Payday Loans
There’s been a lot of talk in the media as of late about payday loans. While there’s been a lot of financial trouble experienced by consumers who apply for and accept payday loans, it’s important to note that not all short-term financial solutions are dangerous.
In fact, there are some alternatives that are quite useful to those who might find themselves in the occasional financial bind. But before we get into the alternatives, let’s take a look at what a typical payday loan is, along with why it’s proven to be so troublesome.
As the name implies, a payday loan is a financial product that’s meant to be repaid in full upon receiving your next paycheck. Think of any reason why you might need money in between the time you’ve been paid and the next time you’ll receive your pay. If you take out a payday loan, then you’ll receive the money you need to help you to stay afloat with cash in hand until you can receive another paycheck.
While applying for this type of loan sounds good in theory, there’s specific reasons why applying for and utilizing this type of loan sets you and other consumers up for financial failure. First, you won’t be able to borrow more than what you receive on your paycheck.
Let’s suppose that you only earn $300 a paycheck, yet you need $600 to get through a financial emergency. Clearly, you’re not going to have enough funds in hand to take of your needs. Worse, you’ll be placed in the position of taking on an additional $300 of debt. Then, there’s the second issue that comes along with utilizing a payday loan.
The loan will be due upon the immediate receipt of your paycheck. In order to receive the funds, you’ll need to report your pay date. If you don’t pay the loan back immediately on your pay date, then unless the loan allows you to renew the terms based upon a stiff fee, then your loan immediately goes into default. But let’s suppose that you decide to immediately pay back the $300 loan you’ve borrowed.
You’ll be placed in the position of being left with zero funds – remember, in this instance, you only bring home $300 a pay period. What will you do when you inevitably need spending money, food, gas, or anything else while you’re waiting for your next check? And what will you do when you don’t have enough money to pay for the emergency that caused you to apply for the loan in the first place?
Regardless of your good and honest intentions, you’ll quickly find yourself caught in the trap – a web of not having enough money to care for your responsibilities while managing your loan debt. This could also place you into the position of finding ways to obtain a new payday loan just to manage or pay off the original payday loan. Many have gone this route and have found themselves lost in a cavern of debt that they never meant to get into, and yet they can’t climb out!
Fortunately for you and for financial consumers like you, there’s an alternative financial product for your needs. This is a financial product that will allow you to gain access to cash quickly while avoiding the cavern of payday loan debt.
Payday Loan Alternatives
When you’re applying for a loan, especially when you’re applying for non-traditional loans, you’ll probably feel like protecting your privacy and your dignity as much as possible. Unfortunately, most payday loan companies do the opposite. They often sell your personal information to third-party lenders and other interested parties who use predatory lending tactics.
You might notice a sharp increase in spam, robocalls, and unwanted sales calls. Since you have to render your email information, don’t be surprised if you start to see spam and sales proposals from strange companies in your email, too. But these are just part of the reasons why you should take a close look at short term loan alternatives, such as the type of alternatives that LoanTruth offers.
For starters, LoanTruth takes your privacy and your dignity as serious as you do. Therefore, they promise never to sell any of the personal information you surrender to their company. You won’t have to deal with strange phone calls or emails, either. The company understands that building trust with financial consumers is the key to building a great relationship the benefits all parties involved.
Another reason why you should check out a short term loan alternative such as the type that Loan Truth offers is due to the type of loans they offer – there are several term types. For example, LoanTruth could offer you a loan that allows you to have 30 days to repay the loan. This means that you won’t be placed in the position to surrender your entire paycheck just to keep a lender off of your back! This also means that you can continue to manage your personal responsibilities while also having the breathing room to pay back your loan in a timely manner.
But what if you get to the 30 day mark, and you find that you’re still not able to repay your loan? No worries – Loan Truth can work with you to find a repayment schedule solution that works for your needs. They’re on your side, and they want to help you by setting you up for financial success. They want to help as many financial consumers avoid the traps of bad credit, such as not able to obtain traditional credit, buy a car, or worse, obtain a decent paying job.
Everyone needs access to emergency cash every now and then, but if your credit score is poor, especially after defaulting on a payday loan, then obtaining emergency cash through traditional means could prove to be next-to-impossible. LoanTruth wants to help you to avoid this by offering you flexible repayment options. They’ll even offer you financial educational materials to help you to level up your financial management skills.
What you can expect from Payday Loans
Payday loans are infamous for featuring ridiculous, and sometimes predatory interest rates on their loans. Loan Truth not only avoids this, they’ll tell you upfront how much you can expect to pay for financing your loan – they want to avoid any surprises on your end. And when you sign up for a loan, you’ll gain access to your own personal online dashboard.
Here, you can keep track of your payments, along with what you currently owe. And you’ll have access to a financial representative to assist you with your loan any time you need help. Finally, they make the application and the decision process as simple as possible.
Here’s what you’ll need in order to apply:
- – Email and telephone contact info
- – Income and/or employment info
- – Your bank account’s routing and account number.
- – Your social security number
- – Your home address
And here’s what you don’t need: You don’t need to have a good credit score. You also don’t need to worry about embarrassing phone calls being made to your employer, your friends, or your family members. It’s really all that simple.
With all of this said, it’s important to keep in mind that upon approval, your deposit might lag a day or so, depending upon the time and the day you’ve applied for the loan. For example, weekend approvals will hit your bank account a day or two later than an approval would during the business week. But this is due to how your bank accepts deposits, and not LoanTruth.
LoanTruth might be the right solution for you
Here’s another reasons why a short term loan product from LoanTruth might be right for you – you can apply online for your loan 24 hours a day, 365 days a year. This means that you can apply for your loan from the privacy of your own computer or mobile device. Traditional payday loan companies force consumers to show up at a store location.
Even worse, you’re often forced to speak through a window, which means that you’re forced to holler out your sensitive identifying information for others to hear. If there’s a line behind where you’re standing, then you’ll either have to deal with impatient store patrons, or you’ll run the risk of someone looking over your should so they can capture your personal information!
If you’re ready to apply for a loan with a company that wants to set you up for financial success while protecting your privacy and your dignity, then obtaining a loan through LoanTruth should be your next step.