Payday Loans
Payday Loans |
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A Baltimore payday loan is a short-term loan for $100 to $1,000. It is sometimes called
a cash advance because you take the loan with the promise to repay the cash
from your next paycheck.
• For example, on February 1st you needed $200 cash but your payday is in
two weeks. The lender agrees to give you the Baltimore payday loan with a $60 service
fee. You then write a post-dated check for February 14th for $260. The lender
will then give you $200. The lender will hold your post-dated check.
• To repay your Baltimore payday loan you will redeem your post-dated check with cash,
money order, or let the loan company deposit the check to your bank. Another
option is to rollover the payday loans. This means that the loan can be repaid
at still a later date. An additional fee is added onto the first loan making
your Baltimore cash advance loan total $320 ($260 + $60). The loan can be rolled over
two, three, or more times, before coming due. Each time the Baltimore payday loan is
rolled over, you will be charged an additional fee. As a result, this type
of loan can be very high priced credit.
Baltimore payday loans may sound like a good source of quick and easy cash. But the truth is these types of loans may push you further into debt. Ask yourself these questions:
• What are the total fees, the payback plan, and the penalties if you
don't pay the Baltimore quick cash advance back on time?
• Did you comparison-shop for the best Baltimore payday loan rate?
• Why do you need quick cash for emergencies?
• Do you need an increase of income, revise some of your expenses?
• How can you get a Baltimore cash advance that is less costly? Can you borrow
from friends or relatives?
• Do you need to talk with a financial counselor to solve your money
problems?
• How can you save $300 in quick cash in a savings account that would
be for emergencies?
• Can you delay paying a non-interest-charging bill such as utility bill
and make payment arrangements with them instead?
• If you decide to borrow money from a Baltimore payday loans lender, make certain
to borrow only what you can afford to pay back from your next paycheck.
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