Getting a Payday Loan Online

Getting a payday loan is a bad financial decision.

These ideas may help you get the money you need without having to take out a high interest, high fee payday loan online.

If you are reading this article then you are most likely looking for a payday loan due to some sudden unexpected cost. While getting a payday loan online may seem like a better idea then getting a payday loan at a brick and mortar loan house, it is not. Any company that operates as a payday lender does not have your best interests in mind and are only out to take advantage of you when you are financially strapped whether an online company or a store location.

You didn’t come to this site to hear preaching, but at least read on a bit for some advice and other great ways to get some money without falling into the payday loan trap. You may be asking yourself what is so bad about payday loans and here it is, short and sweet. Payday loan companies are essentially barely legal loan sharks that lure you in with the promise of quick cash with easy repayment options. The reality is that by taking their cash you are allowing them to take your next paycheck and a service fee which is usually 50 dollars or so. Come next paycheck you realize they have taken your money already and now you are broke again so you need another payday loan. As the cycle continues, any unpaid loans accrue interest that can be in the triple digits putting your further in debt.

So avoiding payday loan companies is a very wise idea. But where can you find some quick cash easily and without risking this vicious debt cycle? For one you could try asking family and friends for some extra money to get by because usually they won’t ask for interest or take away your home and car if you can’t pay right away. Another option is to go to a pawn shop with one of your belongings. The worst thing that happens there is that you may lose whatever you sell to them if you can’t pay them back but if you can then you get your item back. Another option (although not highly recommended) is to take a cash advance on your credit card but be sure to pay that off by the end of the billing cycle so you do not get charged with double digit interest rates. Finally you could look for ways to sell some stuff you no longer use, offer your help for money on freelance or odd jobs, or even consider going to your bank for a small loan.

Any of the above options are far better then going to a payday loan shop whether online or in person and you will be glad you solved your money problems without paying 100’s of percent in interest for your money.