Released on = December 15, 2005, 5:05 pm

Press Release Author = get-it-on-credit.com

Industry = Accounting

Press Release Summary = The recent appearance of countless new online payday loans
companies on the internet has made it easier for consumers to buy for their loved
ones this holiday season. But before you go ahead and enlist the services of one of
these lenders, you should be aware of the benefits as well as the risks of online
payday loans.

Press Release Body = FOR IMMEDIATE RELEASE
12/19/2005

Online Payday Loans: Santa\'s New Little Helper?

Winnipeg, Manitoba - 12/19/2005 - The recent appearance of countless new online
payday loans companies on the internet has made it easier for the average consumer
to buy for their loved ones this holiday season. But before you go ahead and enlist
the services of one of these lenders, you should be aware of the benefits as well as
the risks of online payday loans.

Jane is a 30 year old working mother of three who is finding it difficult this year
to complete all of her Christmas shopping due to an unforeseen shortage of funds.
While browsing online for Christmas gift ideas, she stumbled upon an advertisement
from an online payday loans company offering her up to a $1000 payday loan cash
advance. Not fully understanding the implications of a payday loan, she decided to
accept this seemingly harmless offer. Now, two weeks later, Jane wishes that she
had read the fine print a little more carefully.

Unfortunately, Jane\'s predicament is not an uncommon one. Countless people this
holiday season are being lured in by the tempting offers of payday lenders. Before
you go ahead and enlist the services of one of these lenders, you should weigh the
pros and cons.

Payday loans are an attractive option when the cash is short and the bills are
piling up. Typically people end up taking out a payday loan for one or more of the
following reasons:
- Payday loans are a convenient short-term solution to a an unexpected cash
shortage situation.
- Applying for a payday loan is becoming increasingly easier. With more and more
payday loans companies offering their services online, the increased competition
makes this form of borrowing very convenient.
- Since payday loans are intended for emergency situations, they are often approved
very quickly, usually in as little as 24 hours.

Of course a deal that sounds too good to be true, usually is. Payday loans are no
different, and for good reason:
- Payday loans are secured loans. This typically means that the lender will take
your next month\'s salary as collateral for the loan.
- Payday loans can be very expensive. Interest rates can sometimes be as high as
700% per year.

If you find yourself in a tight spot this Christmas, then by all means consider a
payday loan, but keep the following tips in mind when shopping for a payday lender:
- Verify the reputation of the lender.
- Be sure to shop around for the best rate.
- Read and understand the fine print before you sign.
- Always repay the loan on your next payday.

Dan Kozarchuk is the founder of www.get-it-on-credit.com, a website that features
news, articles, tips and consumer advice on topics including loans and credit. More
insight into this topic can be found at:
http://www.get-it-on-credit.com/category/payday-loans/

For More Information Contact:

Dan Kozarchuk
admin@get-it-on-credit.com
http://www.get-it-on-credit.com/category/payday-loans/

Web Site = http://www.get-it-on-credit.com/category/payday-loans/

Contact Details = Dan Kozarchuk