When an emergency happens, there is often only one thing that can fix it, money. If you are in need of money in a hurry, we can help you by getting you a fast cash quote. It takes just a few minutes of your time and you are under no obligation, why not get to it?
Dealing With An Emergency
When someone is looking for a payday loan, it is usually to cover an emergency or unexpected expense. In these cases, the tendency is to be in a rush to get the money that they need.
Sometimes though it is best to slow down a bit and think about your options. Believe it or not, you probably have more choices in Mansfield than you think. Let’s take a look at what you need to do to address your money emergency properly.
Evaluate The Emergency
First, take a step back and evaluate your emergency. Do you really need money or can you do without it?
If you are looking for an emergency loan to cover an expense that is not really needed such as entertainment expenses, you are better off not taking a loan. Emergency loans like cash advances or payday loans should only be used as a last resort.
Also, take a look at whether you can deal with the money problem by simply cutting back on other expenses. Some times you have to make some sacrifices in under to stay financially healthy. If you could simply take your lunch to work for a month or even eat nothing but PB&J sandwiches for a week, that would be better than a high cost loan.
Look At Free Money Sources
Before committing to an interest and free bearing loan in Mansfield, look at your free options. Yes, you probably have a few of them.
The easiest free money source is your friends and family. Sure, you would have to suck it up and ask for help but, if you get it, it will be interest free. Nothing beats a free loan in an emergency. Even if you can not get all of the money that you need, if you can get part of it, you will lower the fees and interest you pay to borrow the rest.
A little bit harder of an option but still a possibility is to borrow from your employer. More exactly, get an advance on money that you have already earned. It is of no risk to them because you have already made the money but not all employers will do this. There is some paperwork involved that complicates the process for them but this is an option to inquire about.
Getting A Cash Loan
If a loan is ultimately the solution that you come up with, you still have choices to make. In Mansfield, you have several loan choices. You have a payday loan, an installment loan and a title loan.
The title loan is a bad idea altogether because they usually have sky high APR’s of over 200 percent and you have the chance of losing your vehicle. High interest on a bad credit loan is one thing but it is very hard to accept high interest on a secured loan such as a title loan. Avoid these loans if possible. Let’s take a look at the other option.
About Payday Loans
This is the loan that you probably came here looking for, so let’s talk about them first.
A payday loan is a loan that is designed to strictly get you by until your next payday. This means that the loan is usually due in about 10 to 14 days. While there is no official limit on a payday loan, the short term means that you should really only borrow a few hundred dollars at a time.
As far as fees go, your lender will charge you a set fee per hundred dollars borrowed. It might be something like 15 to 20 dollars per hundred which on the surface, does not sound that bad. Calculated as an APR though and you see that it is well over 500 percent in many cases.
The biggest problem with a payday loan is not the high fees but the short loan term. It can be hard to get your money straight in Mansfield in only around 10 days. If you go the payday loan route, borrow as little as possible to make paying it back easier on you.
About Installment Loans
You might not believe it, but installment loans might be an option to you in Mansfield, even with bad credit.
With an installment loan, you get more time to pay the loan back. The multiple installments can make the individual payments much easier to fit into a budget. In addition, because of the longer loan term, higher dollar amounts are available to you. Use caution to only take out what you need for your emergency. The more you borrow, the more fees and interest that you will pay.
In addition, keep in mind that although the overall APR may be lower on an installment loan, you will be paying it for a longer period. Because of that, the overall cost of the loan might end up being larger.
Start here if yuo need some quick cash.
- Staff Summary
If you need some money in a hurry in Mansfield, take a minute and find out how to get it. In this article, you can learn about your loan choices as well as find out some options that you might not have considered to get the money that you need.