could repay the debt with interest, which will cost around $180, or in this immediacy despite of the interest rate amount. We note that a huge savings is in your pocket by exploiting the credit card verses using payday loans to cover the overdrafts. Start saving now!
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