Overcome Temporary Financial Problems With A Deferred Presentation Loan


Money is an essential commodity for our day to day survival. Often we are faced with emergency situations that we cannot face without prior financial planning. You may face certain emergency situations such as your child falling ill, getting admitted to hospitals or maybe your car is in requirement of an urgent repair. You may not be in the position to pay the service charges in such situations. Acquiring a Deferred Presentation Loan can help to resolve the issue. So what is a deferred presentation loan all about? All that you need to do is to go to any company offering such a loan and write a personal check for the amount which you are eligible to borrow, along with the finance charges. You will receive the required money then and there.

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Normally these types of loans are around $50-500. Applying for, and acquiring loans within a short time is therefore quite easy. As an applicant, you will need to have a valid bank account, a regular source of income and ID. The normal term for such loans is two weeks. The eligibility criteria of an applicant , however, vary from one state to another. For instance, Louisiana law enables a lender to charge $20 for every $100 that a person borrows, along with $10 as charges for documentation fee.

But while applying for such a loan, keep one thing in mind. Before you can renew your payday loan, you need clear of all your debts. On the other hand, if you pay off the fees and 25% of the loan, you ca have the remaining amount refinanced. However, you will be charged additional fees depending on remaining balance that you owe. For example, if you borrowed $200 with $50 in fees and you fail to pay the full amount within due date. Then you can pay $50 fees in addition to $50 and refinance $150.

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Before the due date of loan payment, your lender needs to accept a part of the payment or more and apply it to the outstanding balance on your loan. He can take legal steps to collect the debt on or post the due date. In case you fail to payday your loan on time, the lender might charge 36% per annum on one year after the due date and 18% per annum after that. The lender can deposit the full amount of the personal check that he might be holding in case your account has insufficient funds to clear the check.

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Remember, payday loans are not meant to satisfy your long-term financial needs. You can have more than one payday loan as outstanding at the same time. However, it isn’t a wise thing to do. In case you fail to resolve your financial problems with the first loan, avoid taking a second one. It will aggravate your situation. So, to redress emergency situations and resolve these issues on time, go for a Deferred Presentation Loan.

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