Loans_Payday_loan » Payday Advance Loans With Extended Payback Time - Borrow now ... Pay later? - Times Daily (subscription)

Jun

28

Payday Advance Loans With Extended Payback Time - Borrow now … Pay later? - Times Daily (subscription)

Filed Under Payday Advance Loans With Extended Payback Time | 

New payday loan businesses continue to open in these uncertain economic times, but experts warn borrowers to know exactly how a payday loan works before forging ahead. There are many alternatives to payday loans such as small savings accounts or rainy-day funds, salary advances from employers, credit card advances, extended repayment plans with creditors, and loans from friends, relatives, religious institutions or social service agencies. In addition, many lenders have developed lower-cost alternatives to payday loans that have better repayment terms. According to the Center for Responsible Lending, 90 percent of revenues for businesses that specialize in payday loans are based on fees collected from borrowers. It opened a Better Choice Loans earlier this month offering advance loans from $250 and up, instead of traditional loans that customers may not be eligible for. Payday loans can be a quick fix for individuals who find they need fast money for a brief time. read more

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