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$300 Payday Loan

A $300 payday loan can be a very expensive undertaking for a person who doesn’t carefully evaluate the loan offers out there.

Payday loans can get very expensive because the lenders that issue them charge very high interest rates and excessive fees. The excessive interest and high fees are why a person with bad credit or little income can get a $300 payday loan.

A typical cash loan might come with an interest rate of 25% or 30% depending upon state and local laws and regulation. This means that the borrower could end up owing the lender $390 or more when the loan is paid back.

This means that other forms of credit such as loans from the pawn shop and credit cards are usually a better deal than cash loans. A person should only take out a $300 payday loan when they have exhausted all other options.

How Payday Loans Work

A payday loan is a short term high interest loan. A short term loan must be paid back very quickly usually in a week or two weeks.

Some payday loans are set up to expire after a week or two weeks. This means that the borrower must get a new loan if he can’t pay the payday loan back. Many payday loan lenders will charge the borrower a fee every time the loan is “renewed.” The fees can quickly add up and cost the borrower a fortune.

Online payday loan lenders usually have the borrower provide their bank account numbers. This enables the lender to put the money into the borrower’s account very quickly via direct deposit. In exchange for this advance the lender usually takes the right to withdraw the loan repayment from the account on a certain day.

Many storefront cash lenders will have the borrower write a check for the amount of the loan plus interest. The lender cashes the check when the loan is due and expects the borrower to have the money to cover the check in the bank on that date.

Where to find a $300 payday Loan

Payday loans go by many names including “cash loans,” check into cash, check loans, cash advances and hard money loans. These loans all have a few things in common such as short terms and high interest rates.

Those who have access to the internet can usually get a much better deal on a cash loan by going online. Online lenders usually charge better interest rates and terms on a loan. To get an online cash loan you will have to have a checking account.

Those who lack checking accounts can set one up even if they have bad credit by using services such as www.accountnow.com. These services provide a Visa check card and a bank account. Some of them even let an individual issue checks from their account.

The other advantage to online lenders is that they can get you the money very quickly. You can have the cash deposited into your bank account within 24 hours of getting such a loan.