Those
Instant Loans
Let’s
face it – we’ve all ended up in situations in which we desperately
need some fast cash. And not all of us have parents, relatives
or friends that we can go to and ask for a temporary loan
or a handout. If you have some of these people in your life
- count yourself as one of the lucky ones!
The rest of us are are stuck with our desperate thoughts,
wondering how to make some money magically appear.
As
more and more of us are beginning to live paycheck to paycheck,
the need for instant loans and money has increased. Whether
funds are needed for an unexpected car repair or you simply
are having problems making ends meet, the need for instant
cash definitely exists. And the companies willing to loan
you some quick cash have also increased - ten fold!
The
problem with these companies is that most often, the interest
rates and fees are so high and the pay back time frame so
short, it becomes really hard to get caught up.
If
you borrow $1,000 today for car repairs, you may need to have
that amount (plus interest) paid back in as little as two
weeks. For most of us already having financial difficulties,
getting that money paid back on time is just as much as a
challenge (and just as stressful) as our original problem
was.
Now,
there ARE some companies offering these instant loans that
don’t require you to pay them back that quickly. I've seen
a few that will let you pay back the funds over a year. But
the interest rates seemed to be in the 33% to 50% ranges.
But
most of the payday loan companies found in your local area
will give you the cash until your next paycheck is due - then
they want that paycheck. That all sounds great, and if it
works to squash your immediate financial need - fine - but
it won't feel too great when you’re handed your next paycheck
and you know that the loan company expects you to sign it
over to them immediately.
Same
with those instant tax refund places. You file your taxes
and need your refund immediately, so your tax office offers
you the funds immediately. Just remember, this too, is a loan
against your exact refund amount. The money may be in your
hands in no time at all but when that refund check arrives,
it now belongs to the tax office.
So, are you any further ahead with any of these options?
I
suppose - if it will get you out of your desperate situation.
But stop at least for a moment and try to think ahead. You
want to try to be sure you're not creating yet another desperate
situation a few weeks down the road.
And
don't just go to the first company you find. Remember to approach
these places with care and caution. Don’t hesitate to check
a company out with your local Better Business Bureau to make
sure that they aren’t scam artists and haven’t had ma bunch
of complaints against them.
They
say desperate times call for desperate measures, but don't
let your desperation cloud your judgment, or you may sign
an agreement only to find out later that this company now
owns you! Know all the details and facts before you agree
to any terms.
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Submitted by Carilyn VK
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