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($$) Let’s say for example that you could really use some new living room furniture. It would be wonderful to be comfortable after a hard days work. Well you could rent to own the furniture but while this requires no credit check it will require a long term investment. If 6 months from now you run into problems and can’t make your payments they will come get it and you will then have no furniture at all.
A payday loan is a much better solution. Let’s say that you could pay $50 per week to a rent to own vendor. Shop around for the furniture that you want one piece at a time. Let’s say that you start with a $300 recliner. Ok, go to a payday cash advance lender and borrow the money needed to buy the recliner. Now you go buy it, take it home and enjoy it. It is yours to keep with no more payments necessary. Nobody will show up to repossess it ever!
Now when payday comes around you will repay the loan in full plus the finance charge. Let’s just say that the total is $330 so you pay that amount in full and then subtract the $50 that you would pay the rent to own guy and re-borrow $280. The following week you will do the exact same thing and before you know it you will have the recliner paid off and then you can shop for that $400 couch that you have been waiting for.
If for any reason there’s a week that you can’t pay the full amount then you will simply pay the finance charge and extend the loan until the next pay period. You should make sure that your lender will allow you to get extensions before you apply for the loan in the first place. If they do not, then you should find another lender to better suit your needs.
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