Understand what a payday loan trap is.
Payday cash advances are the first financial resort in times of cash crunch for millions of Americans. To bridge a gap in their cash flow, people apply for loans against their next pay check. Although such loans provide quick money for short term, it is all a trap. These loans are supposed to be paid off usually within two weeks. However, it is not affordable to cover both the basic living expenses and loan repayment through your pay check. According to reports, 9 out of 10 borrowers fail to pay back within 14 days and thus opt for renewal.
For example, it is so relieving, if you only have to pay $30 on borrowing $200. Two weeks pass by and you still do not have enough money on due date. The only option left is that you just pay $30 and request for a rollover. Thus, you continue paying and go on extending your loan. Payday lenders, both storefront and online, in the name of rollovers take undue advantage and repeat this payday borrowing cycle, which ultimately keeps you caught in a long term debt.
Get out of the payday cash advance debt cycle through installment loans.
Getting trapped in long term cycle of debt is easy. It is a known fact that online cash loans come with exceedingly high interest rates, extension fees and lump sum payments, making it difficult to repay on time. However, do not panic! Faxless installments loans can help you get rid of this vicious cycle easily.
These are short term loans that can be repaid in low installments and hence a great debt relief. Unlike single payment loans, which are meant to be paid in full on scheduled due date, these installment loans offer repayment flexibility. Meaning, you are allowed to pay back in fixed, equal and smaller increments without any additional fees. Moreover, there are no prepayment penalties for paying off early. Therefore, stop paying robust expenses each payday; when entrapped, apply for affordable installment cash advance with direct lenders and pay off the payday loan once for all.
We are registered with Utah’s Department of Financial Institution to provide Consumer Credit. If you submit this application via the internet to us, we will receive and process it the same as if you submitted it to us in person thereby making Utah the place of negotiation, execution and performance of all applications and/or agreement. If we approve your application, the funds will be disbursed from our account in Utah. Utah law governing consumer loan agreements may differ from the laws of the state where you reside. Applicant is responsible for complying with all statutory obligations regarding obtaining loans by internet that may exist in their state of residence. This service may or may not be available in your particular state.