bad credit loans

The Benefits Of Payday Cash Loans For Bad Credit Borrowers

August 28, 2018
, Bad Credit Loans

There aren’t too many options available to you when your credit score is low and you need a fast cash loan to cover urgent expenses. In this post, we’re looking at the main advantages of instant cash loans for borrowers with bad credit history. If you’re on the hunt for an instant injection of cash to sort out your immediate money worries, have a read through this post to see if a payday loan sounds like the right move for your situation. We’ll start with:

The application process involves no credit check

At Cigno Loans, we offer fast payout cash loans for up to $500. We don’t include a credit check in our process so that we can offer payouts within 24 hours. This kind of speed is impossible to achieve if you’re relying on credit agencies to process reports as part of the application process. We understand that in times of need, speed is key. This is exactly why we prioritise income as an indicator of an applicant’s eligibility for one of our short-term loans.

You might have a really poor credit rating, but as long as we can see that you’re currently earning a steady income, we’ll be able to help you out with a fast payday loan straight to your account. All we need from you in the application is proof of your current salary in the form of your most recent bank statements, and your government issue ID. That’s all it takes! Once we have assessed your financial situation, we’ll send you an offer for the amount we’re happy to lend you and process payout as soon as we can if you accept our terms.  

Due to this level of simplicity, we’re able to help those who’ve been let down by credit card issuers or banks. We don’t think your credit score is the only factor that truly reflects your ability to borrow responsibly, so we like to give chances to those that would be rejected elsewhere.

It’s a chance for you to prove your ability to pay back credit

The vast majority of borrowers that apply to us with bad credit, have a damaged rating because they’ve failed to make repayments as agreed for other loans and personal credit. When you take one of our short-term loans, it’s a great opportunity to actually show that you’re now a far more responsible borrower. This is often one of the best benefits of cash loans for bad credit customers.

The worst thing you can do to damage your credit report is to borrow money and fail to pay it back on time. Likewise, the best thing you can do improve your standing is successfully take credit from a regulated source and pay it back exactly as agreed.   

We tend to be more understanding than other forms of credit

Like any other form of lending that is offered to people with bad credit history, not paying in time can have some serious consequences. Unlike other sources of funding, at Cigno we have a deeper understanding of our customers and appreciate how important it is to work with you when things go wrong. Saving money in modern society is not always possible, and we know how easy it is to become a little short in a mix up.

When you mess up repayments on a credit card, you’ll have the major fees to deal without question. With us, as long as you contact us as soon as you think you’ll have trouble paying, we’ll do everything we can to try and amend your repayment schedule to suit your needs better. We don’t see you as just another number. It’s in our best interest for you to pay back what you owe smoothly, so we’re always on your side to help make this happen without harsh consequences.        

These are the key benefits to using a cash loan for bad credit customers. When you’re in a pinch with cash, it’s hard to find the exact amount you need made available within hours. With a payday loan, you can specify the precise level of funding you require to make it through to your next payment from work. We hope this quick overview has helped!

The Benefits Of Payday Cash Loans For Bad Credit Borrowers

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Read more about bad credit loans here, or in our previous blog post: Why No Credit Check Loans are Your Solution to Unexpected Expenses

 

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Why No Fuss Payday loans Are Rising In Popularity

July 31, 2018
, Payday Loans 6

The “payday loan” is almost certainly something you’ve heard others talk about before. Whether they’re warning you away or letting you in on how one of these quick loans has saved their bacon more than a handful of times, one thing is clear, payday loans are on the rise.

In this piece, we’re going to highlighting the core advantages that make payday loans no fuss, no hassle, and one of your easiest options when you’re short on cash for the month. Have a read through and find out why more and more people are relying on these quick payout short-term solutions.  

Flexible amounts

At Cigno Loans, we offer a wide range of payday loan amounts. Part of the application process involves specifying exactly how much you need to solve your particular situation. We always recommend you only take what you absolutely need, because these loans are designed to be paid back as soon as you get your next payday.

You can borrow anything from $100 to $2000. This level of flexibility means you don’t have to think twice like you would if we only offered set amounts like credit cards do. With a payday loan, you can take as little as you need safe in the knowledge that you know you’ll be able to comfortably pay back everything you owe when your next payday comes around.

Your approval for a payday loan does not depend on you credit score  

When you apply for a normal personal loan, the bank or broker will almost certainly check out your credit history. If your history is not ideal, they’ll likely refuse your loan or offer you far less attractive terms that’ll make the loan far more expensive for you overall. If you’re refused completely, this can damage your credit report even further, as it will be noted that your last application for credit was turned down.

With a far less fussy payday loan, your credit score is not so important. The most important thing we need to see is that you’re in gainful employment and will be able to pay back what you owe within the coming weeks. All we need to verify this is your ID and most recent bank statements. When all other means of borrowing are refusing you due to your credit history, a payday loan could prove to be one of the last means for you to borrow from a professional and regulated source.

