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A lot of companies that are fighting against payday loans are banks. The big banking
industry has never been a friend of the instant payday loan industry, it's no secret.
The main thing that your bank may tell you in order to keep you from an instant
payday loan is that your loan will come with the highest interest around. When you
break this down, it is simply not true. A banker may be confident in telling you
any horror story about an instant payday loan, confident that you may not do the
math yourself. This article will do it for you.
Consider this: You are overdrawn by a mere five dollars in your checking account.
For this, your bank has charged you an astounding thirty five dollars! This bank's
fee, in comparison with your five dollar overdraw, would give you an APR of approximately
9 thousand! If you had five checks totaling $100, and all of your checks bounce,
you could be charged $175 in NSF fees, or more! To save yourself from staggering
banker's fees, you can get an instant payday loan for $15-$30 for a $100 loan. That's
a big difference, as far as savings go. Some banks can act like their loans are
what hurt people, but the truth is that if you get your instant payday loan at a
reasonable rate before your checks bounce, you could save yourself a load of money.
Another thing to consider when weighing the options between your bank and an instant
payday loan is daily fees. Many banks will charge a daily fee for an account being
overdrawn. Even if your fee is only five dollars, if your payday is six days out,
there's another $30 right there. The bank may even close your account for having
too many overdrafts. If your account is force closed by the bank, it could prevent
you from getting a bank account elsewhere. Additionally, if your bounced checks
end up in the growing Check Scan data base, you will be unable to write checks at
places like Wal-Mart, Home Depot and Target. When you think about the facts, it
makes sense that a multi-billion dollar company would be against an instant payday
loan.
If you are ready to apply for a payday loan and promise to use it responsibly, please go
here.
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