Payday Loan Applicants Are Often Cut From The Same Mold

Online, March 29, 2011 (Newswire.com) - People who borrow payday loans very often have a few characteristics in common. These people are more than just the average Joe who finds himself in a bit of an economic crunch. A payday loan borrower's situation is often extreme.

Thinking about applying for a payday loan yourself? See if you fit the following typical payday loan (http://www.americaoneunsecured.com/loans/payday-loans.aspx) applicant profile:

• They frequently have credit problems. Studies show that payday loan applicants are often not in a financial bind; they usually have been experiencing credit problems for some time. A payday loan is most often, in this scenario, seen as a means to patch a tear in an overall bad financial picture.

• They have usually borrowed from payday lender before. Payday loan borrowers are very often frequent borrowers, rather than one-timers. Studies show that people who turn to payday loans use them often over a period of 12 months. And since they're often experiencing difficulty paying their bills, they very often have to roll the debt over, incurring more fees and interest.

Knowing the typical profile of a payday loan applicant can help you determine if a payday unsecured loan (http://www.americaoneunsecured.com) fits your situation. Are you in long-term financial hardship? Or is your situation due to an emergency or unexpected expense.

If your situation is due to long-term issues, you may want to consider other methods of procuring money. But if you have a one-time emergency or unexpected expense, a payday loan can be just the fix you're looking for.

Either way, weigh the options carefully, reading the fine print and making sure to apply only for a loan that offers the best terms and interest. Make sure the repayment terms are well within what you can handle, so that you can repay the loan on time, without having to pay additional fees and interest - an expense you likely can't afford.