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About Personal Loans
When you get a quote online, you may be offered either an installment loan or a payday loan. Both can get the job done but they have very different terms. The specific terms of your loan will be presented to you by your lender but here are some typical loan details.
With an installment loan, you will be able to take out a loan and repay it over time. The benefit to this is that the payments should be lower and easier to manage. This can make it easier to handle a financial problem although the benefit is more profound when you borrow more than 150 dollars, typically most installment loans are for much more.
The bad part about the longer loan term is that it does mean that you will be paying interest for a longer period than you would a payday loan. This could cause you to end up paying more in overall interest than you would have with a shorter loan.
With this type of loan, you borrow a set amount of money and your lender charges you a specific fee. It could be somewhere around $15 to $20 per hundred dollars borrowed. They charge fees instead of interest, which effectively allows them to charge higher interest rates.
These loans are due to be repaid on your next payday. That can vary of course, but is usually around 10 to 14 days. Because of the very short loan terms, effective interest rates are usually over 400 percent with a payday loan so use caution.
Choosing Your Loan Type
The loan that you will be offered will usually depend on your credit and the amount of money that you are looking to borrow. Because $125 is a very small amount, if that is all you need, you are likely to be offered a payday loan. There is only one way to find out though and that is to get a quote. Luckily, this is free.
Other Ways To Get $125
Loans are not the only way to get the money that you need but sometimes it can be hard to think of your options when you are stressed. Here are a few alternatives that you might want to consider before you go to a loan. They might take a bit of work, but they can save you a lot of fees and interest.
Sell Books, Records & CD’s
There is still a huge market for these things, not everyone has gone full digital. This is especially true of the used books and vinyl records. Collectors will pay for these things.
To make money off of selling your old books, records and compact discs, you need to go to a middle man. Sell them to a used bookstore and possibly get the 125 dollars that you need.
Your looking at about a buck or two per item, so you will need to bring in quite a collection. That is very possible though because if you are like most people, you have closets full of this stuff.
Donate Your Life Saving Plasma
This will take a couple of donations, but you can sell your plasma and get $50 to $60 per donation. The amount that you get, depends on your size. The more that you weigh, the more that you can give.
The great thing about giving plasma is that it is an income source that you can go to repeatedly. They return your red blood cells in the donation process which means that you can give up to twice a week. If you like the process, you can start earning 500 dollars right now, each and every month. You just have to be good with a needle.
Recycle Some Metal
Metal recycling is big business and nearly every city has some sort of recycling yard near it. This is a great opportunity to make a little money while saving the environment, or at least helping it.
When collecting metal, think beyond the classic aluminum can. Sure, you can get money for it but there are bigger paydays out there. Think scrap metal like stainless steel, copper, etc. It is just lying out there waiting for you.
Where? In garbage piles. People throw this stuff out every week and it is on the curb waiting for you. Just go pick it up, save it from the landfill and make some money, hopefully $125. Just be sure that the scrap is actually meant for the garbage.
Try The “Earnin” App
The makers of this app claim that you can borrow money based on the pay that you have already made and many people have had luck with it.
With the app you borrow money and repay it when you get paid next along with a tip amount of your choice. You do not have to tip at all but you may lose access to money if you never tip.
The catch with the app is that you have to jump through a few hoops. You have to enter your ban information and employment information and then the app uses your GPS. GPS on your phone will prove that you have been at work for a set time and have been “earning”.
Drive For Uber
With a relatively quick approval time, you could be driving with Uber, or even Lyft for that matter, and earning some good part time money. Drivers can earn about $25 an hour with Uber, according to the company. So, just 5 hours of driving and you have the 125 bucks that you need. Easy.
To drive with one of these companies, you need to have a valid drivers license and you must usually have a few years of driving under your belt. You will also need a late model 4 door vehicle in good condition.
The great thing about Uber is that you can use it to boost your income for some time. Work just a few hours a week and you can get 600 dollars a month in part time income.