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There is no credit verification when you request a payday loan so even if you have an inadequate credit history you can still qualify without any problems, and once you have proven your credibility with the loan company they will commonly permit you to borrow a larger amount than is usually promising to new borrowers.
The fee charged for same day payday loans are usually high, since they are short-term loans that do not require any credit history. Moreover, applying for a same day payday loan is usually convenient and easy to get. No loan amount can be credited to your account within business hours but with same day payday loans, you can get the loan amount within few business hours.
You have to be extremely careful if you are planning to take a payday loan. Sometimes after writing a check of 0 in exchange for 0 in cash, things might come up, and you might not be able to pay back the money within the allotted two weeks limit, thus the roll over loan will start, and you may end up paying as high as 0, and may still need to pay the original amount of 0! It has been recorded that some borrowers have even been charged as high as 1800% interest on a very small loan. The authorities are now trying to track down these loan sharks who are charging around 700% interest rates.
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First, let's take a look at how payday loans work. Usually the lender will agree to lend you a specified amount of money for a certain period of time. For example, let's say you needed 0 to cover some unexpected expenses. You would borrow the 0 and write out a postdated check for two weeks hence to cover the amount of the loan plus the finance fee, which would be around for this size loan. So, in two weeks the lender expects to be able to cash that check for 0 to recoup the loan extended to you.
An alternative way of tiding you over until your next salary is to use a credit card, both for purchases and cash withdrawals. There are several problems with this, including the fact that credit cards are an expensive form of borrowing, and it's tempting to build up a large balance which can have a disastrous effect on your long term financial health.
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With this seemingly endless mire of litigation, what is the message for the average consumer? The message is two-fold: firstly, don't borrow money from payday loan companies. Secondly, if you have borrowed from payday loan companies in the past, you might be entitled to a portion of a settlement as these lawsuits progress. Contact your local credit counseling agency or law firm for more information.
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