Not all of us have a “saving” mentality. Spending our lot can push many into a corner when unexpected costs come up. That’s when getting a payday loan may come in. Experts in the financial world are saying that the economy is on an upswing with consumers spending more than they did in the past years but how much does the average American set aside for emergencies? All too often we are faced with unexpected car repairs, doctor visits, costs with having children or even worse…losing a job. Going through life with the assumption that a payday loan is out there anytime you fall short may put you in a worse predicament that the one that leads you to the payday loan lender in the first place.
There are many reasons to save: holiday gift purchases, “rainy day” and emergencies costs, purchasing things you wouldn’t otherwise be able to afford (car, wedding, down payment on house), college tuition, retirement, a bucket-list vacation, and the list goes on. Don’t wait until you are in the position where you need the money and taking out a payday loan because you didn’t save. Take the first step towards financial security…..even if it’s only with a few dollars.
Does your situation warrant a payday loan?
There are several ways to save with a variety of scenarios to suit your budget, lifestyle, and personal needs. Depending on what you are saving for and how want to go about it, turning a new leaf on your finances can start with a simple savings account.
Banks, credit unions, and online banking institutions offer a variety of types of saving with varying interest rates, start up costs, minimum balance guidelines, and lengths of time expected for money to be in an account. Do some research online as well as visiting various banking institutions. Take some time to speak with bank representatives to get advice on what type of savings account is best for you. Banks don’t charge for sitting down with you, looking at your financial situation and goals, and helping you make the best choice for your you and your money.
The longer you are willing to tie up your money, the better interest rate you will receive as well as the more money you will make through amortization. That’s a fancy word for the interest you will earn when you have your money in a savings account, IRA, CD or other type of investment.
No one likes to be in a position where there is an unforeseen or unexpected cost and there is no money in the bank to support it. The payday loan industry has seen a huge rise in the amount of consumer’s turning to short-term loans for help. Although these loans are convenient, fast, and don’t require a credit check, they are not suited for everyone. Because lenders require borrowers to pay with their next paycheck, many are finding the payday loan road one the wrong way for their finances. On the other hand, some people have benefited from this type of funding source.
Whatever your situation may be, opting out of having a savings in place because it’s easier to get a payday loan is not a wise approach to being prepared for unexpected financial circumstances. Get a savings account started so you will have something to lean back on when you need the cash. If you still need a payday loan to make it through, Lending Leaves is happy to find you a direct, honest, and capable lender who can get you the cash you need, when you need it.