Payday loans are becoming very popular as they don’t ask much for legal and other formalities are required for attaining this. You can easily access as no previous history is asked by the financial institution. The borrowed amount is directly transferred. There are no many obligations. But still payday loans are not recommended by the financial experts. They meant it a financial burden instead of resolving the previous one. There are other successful resources which can claim you quick cash. Here are the reasons and facts which you must consider before planning payday loan. The investors may wonder what can be easier and quicker than payday loans. But there are many better substitutes. This has been mentioned below with no hidden traps like payday loans. In the beginning public takes the payday loans in the critical financial situation. But as they face a minor financial obstacle they look towards payday loans due its accessibility and can be transferred into any currency according to the need of the person.
- Small bank loans
The private and public banks are making an effort to arrange payday loans. This should have the same characteristics like a small amount of the lower interest of rate and with no previous financial record evaluation. Even most of these have started paying such loans to clients. The motive of this project is to shorten the long term lending. The banks are planning to lure the clients to shift their decision from pay day loans to short term loans. There is no hidden catch like payday loans and people don’t have to dig the previous financial history from ten to twenty years.
- Education loans
Education loans are also the better option if you are looking to borrow payday loans because of the sudden financial crisis and you are unable to afford your child’s expensive fees for higher studies. The main reason behind this is the eligible borrower doesn’t have to bother about the repayment. The EMIs start when the student gets the job. You easily make the payment and get rid of the borrowed amount. The banks don’t bother about the financial resources for issuing loans as the resources are not foreseen but the eligibility of the students is checked minutely. Some banks also offer scholarships worldwide to the intelligent and deserving students.
- Counselling for credit help
Some organizations organize counselling to the employees because they don’t want to leave them alone in an unfavorable financial crisis. This seems a bit awkward to think about saving money when you are in the critical financial condition. There should be an analytical comparison between the different rates of interest which you have to pay for the borrowed money from different resources. The financial expert can compare the options in better manner and can right decisions as compared to the ordinary man who is already under stress and unable to take decisions.
- Borrow money from friends
You can borrow money from friends and relatives later you can repay slowly moreover, you get an amount without rate of interest. But the borrower should return the money at the promised time.
- Settle a negotiation
The borrower should negotiate with the lenders to decrease the rate of interest and increase the tenure for returning the money.
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