Need money now? Consider a same day cash loan

Are you in a situation where you need cash in a hurry? Getting a same day cash loan that you can pay off on your next payday may be just what you need.

I know, a lot has been said about payday loans, very little of which is positive. But the biggest bone of contention is the finance charge or interest rates charged by payday loan lenders. In the absence of other viable alternatives, and considering that these loans are high-risk as there are no credit checks, these rates are not all that unjustified.

Now don’t get me wrong, it could be better. The interest rates can be lowered by a reasonable degree and still leave a nice profit for the lender. This would encourage even more people to obtain the loans, which would potentially make up for the “loss” from lower rates. But right now, we can only hope that this will happen sooner rather than later.…

The True Cost of Payday Loans

Payday loans cost a lot more than $15 per $100 borrowed. Here is a list of how much a payday loan could cost you compared to the alternatives:

Most short term loans are taken out over 1-2 months but many payday loan customers end up getting trapped in a cycle of debt for much longer than that. But as you can see, even if they loan is repaid within one month, a consumer could have saved up to $145 by finding an alternative loan. Some alternatives to payday loans are listed below.

Alternatives to Payday Loans

Payment Plan with Creditors: Face the Problem Head On

Many creditors will work with you to create a new payment structure to include partial payments over a longer period of time. It is important to see what they may charge for this service, but it will most likely be less than the fees and interest charged by payday lenders. This is often the best option for those facing debt problems.

Loans from Family and Friends: Look to those who love you

This may be an embarrassing situation for you but true friends and family would rather help you themselves than see you become trapped in a cycle of debt by a payday lenders. Everyone goes through tough financial times and asking for help is OK.

Advances from Employers: Using money that is already yours

Many employers will work with employees if they need a paycheck advance for emergency expenses. The advantage of this method is that there are no fees or interest since this is not a true loan, only an advance.

Small Business Owners – Download a Sample Memo about Payday Advances to Employees
Sample Text for a Policy on Payday Advances

Consumer Credit Counseling: When you need some advice about debt problems

The Federal Trade Commission suggests that people look into working with consumer credit counseling services to create a debt repayment plan that fits your budget. These services are usually available at little to no cost through non-profit groups, employers, credit unions or banks, and housing authorities.…