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Times are tough for a lot of people right now. You may have lost your job or your business may be struggling, and you may be wondering how you will pay your bills. Some people think about taking out a payday loan when they need cash fast, but think twice. Payday loans are the most expensive way to borrow money, and they can trap you in a cycle of debt.
Let’s be honest. The option of asking for a loan and getting cash the very same day is attractive. And that’s the allure of these loans. For those who struggle to pay rent or pay bills that will keep them afloat or maintain the status quo for their families, it’s difficult to say no when you’re in need. If you’ve had to make that choice, don’t despair. Just know these types of loans are not your only choice. First and foremost, educate yourself. Let’s take a look at how payday loans work.
A typical payday lender charges $15 to loan you $100. To get the cash, you provide the payday lender with access to your personal checking account or a post-dated personal check for $115, the amount of the $100 loan plus the $15 fee. The payday lender will deposit that check or retrieve the funds electronically on the day the loan is due. But, there is more than one catch. Below are five reasons why payday loans are not the best option for your overall financial health, even if they appear to serve your immediate needs. And then we’ll explore some healthy alternatives.
Consider these alternatives to payday loans when you are strapped for cash.
Before you take out any loan, research and compare your options, and get the facts. Find out all of the fees, and take a serious look at your budget to make sure you can successfully repay the loan and stay out of the debt trap.
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