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Are There Any Alternatives To Taking Out A Payday Loan?
It seems that everywhere we go we’re inundated with offers for short term loans. Turn on the TV and you’ll see commercials for low rate credit cards and bank loans. Walk around your neighborhood and you’ll likely see billboards for cash out mortgage loans and auto title loans. Browse the internet and you’ll definitely see banners and pop ups for cash advances. There are many options available for those who need short term cash, but are they going to be right for your situation? The type of online loan you receive would be determined by you the borrower. But it’s not your decision if you have poor credit or other financial issues. After all if you only fall behind on your credit card or miss a car payment you will have bad credit. There won’t be many options available to you when it comes to getting fast cash. Many consumer advocacy groups and government regulators are quick to denounce the fees. This includes interest rates charged by direct payday lenders that are like bank financing. We’ve always explained to our visitors that payday loans should be your last financial option. Payday loans serve a vital purpose as a form of emergency money. There are other online options out there that may work better for your situation. We’ll break those options down for you in this blog post.
Direct Lender Payday Loans Can Be A Viable Choice For Someone With Bad Credit
You may find yourself in a situation where you need cash fast and are willing to accept a high interest rate. In this case you’ll want to assess a few options to determine what works best for you. The best case scenario would be to borrow money from a friend or family member. It can be tough to ask someone for money. This includes relatives or friends that have cash available. Assume that person has the money in installments and is compassionate. You will be looking at a lower interest rate than what you’ll see with most financing companies. An option that’s becoming more and more popular is to get an advance from your employer on your next paycheck. Usually these advances are quick and painless. Some large companies with in house credit unions have programs in place for this scenario. If you have a decent job and your employer offers this perk you’ll definitely want to get an advance before you get a direct payday loan online. Another common option is to apply for a bank loan or get an online cash advance on your credit card. Bank financing is the best way to go when you’re looking for a typical personal loan. Most banks are beyond picky when it comes to issuing credit and it can be tough to qualify. A credit card cash advance can be a good alternative for emergency situations. But it’s not going to do you any good with poor credit and no credit cards. Lastly, you may want to pull money out of savings or from a retirement account if necessary. The US Government has a great article from the Federal Reserve about lending options and the rates to expect. These two methods are not ideal and better options like installment loan financing are best. Consider the amount financed with most direct payday lenders you speak with. Taking money from your retirement account can lead to bank penalties but it may be necessary in an emergency.
The three options listed above are your best choices compared to your options when it comes to most direct lender payday loans. Unfortunately, most consumers aren’t in a position to borrow money from a friend, take out a loan, or get an advance on a credit card. There are alternatives if you find yourself in this situation. You can get an installment loan from a bank or internet company. You can get an online loan from an actual payday loan service. They’re a bit more drastic and are best for someone that’s out of traditional financing options. Before you apply with a payday company consider a pop up garage sale or try to sell some things on the internet. You’d be surprised at how much money you can make by cleaning out your garage or closet and you’re not going to have to deal with any payday loans either! Another option is to apply for short term jobs or advertise a service online that you’re good at. Many companies and staffing agencies post part-time or contract work positions online. These jobs pay well and give you cash that same day. Also, try to find a job that lets you work on the weekend if it’s possible. None of these choices will allow you get cash in a quick amount of time. But they’re a responsible way to get your finances back on track without blowing up your budget or credit report!
There are always ways to get fast cash but make sure you do it the right way. With that being said, don’t worry about a situation where you don’t have any of the options listed above available to you. Unless you’ve fallen behind on payments in the past you should be able to apply for and get a loan with most of the reputable online finance companies. Be sure you borrow the least amount you need and be sure to pay back your direct lender payday loans in full when it’s due. We can’t stress that enough. Consumers run into problems when they take out payday loans or from an installment financing company. Sometimes it’s best to rollover month after month. Once again, you can choose from multiple direct lender loans. Do all you can to pay back the money as soon as possible! After you do that you’ll want to focus on fixing your bad credit. That way there will be many more options available to you when it comes to getting a short term loan!