Most people live from paycheck to paycheck without much extra for emergencies. When an emergency or unexpected bill arrives, it can devastate many people. Often, it can begin the snowball effect of debt that can destroy credit and create a financial mess. To avoid these difficulties, many people will turn to payday loans to help them get through. Fortunately, there is a better option. Maxlend Loans offers options to help cover these emergency or unexpected costs in a more affordable manner.
The benefits of payday loans
Payday loans are an option that became available due to the growing need for many people to have access to quick money in emergency situations. These loans provide those who are unable to get a traditional loan, an option for assistance. For example, if a person’s vehicle breaks down and they are unable to pay for repairs right away, they will miss work. This will reduce their income and create more bills that they are unable to pay. A payday loan can provide the money needed to get the car repaired and get to work.
The problems with payday loans
Although these loans can provide much needed help in these situations, they also come with downsides. These loans usually come with very high APR’s that can end up costing the person more than expected. In addition, these loans are due in full on the person’s very next payday. If they are unable to pay the full amount on that day, additional interest, fees, and other costs may be added to the total due. This can create a much larger problem for the person living paycheck to paycheck.
A payday loan alternative
There are alternatives to payday loans that can provide the immediate cash needed without all the additional problems that come with these types of loans. Maxlend offers installment loans instead of payday loans. This allows a customer to get the money they need and the ability to pay it back in convenient installments instead of all at once. Even with poor credit, getting the funds needed to cover an emergency is possible.
These installment loans can provide the money to help in difficult situations without many of the risks associated with payday loans. As long as the borrower is over 18 years of age, has verifiable income, and has a checking account, they may qualify for a loan.