Just a simple search online will reveal hundreds of different short-term lenders all promoting their payday loans. For borrowers who are stressed and in need of cash urgently, it can be confusing trying to choose a good lender and wade through the many adverts, websites, and options. And unfortunately, not all lenders operate fair lending practices, so an applicant needs to be careful which lender they decide to do business with. One question we are often asked is how much payday loan can I get?
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A Payday loan can help
A Payday loan can help you in times of a shortage of large or small amounts of cash, or any financial emergency. It is a form of a loan that has been designed for you to access quickly and repay quickly. As a result, it is a great solution for many millions of people who want a simple and fast way to borrow the money they need.
Media has created a negative image
We believe the media has created a negative image of people who use Payday loans. It is an image which is entirely unjustified, unfair and inaccurate. While there may be some borrowers who over-stretch themselves by borrowing too much from a variety of financial institutions, the majority of borrowers will take out their loan and then repay it fully within a few weeks.The media has created a negative image of people who use Payday loans Click To Tweet
It is good to evaluate your choices
Just like any form of credit, it is good to evaluate your choices carefully and read the terms and conditions of the loan you are planning to apply for. Understanding your rights and responsibilities as a borrower will help you to decide the best course of action to take, and the level of loan to apply for.
We acknowledge that Payday loans are not the best option for everyone, and if you are struggling with long-term debts, or if you have a meager income or no income at all, then we suggest you consider other options that may be available to you, or that you seek advice from a credit adviser. Whatever your circumstances, there is help available for everyone.
If you are eligible to apply for a short-term cash advance, you can do so whenever you need the facility. Due to the limited period of these loans, they are repaid quickly. By paying off your loan when agreed, you will build a good relationship with your payday lender, and then you can reapply for another one in the future if you need it.
The main advice
The main advice is that regardless of your age and your income level if you understand how Payday loans work and you meet the eligibility requirements, there is no reason why you can’t apply, and successfully borrow some cash for a short period.
In the following video Jeff Selingo and Rich DeMillo of Georgia Tech’s Center for 21st Century Universities discuss what’s manageable vs. the limitations graduates face when burdened with too much student debt.
You can apply the same principle to Payday loan, but please remember what Rich DeMillo says in the video
“…The gut feel of accruing a total amount of debt that’s bigger than you expected versus your income strikes me as a bad idea…”
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