How to Get a Payday Loan
- By Joseph Pressley
- Published January 21st, 2012
- Finances
- Unrated
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Even the most careful and frugal person will sometimes have temporary cash flow problems, either because of an emergency or a miscalculation. Before getting a payday loan, look over these alternate methods of getting cash quickly:
Alternate sources of cash
If you are in need of cash, you can try other methods of raising money instead of getting a high interest loan like a payday loan.
· Look for money around the house. Check your bags, under the sofa cushions, etc.
· Recycle! This is environmentally friendly and you will get cash as soon as your drop off your old newspapers, scrap metal, soda cans, etc. to your local recycler.
· Pawn or sell off old jewelry or other items that you never use anyway.
·Go to a consignment shop and sell off your good clothes that don’t fit anymore or that you don’t like.
· Return items you have recently bought and ask for a refund.
· A good way to get more money is to get a part-time job.
Be as creative as you can and think of ways that you can make money. If your problem is a large bill that you just can’t pay, ask for a payment plan. Many hospitals, for example, will offer a no-interest payment plan if you racked up some large bills. Payday loans should be a last resort.
How to get a payday loan
A payday loan, also called a cash advance, is very popular because it allows you to borrow money and pay it off when you get your next salary check. All you have to do i
s go to a store that offers these types of short-term loans with your recent bank statement and some pay stubs. You will fill out a form and write out a postdated check. Then you can leave with the cash in hand.
It’s a bit dangerous to carry around a lot of cash so try to bring along a friend with you when you get a loan. Be very discrete and don’t show the money around. Deposit it in your bank account as soon as you can. If you plan to bring the money home, it would help if you have a self-defense weapon such as a TASER with you.
Such loans are also offered online. You will probably be asked to fax the documents to the online lending company.
Payday loans are illegal in some states
Note that payday loans are illegal in the following states: Arizona, Arkansas, Connecticut, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Vermont and West Virginia.
The reason why it is illegal in some states is that payday loans have such a high interest rate that it is a burden on the lower-middle and working classes who are the primary users of payday loan lending services.
Although such loans are fine for small emergencies and temporary cash flow problems, they should be avoided as much as possible because the interest rates are so high. In addition, if you are unable to pay the loan and the lending company deposits your check then you will have to pay additional bounced check fee from your bank.
As much as possible, exhaust all means possible to get money from other sources before getting a payday loan because it has a high interest rate.
Alternate sources of cash
If you are in need of cash, you can try other methods of raising money instead of getting a high interest loan like a payday loan.
· Look for money around the house. Check your bags, under the sofa cushions, etc.
· Recycle! This is environmentally friendly and you will get cash as soon as your drop off your old newspapers, scrap metal, soda cans, etc. to your local recycler.
· Pawn or sell off old jewelry or other items that you never use anyway.
·Go to a consignment shop and sell off your good clothes that don’t fit anymore or that you don’t like.
· Return items you have recently bought and ask for a refund.
· A good way to get more money is to get a part-time job.
Be as creative as you can and think of ways that you can make money. If your problem is a large bill that you just can’t pay, ask for a payment plan. Many hospitals, for example, will offer a no-interest payment plan if you racked up some large bills. Payday loans should be a last resort.
How to get a payday loan
A payday loan, also called a cash advance, is very popular because it allows you to borrow money and pay it off when you get your next salary check. All you have to do i
It’s a bit dangerous to carry around a lot of cash so try to bring along a friend with you when you get a loan. Be very discrete and don’t show the money around. Deposit it in your bank account as soon as you can. If you plan to bring the money home, it would help if you have a self-defense weapon such as a TASER with you.
Such loans are also offered online. You will probably be asked to fax the documents to the online lending company.
Payday loans are illegal in some states
Note that payday loans are illegal in the following states: Arizona, Arkansas, Connecticut, Georgia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Vermont and West Virginia.
The reason why it is illegal in some states is that payday loans have such a high interest rate that it is a burden on the lower-middle and working classes who are the primary users of payday loan lending services.
Although such loans are fine for small emergencies and temporary cash flow problems, they should be avoided as much as possible because the interest rates are so high. In addition, if you are unable to pay the loan and the lending company deposits your check then you will have to pay additional bounced check fee from your bank.
As much as possible, exhaust all means possible to get money from other sources before getting a payday loan because it has a high interest rate.
Written by Joseph Pressley
Joseph Pressley is a certified TASER instructor and a Tae Kwon Do black belt and a father of two. He is the co-founder of BestStunGun.com which provides a good variety of TASER and Stun Gun for personal protection. To learn more on how these products can save your life, please visit http://www.beststungun.com.
