How Will I Get My Quote For $700?
More On $700 Cash Advances
Before taking out any loan, you need to know what you are getting yourself into. A cash advance or payday loan is a high interest loan with many benefits and negatives. Know all about them before you commit.
One benefit of these loans is that they are easy to qualify for. Even if you have been turned down for traditional financing, you can probably qualify for a $700 cash advance. The main requirements are that you have a source of income, a valid identification and a checking account.
Another benefit is that these loans fund quickly. You can get your money as soon as the next business day if you are approved. They will also be deposited directly into your bank account by your lender. It couldn’t be faster or easier.
Along with the benefits, there are some negatives that you mist consider. The first is the fact that the effective interest rates can be quite high. This is because your lenders charge set fees based on how much you borrow. When you calculate the interest rate, the APR is often in the hundreds because of the short loan terms. APR’s of over 400% are common.
One more negative to consider is the short loan term itself. Most $700 cash advances are due to be repaid within 10 to 14 days or on your next payday. This is why they have been coined “payday loans”.
$700 Loan Alternatives
Before taking out a loan, you should consider your alternatives. If it is ever possible to forgo a loan, you should do so. Here are some avenues that you can explore that might get you the $700 that you need without a loan.
Cut $700 in Expenses
A dollar saved is a dollar earned. Here are some expenses that yo may be able to cut or at least reduce. Even if they do not get you the full $700, they might reduce the amount that you ultimately need to borrow.
Cable or Satellite
If you can cancel your subscription for a few months without fees, this could save you a good deal of money. In lieu of that, some companies will allow you to suspend your service for a short time. During that time, you will not be fulfilling your contract requirement but it will save you money. If suspending your service is not an option, consider downgrading your subscription to the minimum package. Switch to basic and maybe cancel some of the receivers.
Did you know that most utility providers have what they call “equal month billing” programs. These programs spread the cost of high utility months over the course of a year. It can save you money on those crazy hot summer months or super cold winter ones. The program is free, so call your provider and see what they have to offer.
Loan & Credit Card Payments
Do you have an auto loan to pay and/or credit cards? Call your lender and ask if you can defer or skip a payment. If you are still current, most lenders will allow you to skip a payment every year or so. Credit card companies might not let you skip a payment but you can call and see if they will allow you to make an interest only payment.
Yes, I know that we are talking about alternatives to $700 loans but I am talking about borrowing money from free sources. Free is always better when it comes to loans. Here are some possible choices.
Friends & Family
Tread careful with your family and friends but if you are on good term, this could get you a no interest loan. Be sure to pay back the loan as soon as you can though to avoid hurting anyones feelings. There is nothing that can ruin a relationship quicker than money.
Many employers will allow you to borrow money against your paycheck. This is of no risk to them because you have probably already earned the money that you will be borrowing. They simply cut you a check and deduct it from your next paycheck.
Sell $700 In Property
One final source of money is selling property that you do not need. Most people have something laying around the house that they can do without. This could be anything from old clothes to electronics. Here are a few choices that could get you some of the $700 that you need.
If you have designer clothing that you are not wearing, there are many second hand shops that will take it from you. Designer jeans, tops, purses and more can get you much of the money that you need.
Televisions, video game systems, etc. Look at places like eBay and Craigslist to sell these items. When selling on Craigslist, be sure to watch out for scams. Only take cash and meet in secure places during daylight hours. When selling on eBay, use the buy it now option to get your money faster.
Used Books, DVD’s, Bluray and CD’s
Yes, people still want these items, not everyone is straight digital. Used bookstores are all over the place and they can get you cash today. They might not get you $700 but they can get you some of the money that you need.
This is an easy way to get $700 fast if you need money now.