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When You Need Money
When an emergency happens, there is often just one thing that will help and that is money. If you find yourself in this situation in McAllen you might think that a loan is the best option. In some cases, you might be correct but you also might have other options.
Before you make your ultimate decision, why not take a look at all of your options and see which one is the right choice for your particular situation.
Borrow From Your Work
Who says that a payday loan has to cost you money? Many employers will often advance you money that you have already earned. Considering that paychecks are usually for money that you have earned weeks in advance, you might have a lot of money available to you.
For an employer, advancing money to an employee can be a bit of a headache but it really is good choice for them. By allowing their employees to tap money that they have already earned, they get a happier and more effective work force.
Borrow From Family
Friends and family are also a great resource for money in a hurry. With services like Zelle that allow you to do instant money transfers it is also very convenient even if your family does not live in McAllen.
There is one thing to keep in mind before you choose this option. Family loans can be dangerous on an emotional level. You could lose a friend or ruin a relationship if you do not handle things correctly.
To make this type of free cash loan work, document everything. Write up a contract and make sure that both parties have it. Also be sure to get records of all money paid back. If memories come up short, you want to be sure that both of you know the loan was fully paid back.
Selling something is a great way to get money for an emergency if you have the time. There are also a lot of ways to sell things in McAllen. There are apps like LetGo, there are garage sales and there is of course, Craigslist.
If you do not think that you have anything to sell of value, take a minute to look around. Get a laundry basket and take a walk around your home. You might be surprised at what you come up with.
Get A Loan
This is the fastest option but it comes at a cost, loan fees and interest.
With a payday loan, you would usually have about ten to fourteen days to pay back your loan. When the loan money is paid back, you would also have to pay back the fees which can vary from lender to lender.
An installment loan might be an option for you in McAllen as well. With these loans, you can take out more money and would have more time to pay back the loan. Because the loan is broken into multiple installments, they may also fit easier into your budget.
Finally, a title loan is yet another choice. These are risky because you would be giving the McAllen title loan company the ability to take your vehicle if you do not pay. You give them that ability and still pay a very high APR. Use these loans as a last resort only.
Making A Choice
Now that you can see some of your money options in McAllen, you can make your decision.
Obviously, you should take the free options over any sort of interest or fee bearing loan. Even if you can not get all of the money that you need, you may be able to limit how much that you actually need to borrow.
If you do decide to get a loan, be sure to look at your offer carefully. You need to fully understand what you are getting into. Look at the total cost of the loan and compare it to the cost of not having the money. For example, look at the cost of late fees. If they are cheaper than a loan fee, you are probably better off not taking the loan.
If you have decided that a loan is the best choice, you need to do one more thing, you need to make sure that you can afford to pay it back. A loan might get you out of the fire now but if you can not pay it back when it is due, you will be in a worse position later.
Loans can be easy.
- Staff Summary
If you need a loan quote and you need it now, you can get it here. Find out how to get a fast quote in McAllen and get help dealing with a temporary financial emergency.