Other Options to Taking and Using a Payday Loan if you have Bad Credit
Financial Options Aside from Taking a Payday Loan
When you are just beginning with your life as an adult, you have to make the right decisions financially. A lot of people embark in the real world without having the right financial knowledge. Because of this, they end up making the wrong decisions that have a long term effect on their life. Some of these include being trapped in debt caused by taking out certain loans that becomes too difficult to pay. To avoid suffering in the long run because of your poor financial choices, you have to know your financial options that will not put your financial status in danger. Here are some of them.
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1.) Credit Union Loans- this is a small, short term loan offered by your local credit union if you are a member.
2.) Small Bank Loans- this is a small loan offered by traditional bank lenders.
3.) Cash advance from employers- some employers provide this loan. You can ask them to give you your paycheck in advance instead of seeking for a payday loan that will charge you with high fees and interest.
4.) Borrow from friends and family- Do not allow your pride to stop you from borrowing money from close family and friends. But, when you do obtain assistance from them, know your limits and set your expectations straight so that you will not end up destroying your relationships.
5.) Start an emergency fund- You must start building up your savings to reach an amount that can pay up for your six months worth of expenses. This is what you call your emergency fund. If you do not have this now, start it. This will help you avoid taking out any type of loan in the future.
6.) Use your credit card for emergency only- If you have a credit card to turn to, you do not need to obtain a loan just to pay for emergency expenses. Use your card for emergencies or only if you know that you can repay the balance of your card as soon as possible. Doing this will not only help you prevent payday loans, it will also allow you to maintain a good credit rating that is truly beneficial for your financial future.
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Tagged with: business • Cash Advance • credit card • Credit union • finance • financial services • loan • Payday Loan
Filed under: payday loans
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