Payday loans can be a risky measure. But if it is the only way to avoid late fees, incur extra interest charges, and help your family stay afloat, they may be the only option. It can be tough to decide whether or not the payday loan solution is right for you. But here are a few steps to go through to help you make the best of the solution.
First thing is first; do you have any other options. A payday loan is risky; so if you have a better option then by all means use it. Look at the interest and balance on your credit cards, if you can make a balance transfer at a lower rate than use that and simply have the discipline to pay it off like a payday loan.
Also, can you borrow money from a family member or a friend? This can be embarrassing but if you know someone well enough to do this, then by all means, go ahead and use it. It will be by far your cheapest way out of a tough situation.
After considering this are you still in trouble? Ok then them the answer is you need a payday loan! The next question is can I afford it and what will it cost? You may also need this information to evaluate it with regard to the first step.
Payday Loan Have:
*Fees
*Interest
*Penalties if not paid
Payday Loans Don’t Have:
*Credit Checks
*Long Applications
*Tough Standards
As you can see there is the good and the bad, the key is to keep things from getting ugly. Apply to find out exactly what they will offer you. Add up all of the fees and interest and decide whether or not using your credit cards or not paying a bill on time is more or less expensive. If the payday loan is less expensive take it. It will help you out of a tough situation and certainly be a relief from stress.
The right answer will be different for every person but make sure that you have all the facts before jumping in. Most payday loans do not run a credit check so getting all of the facts will not harm your credit. You have nothing to loose and a large helping of stress relief to gain.
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