Mom is using payday loans (lån)
Numerous payday loan companies exist. Carefully research a lender company before taking out a loan. Check to see if there are reports available about customer satisfaction. A quick Internet search for customer reviews can be enlightening.
When determining if a payday loan is right for you, you should know that the amount most payday loans will let you borrow is not too much. “How much can I borrow (hvor mye kan jeg låne)?” Typically, the most money you can get from a payday loan is about $1,000. It could be even lower if your income is not too high. You can use a payday loan in refinancing (refinansiering) debts.
Payday loans are normally due within 14 days of taking out the loan. You are given a choice to either visit the office to pick up the check you wrote and pay the loan off or allow the payday loan office to submit the check you wrote to your bank for payment.
Avoid taking payday loans out, if you are already mired in a financial crisis, instead, take consumer loans (forbrukslån). When you are having trouble making ends meet, it seems that this is the right time for a payday loan. However, the loan is just the first step. You must also pay it back, along with fees, and a hefty interest rate. If you cannot afford to pay the loan off with your next paycheck, a payday loan is not a wise idea.
Now you know, payday loans will give you access to funds without having too many requirements. They are sometimes called loans without collateral (lån uten sikkerhet). The most important thing is to make sure you understand all the costs associated with a payday loan. Keep in mind the information you’ve learned here to have a positive payday loan experience.