Inexpensive Pay Day Loan - Can You Find Them?
If you have ever gone to get a payday loan or a cash advance
, then you already know the interest rate is very high. We expect this and it is very hard to find the cheapest payday loans because most of the time we don't have time to be shopping around. You do have online options that can be much cheaper and much more inexpensive than other options.
You should start by thinking about where you are going to find this type of loan. Payday loans are also known as band aid loans or short term emergency loans. You want to use these types of loans for the emergency at hand, pay them off, and move on. This will keep you from getting hit with too much interest or fees.
If you are to borrow $500 you will be paying back around $550 in 30 days so that APR is very high and it does depend on the lender, but you can find a less expensive loan. Once you know how to find the cheaper loan it will not bother you as much if you need to use this type of loan for an emergency.
Start by making sure to ask yourself if you are really in an emergency situation or not. You should never borrow on a short term basis for anything that is not a complete emergency. When you are in an emergency situation that requires money, then the payday loan is fine, but make sure you are in need and not just wanting the money.
Second, make sure to pay the loan off as fast as possible to avoid extra interest and fees. This will save you compared to what most do with cash advances because most people pay the fee to extend the terms. Pay it off right away and you will save $50 to $100 in the long run.
Finally, if you can avoid it you should not take out a 30 day loan, but instead a 14 day loan. Lenders make twice the interest if they give you a 30 day loan so if you get one of these pay it off within 2 weeks if you can. Now you know how to get the cheapest payday loans and avoid the interest and fees that most pay when they get a cash advance. Make sure you are in a complete emergency situation before accepting a loan and make sure you only borrow what you need.
by: Gressly Stevens
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