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Get Control Of Those Hectic Interest Rates In Two Simple Steps
Are you throwing a lot of money at your credit card debt, but aren’t seeing a real difference? This is common where the borrower may be making the monthly payments on time, but still seeing a high balance.
Here’s the issue. If you’re carrying around a $5,000 credit card debt where you’re making the minimum payment of let’s just say $200 per month, most of that money is going directly towards interest. At that rate, you could be years paying that off. In cases like this, you need a smart plan. One that’ll get you out from under the clutches of those high interest rates and into the “arms” of 0% APR.
The first thing you should do is find a credit card that’s offering a 0% APR for at least 12 months. Once you find that card, you want to make the transfer from your old card to your new card.
After the transfer, keep up with the same monthly payments you’ve been making. This money is now going straight to principal. Before you know it, your balance will be down considerably.
Try this right away to get a handle on those hectic interest rates.
Advantages of Salary Loans
Have you ever heard of salary loans? Salary loans are similar to payday loans except the fees are much lower and they are done at your local bank. You usually can only borrow up to $500, although there are some cases where you may be able to borrow more. Here are some advantages to taking out these kinds of loans.
- Lower interest rates – The interest rates on these loans are much more manageable than pay day loans.
- Lending standards – Lending standards are making it easier to borrow money even if you have poor credit or no credit at all.
- Build credit – If done correctly, you may be able to build your credit score with these loans.
Word of caution…only take out these loans for emergencies. The payments are due right away meaning there is a possibility that you’ll run short on cash until your next paycheck.
Difference Between Payday Loans and Salary Loans
If you need to borrow money fast, you may be tempted to take out a payday loan. But before you take out a payday loan there is another option you should be aware of called salary loans. Salary loans are a rather new product that can be taken out at either your bank or credit union. Not all financial institutions offer it, but if they do you’ll at least have to have direct deposit in order to get approved.
So, what is the biggest difference between the two products? Salary loans aren’t cheap, but the fees are much lower than payday loan fees. It’s also less risky for the bank because they can easily collect fees from you through direct deposit.
These loans have to be paid off more quickly, which can be a financial burden. The good news is, you may be able to negotiate installment payments that will allow you to still get by until your next paycheck.
Ever Asked Your Bank For A Salary Advance?
If you need to borrow some quick money fast, you may be tempted to take out a payday loan or installment loan. But, there is another option out there that you can try that is rather new. It’s called salary advance loan. This is an alternative offered by many banks and credit unions.
Salary loans are small and short term. The most you may be able to borrow is $500. The first step to qualifying is having direct deposit set up at your bank. This ensures easy collection of funds. Here are some of the terms and conditions:
- You may have to pay back by your next paycheck.
- If you can’t pay back in that amount of time, you need to break payments into smaller regular chunks.
- Regardless of which option you go for, you have to have it paid back within ninety days.
Consider trying your local bank or credit union to see if they offer a product like this. It may be a much better option than pay day loans.