Now, to recap – payday loans DO provide money – but they are NOT the ideal option for financing.
However, in extreme emergencies any way to bridge a money gap is worth exploring – especially for someone without the credit (or worse yet, maxed-out credit).
But the fact is, a loan makes more sense, and costs less – but if you’re seriously considering payday loans for financing then likely you fall into the category of not having the credit to get credit – or a bank loan.
So I was a bit surprised to see a site that bridged the gap – loans for people with poor credit – somewhat like payday loans, but with a lower fee – and a time payment plan!
ThinkCash offers cash loans (from $250-$2,500) and either lump-sum repayment or installment loans – ideal for those looking for emergency cash.
You apply online, and then get approved or not. Initial maximum loans are $1,500, but later loans can go as high as $2,500 (in a way, I was pleased to see this – after all, if the amount available rises for the next loan, it means they expect – and get – repeat customers).
Now I want to be cautious here – you should know what you are getting into. In an ideal world, you’d have a friendly relative giving you money with no interest, and no expectation of being paid back. For most people however, life happens: divorce (and bad credit), emergencies, time running out. And often when you need money there is no banker ready to approve you ASAP (in fact, many times a banker WON’T approve you, ASAP or not).
Hence payday loans – and in this case, longer terms loans. For the risk they assume in going where banks don’t, you will pay more. However, in checking online, I was pleased to see this particular company changes from 25-75% LESS than a payday loan. Nonetheless, visit the site and be comfortable with the charges before applying.
In line with that I took a look at the testimonials page. Nothing beats real stories, to see how these loans have helped people, and what they’ve done for them. In one case, life (and divorce) interfered, and the result was no paying off a previous loan. Others had emergency housing problems, rent due, and so on – and all were satisfied with this form of financing.
In the world of creative financing, you won’t hear about the Rockerfellers going for a payday loan or ThinkCash – but they have their banker on Speed Dial. For the rest of us, an option like them is something to keep in mind, and at least be aware of.
Be wise about money, and slow about spending, and you may never need a loan – but when emergencies strike, take a moment and look over your options, so you are ready BEFORE you are in a bind!
