Are Payday Loans Online Good or Bad?

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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.

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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.

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