Radio, television, internet and even email advertisement usually scream "get cash until payday from $100 to $1500 without faxing paper." These ads pertain to cash advance loans or payday loans that finance companies promote to help those who urgently need cash. These loans usually come in the form of post-dated checks addressed to the borrower. The repayment process comes in the form of the borrower's next paycheck. When the due date which both party have been agreed on comes, the borrower has to pay back in full including the interest rates.
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Please keep in mind that since this type of payday cash advance loan is easy and convenient to get, it is always a bad story behind it. Payday cash advance loan is recommended to take only when you have an emergency and you have no cash in hand. As you can see the interest of this loan is so high, it can bury you more debts if you don't use it wisely. For example, you note a personal check for $115 for a $100 loan for 14 days, the lender in return keeps your check until your following payday. Through this example, the cost of the loan is practically $15, which serves as a finance charge.
If you exceed your scheduled payday, your loan fees would climb up to twice your initial fee for your $100 loan. For this reason, it is very vital to pay your dues regularly so as not to loose the trust from lending companies. However, if you feel that your lender has dishonored the law you can always approach your lender to make clarifications. You can also contact a loan service to minimize loan related to the problems.
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