Sunday, May 15, 2011

How to Use Payday Loan Advances as a 'Get Out ... - All Finance Advice

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Isn?t it irionic that just when you really don?t need it, life throws an unexpected emergency situation at you. In today?s tough times, getting by is hard enough without having unexpected expenses cropping up depleting already hard pressed wallets.

So what plan would you put into action if you need some extra cash to get you out of a tight situation?

You could resort to the trusted credit cards but what if they are already full? A loan perhaps? Well, credit is not that easy to come by still and most banks will only lend to you if you are a customer of theirs. It is not like the days of two or so years ago when the banks would literally be throwing credit at you. The situation is different now. You could go for an overdraft. If you manage to get one approved then all well and good. What though if you get turned down? Don?t even contemplate going overdrawn without permission. You are looking at serious interest and charges, often into 6 figure APR?s!

You could try and borrow the money from a friend or member of your family, but chances are, they are in the same kind of financial month to month existence as you are.

So where do you turn? What do you do if your car needs to be fixed so you can get to work, because you don?t get paid if you don?t get to work? Well, one form of short term finance that is readily available is payday loan advances. These instant loans are short term loans with the sole purpose of getting you through times of difficulty and then you repay the loan on your next payday. Simple.

Although payday loan companies get a lot of negative press, erroneously in my opinion, there is no other form of credit available whereby you know exactly when you have to pay the loan back and precisely how much you will need to pay back. Borrow ?200 and you will be required to pay back ?250. That is it. You know exactly how much it is going to cost you. Totally transparent. Not something that can usually be said about credit cards or overdrafts.

Source: http://allfinanceadvice.com/2011/how-to-use-payday-loan-advances-as-a-%E2%80%98get-out-of-jail-free-card-when-emergencies-strike/

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