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By: william Burns

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Tuesday, 5-Jun-2012 06:15 Email | Share | | Bookmark
Don’t be a hamster, or how to avoid 3 reckless mistakes in using

Why many choose payday installment loans ? And these are not those long-term loans we are talking about here - these are the loans which you can apply for in any payday/cash advance lender’s location, whether it is done online or locally. Many choose these types of loans because of their difference from regular payday loans. And sometimes this difference is like heaven and earth to some. Instead of paying of the entire loan balance at once, you are able to pay the balance off within a specific period of time in a set amount of scheduled payments. And while you do that, you will be able to smoothly get back in track of your financial stability.

But for some, unfortunately, the http://www.no-teletrack-payday-loan-lenders.com became a routine by further increasing the financial pit they were already in! They are very appealing to those with bad credit, since no credit check is required in order to get approved, and the process of getting one comes down to literal minutes. The problem comes into place when many borrowers are not being careful enough and continually roll over a Payday Loans - Washington State Department of Finance, and many take them repeatedly too. And with the higher than in most conventional loans interest, you are looking at the never ending money wasting cycle. But why all of this takes place?

Many forgot about the true purpose of Be prepared for any financial emergencies, and that they are not your regular Installment loans applied for in the bank or credit union. The purpose of any type of payday loan is to resolve current financial issues. And there are some that require immediate solution, such as a sudden car repair, medical costs and mortgage payment to name the few. It is never wise to use a payday loan for pleasure, such as the vacation – not a good idea. Other people make a mistake of borrowing more than they can afford, however most of the payday loan lenders will loan only the percentage of your weekly or monthly paycheck.

The number one rule that should always be applied to direct lender installment loans, or any other payday loans, is to never apply for another payday loan in order to pay off the balance of an old one! NEVER! If you do it once, you might end up turning into one of those hamsters that like to get stuck in a spinning wheel for a while. So don’t be a hamster, be the master of your situation, use the payday loans to your advantage instead, never forget about the harm you may inflict onto yourself by hasty decisions.


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