You have a situation. You need to money, but you don’t have any way of getting it. This is money that you desperately need, to take care of an urgent matter. And there’s nothing you can do to get the money that you need in a timeframe that you require. Or is there?
There are numerous options with no credit check available for individuals looking to acquire amounts of money that they need. In most cases, you can get approval for these loans online in just a few minutes, and in many cases to be able to get the money that you need within 24 hours. Many people look poorly upon payday loans, but when he alternative is considered, it makes sense to take one out.
Let’s take a look at overdraft fees. Something that isn’t really discussed that much in circles when it comes to the comparison between them and payday loan fees. But, if you bank with a major institution, you will be charged anywhere between 25 and $31 for every overdraft. Most major banks will submit a check for payment electronically, which means no delays. This means that every single day a check is submitted for payment, and you don’t have the money in your account to pay it, the bank will charge you $31 every day. If you have a check that bounces every day for four days, that is $120. If you haven’t checked that bounces every day for a week straight, that’s over $200 in fees for one check. The amount of the check makes no difference. If you are $.10 over drafted, you still pay that $31 fee every time. And, that fee is assessed toward your bank account, so even if you put money in your bank account, you’ll still be overdrawn.
This is one of the more sinister ways banks operate, and nothing is being done about this particular situation. When compared to payday loan fees, this is a walk in the park. In most cases, you would be better off getting the loan, then being assessed for an overdraft fee every single day.
This is just one of the ways, loans are better than the alternative. There are many other situations, including money actually left on the table in certain situations.