The poisonous effect of the serpent... Payday Loan!!!

Beware!!! It has been reported that an unknown venomous species of snake has entered our periphery. It is said that they are attacking all debt stricken people at an alarming rate. An authentic survey report says that about 90% of the population has already been bitten by this snake. Some has managed to recover but most of them are in critical condition. Specialists are researching to discover some antidote to the poison it is passing on; to our life…Its structure however is not as fearsome as an Anaconda, rather alluring to all of us.

But the venom it spits out is indeed very dangerous.

In short, it can be defined as

1. Physical Features	Cash Advance
2. Specifications	Unsecured, short term financial allowance in advance.
3. Utility	It is an immediate solvent to which a borrower surrenders during financial crisis
4. Time involvement for it to get matured	2-3 hrs
5. Nature	Deceptive

Be Cautious!! It has been found that they are moving around in two forms.

• One Storefront payday loan

• It's counterpart On line payday loan

People who have already been bitten by the poison of the payday advances informed that they would bite their prey in no time. They target those who are in severe debt and

· Is a U.S. employed citizen.

· Posses a checking account .

The payday snake is very indifferent by nature!

Normally they pass on the poison to you in a unique manner. It is said that if the poison is not taken out within 14 days then you are in a critical situation. This means that the payday loans are offered for 14 days and if you are unable to payback the loan amount within time then the poison’s effect is dangerous. As a result you get trapped in debt for another two weeks. This way the payday poison spreads gradually and affects each and every part of your body in a piteous manner.

The venomous attack of payday!

The venom being so dangerous, it is really difficult to draw out the poison. As a result you again tend to extend the time for another two weeks and so on. So the poison spreads through and through and at one point it engulfs your entire body. Actually, the payday poison leads you to get trapped in debt for two more weeks. If you were unable to pay the amount in time, naturally it is not possible for you to accumulate the loan amount within another two weeks. So, even if you get another two weeks time you can only manage to pay the interest (which is much high in comparison to other loans) .supplemented with a fund fees. And if this continues, one point of time you land up in paying only the interest, that is much more than the principal amount.

“Let's say you want to borrow $200 until you get your next paycheck in two weeks. You write a postdated check to a payday lender for $230 (15% of $200 = $30 lender's fee + $200 loan amount = $230) and get $200 cash in return. The $30 interest you pay on the loan calculates to an Annual Percentage Rate (APR) of 391%. The payday lender may also charge you a one-time fee of $10 to set up an account.”

Save yourself from the payday venom!

However doctors suggest that the only antidote to the payday loan as of now would be to sign up with a debt consolidation company or some related services. But its always safe to opt for other alternatives before you submit to a payday lender. Thereby to save yourself from the venomous payday snake you can….

• Ask your employer for an advance on your paycheck.

• Borrow money from a friend or relative.

• Find out if you can get an overdraft protection on your checking account.

• Find out if you can delay paying a non-interest bill such as a utility bill and make payment arrangements with the utility company.

• Ask your creditors for more time to pay your bills. Find out what they will charge for this service ... a late charge, an additional finance charge or a higher interest rate.

Remember!! Wild animals are always admired when they are amidst nature. So do not allow them to enter your household from their natural home.