Having no money is always a scary thing especially if you are faced with a medical emergency or need major repairs done around the house. Even if you are employed, sometimes money is spent on something that you should not have bought and then you are left with a few weeks with no money in your account until the next payday. Now, in the online world, there is a new kind of faxless payday loans that seem to be the rave with a lot of people. They say that these types of loans are so lightning quick that they may be even too quick for your own good. What people do not know is that instant payday loans should be avoided at all costs so that you will never have to deal with bankruptcy if ever you default on your payments. The following are some ways you can easily follow to avoid getting a faxless online loan.
Have Some Savings
One way to avoid faxless payday loans is to always be prepared for emergencies. As soon as you get a job or even before that you can already start saving a portion of your earnings and put it somewhere you will not be tempted to touch it at all. Saving a small percentage of your earnings is a very good idea because even if you will not use it for emergency purposes, you may use it for other purposes such as house repairs that are badly needed. Now, if you can also save a portion of your earnings each month, you can review your expenses and see how much you are willing to put aside each month so that you will have an emergency fund when you need it.
Since this type of loan is a special one, try to stay away from the Internet when you can be tempted to check out the latest on faxless payday loans. Keep in mind that even though no fax with your personal information and financial history is needed, they can already get this information with just your social security number. Just imagine the security risks you are taking just by sharing your personal information with strangers.
Start a Business To Augment Your Income
One of the best ways you can do to avoid faxless payday loans is to have a business. Having any form of business, as long as you are happy in that field, will definitely keep your mind occupied will boost your own income and as long there is the potential for growth. One business that can be set up online is a crafts store. If you are good with your arts, you can make personalized bracelets and other adornments and sell them online. If you are good with photo editing, you can offer your services on many websites and charge a fair price. Keep your eyes open for windows of opportunities because when this happens because it can be a whirlwind trying to balance your work and home life.
Direct lenders are regulated by law
Most states in the USA have strict regulations concerning payday lending. Some states banned payday lenders from operating in their jurisdictions. This is the result of many complaints filed against aggressive lenders who overcharged their customers and employed very aggressive collection agencies. There are many critics of payday loans who have plenty of good arguments on their side. There is also a group of supporters claiming that payday loans are the last straw at getting a loan for some people. They can present very good arguments as well. The fact of a matter is that payday loan direct lenders prey on people who are in difficult financial situation, taking advantage of that fact to the fullest.
Things to remember when borrowing cash advances
- Borrow only as much as you can easily repay.
- Don’t opt for extensions on your payday loans (this significantly raises the cost of borrowing)
- Know your rights – check your local laws regarding this type of loan as well as proper procedures of collection agencies.
- Take out a payday loan maximum once a year (if you have no other source of money).