Last weekend, I was driving along the highway when my old Chevy gave a flurry of choked gasps and broke down by the side of the road faster than I can spell “help”. I got out my cell phone (thank God for these mobile thingies) and called for auto assistance. Imagine my chagrin when I was told that no less than $900 was needed for repairs! All I had in the bank was a meager $150 to tide me over till my next payday. There was no way I could bail my old baby out of the garage before then.
Luckily, my friend suggested that I take out a payday loan. He explained that these loans offer quick solutions to people in a quandary, and the beauty of it is that absolutely no credit checks are required. They are also known by the names “payroll advance” and “deferred deposits”, and can usually be acquired by anyone with a steady income. All I need to do is write a post-dated check made payable to the financial institution (lender) and enter this bit of information once I apply online. I will then be advanced any amount (normally between $500 to $1000) for up to two weeks.
My buddy warned me though, that I should use this emergency procedure sparingly. If I don’t repay fast enough, I’ll be charged additional late fees. On average, the annual percentage rate on a payroll loan is about 400% but it can rocket up to 5000%! Imagine the astronomical interest you’d be paying!
Needless to say, I’ll only use payday loans if I’m really desperate for cash. Meanwhile, I could always catch a cab!