People all over the United States have several options for funding when they don’t necessarily have a lot of cash in the bank. Some of these options can be attractive to people who need money for large purchases, funding a business, or just to have some money on hand when something unexpected comes up in life.
Some of the options available to people looking to get funding are credit cards, long-term loans, and more. These options can be good for the long-term, but there is another option available that comes with benefits of its own.
This option is known as payday loans, and it can be a good and quick alternative to big loans or credit cards.
Why are Payday Loans an Attractive Option?
Applying for payday loans online can help you get money quick, when you need it. This is great if you don’t have much of your own cash on hand and have an unexpected circumstance turn up.
Doing your research on lenders and finding the best option for your needs, such as applying for Personal Money Network loans online, is a great way to get money in the bank when you are in need.
Payday loans can come in handy if you are facing a completely unexpected situation in your life, such as a trip to the doctor, a visit to the mechanic with your car, or something else entirely. They can also be a decent alternative to some of the more widely used options.
How so, you may be wondering?
How Can Payday Loans Beat Other Options?
If you do your research on lending companies and their practices, and practice smart loan shopping, then you may find some upsides to payday loans that aren’t so prevalent in bigger, longer-term loans or credit options.
If you aren’t in need of a ton of money, then you may find payday loans to be a useful option for you that could potentially beat out these other widely used options.
- Credit cards
Credit cards are used by folks not just in the United States, but all around the world. They can be a great option for many people, but it can also lead other folks into financial troubles. This is because credit cards can often have high limits, with high interest rates and other fees.
These high limits on credit cards can be tempting to some folks to spend more money than they can currently afford to pay back, and they may find themselves only making the minimum payment on their credit cards month to month just to keep their credit scores up.
With payday loans, consumers only take out a smaller amount of money, and then pay it back in a one-time charge.
- Better than racking up overdraft charges
Sometimes, when folks don’t have the extra money in their bank account to cover an expense, and a charge goes through that the money in the bank can’t cover, the account will be hit with an overdraft fee that will send the balance into the negatives.
If overdraft fees begin stacking up, it can take a long time to get your bank account balance back into the positive side. This is another way that a payday loan can come in handy when you need money now, as after paying off the loan when your next paycheck rolls around, you won’t have to worry about paying off all those bank overdraft charges.
- Often less risk than long-term loans
Long-term loans can help people get a bigger amount of money in a lump sum, but can also come with high interest rates that can stack up if not paid back right on time, and can also bring your credit score down. Protecting your credit score is very important if you want to keep your financial life in order.
Because payday loans are simpler and smaller sums of money, they can be quickly paid off in a one-time transaction, so you don’t rack up a ton of fees and leave your credit score in bad shape.
Always Borrow Wisely!
Always remember, however, that while payday loans can be a great way to get the money you need, right when you need it, you shouldn’t rely on it wholly if you have deeper financial issues.
You don’t want to borrow more than you can pay back, as this could put you deeper into debt. If you use payday loans wisely, however, you can pay them back on time and rest easy.
Identity Magazine is all about guiding women to discover their powers of Self-Acceptance, Appreciation, and Personal Achievement.
We ask that every contributor and expert answer the Identity questions in keeping with our theme. Their answers can be random and in the moment or they can be aligned with the current article they have written. In that way, and as a team, we hope to encourage and motivate each other, thus inspiring you to Get All A’s.
1. What have you accepted within your life, physically and/or mentally? Additionally, what are you still working on accepting? Now, we’re not talking about resignation, rather stepping into, embraced, and owned.
That not all will enjoy my writing.
2. Appreciation is everything. What have you learned to appreciate about yourself and/or within your life, physically and mentally? On the other hand OR in contrast, are there elements of who you are that you’re still working on appreciating?
I appreciate my ability to be creative.
3. Share with us one of your most rewarding achievements in life? Tell us not only what makes YOU most proud but also share the goals and dreams that you still have.
Proud to have a career in writing