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Need A Fast Loan? Pay Day Loans Are Not the Answer

Do you need a loan fast? Do you need just that bit extra to help you out with paying your bills so that you can survive the month? Thousands if not millions of Americans are using pay day loans and then totally regretting the day they ever discovered them. If you need a fast loan there are other, far more favourable options to help you get out of a sticky situation.

Pay day loans may be fast loans but they charge around 400% - 1000% APR!

Pay Day loans work by giving you advances on your pay day check. The loans tend to be small in amount generally between $100 and $500 for a two week period. If you go into a branch they will take a post dated check for the loan amount plus their charge and cash this after the two weeks are up. If you apply online, they will directly deposit the money into your account and take it out plus the charge two weeks later. This charge can be anywhere between 400% and 1000% APR.

For example - if you needed $100 advance from your pay check, they would give you $100 then when your pay is paid into your bank they will cash a check for $120. $20 is the charge they have made for loaning you the money for two weeks.

The spiral of debt

The trouble is, once you start taking out this fast loan, if you can't pay them back they will simply roll the fee and charge the fee again in another two weeks. It's hardly surprising that many clients end up owing more in charges than the original loan amount. But still consumers do not learn! According to statistics from the Centre for Responsible Lending, people who take out pay day loans take out multiple loans each year. Two out of three borrowers have five or more payday loans a year and 50% of these have 12 or more payday loans a year.

Find a fast loan elsewhere

If you need a fast loan, pay day loans are an extremely expensive form of credit and there are far better and less costly options available.

In today's society most loans available can be considered to be a fast loan if you find the right lender. Many decisions can be made within minutes or hours and the money can be deposited in your account within 24 hours of applying.

Here are just a few fast loan options available with far lower rates of interest:

  • Consumer loan or Bad Credit Personal Loan If you are a tenant and do not have a home to secure a loan on, you can take out a personal loan even if you do have bad credit.
  • Home Equity Loan if you are a home owner you can take out a secured loan against your property.

Debt consolidation loan- this can enable you to pay all your outstanding debts and free up your cash.