You simply cannot predict an emergency, can you? That is the difficulty with emergencies. You can have insurance and you can have fantastic friends and family, but if they cannot help as and when you require it, you are on your own again. Then what happens if you require cash all of a sudden?
Recently, a friend of mine went down to the bank after work to draw money from the ATM with his cash card as he had done for years. He put the card in, entered his PIN and whir, whir, whir: "Please contact the branch that issued your cash card". He knew there was money in the account and he was sure he had put the PIN in correctly, but it was a nuisance. No money and he would have to take an hour off work.
This he did and went to the bank, where he was told that his account was blocked due to a suspected attempt at identity theft. He was told that there would be a short investigation of about five working days, which meant no money for a week.
What do you do? What are the options? Friends, family? He did not want to admit to them that he had no money, so the only alternative accessible to him as he saw it was an emergency payday loan.
His account would be reinstated eventually, there was no question about that and he had all the usual insurance, but none of them could help him here. He had simply fallen through the support net that he had created for himself.
Lots of people do not have such a support net anyway and many people do not have any savings either. Savings and insurance are frequently the first fatalities of a recession, which is one of the reasons for the rising popularity of payday loans.
However, it is important to read the terms and conditions and be sure that you will be able to abide by them or you could find that you have made a rod for your own back by accepting a payday loan.
The first conditions are normally that the applicant is of legal age, in stable employment and earning more than a thousand a month. Occasionally you are required to have a bank account as well (so make sure that you always have at least two in two different banks).
Anyone who meets the criteria will probably be successful. The money is available immediately, but it depends on how much is asked for. The usual range is 100 - 1,500 and the repayment will usually fall due within twenty-eight days. The interest rate, including charges, is horrific, frequently at 30% or more, but to be impartial, most of it is a charge, after all it costs just as much to have an administrator approve a payday loan for 100 as it does for a payday loan of 1,500.
It is crucial to be cautious with payday loans because they are so expensive. They must only be used in extreme emergencies and never for luxuries.
Recently, a friend of mine went down to the bank after work to draw money from the ATM with his cash card as he had done for years. He put the card in, entered his PIN and whir, whir, whir: "Please contact the branch that issued your cash card". He knew there was money in the account and he was sure he had put the PIN in correctly, but it was a nuisance. No money and he would have to take an hour off work.
This he did and went to the bank, where he was told that his account was blocked due to a suspected attempt at identity theft. He was told that there would be a short investigation of about five working days, which meant no money for a week.
What do you do? What are the options? Friends, family? He did not want to admit to them that he had no money, so the only alternative accessible to him as he saw it was an emergency payday loan.
His account would be reinstated eventually, there was no question about that and he had all the usual insurance, but none of them could help him here. He had simply fallen through the support net that he had created for himself.
Lots of people do not have such a support net anyway and many people do not have any savings either. Savings and insurance are frequently the first fatalities of a recession, which is one of the reasons for the rising popularity of payday loans.
However, it is important to read the terms and conditions and be sure that you will be able to abide by them or you could find that you have made a rod for your own back by accepting a payday loan.
The first conditions are normally that the applicant is of legal age, in stable employment and earning more than a thousand a month. Occasionally you are required to have a bank account as well (so make sure that you always have at least two in two different banks).
Anyone who meets the criteria will probably be successful. The money is available immediately, but it depends on how much is asked for. The usual range is 100 - 1,500 and the repayment will usually fall due within twenty-eight days. The interest rate, including charges, is horrific, frequently at 30% or more, but to be impartial, most of it is a charge, after all it costs just as much to have an administrator approve a payday loan for 100 as it does for a payday loan of 1,500.
It is crucial to be cautious with payday loans because they are so expensive. They must only be used in extreme emergencies and never for luxuries.
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