It is not unusual, that the majority of people live from paycheck to paycheck. You manage your bills so they can be taken care of on time, every payday or shortly thereafter. But what happens when the credit card bill comes due before your payday though? If you pay later there will be problems. If you get a fast cash payday loan, you can pay it on time and avoid those problems.
Avoid Credit Card Penalties
So, your credit card statement has shown up in the mail and this month the due date is before your pay date instead of on or after as you’ve grown accustomed to. You have no savings account available to draw money from to pay it early because you use every dime to live and work. Can you just pay for it late? No!
You really don’t want to do that because your payments will get larger. Most credit card companies have a late fee or missed payment fee which they will take not your next bill. That fee can actually put your account over-limit so they tack on an over-limit fee as well.
Okay, so you pay the extra $60 to $80. But now you’ve defaulted on the payment agreement by paying late. Well, you can say goodbye to that 12.99% interest rate or finance charge. Your monthly payments will increase because they will increase your rate to 29.99% or higher. Welcome to the default penalty rate!
What Should I Do?
Can you avoid paying the bill late and preventing the fee and interest from snowballing without a savings account? Yes, you can turn to the short term financial markets and get a fast cash payday loan. By borrowing enough money to make your payment on time, you avoid a potential future or penalty fees and higher interest rates with the credit card company.
The money you borrow with the payday loans is repaid on your very next pay date so it’s like getting a cash advance from your employer. The interest rate you pay on the short term loan is much more desirable than years at a default annual percentage rate with your credit card company.
The Short Term Financial Market Is Here to Stay
The short term financial market is filling a much-needed gap in many families’ budgets and financial plans. With offers from the fast cash payday loan to low-interest installment loans of short duration, the online payday loan lender is here to stay.