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Knowing and avoiding the common traps associated with such loans will also help the borrower act responsibly. One such trap is paying only the interest due and allowing the loan to roll over. It can easily become a habit and the cycle of debt can be nearly impossible to break. It is easily compounded when more than one payday institution is utilized. The need to take a loan from one institution merely to pay another becomes a confusing and complicated financial hole, which is hard to pull out of.
If you are in a temporary financial grind Langston Galloway Jersey , you can take a quick payday loan from any of the websites offering such cash advances to people, for very short-term, usually 2-4 weeks. Normally, these advances come at a high price; from as much as $15-$30 as interest on every $100 borrowed for 2 weeks.
If you need to take an extension on the money however Henry Ellenson Jersey , you need to pay further interest on the previously accrued interest as well! So, while for the first 2 weeks, you pay an interest of say $60 for a $200 amount of payday loan, the subsequent 2 weeks will charge you an interest of $78 Stanley Johnson Jersey , and if you extend the loan for a further 2-week term, it will cost you an additional interest of over $101. So for a 6-week period, you’d end up paying almost $240 as interest, on a $200 loan! Pretty expensive right!
So How Does Debt Consolidation Help Me?
Well Luke Kennard Jersey , if the interest keeps growing at such a phenomenal rate on your payday loan, and if, for some reason, you are not able to clear-off the mortgage on time Rick Mahorn Jersey , it could become very easy to fall into a vicious debt-cycle! The above example had taken the principal as just $200. What if the amount borrowed was more? What if it was something in the range of $1500? You would find yourself having to pay a total of $3300 against that credit, in just 6 weeks! What if you weren’t able to clear it off even after 6 weeks? Another $1000 interest accumulated in 2 weeks! A payday loan debt consolidation can help break this infinite loop!
Seth is a student at DCU at North Wakemore. He is studying communications and wants to be a blogger
a payday loan
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