There are many
ways to pull you out of financial crunch. All of them has their own
positives and negatives. You have to judge the best for you and
according to me payday loans are a good way to get instant money.
Whether it a festival celebration or a family function, you will
find yourself in crunches of money shortage. In that case you have to
look for options to get instant money in to your bank account.
Various options available to you are:
Bank loans: You can
apply for loans in banks when you need money. But for that you have
to go to them directly and submit an application form. The form
will be processed and you have to wait for the final approval. This
will take at least five to seven working days. Also you will be told
to submit some guarantee so that the bank can get their money back
if you do not repay on time. If you do not have any guarantee then
you will be said sorry or else a vary low loan amount will be
approved for you. So if you need immediate money, this is not an
advisable option for you.
Loan sharks: Loan sharks are loan providers who are operating
at a place without any registration. They can provide you with
immediate money but with very high interest rate. Also the interest
rate can change without any prior notice. The main reason for their
such behavior is that they are not registered so there is no worry.
So do you want to get yourself crunched by hands of these loan
sharks? Definitely your answer will be no. Many countries have even
banned these loan sharks but still when you are surrounded by
financial problems, they will somehow find you and will take
advantage of your situation. You will be given so much offers that
it will be difficult for you to get out of it. So it is clear that
this is not a valid option for getting rid of financial problems.
Payday loans: Most of us are unaware of this form of money.
These are short term loans which is mainly useful to remove
emergency cash needs. The process of applying is also very simple.
Most of the payday lenders have online reach through their website.
You just have go to their website and fill an online application
form. After filling the form you can expect money into your account
in a matter of few hours. So it is much better than above two
mentioned methods as you do not have to wait for the money and also
you can apply by sitting at your home. No need to go any where for
applying. But payday loans also has some loop holes. The interest
rate charged is very high. In finance terms it is known as APR. So
if you delay the repayment the interest can really grow to a new
But instead of all these
flaws, if you are aware of the nature of payday loans that it is a
short term loan and you need to repay it on time, you will be in a
profit. Also all the lenders are registered organizations and you can
find these information on their websites. So no doubt in the fact
that these are trusted source of money.
A little awareness about the
situation can take you out of any debt. You have many options each
having its own positives and negatives. Payday loans are so far
better among all the mentioned but still make sure to know your
condition well before applying. Banks are still the favorite among
many though their slow rate of operation. But make a research before
going with any mean of money to grab you out of financial crunch.