7 Things You Need to Know About Guaranteed Payday Advance Loans
Guaranteed payday loans can be very helpful, especially when money is tight and bills have to be paid. But in spite of all of the advertisements you see for these kinds of companies, getting a cash advance guaranteed payday loan is not the same with every company and there are 7 things that you need to know before you agree to a payday advance loan.
1. These loans are available to people with bad credit.
Late payments and other marks of bad credit can make a tight budget even harder to deal with. When an unexpected expense comes up, such as necessary car repairs, a guaranteed payday loan can be a quick and easy solution to the problem, even if your credit score is low.
2. No collateral is necessary for Guaranteed Payday Loans.
Because there is no collateral to be evaluated for value, loans can be approved very quickly which will allow you to receive your payday advance almost immediately.
3. The fees for Guaranteed Payday Loans are high.
Because these kinds of loans do not have any security or collateral, the rate of interest is higher than other types of loans. Payday loans vary for each company and the customer’s needs, but most payday loans are for 2 weeks with a charge between $15 and $30 for every $100 that is borrowed. This is higher than a onetime late fee on your credit card. Because of this, guaranteed payday loans should only be used if absolutely necessary.
4. How much should you borrow?
Because the fee is charged for every $100 (or another set amount) that you borrow, you should borrow exactly what is necessary and no more. If you borrow too much, you are likely to spend it on something that is not an absolute need and when it comes time to pay back this money, you might have some trouble.
5. Know the terms and limits of your loan.
Not all companies have similar rates and options, so you must be fully aware of the terms and limits of your payday advance loan. It is important that you know the rate per $100 borrowed as well as the term of the loan. Although you write a postdated check for the loaned amount and the fee, you need to make sure that you have the right amount of money in your account when that check will be cashed.
6. Are Rollovers allowed?
Rollovers will extend the amount of time that you have before the loan must be paid back. Since this has an additional fee, it is important that you determine how long it will take you to pay back the loan when you first apply for it, so it is not necessary to extend the time.
7. Be prepared to pay back the loan on time.
If you do not have the money when it is time to repay the loan, there will probably be another charge. Even if you have not extended the term of the loan, you are still paying a hefty chunk of money in fees. It is vital that you are able to pay back the loan so you do not slide further into debt.
Living paycheck to paycheck is not the best of circumstances, but especially in these hard economic times, it is a harsh reality for many people. So many things can happen that suck needed funds out of your already tight budget, such as car repairs and medical bills. Guaranteed payday loans can help you make it until your next paycheck if an unexpected expense comes up.
If you are struggling financially right now and have bills that still need to be paid, a guaranteed payday loan might be just what you need.
Fill out the contact form at the top of the page to apply for your Guaranteed Payday Loan and find a quick solution to your financial worries.