Taking out a loan has become more common today with the slow economy. Unfortunately the most common type of loan people apply for are payday loans, while payday loans are good options for people who have just found themselves short of cash before their next paycheck comes, they are not the best loan option for people who need a longer term loan or more funds.
Payday loans usually have short terms – usually about two weeks – and more often than not exteremely high inerest rates, making it difficult for people to pay back the loans in full, and their credit score falls because of their inability to pay the loan back in full. However, there are other options when you are looking to take out a loan.
Have you considered a Non-Payday Loan?
What is a Non-Payday Loan?
Non payday loans, or installment loans, have become increasing more popular, as they are available to people to all different credit levels, whether good or bad. These non payday loans are a great option for people who do not want to get stuck in the payday loan loop. A non payday loan gives you the money you need fast just like a payday loan but it typically has a longer loan terms, allowing you to pay back the loan at a reasonable pace. So instead of paying back the loan in a large chunk – most payday loans typically just take the money right out of your bank account without your consent! – you have the flexibility to make monthly installments you can afford to pay. These types of non payday loans have become increasingly popular with clients because the interest rates are traditionally lower than payday loans so they are much easier for the client to pay back successfully.
So if you’re looking to branch out from the traditional payday loan option, or looking for a way to pay back a previous loan without taking out an additional payday loan, a non payday loan – or installment loan – is the right choice for you.