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ATM Fees Vs. An Online Payday Loan

Using an ATM machine may be convenient but have you ever noticed the fees attached when using a machine that is not at or connected to your financial banking institution? When you look at the amount that you pay in ATM fees vs. an online payday loan or cash advance, you will see that you are paying an extreme amount for ATM convenience. 
The bank you use the ATM at will charge you a usage fee and your own bank will charge you for not using their ATM.  So you actually get charged twice for taking out your money when you don’t go to one of your own bank branches.  It could end up costing you as much as $10 to get your money our of your bank account.

Depending on who owns the ATM machine, you could be paying not only the owner of the machine but also to the card in which you are using to get funds from. Fees can be even higher at entertainment venues, convenience stores, and vacation hot-spots. If you are taking money from your credit card, you will have credit card cash advance fees to pay as well. These fees can and often times have a domino effect that you may not be fully aware of. As an alternative you can get an online payday loan with a small fee. This fee is charged in a lump sum and is added onto your loan amount. With your repayment coming out of your bank account on your next payday, you don’t have to worry about having long extended interest fees and late charges added on to the amount you borrow, unlike a credit card. A direct payday loan lender will deposit your cash advance money in your bank account overnight giving you the option to go to your own bank and use the funds for whatever you need.

When you add up all the fees for using an ATM and you continue any monthly interest payments for a credit card service you may have used, you will see that planning ahead and using the payday loan is a more cost effective way to get extra cash into your budget. Payday loans are simple options that are meant to be short-term. If you have stretched your budget to the max and find you have no other alternatives, then these types of loans can come in handy for unexpected financial costs or emergencies.

In the end, it is always best to budget your paycheck accordingly and plan ahead. Make sure you have enough cash in your wallet to get you through your daily activities so you can avoid the costly trip to an ATM that doesn’t belong to your bank. Some banks can give you a list of what banks they partner with in an effort to save the customer from paying fees. If you are at the gas station, grocery or convenience store, get funds back at the register instead of using the in-store ATM. If you need more than the store allows, you may be better off taking the time to drive to your own banking institution and avoid ATM fees altogether.

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