Quick Cash Advance Payday Loan - your Friend in Need

By: Apurva Shree

Some financial experts advocate against using a quick cash advance payday loan, because of the high interest rates involved in acquiring such a loan. However, if used wisely, a quick payday cash loan can prove to be a real friend in need in those times of financial crunch, when help is not forthcoming from anywhere else. I can especially prove to be a boon for those who already have a poor credit history, as such people will probably not get help from friends and family either. Neither will they get credit anywhere else.

How To Shop For A Cheap Quick Payday Loan?

As with everything else today, you can easily compare the rates offered by different quick payday loan companies on the internet. It will not take more than an hour, but could easily save you a precious $100 bucks on the interest you pay. The disclosure laws in the payday lending industry today makes it mandatory for lenders to disclose in writing the net effective cost of taking a quick cash advance payday loan from them, in terms of an Annual Percent Rate. While you won't be using such a loan for more than 2-4 weeks, the APR can provide an easy way to quickly assess a good offer.

Another thing to look for, while hunting for a quick cash payday loan, is a low interest or a zero interest scheme for new customers. Many payday loan companies today offer their first time users a discounted rate or a totally interest free quick cash advance payday loan, in order to promote their business. Ofcourse, you will definitely need to make sure, whether such a company is registered with the local BBB or not and also ascertain the kind of security measures it takes to protect your personal and financial data on their website.

Exercise Caution And Wisdom

The fact remains that, the interest on a quick cash advance payday loan is very high - $15-$30 on every $100 borrowed for 2 weeks leads to an APR of almost 400%! So, you don't want to fool around with such an expensive privilege! Never take a payday loan in a non-emergency. Always make a monthly budget and keep aside a few bucks every month for a rainy day. In case, you still need to take out a quick cash advance payday loan, do it only when you do not have any other option left. And borrow the exact amount of money that you need. Do not borrow $200 extra, only to let it sit in your bank! Moreover, most importantly, pay back the loan on time.

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