Are Payday Loans Online Good or Bad?

Posted by:

Direct Payday Loan Lenders Online.

Payday loans are short-term loan also known as cash advance that have very high interest rate. These loans are meant to help a person in dire need of small loan easily and fast. A lot of lower income earner with money problem used payday loans to get out of a difficult situation. I’m one of the many people that have borrowed money from payday lenders online to resolve my temporary financial problem.

I’m a twenty-three year-old single mom who lives in California. Recently, I found myself in a tough spot. My car had broken down, twice which put my finances in disarray. I needed my car to drop my daughter to school and to get to my work. But I didn’t have the money for my car repairs for I have spent considerable amount on it when it first got problem. So, I did what most people would do in tight situations, I took out a loan from a direct payday loan lenders online.

I took out a two hundred dollars loan from a payday lender and for each $100 borrowed the fee was fifteen dollars. I knew before I took out a loan that I would be able to pay it back on time using my paychecks. The state of California does not allow lenders loan extending. So, I just borrowed what I can pay on my payday.

apply now for payday loans and cash advance up to $1000, get approuval in 1 hour, get cash in your account by next business day

Repaying my loan is just as easier as obtaining it. You see! Lenders just withdraw the principal and interest from my checking account. No need to issue a postdated check or visit their office to repay my loan. All I did was sign a waiver authorizing the lender to deduct my debt on due day. I made sure there is enough fund on my checking account on due day to avoid common mistakes of some borrowers.

Payday loans maybe a bit expensive because of the high interest rate. But I was able to fix my car right away so I don’t mind paying more for convenient and efficiency. For me, payday loans online are good for it helped me overcome my temporary financial problem.



# #