100% Kelly

I’ve receiving a lot of text messages, recently, from different banks and financing institutions offering salary loans of various kinds. I’ve never really entertained the offers, though, since (1) we get by with the combined salaries that my husband and I put together and (2) I think that it would cost an arm and a leg just to pay the principal and interest. Of course I’m basing #2 on the assumption that finance charges would be same as credit card chargers since both are considered short term – which I haven’t really verified. But guess what I recently found out regarding such short term loans? Well, it gets even shorter! There’s now what is called payday loan. Let me correct that, it is a “No Fax Payday Loans” as everything’s done online nowadays. I guess the name is pretty explanatory but to clarify further, the term of this loan is as short as 2 weeks. The term sounds pretty familiar? It is also called a cash advance, but given by another company and with interest. So if you’re in the market for a very short term loan, you can probably consider this no fax payday loan in the future. I’m sure local banks and financial institutions will be creating such products soon. But mind the interest payment! It’s the bitter ingredient in the “pill.”