Released on = May 12, 2006, 12:49 pm

Press Release Author = Global Travel

Industry = Law

Press Release Summary = \"I just need enough cash to tide me over until payday.\"

Press Release Body = \"GET CASH UNTIL PAYDAY! . . . $100 OR MORE . . . FAST.\"

The ads are on the radio, television, the Internet, even in the mail. They refer to
payday loans - which come at a very high price.

Check cashers, finance companies and others are making small, short-term, high-rate
loans that go by a variety of names: payday loans, cash advance loans, check advance
loans, post-dated check loans or deferred deposit check loans.

Usually, a borrower writes a personal check payable to the lender for the amount he
or she wishes to borrow plus a fee. The company gives the borrower the amount of the
check minus the fee. Fees charged for payday loans are usually a percentage of the
face value of the check or a fee charged per amount borrowed - say, for every $50 or
$100 loaned. And, if you extend or \"roll-over\" the loan - say for another two weeks
- you will pay the fees for each extension.

Under the Truth in Lending Act, the cost of payday loans - like other types of
credit - must be disclosed. Among other information, you must receive, in writing,
the finance charge (a dollar amount) and the annual percentage rate or APR (the cost
of credit on a yearly basis).

A cash advance loan secured by a personal check - such as a payday loan - is very
expensive credit. Let\'s say you write a personal check for $115 to borrow $100 for
up to 14 days. The check casher or payday lender agrees to hold the check until your
next payday. At that time, depending on the particular plan, the lender deposits the
check, you redeem the check by paying the $115 in cash, or you roll-over the check
by paying a fee to extend the loan for another two weeks. In this example, the cost
of the initial loan is a $15 finance charge and 391 percent APR. If you roll-over
the loan three times, the finance charge would climb to $60 to borrow $100.

Alternatives to Payday Loans

There are other options. Consider the possibilities before choosing a payday loan:

When you need credit, shop carefully. Compare offers. Look for the credit offer with
the lowest APR - consider a small loan from your credit union or small loan company,
an advance on pay from your employer, or a loan from family or friends. A cash
advance on a credit card also may be a possibility, but it may have a higher
interest rate than your other sources of funds: find out the terms before you
decide. Also, a local community-based organization may make small business loans to
individuals.


Compare the APR and the finance charge (which includes loan fees, interest and other
types of credit costs) of credit offers to get the lowest cost.


Ask your creditors for more time to pay your bills.






Web Site = http://www.shine-a-light.com/19thNervousBreakdown/index.php

Contact Details = antonio hicks
516 east winter
greenville , 62246
$$country

618-780-0948
rs6471@yahoo.com
http://www.shine-a-light.com/19thNervousBreakdown/index.php