This in itself is painful if you run out of money before the end of the month and you are forced to borrow it from family or friends. You need to be even more intense if you have to look for other financing near you. Before you use tools like payday loans, you need to know what that means.
As a rule, this is a small one-story store with a certain sign. There you can borrow money quickly by signing a loan agreement. The lender will ask you for a post-dated check to cash it on your payday. As a rule, if the lender transfers money to your bank account, then he takes the money back by debiting it from your account.
Typically, the cost to get such a loan is from 20 to $ 30 for each $ 100 borrowed. It depends on the consumer financial protection of your location. You should be able to pay the loan back on time using your salary otherwise you will be charged with extra fees. In addition, if you shift the payment date, you pay additional interest according to the current APR. By violating the payment schedule, you run the risk of increasing the debt burden and falling into the debt trap.
Here is a simple guide on how to do this:
In some states, such loans are prohibited by law, so you can consider installment loans or credit cards as a source of financing.
The nearest loan shops are not the only way to borrow money. Several alternatives are suggested here, excluding traditional bank credit as the least suitable instrument.
Your credit card can be your salvation when you have a cash emergency. You pay the least if you pay a credit card balance during the grace period. Usually you have 30 days to do this.
There are so-called online lenders including GLALoans.com. By dealing with them, you can receive money ranging from $ 100 to $ 3,000 to your bank account. Typically, the annual interest rate of many lenders is from 300% to 400%. But some of them consider your rating not less than 600 to reduce APR significantly.
If you are a member of a credit union, then you can get a loan of up to $ 1,000 with a 6-month repayment period and an annual interest rate of up to 30%
Look for local or federal programs that are targeted to help people who don't earn enough to absorb unexpected expenses. For example, LIHEAP is the federal government's low-income home energy assistance program. A participant in this program receives an annual grant. But it can't be used as emergency funding, since the applicant must submit an application by the end of September.
This option may be useful for you if you have an unnecessary TV or an unused car. If you are ready to part with any things in case of loan default, then you can get a loan at 200% up to 30 days. To maintain or improve your credit rating, try to make payments according to the loan agreement.
Learn the differences between online lending and cash lending near you. If these differences are advantages for you, then of course it is worth doing it.
Even driving a car to visit local cash stores you can spend disproportionately more time than requesting financing online. Sitting at home for 5 minutes, you can make a request that will be available to dozens of lenders to consider your application. This can be very useful if the nearest store is far away.
Unfortunately, you cannot get an online loan right after the approval of your application. It takes 1 or 2 days until the money is deposited into your account. Typically, this option may be suitable even to cover extraordinary expenses.
If you don't like the face-to-face contact with a loan agent near you, an online application is a useful option to avoid this. This applies to filing an application, signing an agreement, receiving money and refunding according to the terms of repayment.
If you found yourself in a tough spot, contact your family and friends to talk about the problem. You will probably find a better solution than payday loans next to me.