How Do Payday Loans And Cash Advances Work Would You Recommend Them?
i have bad credit and need cash fast. does anyone know the average rate in california?
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http://1-hour-payday-loans-usa.blogspot.com/
Here you can get the best rates available for you.
Hope this help,
in a word, NO.
they are legal loan sharking.when you get the loan it seems so easy to pay it back.however once two weeks or however long you pay period is roll around, you find that you dont have the money to pay it.so you just pay the interest and fees to carry it for another two weeks.this keeps happening.it is a vicious cycle if ive ever seen one.i made the mistake of taking a loan that was equal to a paycheck, and it took me working two jobs over 11 months to pay it off.and these were 11 months of ramen noodles and getting dvds from the library.these are set up to benefit the lender and screw the consumer.its much better just to borrow money from a friend or family member or just go without something for a week or two until you get paid again.
good luck, i hope you dont get wrapped up in it!
The way they work is they charge you so much interest that the next week you have to get another loan because you are short of cash due to paying off the first loan, then again the week after, and the week after that. It is about as big as a ripoff as credit cards.
Their interest rate is very high, like 20%. So if you get $100, you need to repay $120 from your next paycheck. It’s not recommended, since you obviously have a prob. Let’s say you don’t pay it back when due, what are the late fees (which are on top of the interest)? and they can then charge 20% of that total until the next paycheck. If you don’t pay, they can garnish your wages.
Only if you do a small amount and only once or twice. They charge charge way too much and if you borrow too much you can get into a bad cycle of having to go there every month just so you will have enough money to pay your bills. Sad but it can happen.
Payday loans come in handy when you have unexpected emergencies and your pay date at your Job Is not close.
What YOU need is to learn to live within you means, not a loan that’s going to put you further in debt!