How to Survive Short Term Debt Without Going in to More

Getting involved in a payday loan usually happens when someone is low on cash, and have maxed out their credit cards. This involves borrowing $250 from a payday lender which might seem like a viable solution, as long as the $250 plus a $37.50 fee is paid at the end of the two-week terms, about the time their next paycheck is disbursed.

However, if they run out of money again and can’t repay the loan in two weeks, they end up paying a fee to extend the loan for another 14 days. These kind of loan can effect your credit and garnish your paycheck, since the initial permissions were set on the date the loan was approved.

The best way to survive this type of debt crisis would be to look for alternatives like collateral lending, where if the loan amount isn't paid on time the collateral you provide is used in exchange instead of your following pay check.

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