Thousands look for payday loans near me as they believe that’s their best option. It’s easy to see why there are so many borrowers who look to payday loans and in a way they can offer so much. However, while they do have their good points there are also some alarming concerns coming to the table. So, what do you need to know about payday loans and what statistics should you learn about?
The 5 Statistics You Need To Know
- Almost All Borrowers Spend 200 Days Per Year Drowning In Debt
- 14% Of All Borrowers Can’t Afford The Loan
- Apr Can Run As High As 400%
- 80% Of Borrowers Roll Their Loans Over To The Following Month
- More Than 69% Of Borrowers Use Loans To Pay For Everyday Expenses
Payday loans offer a lot of great advantages, but, that doesn’t mean to say there aren’t still some shocking facts about them. Yes, there are reasons to opt for these types of loans over many others, but at the same time, there are also reasons to be careful of them. What you have to remember is that a payday loan might not be suited for you at this time and you have to be very cautious before you delve into this lending stream. However, that doesn’t mean to say they can’t be suitable, but you need a great loan and a wonderful lender.
Think Before You Act
People often rush to get a loan for one reason or another and that’s perfectly reasonable. When you’re in a financial muddle you want to resolve the situation fast, but that doesn’t mean you should rush into a payday loan – or indeed any loan. Loans are a last resort or they should be in any case simply because they’re adding more pressure to your already stretched finances. When you’re thinking about payday loans near me you should ensure this is the route you absolutely want to take. You have to make sure the lender you choose has a great reputation and they offer a loan that suits your needs also.
Payday Loans Work – If You Can Afford Them!
Payday loans near me are great! You shouldn’t have too much trouble finding a loan that fits your requirements. However, what you need to know is that payday loans are only good if you can actually afford to repay them. Now, you might think you’re going to be able to, but, this is technically a short-term loan and while you can roll them over to the next month it’s not advisable. The reason why is simply because there are additional fees included and it’s best to pay them off as soon as you can. Think about whether or not the loan works for you and whether or not it’s something you can afford too.
Don’t Become a Statistic
Do you want to become another statistic? Do you want to fall into the category of being unable to pay the loan and defaulting? Do you want to be the one who has to use the loans to pay their bills every month? Sometimes, you have to take a step back and say, ‘is this for me? Can I afford a payday loan and will it help me or cause further financial problems?’ That is something you have to ask so that you don’t make a mistake with your finances. Payday loans are great, but they don’t work for everyone. Click here for more information: https://www.forbes.com/sites/donnafuscaldo/2019/02/07/new-payday-lending-rules-present-an-opportunity-for-fintechs/