Are payday loans with bad credit worth It? :)

Every time an individual considers making a purchase or do any other activity for that matter, one of the questions that crop up is “Is it worth it?” Is this thing or activity going to compensate for the time, effort, or resources that I am going to expend on it? The same thing goes for payday loans. When one thinks about taking out a payday loan, one can’t help but ask, “Is it worth it?”

What do you think?

An online payday loan no credit check is just like another other type of loan, in the sense that it will give you the amount of money that you need. In addition to that, a payday loan – just like any other loan – has to be paid back within a specified amount of time, PLUS interest or charges. I suppose the last two considerations are the factors that will ultimately determine if a payday loan is worth it or not.

So what is the normal period of time that a payday loan has to be paid back? This really varies from one payday loan provider to another. However, since it is the borrower’s pay cheque that is being used as security here, it is logical to assume that you have to pay back – at least in part – the payday loan on your next payday. That would be anywhere from a week to 2 weeks from the date your payday loan release. This period can extend to about a month or so. For example, bad credit payday loans provider GshLoans also offer the option of extended payment – more than the normal period of time – but this usually means higher applicable charges.

Speaking of charges, how do payday loan providers charge their fees (COVID)? This is one point wherein conventional loans and payday loans differ greatly. If you have ever tried shopping around for a conventional loan, you would know that lenders advertise their products using APRs, or the Annual Percentage Rate. This figure can be quite confusing – even people in the lending business admit to this fact. APRs are calculated differently by different groups so sometimes, they are really not a good measure of comparison. On the other hand, payday loan lenders do not work with APRs. Instead, they ask for fixed charges for every certain amount borrowed. If an individual borrows $100, for example, he will be charged a fee of $10. Double that amount to $200 and the borrower has to pay $20 in fees. Now this fee varies from one lender to another but you can expect it to play around $10-$30.

Knowing these things, do you think that a payday loan is worth it? I would say that you can fully appreciate a payday loan’s worth if you find one that has good repayment terms – a period that you can handle and a reasonable charge. Add to these things the fact that you can get a payday loan very easily (anywhere where there is a computer and an Internet connection) and quickly (get your cash within a day or two), I would say that for meeting URGENT needs, a payday loan is definitely worth it. What do you think? 🙂…

Payday loan debt consolidation

payday loan debt consolidationBefore I say anything else, let me emphasize the fact that no payday loan borrower should ever have to face the situation wherein he has to resort to the consolidation of his payday loan debt. This is not the default choice. Why do I say this? Simply because of the fact that, if used properly, payday loans should HELP you get through emergency financial situations and NOT place you in a deeper financial problem. The operative words here are SHOULD and IF USED PROPERLY.

However, as well all know very well, the ideal situation does not always come about. For whatever reason, some people find themselves in financial trouble – whether it is because of payday loans or any other types of loans. So, if you already find yourself in a bind, do not beat yourself up for it. Instead, I suggest that you find a solution as soon as possible in order to deal with your payday loan. One such solution is payday loan debt consolidation.

I am sure that you have heard about debt consolidation – it has been a popular topic for many years now, especially when it comes to credit card debt. Though people with immense credit card debt are the ones who usually use debt consolidation services, people with payday loan related problems can also avail of the help offered by debt consolidation.

How does it work? For example, you took out one payday loan to take care of some urgent bills. Then you found yourself unable to pay it off so you took out another payday loan. Pretty soon, you found out that you were unable to deal with both payday loans at the same time, so you took out another one. This cycle could go on and on and before you know it, you are up to your neck in payday loan debt. What do you do?

If you have some sort of savings stashed away – something that you promised NEVER to touch, no matter what – then I suggest you throw away your promise and pay off ALL your payday loan debt. If you do not have this option, then you might as well seek the services of a debt consolidation company. This type of company specialises in lending money to people who have several debts and cannot afford to pay them off due to high interest rates or charges. What happens is that they pay off ALL or PART of the existing debt. The implications for the borrower are as follow:

-the borrower will be accountable to only one lender
-the borrower will only have to worry about one payment for each period
-the borrower will only have to worry about one interest rate
-the borrower will have a new loan, which has a lower interest rate
-the borrower will have to face better repayment terms

Some people feel iffy about having to take out another loan to pay off existing ones – this is but logical as taking out one loan to pay for another is what probably got them into this situation in the first place. Sometimes, though, you just have to get what you can take in order to solve a problem.…