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Same Day Payday Loans Are Not Cure-All Solutions

Normally, we borrow money because of financial difficulties to meet our personal, business or emergency needs. And there are times that due to the urgency, we prefer lenders who can process it instantly. This is the very reason why same day payday loans are becoming popular on the internet. Imagine getting an instant approval in just a matter of minutes? Even the release of the loan proceeds is very fast which most lenders do it in less than an hour upon the submission of your loan application. Who will not get enticed to apply for a loan with these online lenders? You don’t even have to leave your homes to apply and get the cash advance you want to secure. The loan is credited directly to your bank account. And if you have a debit card, you can pay your bills outright once your account is credited with the loan proceeds. That’s how fast, efficient and convenient same day payday loans are. But, watch out and don’t fall for them outright. The cost of their services is extremely higher as compared to regular loans. It might bring you more woes that you have never expected. Study it first carefully so you can handle it properly just in case there’s no option left to you at the moment.

Why Borrow

Before you resort to borrowing money, think first its consequences. This applies whether your loan is clean or with security irrespective of its terms. The point here is that it does not go free. There is a certain interest that is added to the principal amount. And in some cases, the interest is a thousand fold as compared to the loan amount like same day payday loans. And because of this reason, it is suggested that you have to evaluate first how urgent is your need for cash. Don’t rush your judgment to seek a loan automatically when the need for cash arises. Sit down and count the cost and find other ways to raise the funds without paying interest if possible. We all know that credit has its corresponding price. Other than that, if the loan is secured, you have to produce collateral. While there are same day payday loans available in the market today, some states require post dated checks. And on top of this risky requirement is the high interest rate that comes with it. Find the best answer why you should borrow money in the first place. You may discover that if you’ll only look at the eye of the financial storm, perhaps you don’t even need to source the fund from this costly financial tool.

Shop Around

Beware of those easy to source funds called same day payday loans on the Internet. They are coated with attractive features that a person in deep financial need would find difficulty to resist. Don’t get fooled by its easy, faster and 24 hour fund release. You may get chained to a debt cycle trap that could bleed you dry of your paychecks. Shop around for alternative sources to raise money without interest charges. Or at the very least negotiate for loans that are not of usurious rates. Here are some options that you can find rest to your urgent cash needs.

  • Organize a garage sale-there are many people who find this action reliable in raising funds. If you have unused items or even second hand tools or equipment, you can organize this approach in disposing them. Aside from economical to hold, your customers are often your acquaintances in your community, thus having a good seller-buyer relationship. Just set your prices at reasonable levels and definitely you can make good money.
  • Accept a second job-depending on your free time; you can always accept a second job to earn extra cash. You can use this amount to save for your emergencies or retire your same day payday loan immediately. This is a definite source of additional funds if you will work diligently during your free period. You can start early or late in the day to render extra services on the skills that you posses after your regular work. You have to be in good health and physically fit to do this extra work.
  • Close friends and relatives can help-in times of emergencies; the most reliable persons to approach are your close friends and relatives. This same applies when you are deeply troubled financially. Ask their support through the extra money that they spare to lend you. Of course there are acquaintances that need assurance of getting paid. You can pledge what you have or regularly share your paycheck until your account is paid. Imagine that you can use their money without interest? This is a great help to ease your financial burden even momentarily.
  • Put up a savings fund-start saving for the future. This is the best approach to meet an emergency. You can do this regularly by setting aside a small portion of your paycheck. You can also implement this through a budget that provides savings for every expense. If you can save say 5% on a $1,000.00 budget every payday that translates to $100 a month. At the end of the year, you can have $1,200 in the bank. Do not use this fund except for the purpose it was set up. And that is for emergencies only.
  • Negotiate a low-interest bearing loan-if you have a security to offer, it’s better to negotiate a longer loan at lower interest rate than your same day payday loan. Perhaps you have previously enjoyed a credit line with a bank which you can re-avail. Review your previous credit transactions and find out what you can use to your advantage.
  • Prepare a good budget-don’t just rely on your needs and wants when you spend your hard-earned money. You should formulate a budget which you should strictly follow. This will guide you in your spending and you can eliminate your spending spree habits if you know your limits. Pay first those accounts that impose high interest and penalty charges so that you can save on these items. Segregate your wants from your needs items when preparing the budget and learn how to discard your wants.

