Extend your payday loan or pay it now!

Posted in Finance

Every month you are worry about paying the urgent bills. The role of payday loans is to pay your urgent bills quickly and with simple steps, but with higher interest rate as usual. If you search for a fast loan for short term financial assistant, so you can use payday loan to pay the due bills now. Remember that, payday loans are designed for the short term financial assisting, and using it for the long term can cause a big financial trouble for you.

Usually, you should pay back payday loans after our next pay day. If you do not pay the loan by the specified day, the lending agency can take only interest on your extended loan and it cannot take more fees or interest for extended loans. Remember that, no additional interest rate can be applied on the extended loan, but one time penalty fees may occur.

In fact, you do not have to extend or renew payday loans, as it may lead you to a much bigger due amount, so you have to search for your relatives, friends to pay your loans without the need to extend it.

What about the payment before the specified day? Are there any more fees for early pay?

If your urgent financial trouble is solved before the due date of payday loans and you want to repay the loan, you can do it. Do not worry, lending agency do not have the right to give you fees or penalty. Service Nova Scotia can help you, if they were made you pay penalty or fees for early repayment of loans.

In short term financial troubles, they recommend payday loans. But no one use it in long term financial, such as urgent bills, or similar financial troubles

 

 

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Why should You Avoid Payday Loans?

Posted in Finance

Payday loans Chicago has been designed to meet immediate cash requirement. At first glance, it might seem like a good choice since the loan amount is transferred to your account within a day of your application. However, you should avoid these loans as much as you can. Here are some reasons why.

It has High-Interest Rate

Payday loans have a high-interest rate which can sometimes be more than the interest rate of credit cards. You might have taken the loan for short term fix but you ultimately end up paying a huge sum of money. A majority of the payday loan lender opts for direct or electronic deposit which means that they have access to your bank details while assessing the interest rate.

Hidden Fees

Like other hidden bank fees, payday loans Illinois have hidden fees, too. These fees are more than the loan capital and the interest rate making payday loan an expensive process of borrowing money. Hence, before you obtain the loan, you need to make sure that you read the agreement properly and understand the financial obligation you have.

Aggressive Lending and Collection Process

One of the biggest reasons that payday loans Chicago have come into the limelight is because of the aggressive lending and collecting process that it entails. As a matter of fact, some of the payday loan companies even go the extent of threatening the consumers with garnishment of wage and prosecution. This is an illegal collection procedure.

Not Good Choice in the Long Run

Payday loans might help in times of need but it is certainly not a wise financial decision.  With high-interest rate, hidden fees, and aggressive money collecting process, it is clear that these loans aren’t the best option when you require money. In fact, this might worsen the financial instability that you are facing.

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