Check Out These Alternatives You Must Consider Instead of Payday Loans

 

If you’re short on funds, then there’s nothing better than Payday loans! But when it comes to funding your purchases, payday loans could be expensive kind of short term loan.

The average payday loan costs 400 percent in interest for a two-week loan according to the

Consumer Federation of America. And that’s a significant amount of interest for a very brief loan.



In this post, we’ll be discussing the alternatives to keep your current mortgage rates affordable:

1. No Interest Loan Scheme

One of the biggest benefits of a “No Interest Loan Scheme” is that it comes with zero interest, allowing you save a significant amount of money in the long run. Also, you can avail an amount between $300 and $1,200³.

APR: 0% (No interest is charged)

Loan Perks

·         The term of a loan range from 12 to 18 months.

·         There is no monthly fee.

·         Loans offered by more than 250 community organizations.

·         Can be used for verbal training program , white goods, or medical expenses.

2. StepUP Loans

These kinds of loans are offered on limited or low incomes. And the best part is that you can take out a StepUP loan for any amount between $800 and $3,000.

APR: Fixed rate of 5.99% p.a.²

Loan Perks:

·         No monthly fees

·         Interest rate is fixed for the loan length

·         Maximum borrowing period is 3 years

·         Can be used for different aspects like vocational education, car purchases, medical expenses, computers, and furniture.

3. Personal Loans

Every loan is quoted in dollar rates, so you can easily evaluate your total amount before you borrow cash. You can applied  either $1,000, $2,000, $3,000, or $4,000.

APR: The interest costs of each personal loan are as follows:

·         $199.50 for $1,000 loans

·         $299.25 for $2,000 loans

·         $598.00 for $3,000 loans

·         $798.00 for $4,000 loans

Loan Perks

·         Loans can be again paid early at no penalty.

·         If your loan is repaid, then fees will be reduced.

·         The fee is only $2.20

·         Can be used for any personal purposes

Final Thoughts

So, that’s a wrap to the alternatives to the payday loans!

Before you aggressively rush to take out a loan, you must search for a range of other options as discussed above. Make sure you consider a multitude of things like the term of the loan, the rate of interest and then make a lucrative investment.

Don’t have a home loan calculator? If so, then you must consider professional assistance!

PureLoan is a credible destination that may provide you the right current mortgage rates to make your home as affordable as much. We have a dedicated crew of professionals who can help you to get the right rates without breaking your bank!

To learn more about mortgage rates, visit https://www.pureloan.com/ today!

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