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Payday loan and cash advance loans are creatures of the current economy where even the two-income families sometimes find themselves in a cash emergency.

The convenience of a payday loan and cash advance loans are off-set by the cost of borrowing even a small amount of cash for a short period of time.

Payday loan companies exist to make money and they charge extremely high interest rates to do so.

Advance preparation is the key to solving most small cash emergencies without resorting to a payday loan or cash advance loans.

  1. Apply for a Bank credit card and an overdraft option for your account.

  2. Get a line of credit to basically lend any amount of money to yourself by writing a check in any amount, usually up to $10,000.

  3. Get familiar with third party lenders in your city. Third party lenders charge about 20% vs 600% interest rate reportedly charged by payday loan companies.
Everybody should do the above minimum as a part of their financial planning.

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State Senator Joe Bolkcom joined other members of the Iowa Senate today in calling for reform of Iowa's payday loan industry. Bolkcom said that the growing use of payday loans is leading Iowans to become

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Tuesday February 7, 2012 07:21:47 pm  @   Paydayloans!