Is it better to take out an instant payday loan that face an overdraft fee? You need to know before making a financial decision. Here’s what to do.

Oh no! You forgot you wrote a check, and now it might bounce.

Even with overdraft protection, the fees can be significant.

Or, you could get an instant payday loan to cover the shortfall.

Which is the better, less expensive choice?

Here’s what you need to know to make the best decision.

First, what’s an instant payday loan?

An instant payday loan is pretty much what it sounds like.

It’s a short-term personal loan that can help you cover an emergency cost.

Say, like an overdraft situation.

Yes, there are costs involved in a payday loan.

But read on – they can still be lower than what the bank will hit you with.

And, you’ll know up-front what you’re getting.

How well do you know your bank’s overdraft policy?

Overdraft 101

At its most basic, overdraft sounds exactly like what it is.

Taking out more money than you have in the account.

But did you know there are two versions?

And that each comes with its own costs?

This is where personal finance can get a little murky.

Bonus tip: overdraft isn’t the only thing at the bank that can cost you.

But keep going, we’ll sort it all out for you.

Arranged or not

You may be thinking that getting ahead of the situation is best.

So, you ask your bank to set up overdraft protection for you.

That’s considered “arranged overdraft” or “courtesy protection”.

But, they’re not doing it out of kindness.

Banks want to make money like everyone else.

Let the fees begin!

Fees, fees and then more fees

First up: setup fees for arranging the service.

Wait, a fee to pay a fee? Pretty much.

Some banks waive them, but for some, it can be upwards of $35.

Next to come out of your account: a monthly fee.

While it may be as little $5 each month, that’s still $60 a year.

And then finally: interest rates.

You’ll be charged an interest rate that varies from bank to bank.

Think about it this way:

  • If your overdraft is for $56
  • And you’re charged $20
  • Translated into an annual percentage rate (APR), that’s 13,000%.

And no, that’s not a typo.

So even if you think that’s horrible, it’s still likely cheaper than its unarranged cousin.

And then, it bounced

Remember that check you forgot you wrote?

Your bank didn’t.

And now you’re overdrawn.

Sometimes, if you catch it in time, you can call the bank.

But you didn’t realize it until your card was declined at the grocery.

Now, you’ve got fees with a side helping of embarrassment.

You also realize it will be several days until you get paid, maybe longer.

Now what happens (if you don’t get an instant payday loan instead)?

There’s more than one kind of fee

In an unarranged overdraft, there can be several kinds of fees.

Let’s say tomorrow is payday, and you’ll only be short one day.

Some banks actually charge short terms fees.

Yes, on top of the rest of the fees.

There can also be fees for every day that you’re overdrawn.

Plus, if it would happen to span across two periods (say the first and last day of the month):

And, you guessed it, there’s a fee for that, too.

And then there’s a second check

While the snowball effect can sound fun to a kid, to you it’s no laughing matter.

That first check is still overdrawn, which was unexpected.

Now, there’s another one (maybe an auto payment you have set that you forgot).

The fees may compound, leaving you financially even further behind.

The fees keep coming

Maybe this isn’t your first overdraft. Or even your second.

At a certain point, banks may begin charging more per incident.

That fee that was $25 is now $35.

And it (usually) doesn’t come back down for good behavior later.

I get it, but what else can I do?

An instant payday loan may be the right answer for you.

The fees can be cheaper than your bank will charge you.

It can also help avoid another overdraft if payday is more than a few days away.

Plus, payday loans can be processed quickly to get you in the black, fast.

Be aware, though.

A payday loan is often repaid by auto draft.

Mark your auto payments on the calendar, so you remember.

Don’t end up in an endless loop of overdrafts and trying to cover it.

Tips to avoid overdraft

Here are some ways to avoid overdraft once you’ve gotten things under control.

Opt out

You can tell the bank to not pay the check.

While whoever you wrote the check to won’t be happy, their fees may be lower.

But be careful!

If it’s a payment on your credit card and you’re late, those fees could be even higher.

Holds count, too

A gas station may put a $50 hold on your funds when you use your debit card.

Though it’s generally short term, as you’ve learned, one day matters!

Try using cash or a credit card if you think it’s a station that places a hold.

Get an alert

Many banks offer alerts when your account dips down.

Set up an email or text to let you know if things are looking slim.

Make sure you set the alert at a reasonable amount, too.

Too high, you might ignore it.

Too low, and you might not have time to correct it.

Sharpen up your budget skills

Know what you’re spending, where, and when.

That way things won’t sneak up on you.

Cash for small purchases can be a good idea, too.

That way, your morning coffee won’t send your account into a tailspin.

Budget isn’t a bad word, get some tips that can work for you.

How we can help

We’re here to help keep the rubber out of your checkbook.

Everyone makes mistakes sometimes, it happens.

At Pretty Penny Loans, we want to help you the fastest way possible.

We offer instant payday loans to get that check covered, pronto.

Apply today to get started.

Have a bank overdraft horror story? Share it in the comments!

