The loan has a special 72-hour expiration date attached, and once it expired, it can never be used again. That way, you get the cash you need, but you don’t have to worry about paying it back. It’s perfect for helping you get out of an awful situation temporarily. Even if it goes away in 72 hours, it’s still long enough to help out, and because you can only use a loan like this once, it means no having to pay back $200 immediately.
One-time-use loans work in a similar way to payday loans
. You get a loan that’s tied to your checking account, and when your 72 hour period expires, the money gets returned right back to your checking account.
The whole process is electronic, and you don’t have to go to a local payday loan store or speak with an actual person.
You need to assess your financial situation and know what you can afford. No matter how desperate the situation is, do not borrow more than you could repay over time. For example, let’s say you borrowed $500 over a 3 month period, with a finance charge of 39.99% and an APR of 390% (APR = Annual Percentage Rate). You would probably have to pay about $750 in interest – $301 in finance charges and $449 in interest – more than double the price of what you expected to borrow.
Be realistic about your financial experience and what you can manage when it comes to credit consequences. If you are like many other people, you may want additional money until your next paycheck arrives. One advantage of having a free checking account is because banks often have incentives to keep their customers by providing free checking accounts.
What are the Incentives of Banks?
Because banks collect fees from listing checks, debit card payments, and ACH debit payments, there is a great monetary incentive to keep their customers to keep their business. Banks do this by allowing them to have free checking accounts. The deal is that when you open an account with them, you need to deposit a sum of money into your