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Short-Term or PayD ay Loans By Stanley T. Crawford

Short-term loans, payday loans, and cash advances, these are often frowned upon by some people. Yet there is a large market for these loans. Most advice concerning these loans is not to obtain them, however the fact remains that thousands of people obtain these loans every month. If they weren't profitable, places like ACE, Cash America, and other businesses wouldn't provide these loans.

If they are such a disliked product then someone should step forward and help people who get these loans. The help cannot be purely to tell these individuals that they should seek credit counseling, but it has to consist of monetary help, as well. Most people who get these loans already know they need financial canceling, but they also know that their immediate situation needs to be addressed. Normally, this requires CASH.

With all that said, if an individual has determined that a short-term loan is the best avenue available, then like anything else one should make the best informed decision for his or her given predicament.

When considering a short-term loan, ask yourself these 7 questions:

1.What amount of money do I need?

2.When can I pay this money back (principal and fee)?

3.What are the repayment terms?

4.Can I meet these repayment terms? (use a calendar, and your budget)

5.Am I pursuing counseling or planning to pursue counseling, so that I don't have to continue to utilize these short-term loans?

6.If I can't pay the principal and fee, then can I pay the extension fee? (use a calendar and your budget)

7.Is this loan new or is this my 1st, 2nd, or 5th time borrowing from a short-term loan source?

Copyright 2003, Stanley T. Crawford, is the webmaster of "Get Money" @ http://www.getmoney.giftadollar.com. "Get Money" lists sources of short-term loans, home equity loans, student consolidation loans, and credit care sources. All Rights Reserved. mailto:cigllc@yahoo.com

About the Author

Copyright 2003, Stanley T. Crawford, is the webmaster of "Get Money" @ http://www.getmoney.giftadollar.com.

For many people that are experiencing financial difficulties, having a bad credit rating is usually not far behind. If your debt is becoming a burden and interfering with your life there are many bad credit resources that can help you plan a strategy to reduce your debt and improve your bad credit rating. Here are some tips.

Your most important resource should be your lenders. Banks and loan companies can do the most to help you pay off your debt and avoid a bad credit rating. If you know you will be having difficulty with late payments or not being able to send a payment for a month or two, immediately contact your lender to communicate your situation. Most lenders understand that bad credit in most cases is just a temporary situation due to an unexpected layoff, illness, or emergency. Most lenders will work with you to get your payments on track and to avoid reporting bad credit to the credit bureaus.

There are also many non profit organizations that can help you with your credit problems. Non profit organizations can help you by educating you on your legal rights, developing a strategy and plan of action on how to pay down your debt and improve your credit rating, and inform you on lending tools such as debt consolidation loans.