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Can We Avoid Using Online Payday Loans?

The environment we have today is ever-changing and in a very fast mode. With the advent of the computer and the Internet, almost all business transactions you may think of are now computerized and done online. Imagine a payday loan in less than an hour without a paper to support its approval? It is really amazing, isn’t it? Yes, that is unveiling before our very eyes; as we can see several online payday loan lenders employing attractive advertisements in competing to draw our attention. And this is the tune of the times; fast payday loans online at the tip of our fingers when we need them. We can now take a deep breath and relax even during financial urgency because of the assurance of support within our reach. This personal cash advance scheme is a great assistance for those who are in urgent need of cash to meet any emergency. There are no restrictions as to purpose although the amount you can borrow is limited.

However, the restriction on the amount you can apply has its positive effect on the borrower. One, it will caution the applicant-borrower from misspending if there is an extra at his disposal. Second, it serves as a check valve to assure its full payment comes payday time since it could be met and that other expenses have still funds remained to pay them. If the paycheck is just enough for the payday loan, the borrower will be stuck forever in a debt cycle by renewing the loan after its payment and so on. Besides the debt cycle issue, the applicant-borrower will be paying more and more in interest due to its high cost of financing. Imagine a 2,214% in annual percentage rate for a three-month loan if you are in England or 780% for a two-week payday loan if you are an American? The same applies in other countries where quick payday loans are operating although the APR varies depending on the laws governing such lending facilities. But it is definitely higher because of the risk attendant to these kinds of bad credit personal loans.

There are some ways to minimize the use of payday loans. They are good only for emergencies and the last resort to take. If at the time of an emergency, you are in a financial mess and there is no “other hand to pull you out” of the quagmire you are in, then, by all means, apply for a payday loan. But let’s take a look first at the alternatives you may take before filing up that application for a payday loan or even before waking up that you are really in financial trouble. This guide can be of help to you in case you have not yet done it.

  • Make a list of possible sources of low interest bearing funds like community assistance funds, loans from pawnbrokers, credit unions, car pawn loans, real estate mortgages, cash advances from credit cards or a bank overdraft provision. A direct loan from family members or friends is also a possible source of help.
  • Proper budgeting – long before an emergency happens, it is suggested that you must have a budget for everything. This will set your basic needs from your wants. Avoid including in your daily or monthly budget (depending on your need) unnecessary items that you do not need.  Cut your expenses that are not necessary. Pay accounts or obligations that bear high interest first.
  • Establish an emergency fund – of course, you cannot put this up if you now in financial trouble. This is done way ahead of the unforeseen problem. The dread of thinking to be in such a position of helplessness should motivate you to set up this fund exactly for the purpose of meeting this urgent possible problem head-on. You can do this painstakingly every payday or every month by setting aside a small amount for savings. Do not ever touch this fund except for the purpose it was set-up.

Again we emphasize to do these now before you find yourself in the same situation you are in today. This is will be a great help!




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NOTICE: PLEASE BORROW RESPONSIBLY. A SHORT TERM LOAN SHOULD BE USED FOR SHORT-TERM FINANCIAL NEEDS ONLY, NOT AS A LONG-TERM FINANCIAL SOLUTION. CUSTOMERS WITH CREDIT DIFFICULTIES SHOULD SEEK CREDIT COUNSELING OR MEET WITH A NONPROFIT FINANCIAL COUNSELING SERVICE IN THEIR COMMUNITY.


We are not a lender. Only your lender can provide you with information about your specific loan terms and APR and the implications for the non-payment of your loan. Ask your lender for their current rates and charges and their policies for non-payment. Our lenders may offer you a loan with an APR between:200% and 2281%. The APR on a small dollar, short term loan represents the amount of your loan, cost of the loan, term of the loan and repayment amounts and timing. Loans on the lower end of the APR range may be for a larger loan amount and for a longer-term. Loans on the higher end of the APR range may be for a smaller loan amount and for a shorter term. Depending on your credit needs and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range displayed.

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