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I'm struggling financially, can I get any help?

  • 21 June 2019
  • 3 replies
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Hello there! I'm really concerned about my financial situation and I'm looking for recommendations for best payday loans. Yours or your friends', it doesn't actually matter, because none of mine has taken a loan. Thanks in advance!
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Best answer by Darran_Boost 21 June 2019, 14:04

Hey @kevlar that's not good to hear, there is a load of advice here that might help. Make sure you check it out.

https://forum.boostpower.co.uk/getting-extra-help-and-support-29

Darran
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Hey @kevlar that's not good to hear, there is a load of advice here that might help. Make sure you check it out.

https://forum.boostpower.co.uk/getting-extra-help-and-support-29

Darran
Sometimes we can all use a little help financially. If you find yourself with a financial problem, and you don't know where to turn, you can get a payday loan. A payday loan is a short-term loan that you can receive quickly. There is a bit more involved, and these tips will help you understand further about what these loans are about.

If you are considering a short term, payday loan, do not borrow any more than you have to. Payday loans should only be used to get you by in a pinch and not be used for extra money from your pocket. The interest rates are too high to borrow any more than you truly need.

In order to avoid excessive fees, shop around before taking out a payday loan. There may be several businesses in your area that offer payday loans, and some of those companies may offer better interest rates than others. By checking around, you may be able to save money when it is time to repay the loan.

Before taking the plunge and deciding on a payday loan, consider other sources. The interest rates for payday loans are high and if you have better options, try them first. See if your family will loan you the money, or try a traditional lender. Payday loans should really be a last resort.

Be very careful rolling over any kind of payday loan. Often, people think that they will pay on the following pay period, but their loan ends up getting larger and larger until they are left with almost no money coming in from their paycheck. They are caught in a cycle where they cannot pay it back.

Before taking out a payday loan, make sure you understand the repayment terms. These loans carry high interest rates and stiff penalties, and the rates and penalties only increase if you are late making a payment. Do not take out a loan before fully reviewing and understanding the terms in order to avoid these problems.

Watch out for automatic additions of finance charges to future pay periods. This results in people paying all of the fees without ever paying back the loan. Consumers have been documented to pay 5 times the original loan before getting out of it.

Because lenders have made it so easy to get a payday loan, many people use them when they are not in a crisis or emergency situation. This can cause people to become comfortable paying the high interest rates and when a crisis arises, they are in a horrible position because they are already overextended.

Make sure you grasp all applicable loan fees prior to signing any agreement. For example, a lender could charge you $30 for the $200 loan. The interest rate for this comes out to nearly 400% annually. The fees increase if you do not pay the lender back the next time you are paid.

Now you have a better idea of what you can expect from a payday loan. Think about it carefully and try to approach it from a calm perspective. If you decide that a payday loan is for you, use the tips in this article to help you navigate the process easily.
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@shanerobert that's a really good insight into payday loans, thanks for getting involved!

@kevlar I'd definitely take this on board when looking at ways to help you in your financial situation, and check out @Darran_Boost's link too!

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