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Garry Richardson
Wysłany: Pią 19:46, 03 Lis 2006
Temat postu: Payday Loan Resources On the Web
There are other options. Consider the possibilities before choosing a payday loan:
When you need credit
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, shop carefully.
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Compare offers. Look for the credit offer
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with the lowest APR - consider a small loan from your credit union or small loan company, an advance on pay from your employer, or a loan from
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family or friends. A cash advance on a credit card also may be a possibility, but it may have a higher interest rate than your other sources
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of funds: find out the terms before you decide. Also, a local community-based organization may make small business loans to individuals.
Compare the APR and the finance
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charge (which includes loan fees, interest and other types of credit costs) of credit offers to get the lowest cost.
Ask your creditors
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for more time to pay your bills. Find out what they will charge for that service - as a late charge, an additional finance charge or a higher interest rate.
Make a realistic budget,
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and figure your monthly and daily expenditures. Avoid unnecessary purchases - even small daily items. Their costs add up. Also, build some savings - even small deposits
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can help - to avoid borrowing for emergencies, unexpected expenses or other items. For example, by putting the amount of the fee that would be paid on a typical $300
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payday loan in a savings account for six months,
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you would have extra dollars available. This can give you a buffer against financial emergencies.
Find out if
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you have, or can get, overdraft protection on your checking account. If you are regularly using most or all of the funds in your account and if you make a mistake
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in your checking (or savings) account ledger or records,
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overdraft protection can help protect you from further credit problems. Find out the terms of overdraft protection.
If you need help working
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out a debt repayment plan with creditors or developing a budget, contact your local consumer credit counseling service. There are non-profit groups in every state that
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offer credit guidance to consumers. These services are available at little or no cost. Also,
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check with your employer, credit union or housing authority for no- or low-cost credit counseling programs.
If you decide you must use a payday loan, borrow only as much as you can afford to pay with your next paycheck and still have enough to make it to the next payday.
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