Another way subprime mortgage lenders can take advantage of unsuspecting borrowers is by lender having a pre-payment penalty on loan that is unreasonable and not fair to borrower, based on their qualifications. A typical subprime mortgage loan will have a 6 month to a 2 year pre-payment penalty. However, sometimes a subprime lender will offer a loan with a 3 year or higher pre-payment penalty. That is too high, I think a 2 year pre-payment penalty is high, but any higher than that, and you should probably keep looking for a new lender.

Other than a couple of things to be careful of when dealing with subprime lenders, getting approved, even with a slightly higher interest rate, can be a really great thing for you to buy home you want.

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The times when a payday loan would not be wise, would be to make an impulse purchase or to have some extra money, when it is not absolutely crucial to have it. The reason for that is that fees on a cash advance or payday loan, are small for just a few weeks, but if, for any reason you are unable to pay loan back right away, those fees can add up very quickly and make it more and more difficult to pay loan back. So, you want to make sure that you are using loan to pay for a necessity. So, if you are sure that you have enough money coming in to pay back loan, and in long run, getting cash advance or payday loan will either save you money or keep you from serious or long term consequences, then it is probably best to get loan.

To view a list of recommended payday loan companies online, visit this page Recommended PayDay Loan Companies Online.