Emergency Sonic Pay Day Alternatives

2007-06-20 15:49:53

( Financial )



Getting emergency cash for your immediate need can be sourced through various channels. If you do not have any savings or contingency fund, sonic pay day can be a temporary solution.

If you have no credit but are in need of cash very badly, pay day advance can likewise be a temporary solution. However, such can be risky as well, so if you are considering this option, approach with caution.

The Pitfalls of Pay day Loans

Are you looking for cash but have no channel for taking out money? In that case, sonic pay day may be the best alternative for you. However, while it can help you survive through the tough times, you should be careful when considering pay day advance loans. You might find yourself in a much deeper hole or in a situation which you cannot get out from. Bear in mind that it can have a high annual percentage rate. Instead of alleviating your need for cash, you might eventually pay off exorbitant rates.

Moreover, you should resort to sonic pay day only when there is no other source of funds left. Look for other options before choosing to go into debt. Selling appliances or auctioning jewelries can be a better choice.

Payday Loan Alternatives

You need to realize that payday loans are not the best solution to their financial burden. Here are some suggested options to payday loans:

First, you should search for other venue to get credit. A credit card cash advance can be a viable alternative but it could have increased rates so get to know the terms prior to making a decision.

Second, you can negotiate for an extension in the payment of bills. Get advanced information as to the possible charges that will be incurred--finance charge, late payment fee, or increased rate of interest.

Third, you should control yourself from making unnecessary expenses. While the amount could be minimal this may add up to the total amount that you will pay.

The most important remedy is to build an emergency fund. You can allocate a certain amount for your savings. By doing this, you can lessen the likelihood of applying for a sonic pay day.

Finally, if there is really a need to get a payday loan, you should see to it that you borrow an amount which can be repaid without jeopardizing your future expenses.

The best way to avoid sonic pay day is to live within your means. Avoid purchasing things which you cannot afford to pay.


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