Payday loans are not the only option when you have bad credit and need a personal loan.

June 13, 2013 - PRLog -- If someone extended you a loan or line of credit with an annual percentage rate of 391%, you wouldn’t accept that, would you?

It sounds impossible, but to borrowers who choose to take out payday loans, it is every bit a possible scenario you have accepted this outrageous interest rate without your knowing so. If you have fair, bad or poor credit, you may not be aware that there are lenders in your own community that will work with you for a much more reasonable interest rate and with longer terms of repayment.

Brad, a minimum wage worker with bad credit is in need of cash, several of his bills are due, and payday isn't for another week. Brad decides to seek out what is known as a payday loan. He simply assumes, "well, it is just like an advance on my pay that's coming to me anyways, so sure, why not go for it?” Brad writes a postdated check to the payday lender for $575 on a $500 loan. A fee of $75 on a short two-week loan at $500 works out to be 391% in annual interest.

Using a payday lender frequently creates a cycle of debt. An average payday borrower may spend over $700 to pay off a $325 loan. Often the payday borrower ends up needing to take out more payday loans to pay off their first payday loan and monthly bills.

Try United Lending Services Co., they can assist in finding you a loan for all of your personal needs. These are loans that lend larger amounts, have lower annual percentage rates and longer repayment time. Apply for free; the online application is quick and secure. They even have a full money-back guarantee!

Here is their link:  http://www.UnitedLendingServices.com/c9m651