Due to recession in few early years, economic condition of middle class consumers got affected to great extent. They started failing to handle their routine expenses with their monthly salary. That’s why they tried to look for every possible alternative to arrange quick cash. This is how payday lending practice got emerged into financial market. Via this scheme, borrowers manage to swim across emergency financial tide until their next payday. It has been popular cash resource among borrowers till date.
Alternatives to Payday Lending-Payday-Loans-Las-Vegas
At present there are numerous stores nationwide who are serving this practice. The payday loan industry is making billions of profit every year from borrowers by charging them high interest rates. Thus, it has become a myth among people that payday loans do not solve any financial crisis rather they create a big one. The typical short term loan borrowers end up by trapping themselves in never ending debt cycle because they back to borrow another loan to pay back outstanding. Thus, wise borrowers are now looking for some better alternatives that can actually solve their economic shortcomings.
Some of easily accessible borrowing options are as follows:-
Credit union Loan Lenders are people who always keep a close eye on financial needs of consumers and provide better alternatives to short term cash advance loans. To access this option one needs to be a member of some credit union. A member can borrow up to $500 per month and is supposed to be paid back by their monthly paycheck. This loan is directly connected to salary account of member and automatically deducts 5% percent of loan and keeps it in savings account to maintain emergency funds.
You can take assistance of Credit Union National Association’s search tool to find reliable credit union in your area. Yes it is true that not every credit union offers such short term loan programs but you can find one who does. But before making any final decision just understand thoroughly that how much dollar amount you will be made to pay back. Generally they charge up to 12 percent of interest rates and incur no fees from borrowers which are far low as compared to fast cash loans.
Banks never stayed priority for borrowers who need cash on instant basis; even though they can be best alternative to payday loans. Banks are basically beginning of low cost alternatives. If you look upon some previously then you will get to know how smaller dollar loans offered by US banks are better than online short term loans. Almost 31 banks across US are offering loan amount up to $1000 with interest rates cap of 36 percent and payment methods that are beyond single time payment. All that borrowers needs to access this option is to have good credit history.
