If you spend more than you earn on a regular basis, 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 the advantages of your need and lead you in debt trap.
The most obvious disadvantage of payday loan is High cost. The APR of payday loan varies between 400% to 800%. Think about your investments even on a high interest stock, you can get an annual return of 20% to 30% for investment on a stock although investments on stocks are considered as "high risk".
So, consider about all the possible alternative ways before opting for a payday loan cash advance.
?Payday loan borrowing situation arises due to bad financial planning. I suggest you to prepare a realistic budget at the beginning of each month in order to keep the balance between your earnings and spending. Avoid unnecessary purchases. Also save some money each and every month. Your savings will be counted at the time of crisis. Consider taking help from a consumer credit counseling bureau.
?Ask your creditors to give you a favor by waiting until your next payday. If you can manage them to do so, you need not to borrow the loan and thus you can save 15-30 USD by not paying the loan interest!
?Use your credit card for making urgent payments. Usually credit card loan's interest rate is very low; even you have to pay nothing as interest if you repay the loan within a month. Again you save $15-$30 by not paying the loan interest.
?Ask your banker or a credit union for a short-term loan. The costs of these loans are such that you can easily afford.
?Ask your employer to provide you with a portion of your salary as advance so that you can cope up with your emergency bills.
?Consider in borrowing money from your friends or relatives. Actually for a time lag of 1-2 weeks nobody will prefer not to provide you the money (I strongly believe so!) unless you had a bad credit history with him or her. Thus you will meet your money requirements with no interest charges at all! Also think about the harassments if you can't be able to repay the loan at specific date to the payday lender!!
?Consider in making arrangements with your banker regarding withdrawal facility from your checking A/c in order to protect yourself from making extra charges on bounced checks. This facility costs you as little as $5.Sometimes no fee is needed at all!
?When you shop for credit, check the APR and other official charges of different credit offers. Thus you can avoid higher monthly charges with lower credit cost.
?Many social groups and communities provide urgent assistance either directly or by various social services programmes. For example, I can mention "Federal low income home emergency assistance programme" provides financial assistance to families with lower income.
?There are several loan companies who offer $500 to $100 loan to active in duty & retired military personnel. The APR of these military loans range from 34% to 40% which is 10 to 15 times cheaper than payday loan.
?There are also several Consumer finance companies that provide small consumer loans at a low APR of 60%, which is also cheaper than payday loans.
Do the homework when you are about to borrow a payday loan. Look for low interest payday loan. Gather all the knowledge about payday loan before borrowing it. For more detailed discussions on payday loan alternatives, visit http://www.ampmcash.com/loan-alternative.html. If you have any problem or query regarding payday loan, join our discussion board at http://www.ampmcash.com/talk/
Angelina Rosario is a contributing writer of http://www.ampmcash.com/. You are invited to visit her site for the latest on payday loan news and information.
The Internet has provided a whole new dimension to obtaining... Read More
Unemployment is generally supplemented with several other vices like poverty... Read More
You want to buy a home but you do not... Read More
Most Internet users are now extremely comfortable using the Internet... Read More
What are personal loans? They are unsecured loans that a... Read More
A personal secured loan is the generic term for a... Read More
Worried about how to apply for a business loan? Although... Read More
Are you wondering what is credit insurance? Very simply, credit... Read More
Locating the cheap personal loans that you're looking for isn't... Read More
If you want to apply for a loan online, you... Read More
The long awaited paycheque is finally here. However, the reverie... Read More
A quick cash loan also called payday loan, cash advance... Read More
Listed below are some of the many reasons why choosing... Read More
Have you ever been short on cash? Has an unforeseen... Read More
You just finished high school and realize you have two... Read More
The usual modus operandi in most automobile purchases is as... Read More
When trying to discover the origins of lending you might... Read More
Your son or daughter is a high school senior and... Read More
If you are a homeowner in need of a home... Read More
What is man's greatest invention?Some of the latest gizmos would... Read More
To find the quickest payday loans, you need to look... Read More
I remember years ago growing up when you needed some... Read More
There are many benefits in choosing a business loan, some... Read More
Interest rates have been at their lowest levels in over... Read More
Online lenders might be high quality, serious companies such as... Read More
Here is a useful guide to personal secured loans. A... Read More
Are you wondering why choose a personal loan? One of... Read More
Like most people, you will probably wait until submitting a... Read More
A bridging loan has many benefits, some of which are... Read More
A car loan is a type of credit offered by... Read More
If you're looking for an online loan, you might be... Read More
Have you been trying to find out what bad credit... Read More
So here's the situation: you are buying a car but... Read More
If you find yourself in need of poor credit loans,... Read More
When trying to locate bad credit loans, many people find... Read More
While most companies seeking venture capital initially think about angel... Read More
Enervated by the hectic schedule at the work place, traveling... Read More
Listed below are some of the benefits of an unsecured... Read More
Your son or daughter is a high school senior and... Read More
Do you need fast cash to get your car fixed... Read More
In a time when everything seems expensive, it might seem... Read More
We have all heard the stories about cash advance lenders... Read More
Online cash advance companies offer a convenient and speedy application... Read More
Secured loans are becoming increasingly popular due to their flexibility.... Read More
If you're looking for a secured loan, there are several... Read More
Online car loans enable you to get a good quote... Read More
You wouldn't consider buying a new pair of shoes, a... Read More
Are you paying out too much every month for your... Read More
Poor credit and a financial emergency don't seem to mix... Read More
A secured loan is a personal loan which is generally... Read More
Studying at college can be an expensive business and you... Read More
Under the microscope loans for military really are different from... Read More
Some weeks it feels like you're living hand to mouth.... Read More
Are you wondering why choose a personal loan? One of... Read More
Worried about how to apply for a business loan? Although... Read More
Payment protection plans are offered by payday companies to protect... Read More
The usual modus operandi in most automobile purchases is as... Read More
A Personal secured loan can offer many benefits, some of... Read More
VA loans are basically mortgages or home loans geared towards... Read More
Market research of UK's cosmetic surgery ascertains the fact that... Read More
A secured personal loan is the generic term for a... Read More
Can I Ask my Family for a Loan to Pay... Read More
Borrowing money has become more and more popular in the... Read More
No fax payday loan companies save you time with your... Read More
The latest IDS figures for unemployment the claimant count measure... Read More
Whether your payday arrives every Friday or every other Friday,... Read More
Loan |