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By: James Jackson

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Sunday, 13-Mar-2011 17:49 Email | Share | | Bookmark
The Hidden Dangers of Quid Loans

What do you do if you have totally run out of cash, have bills to pay and it's not yet payday. One alternative is to get what is referred to as a Payday Loan. In a nutshell, a payday loan is a short-term loan only given to those who are profitably working and able to supply evidence of regular paychecks.
It sounds like the perfect answer, you know that the cash is coming in the form of your paycheck and your loan will be able to tide you over until you are salaried. At this time you will pay back the lender, usually via a post-dated check. What could be simpler?
Payday loans are also referred to as cash advance loans; check advance loans and delayed deposit check loans.
The downside to a payday loan is that rates of interest on this kind of loan are usually reasonably high. The lender will either charge a fee or a proportion of the amount borrowed. Like all other kind of credit, the cost of a payday loan must be disclosed to the borrower in writing. The money charge should be disclosed in dollar worth along with the yearly percentage rate or APR.

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