Nowadays payday loans are getting more and more popular. There are no doubts that the reason of such popularity is hard economic crisis and difficult financial situation caused by it. We would like to pay your attention to a specific type of loans - payday advances Michigan.
What is payday advance?Payday advances in Michigan are short term loans aimed to help people in emergency. Payday loan is the best possible option for those who need extra money till the payroll to solve some unexpected problem. Payday advance loans should not be used as a constant way to get out of financial troubles, however they are really very helpful.
At the same time there is a significant drawback of this type of loans – their expensiveness. The rate is $25 for each $100 lent which means that the loan of $ 300 will cost you $375. That is why when you are considering opportunity of the loan you should be aware of the lender's rates.
As we have already mentioned this type of payday loans is a short-term one. They are usually provided until a payroll i.e. for two-four weeks. However now lenders are more willingly allow extending the loan period due to hard economic situation. So all you need is just to apply for extending the advance cash loan and the lender will surely meet your needs. At the same time you should understand that it is not a proper way to act so, as in this case the fast loan loses its helping function and turns into the trap because of its expensiveness. This means that you have to apply for loan extending only in extreme case. To extend the loan you will have to make a minimum payment which for the new borrowers usually reaches $ 600.