There are so many alternatives to payday loan but we seldom consider them as we have a lack of information about them. Thus we have to find ourselves in a trap of perpetual debt. In this article the author has provided some unique alternatives to payday loan by which you can learn more about how to avoid payday loan borrowing…..

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If you spend more than you earn on a regular basis, it is a bad practice. To overcome this situation, if you opt for a payday loan, it will be a “risky solution”. Payday loan companies often take the advantages of your need and lead you in debt trap.

The most obvious disadvantage of payday loan is High cost. The APR of payday loan varies between 400% to 800%. Think about your investments even on a high interest stock, you can get an annual return of 20% to 30% for investment on a stock although investments on stocks are considered as “high risk”.

So, consider about all the possible alternative ways before opting for a payday loan cash advance.

Payday loan borrowing situation arises due to bad financial planning. I suggest you to prepare a realistic budget at the beginning of each month in order to keep the balance between your earnings and spending. Avoid unnecessary purchases. Also save some money each and every month. Your savings will be counted at the time of crisis. Consider taking help from a consumer credit counseling bureau.

Ask your creditors to give you a favor by waiting until your next payday. If you can manage them to do so, you need not to borrow the loan and thus you can save 15-30 USD by not paying the loan interest!

Use your credit card for making urgent payments. Usually credit card loan’s interest rate is very low; even you have to pay nothing as interest if you repay the loan within a month. Again you save $15-$30 by not paying the loan interest.

Ask your banker or a credit union for a short-term loan. The costs of these loans are such that you can easily afford.

Ask your employer to provide you with a portion of your salary as advance so that you can cope up with your emergency bills.

Consider in borrowing money from your friends or relatives. Actually for a time lag of 1-2 weeks nobody will prefer not to provide you the money (I strongly believe so!) unless you had a bad credit history with him or her. Thus you will meet your money requirements with no interest charges at all! Also think about the harassments if you can’t be able to repay the loan at specific date to the payday lender!!

Consider in making arrangements with your banker regarding withdrawal facility from your checking A/c in order to protect yourself from making extra charges on bounced checks. This facility costs you as little as $5.Sometimes no fee is needed at all!

When you shop for credit, check the APR and other official charges of different credit offers. Thus you can avoid higher monthly charges with lower credit cost.

Many social groups and communities provide urgent assistance either directly or by various social services programmers. For example, I can mention “Federal low income home emergency assistance programmed” provides financial assistance to families with lower income.

There are several loan companies who offer $500 to $100 loan to active in duty & retired military personnel. The APR of these military loans range from 34% to 40% which is 10 to 15 times cheaper than payday loan.

There are also several Consumer finance companies that provide small consumer loans at a low APR of 60%, which is also cheaper than payday loans.

Do the homework when you are about to borrow a payday loan. Look for low interest payday loan. Gather all the knowledge about payday loan before borrowing it. For more detailed discussions on payday loan alternatives, visit Personal-Finance Articles.

Doesn’t it seem like bad things happen when we can least afford it? The car breaks down, the kids need dental work done or the hot water heater decides to break on the coldest day of the year. With today’s economy many of us are already living on budgets that are stretched to the breaking point – the last thing we need is an unexpected emergency! It’s for these unfortunate and unexpected events that the payday loan industry might be the welcome friend you so desperately need. Offering secure, easy and private loans, they can help you make it to the next payday while getting your emergency taken care of today.

Let’s face it – banks don’t like lending people money that needs money. They certainly don’t like making small loans for short periods of time – there isn’t any money in it for them. Credit cards are even worse – they will let you have the money, only to start piling on fees and high interest rates. Truth be told, many times we don’t have the available credit on our cards to even think about taking out cash advance. Payday loans are what helps you make it through when it seems like all your other options are shot. They specialize in lending small loans to people just like you and me who need a little boost until the next paycheck arrives. They don’t make you fill out tons of paperwork and wait weeks for a decision like the banks do. They know you need money today, not two months from now!

In recent years the payday loan industry has improved upon many aspects of customer service and loan servicing. Today, you’ll find most payday loan establishments are run by finance professionals who understand your emergency. They are clean, comfortable and welcoming places. Often times they offer other services as well – such as insurance and bill payment capabilities. Many offices are now branching out and going online, so you can take care of repaying your loan (and even applying for one) all online.

It wasn’t long ago when something bad happened that you didn’t plan for that you had only a few choices of where to turn to help — the bank, your friends and your family. None of these options appeal to a vast majority of us because we don’t want to go through the hassle. Besides, who wants to tell the world they are having temporary financial issues? Today, thanks to the payday loan and cash advance industry, you have a world of choices at your fingertips. Competitive rates, great customer service, and professional employees are all waiting for you to help you through your cash crunch.

