Direct Lender Payday Loans: Common Ills
In any country there are government controlled and sanctioned laws which allow any person to borrow loan either for personal use or for their business. These banks or financial institutes need certain amount of paper work. They also need mortgage or collateral against which the loans are sanctioned. None of these are quick ways to get emergency loans. This has given rise to many other financial institutes which seem eager to play the role of a friend in need.
The direct lender payday loans and the options offered by these companies can be availed in a jiffy, so as to speak. They hardly need any paper work. They only need to check the last salary slip, and some proof of residence. Unlike the banks, they are not bothered by the bad credit history of the borrower. So it is very easy to get the amount of money one desires.
These institutes lure people with glitzy advertisements on the net. But what they fail to mention clearly is the very high interest rate charged by them at the time of returning the loan. This can sometimes be as high as four hundred percent! This would be naturally much more than what the actual amount was borrowed.
The repayment of the loans from these institutes has very strict rules. The money taken has to be returned before the next pay day check is received. With such a high interest charged the borrower is but bound to go for another loan to repay the earlier loan!
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