Alternative ways to avoid payday loan Written by Angelina Rosario
If you spend more than you earn on a regular basis, it is a bad practice. To overcome this situation, if you opt for a payday loan, it will be a “risky solution”. Payday loan companies often take advantages of your need and lead you in debt trap. The most obvious disadvantage of payday loan is High cost. The APR of payday loan varies between 400% to 800%. Think about your investments even on a high interest stock, you can get an annual return of 20% to 30% for investment on a stock although investments on stocks are considered as “high risk”. So, consider about all possible alternative ways before opting for a payday loan cash advance.
•Payday loan borrowing situation arises due to bad financial planning. I suggest you to prepare a realistic budget at beginning of each month in order to keep balance between your earnings and spending. Avoid unnecessary purchases. Also save some money each and every month. Your savings will be counted at time of crisis. Consider taking help from a consumer credit counseling bureau.
•Ask your creditors to give you a favor by waiting until your next payday. If you can manage them to do so, you need not to borrow loan and thus you can save 15-30 USD by not paying loan interest!
•Use your credit card for making urgent payments. Usually credit card loan’s interest rate is very low; even you have to pay nothing as interest if you repay loan within a month. Again you save $15-$30 by not paying loan interest.
•Ask your banker or a credit union for a short-term loan. The costs of these loans are such that you can easily afford.
•Ask your employer to provide you with a portion of your salary as advance so that you can cope up with your emergency bills.
•Consider in borrowing money from your friends or relatives. Actually for a time lag of 1-2 weeks nobody will prefer not to provide you money (I strongly believe so!) unless you had a bad credit history with him or her. Thus you will meet your money requirements with no interest charges at all! Also think about harassments if you can’t be able to repay loan at specific date to payday lender!!
Subprime Mortgage Lenders - Helpful Tips When Getting A Subprime Mortgage LoanWritten by Carrie Reeder
If you have bad credit history, no down payment or difficult to prove income and are looking to get approved for a home mortgage loan, you will probably need to look at subprime mortgage lenders to help you. To see a list of our recommended subprime mortgage lenders you can click on link below.
There are a few things to know about subprime mortgages lenders. They specialize in providing mortgage loans for people with less than ideal situations, whether it be difficult to prove income, low or poor credit scores (most often case with subprime mortgages), or no down payment (this factor alone will not necessarily put you in subprime loan category).
The interest rate on a subprime mortgage loans will be higher than any other type of mortgage loan where credit, income and down payment are all optimal. However, with subprime mortgage loans, as a borrower, you need to be careful about a few things when dealing with subprime mortgage lenders.
The interest rate with subprime mortgages can vary greatly. There are some subprime mortgage lenders that, for same set of qualifications, can offer an interest rate of say, 7%, which is a little above average, and then there will be others who will quote 9-12% or more. Now, if this is all for same qualifications, you could be talking about hundreds of dollars a month extra in payments just because you are not getting a fair interest rate for your qualification. This is where borrower needs to be careful. Make sure you are getting best interest rate possible with your subprime lender. Some subprime lenders take advantage of borrowers with bad credit or hard to approve situations, and they charge much more in interest than what is fair for to borrower.