Cash Loans can be a useful financial crutch if used following some strict guidelines. Look, you are most likely facing a financial emergency or are upset by the fact that you can’t make it to your next paycheck and are going to get an outrageous late fee. Well, whatever the reason for your immediate need for looking at an advance on your paycheck. You need to be smart about it.
Cash Loan lending institutions aren’t in this business to not make money and lending to high risk people you can count on needing a few things to make it happen. The major things you are going to need is #1 A Job!, #2 A checking account and preferably a paycheck that is direct depost & #3 not many additional payday loans outstanding with other stores.
Ok, so you got your advance, but listen closely you don’t want to pay these high interest rates and sit idle until you are in this situation again and again. You need to establish a financial plan where you can deduct this amount from your monthly budget. If you don’t have enough money you are going to have to figure out what else you can cut in order to make up for the fact that you just took an advance on your next paycheck. This is hugely important and it is going to take a sacrifice to avoid getting locked in this cycle. If you recently bought something, return it! or cut back on eating out or cut your cable bill a month to save the money you just spent.
A few nice secrets to help you in this tough situation that I’ve found helpful is to always keep in mind that short term loans have high interest because they are short term. This means that you can actually save money by borrowing the cash for the least amount of days possible. In fact, if you negotiate with your utility, cable or phone companies you maybe able to extend the time needed or reduce the cash you need to spend now by working with the people you owe.
Now, if you are trying to pay other credit cards or mortgage with a payday loan you may have a more serious issue. In this case you should see a Consolidation Pro! as you most likely need some help turning your situation around.
For everyone else that can manage their finance ok, but is relying on a payday loan, you need to apply extreme discipline so that you can improve your cash flow and use short term cash loans for what they are…a temporary crutch.
Keep in mind cash loans come in many ways; Payday loans, Paycheck advances, cash advance, cash loan are all the same thing. Even though you’ve heard the horror stories about these types of companies being loan sharks charging high interest rates you’d be suprised that your typicaly credit card can cost you more overtime and their rates have turned up over the past year in excess of 18%-29%!! By borrowing and paying off a short term cash loan you are ahead of revolving seemingly lower interest credit cards. Again, pay them off quickly and establish a rock solid budget to combat future usage.
If you need a loan, the internet now provides the ability to submit your application from the safety of your own home. Rather than driving to a local place. Many people prefer making these types of loans from their home computers online. Most companies offer safe, private and secure access to multiple lending institutions that will readily server your cash needs.
I trust that you will go into the future and maintain caution when using loans of all types as it is important to keep an eye on all debts so that you can maintain control over your spending habits. So when you decide to say “cashloan me $500!” I expect that you will have a plan on how to pay that money back and live on the rest of your paycheck so that you will recover in the month ahead!