4 Better Alternatives Of A Payday Loan
Taking credits from a payday loan agency seemsto relieve you at first, yet it is only a temporary feeling.Next month, we bet that you will be shockedafter paying the first installment.According to the Consumer Financial Protection Bureau (CFPB) of the United States, the average interest for this kind of loan reaches 400% annually!
Even if you are so desperate about money, try to find other alternatives! In fact, there are some less-popular choices to seek whenever you need additional cash.
Here are the alternatives we have compiled solely for you:
one photo/Shutterstock: Personal loan
Rather than coming to adeceitful creditor who will charge you with an astronomical amount of annual interest, it’s way better to take a personal loan! This package is usually offered by banks, online lending companies, and credit unions. The financial corporations and other legal parties aresafer and more generous, especially in the term of rate.
No need to worry about your assets! The banks categorize this program as unsecured credit so that they won’t take your property’s certificate as a guarantee. See? Even the first option is already much better than a payday loan!
Cash Advance Feature
Although not every bank offers this facility, one can always ask for an additional withdrawal. However, you have to be careful becauseit’s possible that for a one-time draft, you would be charged more than $33!
Please ask the teller first about thefee for your own financial sake. If they give you a high charge for the feature, better try the next option!
Taking Credit from Your Company
fizkes/Shutterstock: Getting credit help from the employer
If you have developed certain distrusts for any financial corporation out there, asking credit from your company is probably a great choice. Every business venture often provides some monetary facilities to its employees, including low-interest loans.
Mostenterprises also have an extended repayment range, and it will be easier to pay off the debt. They usually will deduct your salary to pay the loan every month, pretty convenient, right?
Use Your Credit Cards
Zivica Kerkez/Shutterstock: Using credit cards
This is your last hope in case everything else doesn’t work! You are able to activate your credit card (if you don’t already have one) and pay all of your expenses using it. Nonetheless, don’t overuse your plastic, people! Every over-limit CC will have a boosted annual rate, and the amount will slap you at the end of the year.
We guarantee that all of the funding recommendations are much more beneficial than a cunning loan shark agency. Need we say more? Avoid the payday loan at all costs – it’s for your own benefit.
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