So you have talked to some professionals about your financial situation, and you have budgeted your monthly income and expenses. Doesn't it feel great? You are on your way to having your debts paid off and living more freely!
As I've mentioned in numerous articles, payday loans can help you get the emergent cash you may need if you are having problems getting small loans elsewhere because of your credit consolidation. The situations where you might need emergent cash could be one of the following, medical expenses, car repairs, unexpected bills, or maybe you need to go out of town for a family wedding or funeral.
It can be hard to get small loans from other lending sources because most of them don't do loans for a few hundred dollars. Big banks are into making money on the big borrowers.
Also their guidelines for approval can be quite strict. And since you are in the process of rebuilding your credit, and finances, this can prove to be a challenge.
Payday loans are treated like any traditional loan though, you have compounding fees and interest if you don't pay your loan back when you are supposed to. There is no collateral so they can take you to collections and it can be like deja vu for some. That is why I am stressing payday loans as an alternative to urgent cash dilemmas.
Know that you know that payday loans are a serious business, your next plan would be to figure out how you are going to pay the loan back. Usually it is with your next paycheck.
For some though, they might not have the excess in their check. So there are other ways to plan on paying it back.
You can work more hours at your job, do some side jobs, talk with a family member to see if they can help you pull the money together. There are ways to change your current situation, have faith.
So now you have figured out how to pay the payday loan off. This next part is actually the easiest; it is the application process.
Once you find a good, reputable lender, you will need to provide just some basic information. You will need to show proof that you are a citizen of the United States that is 18 years of age or older.
You will need to show proof of employment, some lenders do require that you make a certain amount per month, and proof of bank account. The last thing you need to do is write a post dated check or sign an agreement for a post dated withdrawal from your bank account. This can be with a checking or a savings account, but every lender is different so make sure you are clear.
Approval takes literally no time at all and you end up having the money in your account within 24 hours. Payday lenders don't scrutinize your reasons for needing the money or make you wait for days while they process your numerous amounts of paperwork that they require.
What if you aren't able to pay your loan back when you agreed to? Most lenders offer some kind of an extension, or roll over, plan.
Be very cautious if you do this though because the fees can add up. Find out what the fees are and know exactly what you are getting into if you do this. That is why it is highly advised that you make sure your plan is in place in regards to paying off the loan when you originally agree to.
Have trust that you are powerful in making changes in your life. Start small and gain momentum by continuing to be a responsible consumer and handling your finances responsibly.
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