by Winnie Saunders
(San Diego, California, USA)
Sometimes, there just isn’t enough money in the budget to cover all of the expenses. Often, there are costs that pop up and the consumer has no idea where the money is going to come from to cover the costs.
Using payday loan services, the customer is able to accommodate these costs without having to wait until payday, making payment arrangements with the popular payday advance companies to borrow against the funds that are going to be earned in return for the funds being available to the customer now.
Though a convenient way to fill the gaps in the income that are eaten up by emergency expenses, payday loan services are some of the most expensive available and those that are not paid in full once come due can cost the customer up to one hundred percent in interest fees.
As payday loans are quite expensive, the customer may want to consider the alternatives to the payday loans that are received:
Get a Personal Loan
Getting a personal loan from a friend or even a family member can help the customer to fill the expenses without the high interest rates. Ensuring that the loan is repaid is essential, as unpaid loans between family and friends can damage the relationship. These loans are an effective way to get access to the funding without the fees.
Credit Card Cash Advances
Customers that have a credit card available with a zero or low balance may want to consider using this source of funding over the traditional payday loans. Though a similar interest rate, the cash advance may accumulate fewer fees throughout the term of the loan and allow the customer to repay the loan when the paycheck is received, without the formalities of the application through thepayday loan store.