One Hour Payday Loan - Tips on How to Find One
Commercials for one hour payday loan look all over. You can see them on the side of the freeway, painted on buses and taxi cabs, and on the internet and magazines across the world. If you all of a sudden find yourself in a position where a bit more money would go a great deal, it might seem like these payday loans are the best way to obtain yourself out of a jam.
Payday advances seem like the perfect way for getting additional cash, but they are not all fun and games. The cause that one hour payday loan lenders have enough money to load money to those along with little or poor credit history is because they bill high interest rates for their particular loans. The interest rate of this cash loan can be as high as 25%.
That means when you pay back the payday advance, you should not pay only the total amount you borrowed, but 25% extra. As an example, to pay off the $200 loan you borrowed, you will need to repay payday loan provider $250. If you simply cannot pay that back in time, the interest will build and it becomes more difficult to pay back that small payday loan.
You can find occasions where a 1 hour payday loan is simply the best solution. If your vehicle all of a sudden breaks and you can be stuck with no way for getting to work, you need to take out a quick cash advance in order to get the car fixed. Once you can get back to the office, you settle the payday loan (in full) and you could be back to your life.
No harm was done and the approximately a hour cash loan made everyday living easier. However, when you get a cash advance without being certain that you would have the ability to repay it back together with interest, you can cause huge financial problems for yourself while that $50 a payday advance turns into a $5000 bill.