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Many financial experts may see Pay Day loans as a poor loan option, but they focus their analysis on this type of loan as if it were long term, comparing it to the mortgage or car loan. This is an unfair assesment as a Pay Day loan canactually be lifesaving for those of us who have to live from paycheck to paycheck, or who are on limited incomes. What is a Pay Day Loan A Pay Day loan is a small loan offered for a short period of time. These are not loans that should last for a year or two, but are instead a 15 to 30 day loan, to be payed back in full at that time. It works much like the way asking a friend for $20 does. This type of loan can help you get out of any emergency situation you may have. It can be used for expenses like car repair, student expenses, house repairs, child care expenses or any other unforeseen expenses might have. Imagine, the mechanic telling you you have to get an emergency brake job done, which costs somewhere around $500. What do you do if you don't have to $500? You could shamefully ask your parents, a family member or friend for the money, but it is so much easier and less embarrassing to just to apply for a payday loan to cover this expense. Pay Day loans have an easy application process and in most cases, poor or bad credit will not influence you're getting the loan. In fact getting short term loans is now easier than ever as all you have to do is fill out a simple online form. This application process only takes a few minutes to complete. It is analyzed immediately and authorize within a few minutes. The loan may take a 24-hour period to a appear in your bank accounts, but the authorization only takes a few minutes. Pay Day loans have in the past gotten a bad rap in the media. This is because financial experts say the interest rate and fees are high. However, this type of loan was never meant to be a long-term loan. In most cases payday loan fees range from $20 to $30, a fee most consumers are willing to pay for a loan that will solve the emergency issue at hand. It works similarly to asking a friend for a small loan in exchange for a small fee. However, you no longer have to go through the embarrassment of asking that friend or neighbor.
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Payday Loans, Short Term Loans,
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