Payday Max Moneygram

Payday Max Moneygram

Payday Loans are other wise called cash advances or paycheck advance loans. The amount is small ranging from $50 to $500, and the term is about two weeks. The interest rate is high for a payday loan. People who are in urgent need of money turn to the loan as the last resort, when they cannot trust the credit card or friends to raise some money.

You need not have a good credit history for being eligible for this loan, and the processing is very quick. You can procure the loan on telephone or Internet, and within 24 hours the money gets deposited in your account. It is hassle free and has no up-front cost, and no third person is involved.

The disadvantage of the loan is the high rate of interest, and it is important that you repay the loan by due date. The loan can be renewed, but you have to keep in mind that by the third renewal the renewal charges and APR is more than half of the loan amount, and by this rolling over the position of your finances further deteriorates. The US government too is concerned about these borrowers belonging to the lower and lower middle class, who run out of cash by the middle of the month once their bills are paid, and who are pulled into this cycle of debt due to some sudden expenditure incurred on account of a hospital visit or unplanned travel.