114 thoughts on “Instant Payday Loans or Overdraft Fees? Which is Better?

  1. I’m amazed, I have to admit. Seldom do I encounter a blog that’s both educative and interesting, and let me tell you, you have hit the nail on the head. The problem is something which not enough folks are speaking intelligently about. Now i’m very happy that I came across this during my hunt for something relating to this.

  2. My programmer is trying to persuade me to move to .net from PHP. I have always disliked the idea because of the costs. But he’s tryiong none the less. I’ve been using WordPress on numerous websites for about a year and am concerned about switching to another platform. I have heard fantastic things about Is there a way I can transfer all my wordpress content into it? Any kind of help would be greatly appreciated!

  3. My brother suggested I would possibly like this web site. He was once totally right. This put up actually made my day. You cann’t believe just how much time I had spent for this info! Thanks!

  4. Have you ever thought about writing an ebook or guest authoring on other websites? I have a blog based upon on the same information you discuss and would love to have you share some stories/information. I know my audience would appreciate your work. If you are even remotely interested, feel free to send me an email.

  5. Have you ever considered writing an ebook or guest authoring on other websites?
    I have a blog based on the same subjects you discuss and would really
    like to have you share some stories/information. I know my
    visitors would appreciate your work. If you are even remotely interested, feel free to shoot me
    an e mail.

  6. It’s the best time to make some plans for the future and it’s time to be happy. I have learn this publish and if I could I want to suggest you few interesting issues or advice. Perhaps you can write subsequent articles referring to this article. I want to read even more issues approximately it!

  7. We can’t honestly say that we weren’t surprised and impressed by the sheer ingenuity of the Twerking Butt.|The staff at Scripps Ranch High College discussed a twerking incident involving students in a letter addressed to a college trustee.|

  8. girls are genius when it comes to mixing the art of dancing and the art of becoming sexy at the same time.|The suit described the abuse suffered by girls at the northern Minnesota

  9. Pingback: Homepage
  10. Skype has opened its online-dependent buyer beta towards the world, right after introducing it generally within the U.S.
    and U.K. previous this 30 days. Skype for Web also now works
    with Chromebook and Linux for instant online messaging
    communication (no voice and video however, all those demand a connect-in installation).

    The expansion of the beta contributes help for an extended listing of languages to assist
    bolster that overseas functionality

  11. Your electrical technician should be available to attend to the problem before it gets out of hand. If this is the case, then they should just consider getting them washed, reseamed, and resized. Lean forward releasing the tension, and turn your leg in. The introduction of the REPs into the system shifted the whole game from a service delivery to more like a business.Everybody under the sun tends to make problems every so often.
    Wholesale Jerseys For Cheap

  12. Hey, you used to write wonderful, but the last several posts have been kinda boring… I miss your super writings. Past several posts are just a little bit out of track! come on!

  13. Great weblog right here! Additionally your site lots up very fast! What web host are you the use of? Can I am getting your affiliate hyperlink for your host? I wish my website loaded up as fast as yours lol

  14. When Ι originally commented I clicked the
    “Notify me when new comments are added” checkbox and noᴡ each time a ϲomment is adɗed
    Ι get three e-mails with thе same comment.
    Ӏs there any way yoᥙ ϲan rеmove people from that service?
    Appгeciate it!

  15. Unquestionably believe that which you stated. Your favorite justification appeared to be on the internet the simplest thing to be aware of. I say to you, I definitely get annoyed while people consider worries that they just don’t know about. You managed to hit the nail upon the top as well as defined out the whole thing without having side-effects , people can take a signal. Will likely be back to get more. Thanks

  16. Fantastic associations among men and women and establishments are not developed upon a basis of lying. A quantity of these kinds of establishments are currently no cost, all the period. Deceiving operating human beings and people who could just be capable towards check out these web-sites upon weekends is effortlessly mistaken. Nor is “Uwishunu” performing its very simple activity within just failing toward distinguish among museums that are constantly or continually totally free and people that hardly ever or rarely are exterior “Museum Working day.” “Your self want oneself realized”–certainly, oneself need on your own understood the real truth that it’s this web-site’s undertaking in direction of inform by yourself. No these luck, sad to say.

  17. May I juѕt say what a relief to discover a person thɑt actually knows what
    tһey’re talking about on the internet. You actually know how to
    bring an issue to light and make it important.
    A lot moгe people have to read this and understand tһis side of your story.

    It’s surprising you’re not more popular because you surely have the gift.

  18. I see your website needs some fresh posts. Writing manually takes a lot of time,
    but there is tool for this time consuming task, search for; Wrastain’s tools for content

  19. Pingback: Homepage
  20. I see you don’t monetize your blog, don’t waste your traffic, you can earn extra cash every month because you’ve got hi quality content.
    If you want to know how to make extra bucks, search for:
    best adsense alternative Wrastain’s tools

  21. Hmm it looks like your blog ate my first comment (it was extremely long) so I guess I’ll just sum it up what I submitted and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog blogger but I’m still new to the whole thing. Do you have any tips for first-time blog writers? I’d certainly appreciate it.

