It can happen to anyone, no matter how well you budget. You’re approaching payday and suddenly, out of the blue, the car breaks down, the heat fills up, or you’re faced with some other type of emergency expense you just didn’t expect.
The traditional way people dealt with this situation was to look in the newspaper or phone book to find the nearest loan company that could provide a small short-term loan, but looking for the nearest local loan company restricts your options severely and often means you’ll have to queue at a local loan shop, which can be very embarrassing.
Fortunately, the Internet has made it much easier to find loan providers, but making inquiries on many different websites can be time-consuming and frustrating, and you should also be aware that each inquiry you make could trigger a credit check, which could negatively affect your credit rating.
However, there are free services available on the Internet that many people are unaware of and that make finding a loan company much easier.
These websites partner with a network of lenders, giving you more options than going directly to a single loan company. Simply fill out an online application form with a few details about your income and employment and then the system will try to match your requirements with one or more of your lenders.
The leaders of these networks can do credit checks, but they usually don’t use the big credit bureaus, so the check won’t affect your credit score. They are generally much more flexible than major banks on things like lending to people who have less than perfect credit scores.
Of course, as with all credit arrangements, you need to make sure you read the terms and conditions correctly and fully understand when the loan is due and how much interest and fees will apply, but you have the opportunity. do it before accepting the loan.
You should also keep in mind that short-term loans, or payday loans as they are sometimes called, are only meant to help you get to your next paycheck. If you try to use them for long-term financing, or if you keep renewing them, they can get very expensive.
So if you need quick cash for an emergency bill, don’t panic, take your time and shop around for the best deal. You don’t have to run straight to the nearest loan store in your city, you can do some free research online, in the privacy of your own home.
As long as you use them for their intended purpose and repay them on time, small short-term loans are an affordable way to help you get through a cash crunch. Just be sure to read the terms and conditions of any loan before you take it out.