Legitimate Payday Cash Advance Loans - Safe & Cheaper

In today's economy, a growing number of people are struggling to pay their bills. The reasons are many: Unemployment is skyrocketing, soaring past 10 percent in the latter portion of 2009. Even those people with jobs are being asked to take unpaid days off throughout the year. And workers who previously relied on overtime hours to earn some extra money are finding that this source of income has disappeared.

Fortunately, there is a solution for people who need just a bit of extra cash to get them to their next payday, cash advance loans. These loans, if researched properly, are a cheaper and safer way to get money than is taking out a home equity loan or a personal loan.

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If you default on a home equity loan, you can lose your home. You'll also have to pay hefty origination fees to get either a home equity or personal loan. Simply put, it costs far less, and is much less riskier, to take out a payday loan.

These loans often receive bad press from the mainstream media, the members of which usually ignore the positives of them, namely that they cost less and are less riskier than other types of loans. Some of the negative press, unfortunately, is warranted. Like all industries, the loan business has its share of unethical companies. They'll charge excessively high interest rates on the quick loans they provide. They will also hit consumers with overly severe financial penalties if they don't pay back the money they borrowed on time.

Fortunately, the vast majority of companies that provide cash advance loans operate in a responsible, fair manner. They provide consumers with a safe and less expensive way to borrow money for short-term emergencies. If, for instance, you need a bit of extra cash to pay your phone bill, fill up your car with gas or buy groceries for the week, an ethical payday lender might be your best option.

The reason? These lenders provide you with cash quickly. In most cases, you'll leave the lender that day with the cash you need. That's why these companies are perfect when life's unexpected emergencies pop up.

Consumers, though, do need to do their research before working with a payday loan company. First, they should check with the Better Business Bureau to see if the lender they are considering has many complaints against it. If the lender does, it's best to move on to a difference company.

Consumers should also make sure that they have all the facts before taking out a payday loan. Find out from the lender exactly what the interest rate is. Also ask about the penalties they charge for late repayments. And ask for all of this in writing. Don't work with any company that is evasive in answering these questions.

There's no shame in taking out a cash advance. In today's economy, no one is safe from potential money problems. Those consumers who do their homework to find the ethical lenders will find that the quick-loan business can be a financial safety valve in uncertain economic times.

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