Payday Loans

Avoid Payday Advance Loans – 3 Great Alternatives to Pay for Emergencies

It is no more a hidden secret; everyone knows that an average consumer that takes payday advance loans pays over $625 for a loan of $300 (more than double of what they actually borrow). When you are hit with emergencies and do not have other sources to get instant cash, you may still like to go for it despite the horrible picture it shows. Interestingly, the demand for such lending programs is only increasing rapidly with every passing day. There are two reasons for it – first, the aggressive promotional campaign that the lenders are running, and second, very few people know that there are better alternatives to it. Here’s a brief rundown on three such alternatives.

Do Not Run Away from Your Creditors; Talk to Them

There is nothing to fear about. They are not going to kill you if you talk to them about your damaged financial situation. But yes, if you tend to avoid their phone calls or notices that they send, it will definitely make them suspicious. So, a better strategy is to meet them personally and discuss your specific situation to avoid . Your objective is to convince them that you are willing to repay the money provided they offer you some flexibility and make the terms a little more favorable. The chances are that they will listen to you and give you another chance, such as by extending the due date, reducing the interest rates, and waiving the penalty charges. The worst mistake that many people make is that they take payday advance loans to pay other debts. It may get you some instant relief, but it will eventually make the financial road very difficult for you.

Request an Advance from Your Employer

If at all, you really need an advance, why going to those lenders that are charging you over 200% of interest? Get it from your employer. If you have a good employment record and have been working for the same employer for several years, you are very much likely to get it, most probably at zero interest. You can get the amount adjusted with your next paycheck. You can thus easily avoid payday advance loans by cashing in your loyalty and good behavior at work place.

Earn More, Spend Less

Get a second job. Work overtime if your employer allows you to do so. The idea is to get some extra money without acquiring any further financial liability. You can make this extra income double by cutting down the fat from your expenses. Start living a frugal life; show a strong determination, you can do that. It is better to live a frugal life than making your life hell with debt troubles.

These three  are very unlikely to fail. The key point is to have the right approach towards the problem.


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Posted in Payday Loan Alternatives, Payday Loans | 1 Comment »

One Response to “Avoid Payday Advance Loans – 3 Great Alternatives to Pay for Emergencies”

  1. robert says:

    How can we avoid Payday loans” The answer is 100% correct given in the article. If you have taken any debt and you find yourself in a situation where you are not able to repay the debts. Its too easy to get the loan but too difficult to repay it. All the points mentioned in the article are good. If we can get the loan from our employer, it may prove the best option for us because here we can get it at a zero percent interest. We can follow the rule of repayment through the fixed amount of the salary. It will be deducted from the salary and so we can pay our installments regularly. One more point is to make your list of expenses short and save extra amount of money. Simplicity is good for you at this moment of time so live in a simple way and save the money.

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