Miss Lender doesn't care too much for payday
loans, because the associated costs
are exorbitant ~ typically 30% of
the loan amount in fees ~ money she preaches
rightly belongs in *your* pocket,
not a creditor's.
On the other hand, in a pinch payday
loans can be worth their weight in gold
~ whether to pay a utility bill before
service gets cut off, to pay for
car repairs so you can ol' Bessie
out of the shop, or perhaps to
assist in a
medical emergency or for prescriptions that
simply will not wait till the 1st or
15th.
For many, a sudden unexpected
financial crisis is lurking
around the next corner, and when it
hits you might not have any
good choices for dealing with it.
The lenders I recommend in the payday
category have at least one thing in
common. They've created simple
online applications that make for a
smooth and speedy transaction.
They realize that customers
need payday loan funds quickly,
and have designed an approval
process that accommodates that need.
Bottom line? If it's strictly a short-term
loan, and if it doesn't become a
habit, then payday loans are sort of
okay. You'll get the cash in a
flash, and be covered till
payday.
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