What do you do when you money runs out before the month does? While your monthly bills might be paid in full, it is simply not feasible to expect to be able to coast through the last week or two of the month without any money in your bank account. So, what do you do?
The answer will depend on your own unique financial situation. For example, do you have good financial habits and a healthy savings account? If so, you may rely on the money you had saved in the past to get you through the tough time. You may also work extra hours to shore up your next paycheck to ensure that whatever money you had to remove from your savings can be returned quickly. Of course, you could always put off paying a bill or two and keep the money in your account until you reach your next payday. It might cost you a small late fee, but in the face of not having any money, it is a small price to pay.
You may not have money set aside for a rainy day, or you may not want to use your savings to get your through the hump. If you have good credit, you may opt to use your credit cards or take out a personal loan from your bank to help you get through. These options are homepage great for those with good credit, but for those with less than perfect credit, neither of these options simply aren’t available.
For those with bad credit, options for finding money to tide you over until payday are much more limited. If you do have a credit card, odds are that the limit is pretty low and the interest rate is high, making it a less than desireable choice. Most lenders and banks won’t make loans to those with bad credit because of the increased risk of nonpayment, which leaves high interest options like payday loans and title loans.
Payday loans has long been a staple for those who have run out of money before the end of the month because these loans are easy to get and you can get the cash the same day you apply. Payday lenders don’t look at your credit when they make the decision whether or not to lend to you. All they care about is that you have proof of a regular income, an active bank account, and don’t have a string of bad checks out there. That’s all it takes to qualify for a payday loan. The downside is that you have to repay the loan, which can range from $50 to $500, in full at your next payday. This can be a tall order for those who don’t have a large income. The repayment can take your entire paycheck to repay, leaving you short yet again.
Title loans are another solution that people with bad credit often use to bridge the gap between paydays. Title loans, unlike payday loans, don’t require you to repay the loan all at once. You are given a set number of static payments that you have to make every month or risk losing your car to repossession as you have to pledge ownership of your car to secure the loan. The interest rates are high on these loans and repayment is often not possible, especially if your income is limited.
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