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dec 07

The most obvious problem

Fast Pay USA.com

It is actually a bad practice should you spend more money than you get consistently. If you decide on a pay day loan, it will probably be a “risky solution”, to conquer this case. Cash advance companies often take the benefits of your need and lead you in debt trap.

The most obvious problem with cash advance is High cost. The APR of payday loan varies between 400% to 800%. Consider your investments even over a high interest stock, you may get a yearly return of 20% to 30% for investment over a stock although investments on stocks are believed as “high risk”.

So, before opting for a payday loan cash loan, consider about each of the possible alternative ways.

•Payday loan borrowing situation arises due to bad financial planning. In order to keep the total amount involving the earnings and spending, i suggest you to get ready a sensible budget at the start of every month. Avoid unnecessary purchases. Also save cash every and each and every month. Your savings is going to be counted at the time of crisis. Consider taking the help of a consumer credit counseling bureau.

•Ask your creditors to provide you with a big favor by waiting until your following payday. When you can manage them to do this, you want never to borrow the borrowed funds and consequently it will save you 15-30 USD by not paying the money interest!

•Use your visa or mastercard for making urgent payments. Usually credit card loan’s interest is very low; even you need to pay nothing as interest should you repay the loan inside a month. Again you save $15-$30 by not paying the loan interest.

•Ask your banker or even a lending institution for a short-term loan. The price of the loans are such that one could easily afford.

•Ask your employer to provide you with some of your salary as advance to be able to cope up with the emergency bills.

•Consider in borrowing money from your friends or relatives. Actually for some time lag of 1-2 weeks nobody will prefer to not provide you the money (I strongly believe so! ) except if you possessed a a bad credit score history with him or her. Thus you may meet your hard earned money requirements without any interest charges at all! Also look at the harassments in the event you can’t be able to repay the money at specific date to the payday lender! !

Fast Pay USA.com As a way to protect yourself from making extra charges on bounced checks, •Consider to make arrangements with your banker regarding withdrawal facility from the checking A/c. This facility costs you as low as $5.Sometimes no fee is needed in any way!

•When you shop for credit, look at the APR along with other official charges of several credit offers. Thus you may avoid higher monthly charges with lower credit cost.

•Many social groups and communities provide urgent assistance either directly or by various social services programmes. For example, I can mention “Federal low income home emergency assistance programme” provides financial aid to families with lower income.

•There are many financial institutions who offer $500 to $100 loan to active in duty & retired military personnel. The APR of the military loans range between 34% to 40% which happens to be 10 to 15 times cheaper than payday advance.

•There will also be several Consumer finance companies that provide small consumer loans at the low APR of 60%, which is less than payday cash loans.

Perform the homework when you find yourself about to borrow a payday advance. Seek out low interest payday loan. Before borrowing it, gather all of the know-how about cash advance. To get more detailed discussions on pay day loan alternatives..