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Do You Really Need An Online Payday Loan?
Are you strapped for cash? Has a financial emergency come up that was unexpected? Or do you need money within 24 hours to pay rent or utilities? All too often we find ourselves in this type of position. We need quick money and it seems there are no easy ways to get that cash. You may have a steady job with a good paycheck but things will always come up out of your control. If you need money fast and you don’t have anywhere else to turn you may want to look into direct lender payday loans. With that, you should exhaust all your other financial options before you go down this road.
Direct lender payday loans should only be used as a last resort!
Before you start contacting all the direct payday lenders you know of, be sure to see if you have any other options. Can you get a traditional bank or installment loan? Odds are you can’t if you’re even thinking of getting cash from direct payday lenders. But it could be an option for someone with good to decent credit. Bad credit is the one thing that will hold you back from most traditional funding options. Think of resources like a bank loan or even a personal loan from a credit union. An installment advance can be available, but you’ll still need to show the ability to make monthly payments. One thing to keep in mind, a bank advance is different from a cash advance from your bank. Wells Fargo offers a direct deposit advance that may look good compared to what most direct payday lenders can offer. This seems tempting it usually has higher rates than what most direct payday lenders will charge. The other choice, an installment loan is a viable alternative. The problem is that you need decent to good credit to get approved. Most consumers looking for a cash advance already know this and don’t bother wasting time with an installment loan company. See if you can borrow money from a friend or family member. I know it can be tough to ask someone for money but you’ll end up saving quite a bit of money in the long run. Most people will realize you’re in a bind and should have no problem helping you out. Also, I doubt your friends and family will charge you interest or other fees. But even if they do it should be much less than what traditional payday loans direct lenders charge.
The two options listed above should be your go-to choices if you need cash fast. If you strike out with those options you’ll want to be a bit more aggressive with your choices. Another option that many people don’t think about is to pawn something at a nearby pawn shop. On the surface this seems like a bad idea, but in reality you’re going to pay a lower interest rate when you put something up as collateral. Also, most local pawn shops are regulated by your state. These shops will charge a lower interest rate compared to the traditional online lenders. Make sure you pawn something that you don’t need. It would be a shame if you pawned your vehicle and could no longer get to work! You’ll also want to explore options such as a garage sale or getting a second job. These methods will always be there if you work hard enough. They’re always going to be a better option than an online payday loan. A borrower will never pay interest with these options!
If you’ve exhausted all the options listed above, then you maybe a good candidate for different types of short term funding resources. If you’re in this situation you should do some research online to find the best online direct lender. Make sure your state allows online payday lending. Be sure you apply with the largest most reputable direct payday lenders. That is the most important recommendation we can give you as you begin your search for online payday loans. If you go online and start applying with actual lender matching services you will waste time. You also run the risk of getting your identity stolen. To summarize, do all you can to avoid taking out a payday advance. Direct payday loans come with high interest rates, but can be a good option as a last resort. Check out our updated information here: A comprehensive list of companies that fund direct payday loans.
Be sure to understand the online lending process before signing a contract!