Low Rate Payday Loans

Written by Liza Hartung
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Many Americans have already applied for a payday loan (or will in the next year). This is good for times of financial emergency. You don't want to pull out a little extra cash just so you can get that new outfit you've been eyeing or so you can go partying with your friends on Friday night. Those kinds of cash advances can get you into deeper financial trouble than you are already in. If you recognize the fact that such loans are for emergencies or to tide you over with necessities, you're a step ahead of the game.

You want to apply for a cash advance at the last possible moment. I suggest asking friends or family first. They most likely won't hit you with high interest rates or lots of fees. It's understood that you might get into a financial bind once in a while. If you have friends or family that are in a position to help you, you are in luck. However, if you can't get the extra money that way, consider a payday advance loan.

Your Payday Loan

These are small loans that are given for a short amount of time. Companies offering these loans assume that you will be paying them back within a month, usually by your next payday. Think of it as a little emergency money to tide you over until you get paid. This is not a loan to buy a new car or house. Since the loans are generally deposited into your account the next day, the fees can be quite high.

If you are borrowing money in order to avoid late fees with a credit company or bounced check fees, you need to find a company where the loan fees don't outweigh your other fees. If they do, there's no point in getting the loan unless your credit score is at stake. You might be rushing to get the money as fast as possible, but be smart and compare a few places first.

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