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Short Term Loans Have Pros & Cons
If you need 200 dollars now, making the decision to take out a payday or installment loan should not be taken lightly. There are a lot of pros and cons to them. Before you sign your loan documents, here are some things to consider.
- How much do you need right now?
Resist the urge to borrow more than 200 dollars if you do not need it. The more you take out, the more you will have to pay back tomorrow and the more fees you will pay. Resist the urge to get a little extra money, just in case. Only take a loan for what you need at the moment and no more.
- Are there other sources of money?
If you can borrow from friends and family, it may be wise to do so. A free loan is always preferable. Check with your employer and see if they can advance you money on your paycheck. Consider selling some property that you do not need on eBay, Craigslist or just your local pawn shop.
- Can you cut back on other expenses?
Go cheap during the loan period to make sure that you will have money to pay back the loan when it is due. Cut back on all non essential expenses like meals out and entertainment. Check with creditors and see if you can skip or defer a payment. A lot of credit card companies will allow you to make interest only payments if your account is in good standing.
- Is the expense of the loan worth it?
Even a small dollar loan is expensive. They come with high fees and they are due to be repaid in just a matter of days if you choose a payday loan option.
- Do you know all your options?
It is important to have all of your options laid out in front of you. So, get your loan quote but do not commit until you have all of your choices. Then examine all of your options and pick the one that works best for you. Sometimes this is a loan and sometimes this is selling something or even cutting expenses.
- Is it enough money?
In some cases, a small loan might not be enough money. If you need more and more time to pay it back, consider a $500 installment loan. More money with payments that you can stretch out over a few months. The advantage is smaller payments that you might find more manageable.
- Can you afford to pay the money back?
Insert the payment into your budget for your next payday and see if you can pay it back. If not, you should consider carefully whether to accept it.
Other Ways To Get $200
A cash advance or payday loan can get the $200 you need ASAP, but you might want to consider your alternatives. Alternatives that could save you a good deal of money right now. Here are some things to think about.
Consider the following options as alternatives to a loan.
- Can you borrow from family?
If you can find a family member to loan you the money, you can save a lot of money in loan fees and you can probably take longer to pay back the loan. Just be sure to pay back the loan as soon as you can to avoid hurt feelings.
- Can you get an advance from work?
Many employers will allow you to borrow money from your next paycheck. It is no risk to them because you have already earned the money but it can be an additional payroll headache for them. This options is usually only available with small to mid size companies.
- Can you sell something?
Sometimes you just need to let something go. If you have something that you can sell quickly on Craigslist or eBay, this might be the best way to go about your business. You would have no loan fees and can get back to even quickly.
- Can you put off bills?
Some companies will allow you to skip a payment, move it to the end of your loan term or even pay an interest only payment. This could easily save you enough money to skip taking out a loan. If you decide to go this route, act quickly. Most companies require you to be in good standing to use this option.
- Can you cut expenses?
Now might be the time to get rid of the cable or satellite subscription. It could also be a good time to shop for a cheaper insurance plan or perhaps a lower priced electric service. Basically, write down all of your expenses and see what you can get cheaper.
- Can you simply do without the money?
What do you need the money for. If it is something that can be put off for later or not really needed, maybe you should do without. Emergency loans should only be used for an emergency, due to the cost.
Outside Of The Box Options
If you are still reading and still need money, it is time to think outside the box. Here are some other ways to make the money you need that you might not have thought about.
- Selling Plasma
You can easily make a two hundred or more in cash a month selling your plasma. You can also keep doing this month after month to supplement your income. Make money and do something good for others.
Plasma is used for all sorts of life saving treatments and medications. It is in great demand.
- Selling Scrap Metal
Recyclers will buy recyclable metal. All you need to do is collect it and bring it in. Think bigger than just aluminum cans. Recyclers will buy all sorts of metal including copper and stainless steel.
Best of all, this is stuff that people just throw out all of the time. Find it on curbs, abandoned lots and even listed for free on websites like Craigslist.
- Collect Sign On Bonuses
Lot’s of ways to go about this. All sorts of companies offer bonuses for signing on. Opening a new checking account could earn you $100. Switching satellite providers could get you several hundred dollars in Visa gift cards. You can even think about switching jobs. Get a sign on bonus and maybe even a raise in hourly salary.
- Buy & Sell On Craigslist
Buy low and sell high. Lots of items can be bought at a discount and simply resold the next day, making you hundreds of dollars potentially.
You can also, if you want to make even more, buy local and sell online. You can get buy cheap locally on Craigslist and then sell for a premium on websites like eBay.
