Payday Loans

Honest advance payday loan companies say to use them for true emergency cash needs. Then they recommend you SAVE and BUDGET to avoid future problems. Borrowing truly is your next strategy when the spending plan gets shot all to pieces. But, save the payday loan lenders for your option of last resort. Try one of these options first.

* Use your savings. Treat it like a regular payday loan, take it out AND replace it when you get paid. If your savings are tied up with withdrawal penalties, go for a very low interest loan using it as collateral. Banks do this because they get to make money on you twice.

* Get a real “cash advance” on your paycheck from your employer. Yes, it is rather demeaning to have to ask. That’s another good reason to determine to stick to your spending plan and sock away about a thousand into your own “pay day loan fund.”

Because a cash advance from your employer isn’t a pay day loan, it bears no fees or interest. It’s the money you’ve already earned. On the other hand, if it’s a really bad situation (medical bills, for instance) your employer may be willing to advance a rather larger amount and spread the “repayment” over several pay cycles to keep you afloat. It pays to be an outstanding employee.

* Grit your teeth, and ask Mom and Dad or sibling for a loan. Be upfront and adult about it. Before you even start, plan to show them the situation, the remedy their “payday loan” will supply and a written contract to repay. Having seen a budget counselor like the free ones from Crown.org will let them know that you mean business.

* Take the same preparation to your credit union and request a small traditional loan instead of an advance payday loan. They commonly make those loans, and you’ll be talking to a real person who also has an interest in your success. Be aware that you may need collateral (like your car) or a cosigner.

* If the loan at the credit union is a no-go, they may still be willing to add a “line of credit” to your checking account. Just like a payday loan, these need to be repaid immediately or the accumulating charges can eat your cookies.

* Rob Peter to pay Paul. Go late on one bill, and bite the late charge bullet, to free up the cash for the emergency situation. You can’t do this regularly, and you must catch up quickly, or this instant payday loan will ruin your credit.

* Go to a finance company. They want security, like a lien on your household possession; and the interest rate is higher than a credit card. But, it may give you the additional financial breathing room that you don’t get with a payday loan.

If none of these flies, check out the cash advance payday loan companies. Some are easier to use than others; some have better rates. Whichever you choose, borrow only what you actually need, and pay it back immediately. You can get over this hump and on your way to a more secure financial future.