In case of any emergency a payday loan is said to be an effective solution. Mostly people didn’t bother to save a little money time by time for emergency situation and resultantly found themselves with no savings. In such situations payday loan is considered as a good option. Payday loan is a loan that is usually linked to the borrower’s salary day. It is mostly a small amount with short term. For instance, you applied for a loan for $100 than you will have to pay it back on your upcoming salary day. You are not supposed to pay the loan only instead the lenders will ask you for the fee for lending money that can be $15 to $30 for $100 loan. The lender will most likely ask you for a post-dated cheque to ensure the payment on time.
However, payday loans and other such loans e.g. installment loans are sometimes costly and leaves you in a vicious cycle of debt. One must look for other options before taking a loan to prevent themselves from such circumstances. Local resources like government agencies, NGO’s etc. offers debt that can help you at the time of need. There are lots of charity organizations that even offer free financial assistance for those who are actually in need. You can ask the lender to extend your payment plan if you are unable to pay the loan. A part-time job like; pizza delivery etc. can be a good solution at the time of emergency.
Lendyou is a top recommended site for short-term loans. They offer loans from $100 loan to maximum $15,000 with one business day turnaround time. The terms for the loan can vary from amount to amount however the requirements remain same. You are eligible only if you are above age 18 and have a $1,000 monthly income. Moreover, it is necessary that you are from an eligible state of USA for the debt as some states totally banned the short-term loans.
There are many negative and positive factors associating with $100 loans. The advantage of $100 is that the turnout time is very little and they get approved really fast. The shortcomings of getting $100 loan are the amount of interest. The interest rates are too high to be considered in the short-term loans perusing you to consider other options.
It is highly suggested that before getting any kind of loan some factors are really necessary to be analyzed beforehand. Such factors are;
- A Proper Plan of Repayment
It is very important to have a beforehand plan of repayment to prevent any inconvenience.
- The Fees and Charges of the Loan
Different lenders have different loan fees or charges. Do a lot of research for lenders with low fees before opting anyone.
- The Interest Rates
The interest rates for short term loans are mostly high and vary from lender to lender. Try to find a lender that offers low interest rate to avoid any inconvenience.
- Term of Extension for Repayments
Consider the lender with flexible terms of repayment to evade any trouble.
- The Reputation of the Lender
Consider a reputable lender for the loan that will render any further issue.