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We all know that these days Americans love taking on debt and spending more than they have. But what happens when emergencies come up and you need cash? One of the most common sources for quick cash has always been payday lenders, but these businesses can charge 300-500% interest rates just to borrow money. That’s right, some payday lenders charge up to 500% for a short term loan.
Look For Alternatives
If you need quick cash, consider a payday loan as your last option. A quick ‘Google’ search will show that there are a multitude of options available: everything from micro loan sites to private lenders will be able to loan you money and for a fraction of the cost.
Get on the Right Foot
Ultimately, if you find yourself considering options for quick cash it’s probably because you are in debt and/or don’t have an adequate emergency fund built up yet. If you want to prepare yourself for a successful financial future, you should focus on reducing debt. If you’re saddled with credit card debt, get rid of your cards and start spending with cash. Studies have shown that we tend to spend more when we pay with credit vs. cash.
Securing financial independence won’t happen overnight, but with discipline and hard work it can and will happen eventually.
Saving shouldn’t be a chore so don’t make it one. Chip away slowly and once you’ve met your goals you’ll be able to finally go to yourself for a loan when you need money.
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Personal Capital lets you see all of your accounts in one convenient place. Sign up now for free.Edwin Taivonen is a staff writer at localcashguide.com, a website aimed at helping people learn more about payday lending legislation and how to make the most of various cash advances. Follow him on Google+ and Twitter.
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