Saturday, July 7, 2012

A quick, easy and straight-forward cash injection

By Ian Spence

Need a quick, easy and straight-forward cash injection before your next payday? Well, a payday loan could well be what you're looking for to help erase those financial fears.

As these types of cash advances are only a short-term procedure, lenders will require a quick turnaround in payment - which is added to by a rate of interest set by the company - that usually lasts for around 7 - 45 days. However, before applying for a payday loan it is important to consider the cheaper alternatives. Listed below are some of the methods you could use to avoid claiming for a cash advance.

Distressed by the ordeal, Mike suffered a heart attack and also tried to commit suicide as he lost his house amongst other possessions to try and pay the shark. Eventually, Mike decided to contact the Illegal Money Lending Team who reported the shark and consequently ensured an eight-month prison sentence for the lender.

Mike's story should be a lesson to us all. Firstly, do you really need to lend money? Looking back, was Mike's new car really essential? Secondly, if you do need the money in order to pay a bill or another urgent charge, make sure to use a genuine and responsible lender.

Contact your bank in order to take out a small loan: Interest rates from your bank are likely to be much more competitive and affordable than cash advances. This way, you can apply for a small personal loan -as long as you can prove a steady income - which will have better terms than a typical payday lender. However, be careful as overdraft charges are often more expensive than a payday loan.

Sell your valuable items: If you have no use for some valuable items in your household there is nothing stopping you from selling them in order to make ends meet. There is a certain online auctioning site (mentioning no names!) that allows you to set a beginning and end date to your sale so that you can quickly despatch of your unwanted goods. Alternatively, you could sell your items to friends or family. Be careful here too, as using the likes of eBay you will have to pay fees on your sales and you may end up not getting the true value of your items, plus a bill for the fees 30 days later.

Lend money: If all else fails, you can always politely ask to lend money from close members of your friends or family. If they trust you enough, they could be willing to help you out. If they do, make sure you are eternally grateful and can pay back the money as soon as possible. This is a risky strategy, and has been known to cause family rifts, so again, select your lender carefully.

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