Low interest payday loans are a myth
Low interest payday loans may sound too good to be true. And the truth is that’s the case.
Payday loans have high interest rates because the lender wants to make sure that they get their money back. A good credit score represents the that people pay what the owe. Without it there is no guarentee. If you are getting a payday loan, chances are you have no or bad credit. And the lender needs to make up for his losses on bad loans by charging you more.
Low interest is usually reserved for those who have good or excellent credit. If you want access to low interest loans, you should consider getting out of the payday loan cycle and improve your credit with me in the new year. We want to make sure that we’re avoiding any possible debt traps. But to be honest if it were as simple to save as it were to spend, then we wouldn’t all have this problem with cash flow shortage.
The truth is that we need to make sure that we can move up, just like the Jeffersons, to the next credit bracket.
If you want low interest loans: fix your credit
I hope that as we near the end of the year, you have started to take my advice and are compiling your bills and thinking about your committment to freeze any future credit card use and slow down on the payday loans.
Its also worth noting that if you want to start taking this pathway and looking for some companies that may be able to offer you the most reputable options, it is worth considering looking in the Consumer Affairs listing of payday lenders.
Personal loans typically have lower interest
There are a couple companies that are in both the payday loan and short term loans (also called installment loans). One of these companies is ACE Cash Express. They have varrying reviews and for the most part they seem to be okay with consumers.
Obviously, I would like to recommend you to the short term loan over the payday loan since then the interest rates would be lower. These are also referred to as installment loans. If you go onto the ACE Cash Website, you can see that there are a number of options on the top header of the website.
Here you’ll see that there are payday loans, installment loans, title loans, prepaid cards, money transfers, tax services and more. ACE is truely working to be its own self sufficient business that is one stop for all of its consumers.