It is that time of the year and everyone is rushing to get their gifts and stockings. You are busy trying to finish off that holiday shopping when suddenly you find out that your bank account has zero balance already and you are not done with gift buying. You can either start making excuses or you can look for lenders online that offer payday loans of 800 dollars or more.
900 Dollar Payday Loan
You decide to get one and are happy that you are approved almost instantly and money will be deposited to your account in an hour. This makes you happy because you can continue to shop. The sad part about it is that although you may have money now to continue shopping, come next payday, you will have to pay back at a higher price because of the whopping interest charges that have been added.
Risks That Come with Payday Loans
These payday loan sites are scary to deal with. You might not even know if you will be really getting money after sending in your personal information. In fact, there is no guarantee that you are even on a legitimate lending agency’s website. There are many risks that come with payday loans online. The following are some risks you will have to be aware of.
- A lot of these websites are actually phishing or scamming sites built to get your personal information especially your bank account details. Read the fine print at the bottom of the webpage you are looking at. Some will say that they are really not lending agencies but third-party sites that will redirect you to another site. Having your information tossed around with no security guarantee is a scary thought to even ponder.
- Online lenders that instantly approve your loan will want to get your bank details. Sending your bank details to strangers is not a smart move, security wise.
- Be aware that payday loans or more have higher interest charges than smaller loans so be prepared to pay exorbitant rates come the payment day.
Turn Your Back on Payday Loans Now
If you are still unsure whether to get a payday loan that amounts to 1,400 dollars or more, think it over again. Sometimes, you may not really to get that loan with online lending agencies. You can borrow from a trusted friend or a family member. Arrange a meeting with them and speak to them from the heart. Outline when you will be able to pay since most friends or family members will not really charge you interest charges. To make it clear, have both of you sign a contract when you will pay so that the other party will trust that you will definitely pay them back.