So the next time you find that your car has decided to throw a gasket and your checking account is running on empty, consider checking out the payday loan industry. You may find with their improved focus on customer service and customer privacy that they quickly become your lender of choice when life sends you an unexpected bill or repair.

Most of those who fill out payday loan applications are usually approved within a few hours, and they receive a loan on the same working day. This is because the loan company only requires the lowest customer requirements. However, online applications may be rejected in very few cases. Here are 10 reasons why your cash prepayment application is not approved as a loan company.

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Most people who fill out applications for payday loans are usually approved within a few hours and they get the money they loaned the same business day. This is because lending companies demand only the minimum customer requirements. However, there may be few instances when the online application is denied. Here are ten reasons why your cash advance application is not approved to be a lending company.

1. The potential borrower does not have stable employment. The payday loan is a loan against the salary that an employed person receives. Without employment, there is no paycheck and no capacity to pay the payday loan.

2. The potential borrower has filed for bankruptcy during the year. While cash advance providers don’t check your credit score, they are concerned about your abilities to meet your financial obligations. A bankruptcy shows that the person can no longer support himself financially. And one year is not sufficient time to recover from serious financial difficulties.

3. The potential borrower has been employed at a current job for less than required 3 months. Most cash advance providers require a customer to be holding a current job for at least three months.

4. The checking account of the potential borrower is relatively new and does not have enough large history. Lending companies prefer customers who are stable and a good indication of real financial stability is a checking account which is at least 3 months old.

5. The monthly income of the potential borrower is less than required $1,000. If a person earns less than this amount, the payday loan providers will assume that he will not be able to pay any amount that he will get.

6. The potential borrower has a big number of overdraft fees and/or NSF in his checking account. Such a situation will alarm your lending company because the overdraft and NSF fees show that the person is not a dependable borrower.

7. The potential borrower has unpaid payday loans or returned checks. Similar to the previous situation, these outstanding loans will compel lenders to deny your application.

8. The identity of the potential borrower cannot be confirmed. This often happens when the borrower provides inaccurate personal information. This also happens when the contact information provided by the client can’t be used.

9. The cash advance provider can’t easily establish the bank account information provided by the applicant. The lender tends to assume that the bank account no longer exists or is not valid.

10. The applicant receives his wage only once a month. Payday loans are small, short-term loans and the loan period is usually within 2-3 weeks. Employees who are paid monthly do not meet this requirement.

If your loan application is denied but not due to any of the ten reasons above, you should contact your payday lender to clarify the details.

About Payday Loans

A Fast payday loan is a quick fix to unforeseen financial difficulties. These loans are short term and low rate loans. Because fast payday loans result in heavy late payment penalties, borrowers must not borrow more than they can afford.

Credit is not a problem when applying for a quick payday loan. Proof of legitimate income is the most important qualification for applying for a quick payday loan. It is necessary to show proof of income so that the lender can ... 

A Fast payday loan is a quick fix to unforeseen financial difficulties. These loans are short term and low rate loans. Because fast payday loans result in heavy late payment penalties, borrowers must not borrow more than they can afford.

Credit is not a problem when applying for a fast payday loan. Proof of legitimate income is the most important qualification for applying for a fast payday loan. It is necessary to present proof of income so that the lender can decide whether an applicant will qualify. The lender also needs proof of his income to determine the amount he can borrow. The lender will not allow the applicant to borrow more money than he earns.

There are several forms of acceptable income when applying for a fast payday loan. There are also a couple forms of income which are not acceptable. State welfare checks are not allowed, nor are social security checks in another person’s name.

In order to be approved for a fast payday loan, the applicant must also have an active bank account. This is because when the applicant is approved for the loan, the money will be directly deposited into their bank account. When the loan becomes due, the lender will automatically withdraw the funds from the borrower’s account. Most fast payday loan companies do not deal with checks when lending or receiving money.

As with any loan, there are interest charges payable with the total amount of the loan. Interest charges do not depend on the credit of the borrower; it depends on how much money has been borrowed. The higher the money borrowed, the higher the interest. There are also penalties for late payment. If the funds are not in the account when the lender tries to withdraw, the borrower will be required to pay fees. Most payday loan companies automatically extend the borrower. This extension is usually a week. Whenever the lender authorizes an extension, the borrower will be required to pay additional interest charges. After several weeks of non-payment, these fees can accumulate.

Fast payday loans are sometimes the only way to get someone out of unexpected financial difficulties.