There is alot of talk in the news lately about payday loans - most of it, negative. The fact is payday loans, as with any service has it's good points and bad points. To put it bluntly, you need to watch out for yourself.
Payday loans offer a unique service that is unmatched by any conventional banker. You can get a faxless payday loan in as fast at 1 hour. No bank will give you a loan for up to $1,500 without extensive paperwork, needless to say give it to you, in as fast a timeframe as 1 hour.
If you find yourself in an emergency and need a payday loan, you can use lenders, who specializes in faxless payday loans. Faxless payday loans require no hardcopy paperwork. Everthing is done online. These lenders can get you up to $1,500 in 1 hour.
Once you have the loan, stick to these principles:
1. You should only borrow as much as you can pay back with your next paycheck - never more than this amount. Remember the advantage of taking a payday loan, is that, you get to meet your obligations without having to wait for your paycheck. If your upcoming paycheck is $1,000 then your payday loan amount should be no more than $750. This allows you to pay off your loan and also leaves you enough money to meet other month-end obligations.
2. Refrain from carrying over the balance of the payday loan to a future week. Let's take the example of Ms. Jones, who borrows $1000 at a fee of $40, so she writes a check to the payday loan lender for $1040. If she pays the loan in full after she gets her paycheck. All is well. She is happy, the lender is happy. If she rolls over the balance, meaning she decides to extend the pay back period of her loan, her happiness level starts a downward spiral. Now she needs to give the payday loan lender another $40 to keep the $1,000 loan. The danger here is that, if she rolls over the loan 4 or 5 times, she is now paying $200 in the span of 2 to 3 months on a $1,000 loan.
In short, if you need a loan and you do not have family members or friends that you can rely on - take the loan. Remember, remember, remember that you should not make this a habit! Pay back the loan immediately after you get your paycheck.
Access the list of lenders, who specialize in faxless payday loans and reviews on each lender.
http://www.poorcreditgenie.com/faxlesspaydayloans.html
