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How can I find payday loans near me

Online same day payday loans

When an issue emerges in the middle of the month that requires fast next day funding, one of the options that you can think of at the moment is to borrow from family or friends. But this group of people may not have the money you need at the moment. So which option are you left with?

Most people apply for payday loans when they want to fill a budget gap before their next payday. The funds can be a good option when you have an emergency like car repairs, home improvement, and medical bills or when an important home appliance breaks down and you want to purchase a new one.

So what exactly are payday loans?

In simple terms, payday loans mean that you apply for a short term loan online with your next paycheck as collateral. You can use the funds for any short term need and when your paycheck arrives, the lender takes back his money. If you apply for the loan online, the lender will deduct the funds directly from your account if you authorize.

How payday loans near me are paid

For every $100 that you borrow, the Consumer Financial Protection Bureau allows lenders to deduct interest OF $10 to $30. But it also depends on your location. The funds need to be paid back as soon as you get your next paycheck. If you don’t pay during that time, the loan may be rolled over which means that you will have to part with extra interest.

How to find payday loans near me in 3 simple steps

Here is a simple guideline on how to get a payday loan lender in your region

  •     First, confirm whether payday loans are legal in your state. If so, you also should check the regulations concerning the interest rate, maximum loan amount as well as the loan term.
  •     Secondly, search for payday loans online. Use keywords like ‘payday loans near me’, ‘payday advance near me’, or ‘cash advance near me’. These keywords will give you different options of lenders who offer payday loans in your state. You can also get their contact details, like phone numbers and email addresses.
  •     Most lenders allow for online applications which give you an option to compare terms from different lenders. If you prefer in-store applications, you can also visit several loan offices and compare their fees and rates.

If payday loans are not allowed in your state, don’t despair. There are also alternatives to payday loans near me which include credit cards and installment loans.

Alternatives to payday loans

Instant UK loans

At times, you may not be able to apply for payday loans when;

  •     They are not offered in your region
  •     You are not comfortable with the terms

If this is the case, there are also other alternatives that you can consider.  Indeed, qualifying for a bank loan won’t be that easy especially if you have poor credit. You can, therefore, look for the following alternatives;

Applying for credit card

Credit cards are a good option when you are in a financial crisis. You will also have an ample period of 30 days to pay the credit card balances before interest starts accumulating.

Getting an online loan

GadCapital is one of the online lenders who can approve you for short term loans ranging from $500 to $3000. Some lenders require a minimum credit score of 600 with not too many credit checks. These lenders usually charge low interest of between 9.95 and 35.99 compared to payday loans that usually have an APR of up to 400%.

Credit unions

Another option is to join a credit union. The unions also offer payday alternative loans with a term of 6 months. You can qualify for a loan amount ranging from $200 to $1000 and a low APR of 28%.

Sell unused items

Do you have items that you don’t use at home? If yes, you can sell them online on different websites and earn gift cards and credits.

Negotiate with creditors

If you feel that you won’t pay bills on time, then try to talk to the concerned authorities.

Local communities can also lend a short term loan.

Can I consider a pawn loan?

This is also a good option when you have a valuable item. It is however expensive to borrow from pawnshops considering that their loans have an APR of up to 200%. The loans also have a short repayment term of up to 30 days. Failure to pay back the loan means that the lender will resell your item. However, your credit score will not be affected.

What if I get an online loan?

There are also several advantages of applying for an online loan as compared to payday loans near me. These include the following;

The loans can be applied online. So if it is your car that you want to repair, it will still be possible to get the money you need.  The loans can also be handy if the nearest loan office is far from home. In short, the application process, as well as approval and funding, is completed online.

If you need instant cash, payday loans can be a good option. But if you can wait for a day or two, the best option is to apply for an online loan since they have a low interest rate as compared to payday loans.

If you have already applied for a payday loan before and were not comfortable with the repayment terms, fees and the maximum loan amount, you can consider applying for an online loan, most of which have more flexible terms.

What is the best loan alternative?

If you are yet to decide on the best alternative to payday loans near me, there are two things that you have to consider to make an informed decision;

  •     The interest rate
  •     The loan term

Family and friends can also be a good source when you need instant cash. It won’t cost you to ask for a little financial help when you have an emergency. This can be a better option compared to payday loans near me.