Payday loans are easy to get
A payday loan is basically a short term, high interest loan, usually characterized by high fees and interest rates. Payday loans are easy to get since you do not have to put up collateral, and you will be given the money on the date you get your paycheck. It can be the best way of getting instant cash. If you don’t like to take a loan out, there are other alternatives to get money that is easier to pay and do not involve a loan. Here are some of the alternative ways to earn quick cash:
Business Checks – If you are doing good in your business or you have some collateral, then you can ask for a business check. You can take the check with you when you go to buy groceries. When you bring the check to the register you will be charged with the applicable total fees.
This method of getting money is great if you are buying products to sell later.
Installment Loans – Payment plans for installment loans can be done through credit checks. It is usually a pre-approval for a certain amount of money, sometimes up to $1500. For this reason, credit checks are usually done. If you have bad or no credit, you still can get a payday loan. Since there is no need for collateral, you will not have to worry about paying hefty fees or interest charges. It is definitely more convenient than taking a loan from a financial institution.
Payday Loan Options – Most states have rules on how much a payday loan company has to charge you. The minimum amount is usually $15 per hour. The company charges more for the longer you take the loan, so it is best to take shorter loans at the beginning of your working week to avoid the maximum fees. The best way to figure out how much you need to borrow is to find out the minimum required by your state law. Then multiply this number by the number of hours you need to borrow. This will give you the amount of payday loan fees you have to pay.
Make sure you read all of the fine print before signing any documents
Online Payday Loans – Some companies now offer online payday loans that don’t require a credit check. This can be risky because there is no way for a borrower to tell if the company is real or not. There are many people who have used fake lenders and had their funds disappear soon after they wired them the money. Make sure you read all of the fine print before signing any documents. If you’re not sure about the company, move on to the next one.
Annual Percentage Rate (APR) – Most lenders calculate their APR on a monthly basis. The higher the annual percentage rate, the more the lender will charge for a loan. You should only borrow what you can afford to pay back without having to worry about going into debt. If you find a lender that has an annual percentage rate that is too high, look for another lender.