Bounced Check Fees vs. Payday Loans

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Nothing feels worse than realizing your account balance cannot fund the last check you have written. While being unable to secure your payment is stressful enough, the pit in your stomach worsens when you begin to think of the fees you will be charged for writing a bad check.

According to Bankrate.com, bank fees for bounced checks are soaring at nearly $29 a pop. This number can quickly multiply if several bad checks have been written. These charges, combined with returned check and late fees, will easily leave your bank account in bad shape. To prevent the robbery of your hard earned cash, it is important to consider other options such as overdraft protection or a payday loan.

If overdraft protection is unavailable to you, a quick and easy alternative would be a payday advance. Although payday advances are scrutinized for their high interest rates, when compared to bounced check fees, a personal loan could be your best bet.

For example, say you owe $300 toward your utility bills. Wanting to make the payments on time, you write checks to each company. You have just enough in your account to make ends meet but then remember that you have to make an immediate payment to get your car out of the shop. The auto payment drains your bank account leaving insufficient cash to cover the checks you have written. Now your payments are late and your checks have bounced.

Not only will you be slapped with bank charges, but also returned and late fees from your water, cable and electric companies. The total of the bank fees alone would easily cover the cost of a small payday advance. In this instance, a payday loan could save you money and give you the relief of making your payment on time. For more information on personal loans, see Tips to find the Best Payday Loan Online.

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