www.HourAdvance.com

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Four payday loan findings were recently published by Clarity For Consumers, a group who works to bring clarity to credit reports to individuals. The larger the knowledge base an individual has, the more informed functional decisions will be mad when financial problems occur.

The first finding stated that for every ten borrowers, one of those was using the low cost payday loan for car repairs. Automobile repairs are one of the more advertised ways to use these short-term loans. In fact, the findings came out to show that the majority of the people were getting their tires repaired. Whether or not these findings are truly accurate, it does show that many borrowers are using these types of loans as suggested.

The second finding showed that about 65% took out a payday loan within 24 hours of contemplating a purchase. Impulsive shopping is widespread in our society. Credit cards have given people the avenue to shop beyond their means. When there are no credit cards to use, people continue to shop by other means. An online payday loan is obtainable within 24 hours leaving very little room to rethink a purchase. To prevent this type of shopping, it is always good to wait a week before purchasing the product. Give yourself time to possibly talk yourself out of it or at least look to find it on sale somewhere else. Payday lenders are never a good idea to use for impulsive shopping especially if your income will not support the full payoff in a few short weeks.

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