Anyone who has
ever taken a pay day loan will tell you how conflicting the whole process can
be. To me the whole process is a man-eat-man process. And even though many low
incomers love, fact remains that a person who rushes out for a pay day loan is
someone who hasn’t taken an initiative to build a formidable emergency
financial background for themselves; here are some considerations you could
make before rushing in for a pay day loan.
Talk to a
Family Member for a Loan: A great place to get a loan is from a family
member. Family member give friendly loans with no or very low interests
compared to payday financial sharks. Ask your family member to prepare the loan
in writing so that it becomes legally binding. This will save you from
defaulting to pay and in turn boost your trust and strengthen your personal
relationships.
Go for the Same Company you Owe: Call the company you owe money and try negotiating a different payment plan. Spreading your loan out to many different companies comes with different payment plans and installments. Using the same company however consolidates your loans under one plan and saves you from paying multiple loans with different payment needs. Negotiate to reduce on rates.
Dispose of Things you don’t Need: Old furniture, clothes, home appliances, broken down motorcycles, and bicycles are some of the things in my home that I have sold before since I didn’t really need them. You could have old TV sets, audio systems, fridges, and many other things that lie dormant in your home. Sell them to bring in quick cash and save your butt from going for payday loans.
Look for a Side Hassle/ Another Job: Temporary job is a great way to raise some money for your extra needs including emergencies, utility bills, and basic home groceries. In fact part time jobs have worked for in debt settlements and left my personal income for other vital needs. Well you might not see the effect immediately but trust me in the long run, a side hassle is as good as just another permanent job.
Look of a Local Credit Union Also: This is my best bet for a highly practical emergency loan. It works even when your credit isn’t that good. In fact getting high loans from them in equally very cheap compared to getting the same amount from other financial institutions such as banks or from a payday loan. Ask any payday loan debt consolidation expert to take you through the APR difference that exists between the two. You can also visit this exemplary site for more information.
There are many other practical loaning options that you could go with too. They include looking for social services options that could save you money, talking to the people that are directly affected by your financial situation, asking for expert advice, and taking cash advance on a credit card. These are all practical solutions that will work perfectly for you.
