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WireCashDirect : If you are short on cash and need an emergency loan to pay off a bill, you are likely to need an online payday loan.
Online payday loans are generally for someone who has low credit and is living paycheck to paycheck. Then an emergency comes up, their kid is sick or their car needs emergency repairs, or a bill comes up and it cannot wait until payday to get paid. So, why on earth would someone need to worry about taking out an online payday loan?
What is a payday loan?
These online loans are too readily available for quick cash. All a person needs is proof of employment, usually a few paycheck stubs, your boss’s phone number, and two forms of identification. That’s it. Normally your credit score doesn’t even come into play.
The money is made available to you usually in 24 hours or less and is deposited directly into your checking account. Sounds easy ? Online payday loans usually come with enormous fees and potentially dangerous risks. Here is what you can look for to keep yourself safe and your identity in the clear.
The Dangers of Online Payday Loans
The biggest danger is you. If you loose your job before payday, or your paycheck is not large enough to cover the “up to 60% fees” you could be owing money to the online payday loan creditor AND your banking institution. Associated fees, percentage rates, and payback percentages are big money making business for these companies.