When You Need Some Extra Cash--A Guide to Finding the Right Loan

Written by Larry Denton


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Even if you have a poor credit rating or bad credit history, you can still find a range of "bad credit" personal loans, althoughrepparttar interest rates are generally higher than on standard loans. Beware, however, ofrepparttar 100481 "payday" loans. Sometimes called cash advance loans, check advance loans, deferred deposit check loans or post-dated check loans, however check cashers or finance companies refer to them--they are EXPENSIVE.

Usually, a borrower writes a personal check payable torepparttar 100482 lender forrepparttar 100483 amount needed plus a fee. Let's say you need a quick $100 and write a check torepparttar 100484 lender for $115. You receive $100 andrepparttar 100485 lender agrees not to deposit your check until your pay day arrives three days inrepparttar 100486 future. It cost you $15 to borrow $100 for three days! You don't even want to knowrepparttar 100487 Annual Percentage Rate (APR)on that loan.

When you need credit, shop carefully. Compare offers and institutions. Look for loans withrepparttar 100488 lowest APR. Comparerepparttar 100489 total finance charges, which include fees, interest and of types of credit costs. By going online you can obtain a multitude of loan options including: interest rates, length ofrepparttar 100490 loan andrepparttar 100491 actual total monthly payment cost.

Learnrepparttar 100492 lending terminology, understandrepparttar 100493 different types of loans that are readily available and then make a choice that is best for your unique situation. Inrepparttar 100494 borrowing world, there is no "one-size-fits all" solution. Your credit history, ability to repayrepparttar 100495 loan in a timely fashion, andrepparttar 100496 purpose ofrepparttar 100497 loan should all be thoroughly considered.

Larry Denton is a retired history teacher having taught 33 years at Hobson High in Hobson, Montana. He is currently Vice President of Elfin Enterprises, an Internet business providing useful information and valuable resources on a variety of timely topics. For a bank vault full of information, resources and suggestions about loans, visit http://www.LoanFolks.com



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