Payday Loan Alternative
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| Payday Loan Alternative | What Is Payday Loan Alternative |
What Is Payday Loan Alternative: Payday Loan Alternatives, Payday Loan Alternative, Payday Loan Information, Payday Loan Articles, Payday Loan News. If you spend more than you regularly earn, it is a bad practice. To overcome this situation, if you opt for a payday loan, it will be a "risky solution". Payday loan companies often take advantage of your need and run you into a debt trap.
Why Avoid Payday Loan?
The most obvious disadvantage of the payday loan is high cost. The annual percentage rate of the payday loan varies between 400% and 800%. Think of your investments, even high-yield stocks. You can achieve an annual return of 20% to 30% on equity investments, although equity investments are considered "high risk".
So, think about all sorts of alternative options before you opt for a payday loan advance.
Payday loan situation arises due to poor financial planning. I recommend that you create a realistic budget at the beginning of each month to keep the balance between your income and expenses. Avoid unnecessary purchases. Also, save some money each month. Their savings are counted at the time of the crisis. Consider taking help from a consumer credit counseling bureau.
Ask your creditors to do you a favor by waiting until the next payday. If you can do this, you do not have to borrow the loan and you can save 15-30 USD by not paying the loan interest!
Use your credit card for urgent payments. Usually, the interest rate on credit card loans is very low. Even if you repay the loan within one month, you will not have to pay anything but interest. Again, save $ 15- $ 30 by not paying the loan interest.
Ask your banker or credit union for a short-term loan. The cost of these loans is such that you can easily afford it.
Ask your employer to provide you with part of your salary as an upfront payment so you can handle your emergency bills.
Remember to borrow money from your friends or relatives. Actually, for a 1-2 week delay, it will not appeal to anyone to give you the money (I firmly believe it!), Unless you had a bad credit history with him or her. So you will be able to cover your money needs without interest! Also, consider the nuisance if you are unable to repay the loan at a certain time to the payday lender !!
When negotiating with your banker, be sure to consider withdrawing from your Check-A / C to protect yourself from additional charges for checks you have booked. This facility will cost you as little as $ 5. Sometimes no fee is required!
When shopping for credit, check the APR and other official fees for various loan offers. So you can avoid higher monthly fees with lower borrowing costs.
Many social groups and communities provide immediate help or directly through various social service programs. For example, I can mention that "the low-income, low-income federal aid program" provides financial support to low-income families.
There are several loan companies that offer $ 500 to $ 100 loans to serve military personnel on duty and in retirement. The APR of these military loans ranges from 34% to 40%, which is 10 to 15 times cheaper than payday loans.
There are also several consumer finance companies offering small consumer loans at a low APR of 60%, which is also cheaper than payday loans.
Do the homework if you want to borrow a payday loan. Look for low-interest payday loans. Collect all information about payday loans before you borrow it. For more detailed discussions about payday loan alternatives, visit personal finance articles.
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1 comments:
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