Always check bank's interest rate and other charges.

Credit cards

Using a credit card to buy things means that you do not have to pay right away. Each time you use a credit card, you sign a slip of paper (or type in your PIN) to say that you agree to cost of your purchase being added to your credit card account.

You will get a bill from credit card company at end of every month listing all things you have bought. With most cards, if you clear balance in full before date given, you will not have to pay any interest.

Be very careful when using a credit card. Small purchases mount up very quickly - keep a record of what you spend. If you spend more than you really mean to and can't pay it all back in time, you will be charged interest.

Take great care of your card. If it is lost or stolen, report it immediately.

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Thus we can see that a payday loan secured by a personal check is a very expensive form of credit. A simple loan of $100 would cost you $115 for 14 days and depending on your contract, it may then increase to $160 later if you choose to roll over loan. It would therefore be prudent of borrower to choose a lender of a payday loan that charges you least annual percentage rate (APR) or in other words cost of credit provided to you on a yearly basis.

In conclusion, payday loans while popular, represent a very expensive form of credit. If you should decide on taking up a payday loan, you should consider spending some time shopping around and looking for payday loan finance company with lowest APR so as to reduce amount of fees you would have to pay come your next payday.

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