Is 100 Day Loans Good Alternative to Payday Loans for Urgent Cash Advance?
Consumers requiring cash advance to cover unexpected bills unavoidably turning to payday loans. These loans are providing hefty profits for the loan company. Considering how short they are the charges are acceptable only to desperate customers who have nowhere else to turn to. Since they make big money, the payday loan companies can advertise heavily. As a result they catch many more customers every day.
How someone who has struggled to find the cash in the first place is expected to sort his problems out in as short as 14 days? The answer seems to be that they can not. A recent government report suggest that many payday loan customers got caught in a cycle of payday loans. They keep borrowing until the next payday to cover the previous loan. This cycle seems to go around as much as 12 times before the borrower can get out of it, paying thousands of dollars in the process and becoming much worse off.
Sometimes there is no alternative for the cash strapped people or the alternatives are worse. Their credit score is very important to many people and many of them principally can not accept to miss a payment. Missing a payment could have serious consequences in terms of credit score and higher cost of further borrowing with bad credit score.
If it was looked at objectively the big name high street banks are worse than the payday loan companies. Banks would charge $25 to cover a $5 shortage in customers account to pay for an outstanding cheque or payment, regardless of how many years customer may be with the bank. Banks would look worse than the payday loan company taking into account that they would return the fund request from a customer’s account unpaid if it was over $100 short. So they are happy to charge the customer $25 fee for a small unarranged credit extension, but not happy to take any risk over $100.
There seems to be few companies establishing on the back of the shortcomings of payday loans. 100 day loan is one of them. As the name suggest, the borrowers are given 100 day to pay. This company searches over 100 lenders to find the best loan deal for the applicant. Within 100 day consumer would be able to sort his problems. Therefore, these loans will help the borrower and still make good money for the loan company. Here is their detail; 100DayLoans.com
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