To many, one of the
worst financial decisions to make is to take out a payday loan. Even worse off,
is having two payday loans. With the increase in online scams and a whole lot
of hacker attacks on payday loan holders’, Google has decided to ban payday
loan ads from their search engine. There have been many reports about online
payday loan scams. Payday loans America, an online payday agency, for instance,
has accumulated close to 500 complaints.
Payday loans are
typically small, short-term loans that can save you in emergency cases. For the
interest rate on these loans, expect up to 400 percent annually, thus only if
you couldn’t’ pay back. This interest rate is much higher than even the most
expensive credit cards. Payday loans America industry is shaky, as some
government officials and other bodies have called for its ban.
If you are somebody who
gets tied down as a result of small finances, it is sometimes better to seek
help from somewhere, and if your efforts fail to get you money, then you can
now resort to payday loans. Why? Because once you enter the payday loans world,
it becomes very difficult to quit. Truly speaking, quitting the payday loans is
much like quitting smoking as a smoke addict. So what do you do to make sure
that, if possible, you don’t enter the payday loans queue? This article will
help you find out what to do.
payday loans alternatives.
loans from credit unions instead.
Credit unions mostly
offer short-term loans including quick loans and personal assistance loans
(PAL). These are unsecured, fixed-rate loans. Interest rates are between 12 and
20 percent. Payment terms vary, they also have financial education or saving
incentive plans included in their package. Though they might require
application fees, you won’t get scammed by platforms like payday loans America.
help from family and friends.
You can always ask for
loans from your family and friends. To ensure there are trust and reliability
in what you are doing, you can put your loan request in writing, with specifics
on when to pay.
bank overdrafts if possible.
When you are in need of
money urgently, you can consult your banker. Some banks may allow you an
overdraft, which is a lot cheaper than going for payday loans.
help from social service or government assistance.
You might not be aware,
but I tell you there are government programs that offer information on more
1000 benefits and assistance programs. Those who want help will be asked to
complete a free, confidential questionnaire. This questionnaire will help them
find local benefits that they can enjoy.
taking a second job
Yes, a second job might
help. A lot of people do it anyway. Why can’t you? If you are a consumer who
needs to pay for some substantial debt, it is better to consider taking a
second job. This might help you cover part, if not all of your expenses, and
possibly save you the expenses you incur when you resort to the use of payday