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The Next Worst Thing To Payday Loans


Payday loans deserve their reputation as instances of predatory lending.  There is a reason they are so popular, though.  People who take out payday loans know that the interest rates and fees are astronomical, but they take the loans, anyway, because it is the easiest way to get the money they need to pay their bills by the time the bills are due.  Perhaps you have known enough people whose financial situation went from bad to worse after taking out payday loans that you have decided that you will never borrow one no matter how badly you need money.  The good news is that you have plenty of alternatives, but the bad news is that the alternatives are not cheap, either.  The surest way to find your way out from under a mountain of debt is to contact a Miami debt lawyer.

Looking for Cash in All the Wrong Places

If you need cash quickly, it is possible to borrow it from yourself, but only at great expense.  If your bank account has overdraft protection, you can just swipe your debit card even if the amount in your account is not enough to cover the whole purchase, promising to pay yourself the difference plus a $30 overdraft fee.  The problem is that, once your next paycheck gets deposited, part of it will go to paying for the overdraft, so you will be starting the month with a budget deficit.  Likewise, it is possible to get cash advances from your credit card, but it is very expensive.  If possible, it is better to ask a friend or family member to lend you the cash.

Auto Title Loans

Auto title loans are available to people who own their cars.  They are cash loans, but they require you to pledge your car as collateral.  The interest rates tend to be high, and they usually require repayment in full within 90 days, or even less.  If you really need a few hundred dollars in cash more than you need your car, it is better to sell your car.  If you want to keep your car and use it to get some money, drive for a rideshare company during your time off from your other job.

Private Student Loans

Federal student loans are bad enough, but private student loans are worse.  If you still need more money on top of your federal student loans, it is better to reduce your course load and spend the additional time working, even if it means that it takes you longer to graduate.

Pawn Shop Loans

Pawn shop loans are like payday loans, except that you have to pledge valuable items as collateral.  AS in the case of auto title loans, if you need the cash more than you need your jewelry or other valuable items, it is better just to sell the jewelry.

Contact a South Florida Debt Lawyer About Protecting Yourself From Predatory Loans

A South Florida debt lawyer can help you get out of the cycle of taking out high interest loans with short repayment terms.  Contact Nowack & Olson, PLLC in Miami, Florida to discuss your case.



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