If you’re like many people, you don’t want to waste your money. That means your money your check with a bank in which you never pay a fee, you consider the best retail prices and employ coupons when available, and you seek out the most effective rates for credit cards and loans. But what if you might have a low credit score or no credit? Where are you able to go for help?
Are Payday Loans Replacing Conventional Loans?
Payday loans seem to be one answer as large, previously overzealous lenders become shy of these tough financial times. And predatory money advance lenders are simply too pleased to step in and supply their unique model of payday loan help. Only it doesn’t help in the event the borrowers experience the paying exorbitantly high fees (think 400 percent or more) to get a short-term (think two weeks) loan measuring only meant to complete the gap until their next paycheck.
The problem is that despite the government’s bailout of huge loan companies, bank lending has declined (combined with the economy) countless homeowners have turned to payday cash advances for financial help just to find yourself needing assistance to do away with payday loan debt after they find themselves spinning unmanageable due to vicious PDL borrowing cycle. And things are unlikely to get better shortly.
According to a recent Phoenix Management “Lending Climate in America” Survey (The Free Library, “Lenders Forecast Economic Recovery this season,” May 2009), the estimated time for virtually any real benefit for the bailout to be seen by consumers is not until mid-2010. But that can wait that long? So that’s why payday cash advances have become quite popular. And that’s also why assistance with these loans is becoming so critical.
Helping Yourself in Tough Financial Times
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