Why do millions of consumers living paycheck-to-paycheck choose payday loans to solve their immediate need for cash?
They have no other options: If a borrower has no other access to credit and is facing a financial emergency that requires immediate attention, they may feel that they have no other choice but to take out a payday loan.
They are unable to negotiate payment plans with creditors: Some borrowers may be unable to negotiate payment plans with their creditors and may feel that a payday loan is their only option for addressing their financial needs.
They are not aware of the risks: Some borrowers may not be fully aware of the risks associated with payday loans, such as the high interest rates and fees that can make it difficult to repay the loan. They may feel that a payday loan is a quick and easy solution to their financial problems.
It is important to carefully consider all of the options available before deciding to take out a payday loan. In some situations, there maybe other alternatives available.
10 options for consumers with poor credit to consider when they need access to fast cash in a financial emergency
- Borrow from friends or family: If you have a good relationship with friends or family members, they may be willing to lend you money to help you through a financial emergency.
- Negotiate payment plans with creditors: If you cannot pay your bills on time, you may be able to negotiate a payment plan with your creditors to help you get through a difficult financial period.
- Seek assistance from non-profit organizations: Many non-profit organizations, such as churches and community groups, offer financial assistance to those in need.
- Use a credit card: If you have a credit card with a low credit limit, you can borrow a small amount of money in a financial emergency.
- Take out a personal loan: Some lenders may be willing to provide loans to consumers with poor credit. However, the terms may not be as favorable as those offered to those with good credit.
- Use a home equity loan: If you have equity in your home, you can take out a home equity loan to get the cash you need.
- Get a payday alternative loan (PAL): Some credit unions offer small, short-term loans called payday alternative loans (PALs) that are less expensive than traditional payday loans.
- Pawn or sell items: If you have valuable items that you no longer need or use, you may be able to pawn them or sell them to get the cash you need.
- Get a title loan: If you own a vehicle, you can get a title loan, which allows you to borrow money using your vehicle as collateral.
- Get a cash advance from your employer: If your employer offers a cash advance program, you may be able to borrow a small amount of money until your next payday.
- Get a small-dollar payday loan or installment loan: In many situations, a short-term payday loan or installment loan is the only choice. Just know that you must find a way to pay off these loans FAST!
18 Ways to Kiss Your Payday Loan Lender Goodbye: A simple guide for getting out of your payday loans
Are you in “payday loan hell?” Are you being bombarded daily by phone calls from payday loan collectors? 12 million U.S. consumers got a payday loan last year. 70%+ were illegal. It’s likely you don’t have to pay them back their money.
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I’m Royal paine and I’ve been in the small dollar loan collections industry for 10+ years. I’ve worked for 3 of the largest payday loan companies in the world. I know every trick, scam and tactic borrowers, lenders and collectors employ to separate one another from their money.
I write books to make money by sharing my experience and knowledge. I’ve been attending payday loan industry conventions (FISCA, CFSA and OLA) since 2004. I’ve been trained by the best payday loan industry veterans in the industry. I’ve personally collected millions of dollars for my payday loan employers. What separates me from other authors is my ability to explain complex topics in a no-nonsense, straightforward manner. I don’t promise the world. But I do promise to deliver step-by-step strategies you can implement immediately.
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