BAD CREDIT LOANS:
PAYDAY ALTERNATIVES FOR BAD CREDIT
Instead of turning to a payday loan with high finance fees, there are alternatives to these quickie loans that can be a better and lower cost solution. Payday loans offer an invaluable financial service, especially for those with bad credit. However, many Americans are opting for short term loans, which are an alternative to payday loans. Borrowers can get fast financing and low interest rates with a bad credit short term loan. As more people are choosing payday loan alternatives, more lenders are competing to offer borrowers from all credit backgrounds these viable financial options with fair rates, short terms, and small dollar amounts.
If you have ever taken out a payday loan, you know they are great when you have bad credit and need cash immediately. When your next payday rolls around, you can repay the loan, but it limits your finances for that month. You may have to apply for another payday loan to cover other temporary costs. Guess what? By paying your previous loan on time and being a repeat customer, you are often awarded with an increase in how much you can borrow. This concerning cycle is so common that over 80% of payday loan borrowers rolled over or renewed their loan for exactly this purpose. Stopping this cycle will get your finances out of the debt riddled red and into the green of financial freedom.
Most Common Questions about Payday Loan Alternatives
What is a payday loan?
A payday loan is a small dollar loan that has higher interest rates that reflect the easiness of obtaining cash quickly. Usually, repayment is required from the borrower's next paycheck.
What are payday loan alternatives?
A payday loan alternative is an online loan option for millions of consumers who need to get fast access to cash before their next payday.
As a borrower with bad credit, can I get a payday loan alternative?
Borrowers with bad credit can apply for a short term loan. The interest rates and terms will vary depending on your credit score.