If you are ready to get your payday lending quote, why not get started right away. There is no obligation and it will not even affect your credit score.
What Can You Use Your Payday Loan For
In addition, before taking out a loan, even for the right reason, you need to think and plan. Can you pay back the loan on time? What cuts do you need to make to your budget to make this happen? If you know that you would be unable to pay back a loan, do not take it out, you would only be making your problem worse.
If you find yourself in a position where you have taken out a loan and can not pay it back you may have options. Some states mandate that lenders must convert the loan to an installment loan. If this is not an option, your lender may have options for you and you should contact them as soon as possible.
Must Know Facts About Payday Lending
- Effective interest rates are high. Interest rates can be very high on these types of loans because you are typically paying set fees instead of an actual interest rate. When you take the fee and factor in the short term of the loan, usually just two weeks, the effective APR is high. This is just the nature of the beast, but something you need to consider.
- You should use payday lending loans as last resorts. Look for other means of funding before you commit to them because other sources will probably cost you less. Check with friends, family, look into a credit card limit increase, etc. If you are creative, you
- Never borrow more than you need. These are not loans that you should use to give yourself an extra cushion. Get just what you need to pay that bill or expense and nothing more. It also goes without saying that you should not use these loans for luxury items.
- These are loans that yo undo not need good credit for. If you had outstanding credit, you would probably have other income source anyway. Bad credit does not disqualify you from one of these lending sources.
- If you do not have a checking account, you are probably out of luck. These loan providers will deposit directly to and withdraw directly from your checking. This makes it convenient for you and them and is also a way for them to better insure that they will get paid.
Alternatives To Payday Lending Loans
Before taking out a loan, you should know that you may have other choices. Choices that could potentially save you some money. Here are a few of the options that you might have.
- Negotiating with creditors.
Some of your creditors may be willing to allow you to skip a payment or perhaps just make an interest only payment. Your creditors do not want to see you get behind and default on an obligation. It would just cost them money in collection costs. To save money, many will work with you.
- Borrow from acquaintances.
Friends and family are a great source of interest free loans. If you have the chance to borrow from a friend or family member, take it. Even if you can not borrow the full amount that you need, borrow what you can this way. Then you can take out a lesser payday lending loan and pay less fees.
- Employer loans.
Many employers will advance you money from your next paycheck. This is rather risk free for them as you have probably already earned the money that you will be borrowing.
- Sell property or valuables.
If you have something that you can do without, why not sell it and get the money that you need. You have lots of venues to use to sell your items. You can use eBay or Craigslist or even have your own garage sale. If you go the garage sale route, make sure that your city does not require permits. Many require them to have a garage sale, don’t risk a fine.
- Credit card advance.
If you have some balance on your credit card, a credit card advance can be a great alternative to a payday lending loan. The interest, although high, will probably be less.