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Emergency Payday Loans!

Written By emilie dane on Tuesday, March 26, 2013 | 8:51 PM


The need for a quick bit of cash is one shared by a large number of people. Typical loan lending practices requires days, sometimes weeks, worth of red tape and form-filing to be undertaken before the borrower can receive the answer for their application. However, there is a sexy new lending option that many media sources would call a 'bad idea' but actually helps far more people than it harms. This lending option is known as the payday loan.

Payday loans are a short term lending solution that usually involve a set fee or a reasonable interest rate for the amount of risk the lender undertakes. Unlike a typical bank loan, a payday loan does not require a background check, credit check, or even proof of income. The only details that a borrower will need to give to the payday loan lender will be a debit account number, a home address, and stating that they have a job.

Some media sources will claim that these lending practices are damaging and 'pointless'. However, they are sensationalizing the worst case scenarios involving loans. The reality is that when people enter into these lending contracts in good faith, and do not rely on them solely, they are never in any real financial danger. A payday loan is based on how much money the individual claims they will make upon their next pay period.

If the borrower is honest and does not borrow more than they will make, then they will be in no danger. This is the information the sensationalist media does not wish people to know. Headlines that read "Man Goes Bankrupt Due To Payday Loans!" sell more stories and advertising space than a headline that reads, "Man Accepts Payday Loans And Pays Them Off In A Timely Manner!"

The truth is that payday loans are perfect for emergency monetary scenarios. Many people live paycheque to paycheque. During this time if anything should happen that requires more money than they have on hand to deal with, they would normally have little recourse. However, with the possibility of a payday loan the individual can often deal with these emergencies at the time. An example would be an individual who has sudden car trouble. They have no way to work and may lose their job or be forced to take vacation days until they can fix their car. With a payday loan the car might be fixed in quick order. When it comes to these loans, all an individual needs to remember is that honesty and need are the best policies. If you need one, take a moment to consider how much you really need and how you'll pay it back, and the rest should fall into place.

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