100 Day Loan Review Blog - practical tips using the best online payday loans

Link: http://myreview.biz/blogs/index.php/100DayLoanReview/2010/07/09/beat-the-bank-review-a-creative-use-for-a-payday-loan

Everyone's done it.  Celebrities, police, judges, priests and pastors...  you name it.  They've all done it.  Don't feel bad if you've done it.  Heck!  Congress has even done it.  I bet even Obama has done it.  OK - I can't confirm that, but hey, he's only human.

So what in the world am I talking about???

Bouncing checks.

Despite our best intentions, balancing our check books, keeping up with our check registers so we know our balances, it happens.  Sometimes, there is just more month than there is money.  Other times, we make a simple mistake in addition or subtraction and think we have more money than we really do.  Sometimes, the bank changes its policies and now charges that they would have covered are considered overdrafts.  Yet even still, sometimes life just happens and we can't keep up with our bank balance, if even just temporarily.

Even if you would never consider taking out a payday loan, this may be just the scenario where you should give it serious consideration.  Let's do the math and see what I'm talking about.

Let's say you know you have 3 outstanding checks and you just got wind that your account is overdrawn.  You're already on the hook for one of those NSF (non-sufficient funds) fees of, in most cases, at least $35.  You have no idea when the other checks are going to be presented to the bank for payment, but you know this...  it's still a week until payday and it could happen any day now.

Let's use a fairly practical example here...  one check was for $105 for some groceries, another was $45 for a tank of gas, and another was $350 for your car payment.  So, you know that the bank needs $500 or you're going to be charged overdraft fees for each of these checks.

So, with 3 outstanding checks, you know you could easily be out another $105 (3 times $35).  In many cases, you may actually have more checks outstanding.  This is a good time to balance that checkbook and find out.

Well, in this case, you could easily save yourself $30.  How you ask?

If you had taken out a 100 day loan, a special type of payday loan (http://100loans.myreview.biz), you could have had the loan deposited into your bank account within as little as 1 hour.  Do this early enough before checks begin bouncing and you'll avoid all of those nasty fees.  In our example, we needed $500 to cover our checks.  Typically, the interest and fees cost for $500 will be around $75 for a couple weeks.  Thus, that $75 in interest in fees would have saved you $105 in NSF fees, saving you $30.

Sure, no one likes to have to take out a payday loan, but sometimes, it may make financial sense.

Always be sure to do your due diligence when taking out any payday loan.  You may find that it doesn't meet your needs or make financial sense.  But then again, as you saw with our example...  It may at times.