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The reality is that payday loan lenders only offer money at rates that you're most likely in a position to afford and this is absolutely a statement that could be quite unexpected for some. The key reason why it's surprising is a result of a false impression regarding the way in which pay day loans work and it is perhaps wise to spend some time explaining why they are a lot better than you may have initially believed them to be. The chances are you will have seen warnings regarding huge Interest rates figures and exactly how terrible they are, although the fact is that this type of loan is certainly not expensive when you take a look at the way they actually work. The key here's in the length of the loan because payday lenders only give loans until your next payday and at a push you can carry over some of it to the following month prior to it being all paid back. And that means you are certainly not paying a four figure percentage rate of interest, but rather you are paying something a lot lower that's more comparable with other types of lending that you might be used to. What this means is that you're looking at paying around 25% interest on the payday advance and this in itself is only a few percent more than you would get with the majority of credit cards, however this kind of loan works out better since you clear it so instantly whereas a credit card can linger on for months and cost you a lot more in the end. Straight away you should now feel better about a quick payday loan simply because clearly it is a lot more affordable compared to what the media would lead you believe and when you're feeling that it could need a year to repay it back, then this type of loan isn't for you. So what about other costs that may be involved in this kind of loan? The only other cost that you might must contemplate is one that crops up if you want your money within hours because there could be a fee for transferring your cash into your account. The thing that should be talked about is that this fee is just passed on to the customer by the lender due to just what a bank charges, so even though the loan provider is being displayed as the bad guy it's simply due to normal banking rates that you'd be charged this more money, so once more it's not as expensive as it seems. Eventually, it really is worth indicating that so long as you have got cash in your bank account for the repayments to be made on the agreed date, you will never encounter any fines or penalty payments in contrast to credit cards or normal bank loans. If you do encounter fees, chances are they'll are not above the normal rates that you'd pay elsewhere, however, this is another area where the media try to say that loan lenders is a bad thing when in actual fact it is not true. For further information about payday lenders only you can contact Magic Lend who can help you decide if a payday loan is right for you
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