Sadly, a number of people are going through financial hardships. It can be very stressful when you’re working a job but still living from paycheck to paycheck. Many folks are just one unfortunate accident or big bill away from disaster.
If you find yourself in a financial fix and need cash fast, it shouldn’t be an issue. Most of the people who find themselves in financial peril are usually hardworking American just trying to live the American dream. They shouldn’t have to jump through hoops just to get a loan when times get tough.
But if you really are in need of some extra funds, there are certain ways to get it without a lot of fuss. Payday loan alternatives can help when you need an easy cash loan. The good thing about payday loans is you don’t need credit or collateral to get one. You simply fill out an online application and you can immediately have anywhere from $100-$1,500.
Payday loans are considered short-term loans that are to be paid back within 30 days. In order to receive one, you must have an active checking account and a job. If you qualify for the loan, it will be credited to your checking account. The payment for the loan will also be debited from your account on the day you receive your employment pay.
Individuals who opt for a payday loan should also consider the interest on the loan. In some cases, it can be as high as 400%. While a payday loan may be your only option to receive quick cash, there are some other things to consider: If you cannot pay on the date in question, your bank will slap you with a non-sufficient fund fee. Several of these could land you in even deeper trouble.
Additionally, most consumer advocates are sternly against payday loans. Most are considered predatory and more trouble than they’re worth.
Another place where you can get quick money is from a pawn shop. Most pawn shops can grant a cash loan to individuals who have something of worth to pawn. Depending on what you have, you could get a loan from $50 all the way up to over $1,000.
The way pawn loan works, you bring in an item you would like to pawn. The pawn dealer will look it over and appraise it for worth. They will let you know how much of a cash loan you can get for your item. In most cases, you will have 30 days to pay back the loan and retrieve your items.
There are also drawbacks with pawn loans. If you cannot pay back the loan, you can lose your property. So if you pawn something, take care that it’s not something with sentimental value or something you don’t want to lose.
So if you find yourself in the position where you need money quickly, one of those two ideas may help.
If you constantly find yourself in a situation where you are in need of a loan, a bit of money management may be in order. Overspending and mishandling of funds is how some people stay in debt. But in the meantime, a short-term payday loan or pawn loan may be your best option.