In a fast paced world, where we are dependent on fast food, fast information, fleeting time, changing relationships and almost surrounded by anything and everything high paced and hi-tech , it may be convenient to say that fast can also be furious at times. ATM’s and here I mean ANY TIME MONEY, is what everybody is rooting for in today’s times. But the question lies-if one is ready to pay any price for it or not. Easy money can be that sweet for some which can satiate your sweet tooth for a minute but could give you a brutal tooth ache, or even worse a treatment which can make your dentist very rich.
So what are some of the sources of easy money? Bank loans, Credits, or Payday loans. Payday loan is garnering attention, both in good and bad ways. What may sound as a lucrative and an easy solution to some, it is still a way which is far fetched and can be nightmarish for many. It offers respite to people in the cases of cash crisis yet its cons weigh more than the pros. So what is Payday? What makes it different than other loan offering companies? Is it reliable? Is it feasible? Is it popular? Is it synonymous with credit card system? So before you jump into any conclusion and decide or give up the idea of indulging in Payday Loans, let’s give you an insight on the concept.
The loan is a boon for people who are at two different extremes i.e. either they are spendthrifts or face hardships in meeting their ends meet. The loan helps borrowers accumulate sufficient funds to satiate their needs until the next payday. Now this sounds simple! isn’t it? But here is the catch. Just like all other banks and entities offer loans on some rates of interest, Payday Loans are also subject to certain terms and conditions. You get money but you pay it back with extra amount or the rate of interest . Sounds enticing enough for people who burns a hole in one’s pocket, eh! Hell no! don’t let this devil in disguise be-fool you. It is that intoxicating drink whose hangover is way too toxic.
Now the burning question hovering your mind would be: “ Why do you say it? It is easy money. Money in a jiffy”. Sadly, all good things don’t come that easy. You got to pay a price for what you demand, and open your ears and eyes here, for the PRICE IS EXORBITANT. So the modus operandi of Payday Loans is:
You run a medical emergency, run out of money or any dire need of the moolah, you go to a Payday store or access an online store. You get cash once you write them a check along with the amount which you are willing to pay at the time of the nest payday (the rate of interest).
You wanted money you got it and your needs are sorted right! But now comes the next month when you had thought of investing your money in Mutual Funds or Health Policies or maybe simple savings. You will get a hard-hitting reminder in the form of repayment of your loan which you had taken. So forget all the savings because the repayment of loan takes a toll in your pocket. That’s exactly what the moneylenders of Payday Loan are looking for. What you had thought of a gigantic ball of rolling money, comes a chain of money debts.
So if it is a do or die situation, the idea may not sound too bad ! But for the low income peeps, it is a whirlpool in which they find themselves stuck as the loan plus the interest is paid back to the lender as a whole. So anyone who qualifies the criteria of having a flow of income, is eligible to take a payday loan. In contrast to the credit companies, which inquire and find more about the borrowers, payday loan lenders do not get into that. And no! it is not a sigh of relief, instead it is worse as it sets a kind of a trap for the borrowers.
It is better to steer clear from such fast cash or easy money options . One might just end up paying more than what had asked for. The repercussions of anything which is tempting at first is bad. And this I can say from my own personal experience. The rate of interest is much higher than any of the other credit companies which can lead the lenders into a long-term trouble. Its only human for me to imagine the plight of the borrowers because I’d been on the other side myself , unfortunately. But fortunately enough, I was in the credit cycle of my credit card company and not the payday loan Wichita KS stores. But yes, I did end up paying three to four times more than what I had to pay. If I contrast this interest rate with the Payday rate of interest, the borrowers end up paying even 10 times more. Another disadvantage of this can be that once you have got yourself engulfed in it, there is hardly any other solution left. You cannot possibly withdraw. If this is not enough, some Payday companies have horrible, horrible ways of collecting the amount from you , should you decide to defer or deny the amount promised. The ways can wary from being harsh or harsher.
So other than increasing your financial woes, it can also add to your personal woes. So all that glitters isn’t gold. It is always better to trust the financial sources and take your decisions judiciously. After all , it is your hard earned money.
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