Archive for November, 2010

Best Alternatives To Risky Yet Easy Payday Loans

Easy payday loans can be very risky. It is not uncommon to find people who take multiple cash advances within a very short frame of time just because they are easy to obtain, but these are the same people who fail to make the repayment and are thus easily get trapped into a never-ending cycle of debt. There are many problems factors associated with payday lending; extremely high interest rate is just one of them (though it is the biggest problem). Besides high APR, other risk factors include, very short repayment period (which means not having enough time to arrange fund for repayment) and unfair provisions like automatic rollovers or renewals and hefty penalty charges. This is because of all these reasons why it is always advisable to try better alternatives to risky payday loans. Following is brief rundown on some of the best alternatives that you may like to try depending upon why you need instant money.

You Need Instant Money Because Your Car Is Broken – Try To Arrange A Ride With A Colleague For A Week

In various recent studies, it has been found that people with limited monthly income often have to face great financial difficulty when their car needs some urgent repair works while the payday is still a couple of weeks away. They need instant money and easy payday loans looks like a great solution to them. It is quite understandable that in a country like the United States of America, it is very difficult to live a smooth day-to-day life if you do not have your own vehicle. However, it does not mean that payday loans are your only solution. If you have a colleague living in your neighborhood, it would be a better idea to request him/her for a ride until you arrange some fund to repair your car. If that does not work or not feasible in your case, ask your mechanic if he/she can allow you pay after a week or two. To enhance your chances of approval for your request by offering him/her a small amount of interest. For example, if the repair bill is for $200, you can offer them $205 if they allow you some time (probably till the payday comes) to pay the bail. If you take your vehicle for repair and maintenance to the same mechanic again and again, it is very much likely that your request will be approved without requiring you to pay any interest for the favor.

Work Overtime

Another great alternative to risky yet easy payday loans is to work overtime. You can request your employer for an advance so that you can meet your urgent financial needs. In return, tell him/her that you are ready to work overtime. If the kind of job you are doing allows you to work overtime and make some extra income, this can be the best option for you. If it is really feasible in your case, you will be able to get instant money without worrying about the repayment because you will be repaying by working overtime.

Need money to pay off other conventional loans? Negotiate with your creditors

Many times, people borrow easy payday loans in order to be in time with their mortgage payments or car loan payments. This is a stupid strategy because you are borrowing an extremely high rate loan to pay off a comparatively very small rate loan. A better way is to talk to talk to your creditors and to discuss your situation with them. They are not going to sell your home or car just because you fail to make a couple of payments. In general, things like foreclosures happen only when someone defaults for a consecutive six months. Therefore, when you talk to your lender about your problems, the chances are that they will offer you some affordable options for the repayment; refinancing can be one of them.

Overall, no matter which kind of emergency financial crisis you are facing, the chances are that there is a better alternative available out there. All you have to do is just to look into the right direction. You are strongly recommended not to look out for easy payday loans every time you come across an unexpected financial requirement.

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