Simple Ways to Avoid the Payday Loan Store


If you are in the bad habit of spending more than you make and are thinking about going to a payday loan store, stop, and think about what you are about to do. They feed on people like you; the hard working American. They get you into their store and before you know it, youre in their debt trap that is near impossible to get out of. How they do this is obvious. A payday loan store will have an APR between 400% and 800%. Can you say loan shark?

Alternative Ways

Before you can find alternative ways to avoid a payday loan store, you need to figure out how you got into debt troubles in the first place. Then, once you figured that out, make a realistic budget and stick to it. But try to use the payday loan store as a last resort.
Ask you creditors to give you a little more time, until your next payday. Most of them are willing to work with you.

Use your credit card to make urgent payments. This may seem strange but remember the 400% APR, compared to 20% on a credit card, its not that strange. Ask your bank or credit union for a short-term loan. The cost of a short-term loan is higher than a long-term loan but still, its cheaper than a payday loan store.

Ask your employer for a salary advance. You would be surprised at how many companies are willing to help out their employees. Borrow money from your friends or relatives. Look for social groups, communities and churches that provide assistance. For example, The Federal Low Income Home Emergency Assistance Program provides financial assistance to low income families. There are also many churches in the community that help the needy.

If you are in the active military, reserves or retired military, there are a lot of loan companies that will offer anywhere from 0 to 00 with an APR of 30% to 40% which is still cheaper than a payday loan store.

Lastly, there are several debt counseling groups, they will assist you in consolidating your bills and will talk with your creditors to either reduce or eliminate the interest on your credit cards. If you feel you have no other choice than to go to a payday loan store, then, at the very least, investigate before you sign the papers and make sure you understand the terms and conditions of the loan.

If you need the money, however, then you need the money and the bottom line is that you have to do whatever it takes to get yourself to a position of financial possibility within the confines of the legal system.

Advance Cash

The fast payday loan provider charges you a processing fee for a 14-day loan.

Most loan companies offer minimal processing times, especially if you provide more than adequate information. Many of these cheap payday loan services have a system that eliminates faxing. Due to this advantage through technology, many companies that offer a no faxing payday loan service can now process loans faster and more efficiently than ever before. Thats why there are special military payday loan services offered to all military personal and their families. Also a military payday loan should only be used in extreme emergencies; they should not be used on a regular basis.