Find The Best Lender

If you miss your task to negotiate a loan without interest or of lower interest rate, don’t grab the first same day payday loan offered to you on the Web. You have to learn the pros and cons of this type of credit and go around to find the best lender. You will discover that lenders of payday loans are grouped into two. One group is the indirect lenders or agents who work for a commission in promoting the business of the financiers that own the funds. These creditors also operate directly and are called direct online lenders. By the nature of the category, it is to your best advantage to deal with them directly. Here are some of the features of the best lenders of same day payday loan offered on the Web.

  • Direct lender-this type of lender owns the funds that they lend to borrowers. If you deal with them, their interest rates are definitely lower than their agents. Besides, they can immediately act on your loan approval since they are the principals. If there’s a problem on your loan application, you don’t need an intermediary to facilitate the correction. You can directly go to them and address the problem outright.
  • Operates online-same day payday loan lenders can act with dispatch on your loan application because of the internet. This is not possible with offline lenders since they have to manually check your data. It is different with online lenders who can facilitate the verification in just a couple of minutes. They operate online and use the latest in information technology to access your personal and financial files.
  • BBB accredited-always seek a list of BBB accredited lenders of same day payday loans for your protection. There are some online direct lenders who operate without BBB accreditation and you must be aware of them. Do not negotiate a loan with them since what you are submitting are sensitive data that could fall in the hands of criminal minded individuals who can defraud you. Heed the calls of the Consumers Federation of America (CFA) of not sharing your information via the Internet to lenders whom you do not know well or are unknown in the industry. It’s better to seek credit counseling as the CFA urges consumers for additional protection.
  • Assurance of confidentiality-seek same day payday loans from online direct lenders who can assure you of total confidentiality of your personal and financial information. Remember that your social security number and bank account numbers are very sensitive data that could be used by fraudsters in their criminal activities. You must have the guarantee that you are protected against identity thieves.
  • Lowest interest rate-if you do your homework, definitely you can find the lowest affordable interest in the market of same day payday loans. Make comparison taking into account the other factors including the terms of the loan in deciding the right lender to deal with.
  • Though you can find the best online lender of same day payday loan, always bear in mind that this is not the cure-all solution to your financial requisite for the meantime. The interest rate is extremely high and you are always under threat of a continuous roll-over.

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Disclosure: Our lenders may offer you a loan with an APR ranging from 390% to 780% based on a two-week loan.
The APR on a short term loan represents the amount of your loan, cost of the loan and term of the loan. Example: You borrow $100 for two weeks. A lender can charge you a $15 fee, which means you will have to repay $115 to the lender at the end of the term. The cost of the $100 loan is a $15 finance charge, which anounts to an annual percentage rate of 391 percent. Loans on the lower end of the APR range may be for a larger loan amount and for a longer term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs, and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range displayed.

NOTICE: THIS IS AN EXPENSIVE FORM OF CREDIT. A SHORT TERM LOAN SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS ONLY, NOT AS A LONG-TERM FINANCIAL SOLUTION. CUSTOMERS WITH CREDIT DIFFICULTIES SHOULD SEEK CREDIT COUNSELING OR MEET WITH A NONPROFIT FINANCIAL COUNSELING SERVICE IN THEIR COMMUNITY.

If you do not pay your loan according to its terms, your lender may: • Charge you late fees • Send your account to a collection agency • Report your information to a consumer reporting agency, which may negatively affect your credit score • Offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest

We are not a lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for non-payment of your loan. Ask your lender for their current rates and charges and their policies for non-payment.