Access No Faxing Payday Loans Through the Internet
The no call payday loans have been intensely promoted in TV and radio commercials during the past years. Many have been tempted to apply for one and in many cases they have been indeed of a real help. Who wouldn't be tempted to take a loan where no checking is done, with no paperwork involved and with very fast approval?
Still, there is an aspect that the commercials don't mention, and that is the high costs that are attached to these loans. Law has determined that the interest rates should be similar with that of credit card rates because of that, the lenders wouldn't have enough profit if they were to lend money for two weeks with an APR of 10%. So, in addition to that, these companies charge service fees. They differ from one company to another, but nevertheless they bring the total cost of the loan way up.
Moreover, these loans must be paid back when the next paycheck is received and there is no guarantee that the borrower would afford after two weeks the money he doesn't have at present. In these cases, people take an extension of the period, but this way they agree to even higher fees. The vicious circle traps the borrower in a situation where he can't afford to repay the loan and after some time, he is still owes the principal but has already paid more than he has borrowed.
No matter the nature of the emergency, one should always consider other solutions before applying for a payday loan: getting money from friends or family or asking the creditor to postpone the payment with a week or so. Another thing that should be considered is having a credit card where there are no fees or interest rates if the money is given back in less than 30 days. learn more here