For Your Need
Today, loans are available for pretty much anything, and the quantity also has reduced from hundreds of thousands of dollars to almost $100. Yes, this shows the accessibility of money today. Earlier people used to take loans for their houses or any other such asset.
Today, loans are available to people for any small thing; they are based on need, rather than investment. Hence, you can easily obtain even $100. Of course, you have to pay the necessary interests without fail. It all depends on the amount you are borrowing and from whom. There are many local ‘givers’ in the market today. However, be wary of such things as they could be big-time scams as well.
If your requirement is $100-$300, then it is considered as small loan and most of the banks are wary of giving this due to the tiny interest involved. However, if this is your utmost requirement, then you can borrow it from these lenders.
However, not all lenders are large-minded. A portion of them would hesitate to lend you this amount, citing the minuscule interest involved. However, don’t lose heart, people who have set up this business to make money, would without doubt, lend any amount.
The trick is to take it back with interest. Hence, it is up to you, how you do this. If the interest involved is more, firstly, try not to take from such lenders, but if there is no option, then pay it back as early as possible.
Don’t Fall for the Shark
If you get paid monthly, fix a proportion to pay the amount back weekly, so that the interest does not get accumulated. Do not wait for the next month’s paycheck to pay once and for all, as the lenders sensing this loophole, try to take advantage of it.
Sure, it is difficult to pay the amount weekly, hence, divide it into certain amounts to reduce the interest and then pay the remaining after your salary comes. Next, if you are paid on a weekly basis, it would be sensible to first pay the loan and then get on to buy the grocery. It would prove beneficial in the long run.
Always be wary of lenders who charge higher interests for these amounts. They do not lend such less amounts to do charity; they aim to recover almost double through some hidden costs as well as levy some other relative fees. Stay away from all this. Know the lender from whom you are planning to borrow, see if he/she is genuine.
Yes, there is a booming market for this, which is the reason this model is being introduced. People have now easy access to such money, enabling them to buy those things which they keep postponing for the next month.
The lenders too, want to include people of all strata in this, making this look all the more right and yes, right it is, but to an extent. After all, you don’t want to be paying more than you asked for.