Things to consider before taking a loan
JUST do a quick Google search for payday loan, cash advance or fast cash to see how well marketed and readily available loans are.
They have popped up all over the place and you can usually get money within the hour.
Most don't require you to go into an office. Just a quick visit to their website, fax your bank statements, sign a form and the money is in your account usually within 24 hours or even quicker.
It sounds amazing, doesn't it? It isn't.
The interest is exorbitant. This is certainly a money-making industry.
If you are desperate for a loan, rather sell possessions that you no longer use on eBay or Craigslist.
This is a fairly quick way to get fast cash and, best of all, you won't be paying interest.
Just remember, when selling online, that there are other sellers and probably with similar merchandise. So don't overprice your items.
There are even eBay selling stores and it usually costs very little to sell your items.
If you are lucky enough to work for an employer who might consider a pay advance, don't be afraid to ask. The worst that will happen is you will be told no.
Make sure you have a good reason for asking before you do, so that your employer can see you sincerely need the assistance and will be more inclined to help.
You could also work overtime. This is a great way to pick up extra money and is worth the time and effort since you are paid time and a half, if not double time.
If this is not possible, consider taking a part-time job or giving some lessons if you have any kind of a skill. - moneysavingtips
Theeletsang
I was considering taking a loan to consolidate my accounts,but was sceptical regarding the initiation fee,interests and as well how the money will double depending on the months terms,so now you assures me its a total rip off, thanks for the advise.Report Abuse
Vhamsanda
The only loan I can think of is for a house since I cannot afford to buy one cash, the rest will have to wait.Report Abuse
