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Finding Low Cost Payday Loans - How to Save Sensibly

Written By renie kolo on Sunday, March 31, 2013 | 4:17 PM


When you are in a hurry to get your hands on some money, it is not a sensible idea to simply apply for the very first short term loan solution that falls in your lap. There are low cost payday loans available and if you need a short term solution to tide you over, you should look for one with the lowest interest rates and the lowest fees, or better still, no fees. Low cost payday loans can be found online and this is the best place to source your funds because you have the opportunity to compare and contrast, in order to find the best possible deal for yourself.

There are certainly critics out there who would argue that there is no such thing as low cost payday loans, and in some circumstances they would be correct. However, now that the short term loan industry is governed by rules and regulations, and the fact remains, that many reputable companies are up front with all of their fees, charges and lending criteria, finding low cost payday loans is very possible and could in fact turn out cheaper in the long run, depending of course on what you are obtaining the money for.

If you are looking for low cost payday loans so that you can move from simply window shopping to making a number of purchases over the weekend, or to purchase some concert tickets, then perhaps you need to rethink your finances to determine if you really need to be spending this money in the first place. Low cost payday loans are designed to help people that are struggling between paydays and the money is usually a necessity to avoid utilities being cut off, to pay for medical bills and expenses, to fix your car so you can get to work and so on. When this is the reason for obtaining a short term loan before your next pay comes in, it would be sensible to try and find low cost payday loans so that you can get yourself sorted out without adding further stress to your current financial situation.

If you add up what it will cost you to pay the disconnection and reconnection fees for your utilities, obtaining low cost payday loans to pay the bill, or bills, before they get cut off, can actually provide you with some savings. With low cost payday loans, you are looking at paying an interest amount of $15-$25 for each $100 that you borrow. So if you only need $200 to pay the bill, paying $30 to $50 in interest will actually be cheaper than paying $60-$120 for disconnection and reconnection costs. Using a short term loan in this way shows that it can be a sensible way to fix up some bills and save some money.

Low cost payday loans will need to be paid back in full the next time your pay comes in, although some lenders will allow you 2 pay cycles to clear the debt. If you are sensible with your money, only borrow the exact amount you need, and repay the loan according to the terms and conditions, you can use these short term loans as an immediate solution to save some money that you would otherwise have to pay.

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