The speed of payout is a huge attraction

A lot of people that take payday loans are doing it because they’ve run into emergency situations that they just don’t have the cash to pay for right away. As you can imagine, in these kinds of circumstances, speed is everything. It’s for this reason that we design our payday loans to be paid to your account within hours of your application being approved.

A payday loan is not recommended for private purchases or investments. It’s mainly a means to access funds when you need them most. If need cash to pay for an urgent cost today, the application process for our payday loans can be completed within minutes and the money is paid out to your account the same day.

The other advantage to operating these loans online is 24 hour service. You can apply for a loan first thing in the morning or really late at night from your computer or smartphone. This level of convenience is one of the most important factors that makes these kinds of no fuss payday loans so easy to access.

As more and more people find themselves falling short each month, the popularity of payday loans will soar. If you’re not happy about taking a loan purely over the internet, our friendly team is ready to welcome your application by telephone.

We don’t have the same strict attitudes towards our services like many banks do. We’re open minded and show far more understanding for those in trouble that need a quick and practical solution. We’ll work with you to assess the correct amount, the schedule of your payments, and we’ll keep you informed throughout the process with a handy volume of helpful notifications. We’re here to help, and it’s in our best interest to ensure your experience with us goes as smoothly as possible.  

Why No Fuss Payday loans Are Rising In Popularity

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For more information regarding our payday loan products, please don’t hesitate to contact us.

You can also read more about payday loans in our previous blog post: How Instant Payday Loans Can Get You Out Of A Financial Bind

payday loans quick and easy cigno

How To Find The Best Quick And Easy Loans Online

July 27, 2018
Payday Loans 1

The internet has made borrowing easier and more accessible than ever before. But the range of options on offer does make research and comparison increasingly important for anyone looking to land the best loan deals. In this article we’re going to be looking at the best ways to find quick and easy loans online. Follow these tips to make sure your loan hunt exposes the best loan options for you. We’ll kick off with:

Ask friends & family first

The most useful referrals will often come from your closest friends and relations. Ask around and see if anyone you know has taken a quick and easy loan online recently. If they have, they’ll let you know how it went for them and either point you towards a vendor that they had a good experience with or give you the dirt on a company to avoid.

Customer service and communication plays a large role in the short-term loan process. You’re looking for more than just a good rate. You need to work with a company that appreciates your position and aims to help make sure things go as smoothly as possible. At Cigno Loans, we know how important it is for our team to show understanding at all times, make the application process as simple as it can be and ensure the payout is processed as quickly as possible.

Use comparison sites carefully

As soon as you start looking for a quick and easy loan online, you’ll no doubt run into the mass of comparison sites out there. These platforms can be a handy way to find good rates and identify your base options, but they shouldn’t be the only source you rely on. A lot of people will go straight to one of these sites and pick the first offer at the top of the list without thinking twice.

Quick short-term loans are complicated products that can be altered slightly to look great on a comparison listing, while holding hidden fees and expenses that the list doesn’t show clearly. If you do use a comparison site as a starting point, it’s important to remember to look into the terms and further details of each option you highlight before going ahead.

Read into peer-to-peer loans before diving in

Peer-to-peer lending (P2P) is growing at a steady pace in Australia. It’s basically a means for anyone to invest in lending to make a decent return, while borrowers can apply for any amount needed without having to visit a bank. It’s popular because its faster than applying for credit cards and the rates on offer can be very attractive. If you’re thinking of landing a quick and easy loan online through P2P platforms, you shouldn’t do so without understanding the risks and terms as closely as you can.

Payouts for P2P loans can vary but are rarely accessible within hours. So if you need your loan right away, this isn’t anywhere near as fast as a payday loan.

Payday loans are for emergencies  

If you need the money as quickly as possible, a short-term payday loan will be the best way to receive the funds on the same day that you apply if accepted. The main thing you’ll need in order to secure a payday loan is clear proof of your current income. At Cigno Loans, as long as we can see that you’re earning enough to pay back what you intend to borrow, we’ll be happy to help you out with a rapid loan straight to your account.

Payday loans are designed to be paid back within weeks, so they are only suitable for pressing situations where you need delivery soon as possible. Even if you have a less than perfect credit score, we’ll still be able to help as long as we can see that you’re in consistent employment with a payday coming up to cover what you’re borrowing.   

Those are the basics! Follow the pointers above and you’ll have the best chance of landing a great quick and easy loan online. Remember, you should always make sure you’re fully aware of all costs and charges involved in the terms of your loan before agreeing to take it. Rushing into deals you can’t afford is a sure way to throw yourself into rough financial trouble down the line. The more work you do to weigh up your options, the more confident you’ll be in your final choice!

How To Find The Best Quick And Easy Loans Online

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For more information, please don’t hesitate to contact our friendly customer service team. 

You can also read more about payday loans in our previous blog post: How To Get Fast Cash Loans Without A Bank

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Budgeting… Why Bother? Here’s Why!

