Mike was one happy fellow till a few days ago when his car died on him. The sudden expense put him in a situation, where his cash flow situation reached near zero! There were still more than eight days to go till the next pay day and then there was a rent bill to clear. That is when he heard about a no fax payday loan. Mike knew that in just a few days, his payday would come and his worries would be over. So he reckoned that there was nothing wrong in borrowing $500 as an advance payday loan.
Simplicity Itself
The procedure was simple. Mike did a simple net search and the search engine threw up thousands of cash advance stores waiting to help him out. A little comparison shopping gave him several stores, who were charging around $15 per $100 loan amount. Yes, the fee was a bit steep but compared to the trouble Mike would run into, if his rent became overdue, it was acceptable. The loan store website asked Mike for his employment details, address and age and did not take very long to give an OK to his cash till payday loan. Just a few hours later, the amount had already been transferred to his account and Mike was happily making out a check for his landlord.
The loan store carried out minimal checks, it did not care about Mike's credit rating (which anyway was OK) and disbursed the money rapidly. On the appointed payday, the cash advance and the processing fee was automatically transferred back to the store and that cleared the transaction.
The Dawn of A New Industry
The payday loan industry in America is growing at a staggering rate and has crossed $25 billion in just a few years. It has helped out millions of Americans every year and has grown much beyond the local instant payday loan store. Even established banks are getting on to the business now.
While a cash advance can be a boon and a lifesaver, do not take such expensive money casually. If you were to compare the service fee to an annual interest rate, you would find yourself paying at around 400%! However, this is manageable, because you keep the payday loan with you for two weeks or less and therefore, the actual payout is much lower in pure dollar terms. While every one could do with some help now and then, you must use instant payday loans only if there is no option left to raise money from elsewhere and the alternative to not having the money is not something you wish to consider.
Financial emergencies become much easier to tackle, when you have access to cash till payday loan. It may sometimes be better to take a - no fax payday loan than to default on your payments. To know more about loan eligibility norms of advance payday loans and other details visit payday cash advance.
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