Savings account using payday loan is an option to resolve your short term cash requirement. It is quick money that you take for two weeks or till your next paycheck comes in. You can borrow $100 up to $1500, with a fee of $15 to $30 per $100. You need to give a post dated cheque for the principal, plus the fee. On the due date, if you are unable to go personally and pay the dues, then the cheque is deposited by the company on your behalf. If the cheque bounces, then you have to pay a higher fee. You can also roll over your loan i.e repay the principal and take another loan to pay the interest. This way you can avail instant cash anytime through your savings account using payday loan.
When To Borrow,
Fast cash advances can come to your rescue when you are in need of some money. Here's when -It is the middle of Saturday night and you can't wait till Monday morning to apply. These cash advances can be applied for online- anytime from anywhere.
Even with a history of bankruptcy or a poor credit score, you can avail payday loans.
Without putting forward any collateral as well, these fast money advances can be availed.
When in of need of really quick cash, some lenders can even get you money in your account even in a matter of hours.
When lengthy procedures and paper work seem tiresome. Quick money advances need only your name, address, company and bank details with a post dated cheque to be faxed to them. Some lenders do not even need a fax.
When Not To Borrow
As they say - one man's wine can be other man's poison. Opting for this type of a loan is not a good idea when -
You are already in debt. Unable to pay the borrowed amount and the fee adds up to a hefty penalty charge.
You do not have enough left for the month, after paying your dues. If this is the case, then you will keep on borrowing money to fill the gaps and get embroiled in a vicious debt cycle.
The lender is unknown. There are many dubious characters trying to misuse innocent people's bank details.
If these loans are considered carefully and repayment is planned thoughtfully, then your savings account using payday loan can definitely be a saving grace for you.