posted on 28 Jul 2013 01:16 by epidaurian81268
Payday Loans do not loan out big amounts of money. They provide short-term loan advance that are usually re-payed within 30 days or the next paycheck. The amounts they lend does not usually exceed a thousand dollars and the interest rates varies. But they now offer different services which include loans that you can pay by installment. These are loans that you don't have to pay back in 30 days but stagger the re-payment to cover several months or paycheck cycles. The whole idea is that it is made as convenient for you as possible. Securing them takes less than 24 hours and the fees you get to pay varies with the type of loan.
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There is a tendency that because payday loans are easily accessible, the temptation to roll-over, extend or defer re-payment will be strong even as you receive your next paycheck. At the same time you might also begin to see reasons why you should use your paycheck for other things. This is a temptation you must avoid if you do not want to get into a vicious debt cycle. This is one reason why they require you submit your checking account so that the money can be automatically deducted. The convenient way of handling this whether you live in the USA or Iceland is to make sure you borrow and pay promptly says Kitty Payday Loans.
Paying by installment is when you decide from the onset that you don't want to pay back all the loan by the next paycheck. That is, you want it broken down and stretched over a period of time. One clear benefit of this when compared with paying back at once is that the interest rate is reduced when you are paying in such a staggered manner. It is also another way of effectively managing your debt. Ideally, short-term payday loans were just financial loan products that were intended to be paid back by the next paycheck. However, more products have been added to the package while still retaining the principle of easy loan accessibility.