We have searched throughout Texas to find the best providers of cash advances.
Cash advances aka Payday loans are among the most costly ways to obtain financing. The premise is simple enough – your paycheck doesn’t arrive early enough, so a lender will loan you money for a short time period to be paid back when your paycheck arrives. This type of loan is very easy to get, especially for loans of less than $1000 but, I’m afraid, there is a but.
Payday loans have exploitatively high interest rates, cutting your paycheck far short of what it should be. If you are in a situation where a payday loan is your only option, there is some advice that we have for you.
First of all, remember that these companies are middlemen between you and the actual lender. As such, they are trying to take as much of your money as they can; So, tip #1: Read the fine print. In some cases, interest rates can rise as high as 500%/annum if not paid back in time. Watch out for this in their contracts.
Secondly, all payday loan companies are not created equal. Tip #2: Shop around; look for the company that offers the lowest interest rates and the least amount of fees.
Finally, the best tip of all for desperate loan seekers… #3: Avoid payday loans at (almost) all costs. The ridiculous interest rates combined with the fees levied by the middlemen at payday loan companies combine into a perfect storm of one seriously unfortunate borrowing situation.
What we at Find Texas Loans recommend is to forego payday loans altogether. We suggest that you instead you consider other options such as consolidated debt, or better yet reducing spending to cover your day to day needs. We have found that with many of our clients it is entirely possible to eliminate the need for payday loans solely by more carefully moderating their spending. Spending can get out of hand easily in our society due to the constant bombardment with commercials which tell us that we NEED the latest iPad or the fanciest clothes. The reality is that a lot of those things can and should be eliminated from the lives of those who are in deep debt.
Check in with us if you would like aid in reducing your debt level before going to obtain a payday loan. Comment on this post or any other posts to get in touch with a Find Texas Loan expert who will aid you in reducing your bad debt level.