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How To Know If A I Need Money Right This Second Is Really For You
If you're just like most people you've probably heard about a I Need Money Right This Second. IF you're a wondering what a I Need Money Right This Second is, it's just any other payday loan although honestly we don't really know why there's a "C" in the I Need Money Right This Second.
Ads for payday loans are all over the place – on radio, television, the Net, maybe even your own inbox. They are known by their other names: deferred deposit loans, post-dated check loans, check advance loans, and cash advance loans. Regardless of the differences in the name, however, it all works the same way. Finance companies offer these loans at very high interest rates.
Here's how it usually works: A borrower writes a check in the name of the lender for the amount that he wants to borrow, plus any fee that must be paid for borrowing. The lender then gives the borrower the dollar amount on the check minus the fee. The lender will hold on to the check until the next payday, or when the loan is due. Sometimes the money is sent electronically to the borrower's checking account, again, minus the fee to be paid. The loan then is automatically paid to the lender at the next payday.
Fees on payday loans vary. They can either be percentage of the total borrowed amount, or they can be fixed amounts for X amount of dollars borrowed. Whenever you extend or rollover your loan, you are charged fees each time.
Just like any other type of loan, payday loans are covered under the Federal Truth In Lending Act, which requires lenders to disclose the actual cost of the loan. Your payday lender must tell you the annual percentage rate or APR (the cost of the loan on annual basis) and the finance charge in dollar amounts.
APR is actually a complicated figure which is based on several factors, include the amount borrowed, interest rate, loan origination costs and the length of the loan.
As we said before, a payday loan is expensive, but you might be wondering how expensive it is. Well, how expensive it is can be summed up in two short words: very expensive. In most cases, you are charged $15 for every $100 you borrow, which translates to 15% for a very short amount of time (until your next payday).
That said, here is one piece of advice we like to dispense again and again: only borrow payday loans if you have an emergency and you can't borrow money elsewhere. There are many sources of credit for non-emergency situations. There are credit unions, banks, and many, many more.
You'll be surprised but the statistic is rather grim for borrowers of payday loans. Most of them are in debt five times in a year, and they usually borrow money to make ends meet. They don't use payday loans to make a major purchase, or to cover the cost of an unexpected expense.