For quick convenience, payday loans are available to assist borrowers in dire need of cash. But do you know that a loan borrower on average pays roughly 200% more than the actual payday loan amount in shape of service charges, interest rates, and other administrative fees? When an emergency takes place, these short term loans are there to assist you, but do not forget other ways that are highly significant in terms of borrowing. Follow these 4 quick tips to save yourself from the hassles of short term loans:
1. Request your creditors to extend loan payment dates - If you are honest in describing your financial information with the creditor, chances are that you might get an extension of the loan repayment date. Talk to your creditor and try to convince him in the humblest way of all. That is obviously only possible when you are unable to payback loan amount. Most of the creditors are generous enough to allow for extensions without charging extra service charges or higher interest rates.
2. Earn more - If your company allows overtime work, then request to your employer to allow you to work overtime so that you can earn a little extra money. Remember, even that little extra could be sufficient enough to stop you from borrowing a payday loan. If the company policy does not allow overtime work, then you can search for a part-time job that can be a part of your hobby or skill.
3. Cut down your expenses - It is easier said than done. Cutting down expenses in today's world with sky rocketing inflation is nearly impossible. Well, do you spend weekends enjoying with your friends and family members? You see, this hangout is not possible without costs accounted for fuel and food. So, why not try to save fuel this time by spending a few weekends at home? That would save you a lot of money. Fuel costs are high nowadays as compared to the old days.
4. Ask your friend or family member - We all have best friends and I am sure you would have one too. So, why not ask someone you really trust the most for a small loan? This way, you can avoid interest rates and other service charges of a typical payday loan agency.
There is no harm in trying. Try to live a debt-free life as much as you can.
Yassir provides high quality, efficient SEO copywriting services to various clients. He loves writing on various niches including finance, real estate, business, management, SEO, home improvement and health.
