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Same Day Payday Loans

13 July, 2017 at 6:53 am in Services

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Location : new york

Website : http://www.californiaharprefinance.com

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Repaying the Loan

It’s called a payday loan for a reason and that reason is because it is a form of borrowing against one’s paycheck. The idea is for the borrower to pay back the full loan amount, together with the interest on the next payday. This is in keeping with the thinking that cash advance loans are short term loans only that are meant to keep a consumer on top of his her finances. But the idea and the reality are two different things. Sometimes, a borrower is unable to find enough funds to pay the full loan amount. In those cases the term of the loan can be extended. Others term this practice as “rolling over” the loan. With the extension would come additional fees.

Problems Facing Payday Loan Users

But payday loans are far from the ideal financial products that people can use. There are certain disadvantages to it that consumers should be aware of. One of the most serious problems with payday loans is the high interest. There is the possibility of getting an annual percentage rate with a payday loan that could reach 400%. With an interest like that, it is not surprising that many users end up unable to meet payments for it.

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