Are Online Payday Advance Loans Safe?
With the holiday seasons on their way online payday advance loans become a very real way to make ends meet for those who run short on cash but one needs to know what to look out for when using them.
There will be ads that will be hitting you in the papers, on the radio and all over the internet promising you money in your bank account within 24 hours and if you are not informed on how to use them safely you can find yourself in real trouble right away.
Let’s take a look at what these loans are and how to safely use them and also what to do if you end up in trouble with these loans.
Hopefully we can help avoid some of the pitfalls.
Are They Safe?
For the most part yes, they can be a safe way to get some quick money in an emergency, but this would be the only reason a person should even consider taking out one of these loans.
We repeat the following in many posts here at help Payday Loan Debt because it is imperative that borrowers know what to expect going into these contracts.
To use an online payday advance loan you must:
Know they are short-term high-interest loans that will charge you a very high-interest rate for their services. For example, a $500.00 advance will cost the borrower about $150.00 in interest and fees over two weeks.
- know these loans need to be paid in full on the first due date PERIOD!
- Know that in order to pay off anything but the 2 week interest charge you MUST call the company no later than 3 days before the due date and inform them you want to satisfy the loan IN FULL on the due date. If you do not do this you will only be charged the interest and fees and you will automatically reset the loan for another 2 weeks with new interest and fees added.
- NEVER extend your loan for ANY reason!
Knowing this going in will make sure you get out on the other side safely and quickly.
The last thing you want to ever do is get caught in the payday loan trap of having to keep extending these loans and /or taking out new ones to make the payments on older loans.
What If I Have Already Defaulted?
Fear not for we can help you with this.
We offer services to eliminate your debt to these companies and save you a ton of money doing it.
We have covered how to use these loans properly and how to get them paid in full in a timely manner and what to do if you do end up trapped in out of control payday advance debt.
Use this information and have a wonderful holiday season!