PayDay Loan Debt Help
A PayDay loan is a type of loan, whereby you take an advance on your upcoming paycheck. All you need to show is proof of employment and that a paycheck is incoming and this is pretty much all you need. This makes these loans very easy to get access to and thus, are pretty popular. However, there is a side of these loans that can pretty much suck up all that is attractive about these loans - skyrocketing interest rates. That is right, if you have or have had a PayDay loan, you will know how these loans are accompanied with unbelievably high interest rates, limiting them as a source of short-term finance only.Furthermore, through an arrangement called 'continuous payment authority,' your lender keeps on taking money from your bank account automatically. This becomes possible as lenders require your debit card information before allowing you the loan. Providing the details of your credit card authorizes the lender to then take out the continuous payments from your account. This is not just turn out to be problematic in constricted financial situations but is also fairly difficult to get cancelled.
As you can see, PayDay loans, which are a fix to short-term financial problems, can in turn cause more problems than they solve. After you have repaid one PayDay loan, there is a possibility that you will not have enough amount of money to make it to the next PayDay and getting another PayDay loan would seem attractive. This starts a vicious cycle, causing you to be over-reliant on these loans. This makes these loans rather dangerous and requires your utmost caution.
At Hippo Charity, we are dedicated to ensuring that you do not become a victim of these loans. Our aim is to enlighten you about all you need to know about these loans, so that when you make your choice it is a well-informed one. If you are already under debt and require assistance, we make sure that we assess your situation from that point onwards and provide advice that would help you stand back up on your feet. Payday loan providers like SwiftMoney would tell you just about anything to get you to sign the contract, but at Hippo Charity, our aim is to ensure that what you get is what you think you are getting. Nobody likes being taken by surprise when it comes to financial matters, and this is what we ensure here. Our personalized plans are aimed towards helping you plan budgets, manage finances and debts, and be prepared overall. We do not say all debt is bad, but without the proper information and preparation, all debt is certainly risky.