Pros and Cons of Taking out a Payday Loan
Before taking out a payday loan please look to see if there are any alternatives open to you, based on your current situation. If you can borrow some cash in exchange for collateral, you will find that at interest rates a low as 2%, you won’t feel as stressed.
At Gems N’ Loans in Temecula, we have found that people often have items of value to exchange for the needed fast cash to tie them over.
The one major downside to taking out a payday loan as opposed to getting a small loan or overdraft from your bank or building society is that you are going to have to pay a larger amount in interest to the payday lender.
Don’t get stuck behind the eight ball! Loan or completely sell itms of value for the time being. Epictetus, a Greek Stoic philosopher who was born a slave in 55 A.D., once said “Wealth consists not in having great possessions, but in having few wants.”