  22. After I originally commented I seem to have clicked on the -Notify me when new comments are added- checkbox and now whenever
    a comment is added I get four emails with the exact same comment.
    There has to be an easy method you can remove me from that service?

  23. Well, we have thought of a few enhanced link structure advocate
    various purposes which you can check out in full information on our Solutions
    web page.

  24. I am no longer positive the place you are getting your info, however great topic. I needs to spend some time learning much more or understanding more. Thanks for excellent information I used to be searching for this information for my mission.

  25. Hey there! Someone in my Facebook group shared this website with us so I came to take a look. I’m definitely enjoying the information. I’m bookmarking and will be tweeting this to my followers! Fantastic blog and fantastic design.

  26. Wonderful work! That is the type of information that are meant to be shared across the net. Shame on Google for now not positioning this post higher! Come on over and visit my web site . Thank you =)

  27. You immрly like when we sing praіse songs in Church??
    Larry requeѕted and daddy nodded. ?Effectiѵely
    I could make up a worship ѕong.? So Larry jumped to his
    toes and started to maкe up a musiϲ to a reаlly unhealthy tune.
    ?Jesus is so cool. Its enjoyable bing with God.

    Hes the funnest God nybody could have.? Larry sang very badly so
    Lee had put his hands over his eаrs.

  28. Wow, wonderful blog layout! How long have you been blogging for? you make blogging look easy. The overall look of your web site is fantastic, let alone the content!

  29. PLEASE READ: My name is Grace Curran, I would like to talk about an experience that has been of great help to my business and my family in general, after I lost my husband. Just last month suffered a great loss in my business that got me in so much debt, I couldn’t help it. I was at the verge of being homeless and loosing my business due to bad credit and debts. I became so desperate that I didn’t know where to get help, I couldn’t get a loan from banks and other financial institution I contacted due to my bad credit. Then I set out to seek other alternative, where I got scammed of $3,100. Until I read about Juan Limited. where I got a loan without stress. I now have a decent credit, my debt paid and my business running more than ever and my credit fully settled. You can as well reach them at: or call/ text: (802) 242-0036, for more Information. All thanks to God almighty and the management of Juan Limited for making this come through. I am sharing this so that everyone who are in need can be a part of it.;

  30. Hi there! Do you know if they make any plugins to protect against hackers?
    I’m kinda paranoid about losing everything I’ve worked hard
    on. Any recommendations?

  31. Ꮋello therе, I discovered your blog via Google even as searching
    foг а related subject, your weƅsіte came up,
    it seemѕ to be great. I have bookmarked it in my google bookmarks.

    Hello there, simply become alert to your weblоg through Gⲟogle, and found that it’s really informatіve.
    I am gonna be careful for bгusseⅼs. I will be grateful in the
    event үou proceed this in future. A lot of other people will be ƅenefited out
    of youг wгiting. Cheerѕ!

  32. Ηi! I’ve been reading your website for some time now and finalⅼy got the bravеry to go ahead and give you a sһout out from Porter Tҳ!
    Just ѡanted to tell you keep up the fantastic work!

  33. Yօu can definitely see your skills in the worқ you write.
    The sector hopes for even more passionate writerѕ like you who aren’t afraid
    to mention how they bеlieve. All the time follow your heart.

  34. Аmazing! Thіs blog looks јust like my old
    one! It’s on a totaⅼly different subject but
    it has pretty much the same page lɑyout and desіgn. Outstanding choice of colors!

  35. Thank you for thе auspiⅽious wrіteup. It in fact was a amusement account it.
    Look advanced to more added agreeable from you! By the way, how could
    we communicate?

  36. Great ᴡebsite you have here but I was curious if
    you knew of any user discᥙssion forսms that cover the same topics talked
    about here? I’Ԁ reaⅼly like to be a part of group ѡhere I can get feed-back
    from other кnowlеdgeable people tһat share the same interest.

    If you have any suggеѕtions, please let me кnow.

  37. Incredіble! This blоg looкs exactly like my old
    one! It’s on a completely different topic but it has рretty much the
    same paցe layout and design. Supeгb choice of colors!

  38. naturally like your weƄ site howеver you hаve to take a look
    at the spelling on several of your posts. Several of them are rife with spelling issues and I
    find it very b᧐thersome to tell the truth on the other hand I will
    surеly come again ɑgain.

  39. Јust desire to say your article is as amɑzing. Ꭲhe clearnesѕ in your ρost is just
    spectacular and i can assume you are an expert on this sսbjеct.
    Well with your permission let me to graƅ yoᥙr RSS
    feed to ҝeep updated with forthcοming ρost. Thanks a million and please carry on the gratifying woгk.

  40. When I orіginallу commented I cliсked the “Notify me when new comments are added” checkbox and now each time a comment is added I get three emails with the same comment.
    Is theгe any way you can remove people from that service?
    Appreciate it!

Leave a Reply

Your email address will not be published. Required fields are marked *