Payday loans are not the best way to live your life because they come with so many disadvantages to your financial position that it is not worth even considering them unless you are completely backed up against the wall. There are several reasons why I am not a proponent of payday loans and one of them is the fact that they are downright very expensive. The interest rates on these quick loans are out of this world. If you calculate the interest rate on an annual basis, you will find that it is beyond 1000%. Stop for a moment and think about that. Secondly, these loans are usually short term, which means you will be expected to pay back the amount you borrow within, say a month or so and that can’t be very helpful.
Fortunately, all hope is not lost because there are several other options to go with. Some of these options even allow you to låna pengar utan ränta. In this article, I will be discussing something to do with the options you have when it comes to loans.
Know your options
The first thing you will need to do when it comes to finding alternatives to payday loans is to understand the options available to you. Payday loans are expensive like I stated above and before you go for them, you should look around to see if you can access any other loan facility from somewhere else that is different a payday loan, you should go for it. You will need to do some research to determine what options are available to you.
You could check out your friends and relatives to see if they would be willing to help you out. You can also talk to your bank manager to see if they would be open to extending to you a loan facility that is different from a payday loan. Most people settle for a payday loan before they even exploit the different loan options available to them.
Let us take a look at some of the options that might be available to you.
Bad credit personal loans
If you have a bad credit, you might just be lucky because there are some lenders who specialize in dealing with people like you. This sounds almost counter intuitive, but it actually works very well for some lenders. Some people develop a bad credit not because they want to but because of unavoidable circumstances and given a chance, they could do better. Some lenders understand this and that is why they work with people like that.
Therefore, if you need some quick cash to solve your emergency issue, you might want to try and get in contact with these kinds of lenders.
Family or friends
Well, you know what they say about family, that home is always the best. Therefore, before you get yourself into a cycle of debt, try talking to your siblings, parents, uncles, and other members of your extended family. You might just get the financial help you need minus taking out some expensive loan that you have to pay within a month and end up in the same financial situation all over again.