FederalCashAgency.com (Cash Loan Network) offer Cheap Payday Loans.

PAYDAY LOANS

Payday loans can offer quick and easy access to money for consumers who may be having temporary cash flow problems or are facing a financial emergency and need to borrow funds for a short length of time. Although these loans are convenient to obtain, consumers are strongly advised to carefully review the contract before they sign it to ensure that they fully understand their obligations as well as the fees charged for these short-term loans. Once a loan agreement is signed, the borrower becomes legally responsible to fulfill the obligations stated in the contract. It is also important that consumers are aware of the significant additional costs they can incur if they are unable to repay these loans when they are due.

PAYDAY LOAN EXAMPLE

The typical payday loan works as follows: A lender signs a contract with a borrower, agreeing to take the borrower’s personal check as collateral for a cash advance. The lender agrees to not deposit the check for a specified period of time, yet pays cash immediately to the borrower. Let’s say you want to borrow $200 until you get your next paycheck in two weeks. You write a check to a payday lender for $230 (15% of $200 = $30 lender’s fee + $200 loan amount = $230) and you get $200 cash in return. The $30 interest you pay on the loan calculates to an Annual Percentage Rate (APR) of 391%.

ALTERNATIVES TO A HIGH-RATE PAYDAY LOAN
Ask your employer for an advance on your paycheck
Ask to borrow money from a friend or relative
Find out if you have, or can get, overdraft protection on your checking account
Find out if you can delay paying a non-interest bill such as a utility bill and make payment arrangements with the utility company
Ask your creditors for more time to pay your bills. Find out what they will charge for this service – such as a late charge
Consider a short-term loan from another financial institution, or a loan repayable over several months
Consider a cash advance on a credit card. (more…)