- Doing What Other People Won’t
You can make a lot of money doing what other people don’t want to do. This includes things like house cleaning, cutting lawns, picking up dog waste, etc. Advertise your services with inexpensive business cards by handing them out door to door. You might be surprised at how much wor3 you drum up. Get the cash that you need now and possible a great source of income for the future.
- Trade In An Old Phone
This is easier than you think with the help of ecoATM. This is a kiosk where you can simply take your phone in and get a value. If you like the offer, you can turn the phone in and walk away with money. If you have a high end phone, you might even be able to get all or most of the 200 dollars that you need.
More About Loan Monkey
We provide consumers access to our network of lenders who are ready to provide you with a loan quote. Fill out a short loan form and a lender will review and possibly approve your application. Once approved for a loan, you will get an opportunity to review your offer details before you accept the loan. You should make sure that you have read and understand all of the details of your loan before accepting it.
We are not a direct lender so all questions should be directed to the lender funding your loan. We do not make loan decisions and do not have access to any details of a loan that you may be offered.
Before accepting your loan, you should familiarize yourself with all of the terms of the loan. In particular, pay attention to the due date and the fees being charged. Only sign for your loan if you understand all of the details and agree to them. Loans are often funded on the next business day which could be as fast as tomorrow.
Payday loans and cash advances are meant for short term financial aid. They are not designed to be a long term financial solution. If you find yourself in need of advice, you should seek financial counseling.
About Those Instant Payday Loans
If you need approval quickly, our network can do just that. It takes just a few minutes to get your loan decision. About 2 minutes to complete your loan application and another minute or two to hear from the network.
But you might be saying, “I need money right this second!” That is something that is generally not possible.Even those companies that claim to offer same day payday loans or installment loans online rarely deliver.
If approved, you can get your money as soon as the very next business day.
Exact time of deposit will vary and we can not guarantee that you will get approved for a loan. Getting money right this second is something that can not be done, we can help you get the next best thing though, money as soon as the next business day. Just knowing that money is on the way might be all that you need.
Top Ways To Get Money By Tomorrow
If you have read this far, it might be a bit confusing, so let’s wrap it up and bring everything altogether. Here are the top ways to get some cash by tomorrow.
- A Loan
Obviously the easiest and most surefire solution but it comes with fees and/or interest. This is the costliest way to get money but it is also one of the simplest methods.
- Sell Something
You will have to hustle to get the money by tomorrow but it is possible. Try eBay with a “buy it now” option and a competitively priced item. If a buyer pays you with PayPal, you can use their instant transfer feature to get the money the same day.
- Turn In Scrap
If you can collect enough scrap metal, you can turn to a local recycler to get the money that you need. Most cities will have a scrap yard or two. They generally pay about 30 cents a pound and take all kinds of scrap metal, not just aluminum cans.
- Sell Plasma
It won’t get you all of the way towards the total money goal but every little bit helps. You can get up to $50 in just an hour, so it is worth considering. In addition, you can donate plasma up to twice a week. That means that you can get the money you need in as little as two weeks.
- Ask A Friend
Loans between friends and family can be tough but a free loan is hard to beat. Just be sure to pay the money back as soon as you can and get it all in writing. A service like Zelle is a good option because it allows you to get money fast and there will be a record.
- Cut Other Bills
A dollar saved is a dollar earned. Call your creditors and ask if you can get extensions on bills. If you finance a vehicle, this is particularly easy. As long as you are in good standing, most lenders will allow you to defer a payment. Remember though, interest will continue to accrue on your loan.
Bad Credit Consumers & Payday Loans
For many people, the payday loan is the only source of short term credit. This is because they have bad credit and payday lenders are the only ones that will take the risk. If you find yourself in need of 200 dollar payday loans now more than ever, you need to reverse the trend. What you need to do is improve your credit, and here is how you do it.
- Pay your bills on time.
This is the number one thing that you can do to improve your credit score. It represents a third of your score.
- Pay down revolving debt.
The second biggest factor is how much debt you carry. You should be using no more than 30 percent of your available credit.
- Watch the other factors.
Making up the rest of your score are things like credit diversity, length of credit and inquiries. Try to not apply for credit unless you absolutely need it and do not close old paid off accounts.
- Stay on top of your credit score.
Sign up for a free monitoring service and dispute false information.
That is it. It is a simple thing to increase your credit score, but it takes dedication. Get on top of things and stay the course so that you can stop being dependent on 200 dollar loans.