| Payday Advance companies often come with
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| | Some times she may roll over the check by
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| enticing ads such as "E-Z Payday Cash..."
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| | paying an additional fee to extend the
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| Cash at your doorstep on the same day..
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| | advance period, say, for another two
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| etc. on the FM, TV, Internet, and in
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| | weeks. In case shes left with no money in
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| mailboxes. And they come up with a range
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| | her account to cover the personal check
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| of words such as cash advance loans,
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| | she submitted to the lender, she could
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| check advance loans, or deferred deposit
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| | incur additional bank fees or face legal
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| check loans. They are indeed easy to
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| | action, for the bounced check.
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| secure. But are they economical?
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| | It is advisable to plan finances
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| Let's imagine someone named Ellen
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| | carefully by following a few steps as
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| borrowing $300 from a lender creditor
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| | follows: calculating the total `income
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| for a two weeks period. According to the
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| | and `expenses amounts in a month,
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| agreement, she writes a personal check to
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| | subtracting the `total expenses from
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| the lender for $345 (this includes the
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| | `total income and monitoring the
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| borrowed amount $300 and a $45 fee).
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| | remaining amount. This simple arithmetic
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| In the above example, the interest fees
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| | will tell us as to whether the person has
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| of $45 is the equivalent of $1,170 for a
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| | some savings or not. A financial
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| year, or 390 percent APR. This is far
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| | barometer!
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| higher than the APR announced by
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| | By depositing 10% of the total income
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| institutions such as Bank of America for
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| | into a savings account or other kind of
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| loans. But the latter require
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| | investment. This will serve any `rainy
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| collaterals, real estate to mortgage or
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| | day.
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| some other security. Not easy for
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| | By not spending more than what is earned.
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| everyone.
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| | Despite meticulous planning, we do
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| On the ensuing payday, she either redeems
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| | sometimes get into emergency situations
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| the check by paying the $345 in cash, or
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| | like Ellen. This is the time, when we
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| lets the lender withdraw the amount, by
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| | can look for an Emergency Payday Advance
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| using her personal check, from her bank.
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| | as the last resort.
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