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Handling A Money Problem
There is only one way to handle a money problem, you need to get money. Simple enough, the troubles are not going to go away by themselves. So, how do you get the needed money in Del Rio. Surprisingly, you have a lot of ways to get this done. Before you rush out and get the first loan that comes by you take a minute and look at all of the options.
Obviously a payday loan is a solution for a short term money problem. That is most likely what brought you to this website in the first place.
There is a lot of good and a lot of bad when it comes to these loans.
On the good side, they are incredibly easy to qualify for. If you have bad credit, you can often qualify as long as you have a source of income and a checking account. For this reason, a payday loan or cash advance is often the only form of emergency money that many people have.
Another benefit to the payday loan is that it can get you the money fast. Once you get an approval, you could have money in your Del Rio checking account as soon as the net business day.
On the bad side of things, these loans are pricey. Fees are charged for every hundred dollars that you borrow. If you calculate it into an APR, it can have an interest rate well about 500 %.
In addition, these loans need to be paid back quick. Most loans will be due in ten days or so. This can be a strain on an already strained budget.
Apps have hit the bad credit loan market and one in particular has gained a lot of attention.
Earnin is an app that allows you to borrow money with no fees, sort of. Instead of a fee, the app asks you to tip at the end of the loan. The suggested tip is almost as high as a payday loan fee which has put the app under fire a bit. While you do not have to tip, the company says that you will eventually lose access to money if you never tip.
So, having said that, how does it all work and what are the good and bad issues with the app?
The app works by you giving it access to your bank account and telling it where you work. It then uses the GPS in your phone to tell when you are at work. It uses that to calculate money that you have earned so that you can get a loan.
On the good side, if you do not tip, you have a free loan. It is also easy to qualify for your emergency loan.
On the bad side, you are limited at first to $100. The company says you can get more eventually but it does not say how that can happen. $100 is not a lot of money and may not be enough to handle your emergency in Del Rio.
If you have a free and clear title, you can use it to get a loan. Title loans have become very popular in Del Rio but they are not without problems.
With these loans, you put your vehicle up as collateral. The lender then gives you a loan for the money that you need and sets you up on a payment schedule.
The good thing about a title loan is that it is easy to get but that is about where it ends. If you have a clear title, you will probably be approved.
The bad traits of this cash loan are plentiful, s you should be careful. Like all bad credit loans, they have high interest and fees. This can be hard to swallow since it is a secured loan. The lender gets the best of both worlds, they get to charge high fees and they get the security of your vehicle title.
The worst part about a title loan is that you risk losing your vehicle. If you are late on a payment, they can and probably will come and get your vehicle. Can you afford to lose your only transportation? Probably not, so it is probably best not to risk it.
This is the best overall option if you can swing it. If you have family or even a friend in Del Rio that can loan you money, you should take it. A free loan always beats one that has fees or interest.
Understandably, it can be tough to ask for money or financial help but don’t let your pride force you into an expensive bad credit loan. Just be sure to pay your family loan back ASAP and all should work out fine for you and them.
Information on getting a fast cash loan.
- Staff Summary
When you need money in a hurry, you might not know where to turn in Del Rio. This article will give you some great tips and even allow you to get a quote online from a single lender in the loan network.