At some time or another we all run short of cash, especially towards the end of the month; but there are so many advertisements on the television and in magazines trying to tempt us to go to them for a quick fix. The trouble with these same day loans is they have such very high interest rates, and if you are unable to fully pay it back when you get paid, the interest goes through the roof.
Payday loans were initially designed as a short term measure to help you financially until your next payday; but unfortunately for some people, these high interest loans can turn into a nightmare because when payday comes and the payment is due back to loan company, they end up leaving themselves short again; and have to re-borrow the money they have just paid back.
Sadly this can turn into a circle of borrowing and debt for some people, because when they are unable to pay the money back in full, they end up getting additional charges and interest. Never consider a pay day loan as a long term option it will only make things worse for you, and could prove to be a very costly experience.
Research has shown that there has been a rise in the amount of people who apply for these loans, and this is steadily increasing from day to day. People are attracted to this type of loan because they know it will processed very quickly.
You will need to be very careful if you decide that this is the option you want to take, as these loans will be very expensive, there may be other options you can consider. Think about whether or not you really need the cash; you may not need it as urgent as you think. Have you asked family or friends they might be able to help you out on a short term basis? You could make an appointment at your bank to see if they would grant you a small bank loan or even a temporary overdraft until you get paid. If you have exhausted all avenues and you decide a pay day loan is your best option then here are a few tips on how to make sure you get the best deal
1 – How much do you need to borrow?
Only borrow the amount you need, this will keep the interest low and be easier to repay.
2 – Interest rates
Research different companies for the best deal, interest rates will vary from one company to another, I have seen some for as much as 100%, so don’t take the first one you see otherwise this could prove to be very costly.
3 – Applying for a loan
Always check the reputation of the company you apply to, as they will need your personal details, you don’t want to risk fraud.
4 – Negotiate the term of agreement
Once you have decided on the company you want to borrow from, try and negotiate the term of the loan as well as the interest rates, it could save you some money when the loan is due
5 – Unable to make payments
If you do struggle to make payments on your loan, then talk to the loan company before you start falling into difficulty; you may be able to come to some new arrangement without getting further into debt.
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