Friday, March 6, 2009

Get Money When You Need It

Unexpected expenses can nick away at your monthly budget when finances are already tight. So where can you go to get the money you need when you need it?

Three options that instantly pop into my mind are 1.) ask a relative, 2.) go to the neighborhood payday loan lender for an advance at a higher percentage rate or 3.) see if my credit union has an option that can cover me until I get back on track.

But, what if your relatives are money pinched too and can’t help?
Following along with this scenario you still have options two and three. Let’s take a closer look behind door number two and door number three…

Payday Loan Lenders vs. Payday Advances from Credit Unions

You can generally get a higher dollar amount if you go to a payday loan lender. You can also almost expect to pay a higher interest amount for this type of loan. Sometimes these higher interest rates can make it harder for you to pay off your original payday loan amount and can lead to other financial hardships.

Looking at the flipside, credit union advance limits are usually lower than payday loan lenders. Their processing fees however are roughly half the cost of the interest that you would incur with a loan from a payday lender.

Nevada Federal Credit Union offers ADVANCpay payroll advances of up to $700, for up to two weeks for as little as $60. No credit checks required. Not checking account required.

Visit nevadafederal.org or advancpay.com for more details on this loan alternative.

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