Short loan : Before you Apply

May 13

Short loans

Having been around the sub-prime and short term loan word for a few years I have come across some great companies and products and some not so good. I’ve seen men and women who genuinely care about the well being and financial stability of their customers. I’ve also see pure greed. As I move to more of a consumer advocate for financial education I want to sure my musings and education to help you make a better short term loan decision.

Before you apply:

Before you apply, Make sure to check with your bank and other forms of prime (read: less expensive) credit. Short term loans and online payday loans are an expensive form of credit. Most companies, especially in a recession / down economy we are in are willing to work with customers who talk to them about staying current.

If you still cannot defer payment for awhile, take a look at the following to generate some cash:

Sell crafts on Etsy.
Sell something on Ebay
Craigslist is a great local selling resource
Cash in your change from the change jar
Donating blood plasma fetches about $30 and you can do it twice a week

If your confident you have no other means to credit, cannot defer payment and have no quick methods to generate cash. read on!

Good and Bad reasons to apply:

A good reason to apply, leaves you requesting only the cash you need and lets you be comfortable that you are making a good informed decision. Only apply if the cost of not applying is greater than the cost of credit of your potential short loan.

Short loans are generally less expensive than bouncing a check
Bills that have a re-activation fee (My power company loves that little charge)
Your car is broken
Medical care (Check with your health care provider before though – they have plans usually)

If you stay with the above short list, you’ll leave yourself in good shape.

Just like good reasons, the bad list is just as obvious – stay away from borrowing fast cash for non-emergency or non-critical expenses. It begins a spiral of debt that is hard to recover.

Non-needed / nice to have items
Non-critical bills
spending money

Things you need to know:

Make sure to find a lender who has the price and policies your wanting. (We’ve done some research here). Do not discount the cost of credit and how quickly this high interest loan can add up.

Pro-rating: This is not common among lenders any more, but you can still find a few.
Payment plans: Should be fair and allow you to lower payments
Loan agreement: Should be clear and understandable.

If you’ve done your homework and are confident you need a short term loan. Your ready! Apply below.