Finding the Best Payday Loans Near Me

 

If your pocket runs dry before the month ends, among the options you can think of is borrowing from friends or family. This, however, can be embarrassing at times, and failure to pay back the money can also affect your relationship. Why should you go to such an extent? Payday loans near me can be helpful when you are in such a situation. But it is still important to know what you are getting yourself into before applying for a payday loan. 

Defining in-store payday loans

In-store payday loans are easy to understand. First, you apply and qualify for a payday loan from a local loan officer and use your paycheck to guarantee payment. After you are eligible for a payday loan, you give the lender a post-dated check, and he takes the money immediately after you receive your next salary.  When applying online, you can authorize the lender to automatically deduct the money from your bank account as soon as your paycheck comes in. 

How to repay payday loans near me

 

In most cases, payday lenders charge between $10 and $30 on a $100 loan. This amount will depend on your location and regulations by the CFPB. You have to repay the money as soon as you get your salary. Failure to do so will lead to rollovers, increasing the total cost of the loan, making it very expensive to pay back. The longer you take to clear the loan, the higher the debt. 

Finding your nearest payday loan office in 3 easy steps

  •     First, you must ensure that payday loans near me are allowed in your state. Uu should also confirm the laws concerning the rates, the maximum amount, and payment duration. 
  •     After this, you can start searching for the loan using specific keywords. This can be “payday loans near me”, “payday advance near me”, or  “cash advance near me”.

Using such keywords will make it easier to find lenders near your location and their addresses and contact numbers. 

  •     Take your time to compare options from different in-store locations. Consider the rates and terms offered by each lender before you start the application. 

If you find out the payday loans near me aren’t legal, there are alternatives that you can consider. These can be credit cards or installment loans

What are the alternatives to in-store payday loans?

 

There are several alternatives to in-store payday loans that you can also consider. We could list a bank loan as one of the best alternatives. But applying for these loans can be time-consuming, and it also involves many steps. Instead of bank loans, here are the options you can give a try;

  •  Credit cards. A credit card can be a cheaper option if you have an emergency, so long as you don’t spend more than your credit limit. Usually, you have 30 days to pay off the credit card balance before interest starts accumulating. 
  • Personal Online loans from (company name) can also be a good option if you want a small amount of cash ranging from $300 to $3000. Some lenders have minimum credit score requirements. If you have a credit score of 600 and above, you can qualify for a low APR of 9.95% up to 35.99%. This is manageable compared to APRs associated with payday loans near me that can be as high as 400%
  •     Credit unions. These organizations provide payday alternative loans that are short-term. The amount is usually between $200 and $1000 with a term of up to 6 months. The loans attract an APR of up to 28%
  • Look for websites that buy unused household items and sell stuff you don’t need. These can be an old electric cooker, television set, furniture and so forth.
  •     If you have any outstanding bills, ensure that you contact the creditors as soon as possible. You can also save money on things that you spend every day, like groceries.
  •     Look for local communities that can offer short-term loans. The federal government also runs programs like the Low Income Home Energy Assistance Program LIHEAP, which offers annual grants. You, however, need to apply before a specific period. This also isn’t an emergency option like payday loans near me. 

Is a pawn loan worth considering?

You can look for a pawn loan if you have valuable items like jewelry, among others. However, pawn loans tend to be an expensive option. The APR can be as high as 200%, and the loan term is only 30 days. If you do not pay up on time, the lender may sell your item to recover the money. But failing to repay a pawn loan won’t affect your credit standing. 

What if an online loan?

There are many benefits of working with a direct lender rather than applying for payday loans near me;

  •     If you can’t travel to a physical location, maybe because your car has developed some mechanical problems, online loans are worth considering. You can also view an online loan if an in-store area is far away. Online loans are convenient because you don’t even have to leave your home to apply for the loans. 
  •     When you require cash as soon as now, you can consider applying for a loan online. It can only take a few minutes to get approved for the loan
  •     If you used for payday loans in the past, you know what the loans entail. You will be aware of the interest rate and fees and the loan terms. In this case, you don’t have to waste your time traveling to a physical location. Applying for a loan online can be a good alternative. 

 The best payday loan alternative?

You might be confused about the best loan alternative to go for. To make the right decision, you should pay attention to these three critical factors that determine the total cost of borrowing;

  •     The rate of interest
  •     Loan term and
  •     Principal amount

 

Also, ensure that applying for the loan will boost your credit in some way, i.e., if you make timely payments.

If you cannot afford the payments, finding alternatives like borrowing from a friend won’t harm you. This is better than lending an expensive payday loan. 

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