You have run into a snag and you need a quick bit of cash. Where do you turn for the money you need to get by? Let’s take a look at some options and how they stack up against the payday loan option.
You might hear people talk about how they need a credit card for emergencies. These might work for some people. What usually ends up happening is people will carry a balance on these little plastic cards.
This balance ends up costing more than you think. Months of interest only compound and grow. Soon you will have paid more in interest payment than you will have paid for the original item. Credit cards can actually cost you more than a well-used payday loan.
Personal loans are great if you have a good bank. Not everyone can acquire a personal loan though. People with bad credit have an especially hard time getting loans. Banks also take some time to handle all the paperwork. The convenience of walking in and walking out in a matter of a few minutes is lost to the banking process.
Just like credit cards, a personal loan will come with interest to figure out as well. A payday loan taken care of right away might run you $35 to get. What will the interest over the personal loan duration run you?
Sometimes you just need a quick $100 though. A bank will not even consider this. This is where a payday loan can come in and help. Just make sure that you only take the $100 that you need. You also need to make sure you pay this back as soon as possible.
Selling items on your terms is a great way to make up money. Selling items in a bind will lead to people taking advantage of your situation. Taking your grandfather’s wedding ring to a pawnshop might sound like a great idea at first. Think it through though. The pawnshop is out to make money for them. They are going to give you the lowest offer they can. This way they can sell it at five times the amount and make a killer profit.
Let’s say you decide to have a yard sale. This might be a viable option in the spring. Yet, what happens in the winter months? Even worse, what happens when you need the money today? You cannot get word out fast enough to hold a successful yard sale at a moment’s notice.
A payday loan in this situation would get you the money you need today. You might still have to organize that yard/garage sale to pay the payday loan. The advantage here is that you have a day or two to get your yard/garage sale organized and advertised.
No matter how you shake a stick at it, you need to make sure you pay off that payday loan within the original allotted time. Going past this time will only make your payday loan interest rate go sky high. Payday loans can be helpful if utilized correctly.…