Despite contrary reports, an online payday loan does work for many people. The costs may be high for a short-term loan; the fees are cost-effective fending off multiple payments elsewhere. With the debt our society is carrying, financial issues are more sensitive than ever. Extensive money and research are being poured into programs and counseling to help people out of debt. Short-term loans do not help with vast debt, but rather help with emergency costs—people who use payday loans improperly or irresponsibly end up in further debt.
Options to Avoid That Online Payday Loan
The tough part of these short-term loans is the payoff term, which averages two weeks. The Federal Trade Commission urges borrowers to look into alternatives before applying for an online payday loan or cash advance. Ask your friends or family, not only for a loan but also for possible avenues to attain fast cash for your emergency. Nowadays, you can do part-time jobs like DoorDash, Uber, UberEats, and Instacart. Once approved, you can log in at your convenience to earn extra money. Most of these companies pay you weekly to do as many deliveries so that you can get on track with your expenses. Do whatever you can to avoid a high-cost online payday loan.
Alternatives to Online Payday Loans:
- Some banks or other financial institutions offer small loans. There may be a local organization that lends to individuals. There are also cash advances from credit cards that could help but proceed with caution as these advances carry higher interest rates. Compare all fees and final costs with a variety of options to find one which will be most cost-effective.
- Are you opening a new credit card? Shop for offers with lower rates. You are looking for a low annual percentage rate (APR). Some companies will charge monthly or annual service fees, which only adds unnecessary costs.
- If you are having trouble making payments, contact your creditors as soon as possible and request additional time. When you make contact before you fall behind, your creditor will be more likely to make special arrangements for your individual situation.
- If you have unmanageable debt, you might want to contact a local credit counseling organization. Get some help setting up a payment plan or reworking your budget to control your finances.
- Make a new budget, a realistic one. Include not just monthly expenses, but also daily costs. Avoid additional costs that eat up your income. Stop making purchases at coffee shops, pack your lunches, and do your grocery shopping with a list. Take these small savings and apply them to a savings account. You will be able to build your own lending system for yourself interest-free!
- Check into overdraft protection from your bank. If you are frequently charged with overdraft fees, this could be a great cost-effective option if this protection will cost you an additional fee. When overdrafts are the least of your debt worries, a paid plan may not be the most cost-effective way to take care of your finances.
Financial Assistance Elsewhere
If you belong to the military, you will want to find lenders who will comply with the regulations set to protect military personnel. Most payday loan companies are not allowed to lend to the military. The Federal Trade Commission works diligently to protect consumer’s rights from fraudulent, deceptive, or unfair business practices. Assistance is offered to those who have been subject to these practices.
Bottom Line in Partnering with Online Payday Lender
Spotya! works at being a responsible servicing company to cash advance lenders who follow best practices rules, offer low rates on loans, and will not approve just any loan application. We encourage responsible borrowing to protect both business and consumers. Spotya! wants their customers and applicants to find the best financial solution for their budget. Customer loan representatives are ready to answer your call to cover the concerns you may have.
Spotya! Is Here As An Payday Loan Option
You have exhausted all your options, did your research, and need to apply for a cash advance. Spotya! has an online loan application that will take two minutes to fill out and another couple minutes to see if you can be approved. Bank account information and payday loan history are the main criteria that evaluated, no credit bureau checks. If approved, funds are available the next business day. Once you enter the loan terms, make sure you use it short-term to minimize loan payments and stay out of the debt cycle. Borrow responsibly.
