Get same day cash with our retail payday loan shops. We offer convenient locations, fast approvals, and flexible repayment options. Apply online or visit a store today and get the financial help you need. Don’t wait, apply now.
Introduction
Let’s focus on retail payday loan shops. The windows of these stores are bold and stand out from their neighbouring shops because of the bright cash and loan advertisements. Have you come across one of those and their promises of “Get Fast Cash, Now?” and “We offer Same Day Cash”? Everyone at some point has encountered and are drawn towards these traps that masquerade as a quick fix to surprise expenditures. One thing is sure, that these sore looking store fronts do grab your attention, Whether they are actually scamming people, or providing semi feasible solutions is the focus of today’s debate.
Fast Funds
The spell has bound all who fall into the trap of borrowing, and is of no real surprise. No questions are asked prior to getting your money, something everyone can take appendage of. The hope these loans bring tends to ease financial issues, which is extremely convenient if you’re someone with a tainted credit past. However, that level of convenience is always going to compromise something. In this case relentless payday loan APR. How is it high? While mind boggling, let’s throw out the number in APR that most us only dream about, or in fact forget even exist, triple digits. Sometimes, quite frankly, I too loose control of my thoughts when forced to consider all this.
Debt Relief
Imagine you get a loan for 300 rupees and are given two weeks to pay it back. Easy, right? Unfortunately, it’s the opposite. The repercussions of this loan could lead to an insurmountable, ever growing debt burden. You could end up succumbing to what seems to me an inescapable debt cycle. It becomes a spiral where in you ‘re’ caught in a web of borrowing to pay off existing loans, continually sinking in pre set debt.
Clear Terms
Late fees and origination fees are just two examples of the scavenger fees that can sneak into a loan. It’s as if they sprout from no where. There are so many fees you forget what exactly you’re trying to pay off. Let’s be realistic, and approach this from a moral stand point. People argue that loan stores aggressively look for shelling out services to vulnerable people that get locked in suffocating debt.
So, what is the other option?
This question has different answers based on one’s own personal situation. Considering options that involve credit unions, which usually have smaller loans, is a great starting point due to more manageable interest rates. You might want to explore a personal loan with close friends or family, you could even find ways to reduce spending. Free financial counselling from some trustworthy organisations can go a long way as well.
Payday Loan Shops
As responsible consumers, retail payday loan shops should be used, if at all, in desperate circumstances. You must evaluate the prospect of immediate reward and consider the long term implications too. Make sure not to fall for the promise of quick cash, and don’t forget that the majority of the time there’s an alternative less riskier and cheaper.
Though an immediate solution, retail payday loan stores provide this service at an exorbitant cost. Borrowers frequently get exposed to unaffordable financial circumstances due to the high interest rates and ancillary fees that exist. Even though they appear to provide an instant remedy during desperate times, it is important to attempt other options before striding towards payday loans. Taking a step into a high interest loan needs understanding the real costs and long term consequences. Always remember the worst investment you can do is not financially plan your expenses.
