Payday Loans In Atlanta Ga – Written by Mia Taylor Written by Mia TaylorArrow Contributing Writer Mia Taylor is a contributing and award-winning journalist with two decades of experience working as a reporter or contributor to some of the nation’s leading newspapers and websites, including The Atlanta Journal – Constitution, San Diego Union- Tribune, TheStreet, MSN and Credit.com. Mia Taylor
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When you’re strapped for cash between paychecks or have an unexpected financial emergency, a payday loan can be a tempting option to help you make ends meet or access cash quickly. However, these short-term loans, which are usually due on the next payday, are extremely risky. They come with very high interest rates and other charges. The interest rate on payroll loans in the US ranges from 154% to 664%.
Equally worrying, payroll loans are often marketed to those who can least afford them — individuals earning less than $40,000 a year. While this type of loan is advertised as a short-term loan, the payroll loan can create a debt cycle that is difficult to break free from.
A payday loan is usually a short-term loan, lasting two to four weeks, that does not require collateral to obtain. These loans are usually expected to be repaid in one payment with your next paycheck when you receive income from a social security or pension payment.
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In most cases, payday loans are granted for relatively small amounts, typically $500 or less, with the average borrower receiving a payday loan for around $375. In some cases, the payroll loan can be done for larger values.
To get a payday loan, borrowers are required to fill out a personal check for the amount owed plus any finance charges. If the loan is not paid on time, the lender will deposit the check to recover your funds. Some creditors may ask for authorization to electronically deduct funds from your bank account instead of requiring you to provide a personal check.
Payday loans usually do not include credit checks and your ability to pay off the debt and also continue to pay your daily expenses is usually not considered as part of the application process.
Payday loans are most commonly sought after by those who have ongoing cash flow challenges as opposed to borrowers facing a financial emergency. The Payday Loans Study found that 69% of borrowers first turned to a payday loan to cover recurring expenses such as utility bills, rent, mortgages, student loan payments or credit card bills. Only 16% of borrowers use loans for unexpected expenses.
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These loans are also widely used by individuals who live in neighborhoods and communities that are not serviced by traditional banks or do not have a bank account with a large financial institution. Payday lenders operate stores in 32 states, although several states have recently passed reforms requiring lenders to shift from a model where borrowers must repay the loan in full with their next paycheck to a fairer, less risky payment structure in installments. .
For starters, payday loans often come with astronomical interest rates. Those who take out these loans are required to pay $10 to $30 for every $100 borrowed. A typical payday loan with a two-week repayment term and a rate of $15 per $100 equates to an APR of nearly 400%.
Many payday lenders also offer rollovers or rollovers, which allow you to simply pay the borrowing fees with cash on the loan due date and roll over the balance owed over a longer period. This can be a slippery slope that has borrowers quickly over their heads with accumulating fees and interest. According to recent data from the Pew charity, the average borrower ends up in debt for five months to fully pay off what should be a single-payment loan. In the process, borrowers pay hundreds of dollars more in fees than originally advertised for the loan.
With its high interest rates and fees, a payroll loan is rarely a good idea. Fees alone cost Americans $4 billion a year. Because the costs associated with these loans are so high, borrowers often struggle to pay them off and get deeper into debt, making it a good idea to carefully consider your options before taking out a payday loan.
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However, if you have an urgent need or need cash quickly and you are confident that you can repay the loan with your next paycheck, a payroll loan may make sense. These loans can also be worthwhile if you have no other financial options or bad credit and don’t qualify for a traditional loan.
Before taking on significant financial risks associated with a payroll loan, explore other alternatives that may be cheaper. Some of the options to consider include:
With high interest rates and tight payment terms, payroll loans are rarely the best choice when you need cash. Often these types of loans trap borrowers in an inevitable cycle of debt.
Before resorting to a payroll loan, consider the many alternatives. Borrowing money from family or friends, opening a home loan or taking out a personal loan are much less risky options. And if you’re not in a rush to make money, there are even more options, including selling unwanted items or taking on a side job to earn the extra cash you need.
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Mia Taylor has been an award-winning contributor and journalist for two decades
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