Payday Advance - Beware of Its Pitfalls Also

By: Tom Dikkin

Salaried people tend to take out for some urgent expense. This may be an easier loan for these people, but it can turn out to be a huge burden as well, if you do not take it out wisely. The main attraction of these loans is that the borrower gets the money within 24 hours.

Depending on your monthly salary cheque, you can find anywhere from as little as ?100 to greater amount of up to ?1500. To qualify for these loans, you must have a job at hand, with a fixed monthly salary of no less than ?1000. You must have attained the age of 18 years and you should have an active bank checking account.

Payday advance is an unsecured loan, requiring no security from the borrowers. Sometimes, these loans come against a post-dated cheque of the loaned amount and fee on it. The loan approval comes for a very short period of two weeks. You will repay it from next paycheqe.

However, before rushing to borrow the money, you must note that these loans carry exorbitant fees of the lenders. The fee is so high that it makes the loan repayment a huge burden for salaried people. In fact, if you rollover the loan for a month, the fee payment becomes highly burdensome.

A history of late payments, payment defaults, arrears or CCJs is no impediment in the way of these loans. This is because the loan approval comes without any credit -checks.

There are plenty of payday advance offers on internet. Do not rush to them, without comparing their fees. Some of these offers may come at comparatively lower fee. You should make a good search for such loans. Make sure that you have enough money in your bank on due date of the loan.

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