April 30, 2018
, , Budgeting, Payday Loans 3

A lot of people often ask, why bother budgeting? There are plenty of reasons! Budget setting can be a very powerful tool in saving money and achieving financial independence.

This blog post will outline some of the most effective ways to budget, in order to reach your monetary goals.

We will get into the nitty gritty of budgeting eventually, but first, let’s look at the basics.

Cigno is here to help in times of need. If you are experiencing financial difficulty, get in contact with us today and apply for a payday loan to assist until your wages or salary is paid.

What’s the ultimate purpose of budgeting?

Is it to make sure that you’re not spending too much money on shoes versus cat food versus toilet paper? Of course not.

The point of budgeting is to make sure that at the end of the month, you still have money left over.

The Real Point of Budgeting

The purpose of budgeting, in other words, is to make sure that you’re living below your means, rather than living at or above your means.

Some people use a budget as a tool to make sure that they don’t live payday to payday.

How Budgeting Can Help

One of my good friends used to move money into his savings account at the start of each month. He’d pat himself on the back, thinking that he was saving money.

At the end of the month, in order to pay his bills, he’d transfer money from savings back to his checking account. His savings account wasn’t growing – he was just playing the transfer game.

He fooled himself into thinking that he was saving. He didn’t recognise this fact until he made a budget and began tracking his expenses.

Monitoring his net worth, he says, also helped him recognise the effects of his money habits.

Don’t be like my friend. (Or, if you’re already like him, act like his new, reformed self.) If at the end of the month you’re breaking even and you don’t have any margin of error left over, you’re living for the next payday, and that isn’t a position you want to be in.

Budgeting Basics

A budget is one possible tool that could get you out of that bind. Strictly speaking, a detailed line item budget isn’t necessary.

You don’t need to track or care about how much money you’re spending on restaurants versus clothes, particularly if you’re already debt-free and saving a significant portion of every payday.

How Much Should You Be Saving?

At a minimum, everyone should try and save at least 20% of their income. That divides out as 10 to 15% into retirement accounts, and 5 to 10% into other savings goals.

That 20% figure is just a starting point. There’s no harm in saving more, and there’s even a growing movement of people who promote the notion of saving half.

A detailed line item budget is simply a tool that helps you get there. It’s not the solution to your problems; it’s just a mechanism that you can use to help you save more.

Different Kinds of Savings

By the way, when I talk about savings, I’m referring to any activity that ultimately boosts your net worth. I don’t literally just mean money that you stuff into a savings account.

I’m referring broadly to money that you might put into retirement accounts, a health savings account, flat spending accounts, or that you might use as additional payments on a debt.

For example, say your mortgage is $1,500 per month, but you pay $2,000 per month.

That marks the extra $500 as an additional principal payment, so the $500 counts as savings.

Sure, it’s not literal savings in a bank account, but it’s money that directly boosts your net worth. It’s savings nonetheless.

Budgeting… Why Bother? Here’s Why!

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Are you inspired to go and save?

If you find luck just isn’t on your side when it comes to money, Cigno may be able to lend a hand.

Try our loan calculator to decide whether or not the Cigno service is right for you.

To apply, simply complete our quick and easy online application and send us a bank statement. If you prefer give us a call on 1300 88 23 24 and one of our friendly staff will be happy to help.

All applications are considered and we do our very best to find a suitable solution to your needs.

Read the original source article here.

You can also read more about payday loans in our previous blog post: What Are Payday Loans? Your Guide to Understanding Payday Loans

 

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Common Requirements for Fast Cash Loans

March 21, 2018
, Short Term Loans 2

With more Australians than ever currently in debt, chances are that there have been a few times in your life when you just wish you could get your paycheck early.

Maybe you need to make an important purchase. Perhaps you’ve been faced with unexpected medical challenges, are currently unable to work, or just need a little help getting your finances back on their feet.

Do you need fast cash loans? Learn the common requirements before applying.

Whatever the reason, you’ve likely already thought about applying for cash loans.

But what will those giving you the loan require of you? Are you eligible for these types of loans? If so, what sort of information will you need to provide?

We understand that you have lots of questions.

In this post, we’ll tell you the most common requirements when it comes to cash loans.

Understanding Cash Loans

Before we get into the requirements associated with these loans, let’s first make sure you understand exactly what they are.

In a nutshell, these types of loans are meant to be a short-term financial solution. They are typically given in smaller amounts, and often carry a higher rate of interest than other types of loans.

The amount that you’ll be eligible for when it comes to these loans depends on how much you make, as well as the specifications of the institution giving you the loan.

Many people apply for cash loans when they need to cover their bills and don’t currently have enough cash in their bank accounts to do so. They may also be used to pay off your credit card debt, pay for a car, or so that you don’t have to ask your friends or family for money.

The good news?

These types of loans are incredibly accessible, and they don’t usually have lots of the requirements associated with other loans.

Now, let’s take a look at those requirements.

Common Requirements For These Loans

As we mentioned earlier in this post, cash loans are one of the easiest loans to both apply and get approved for.

In general, the requirements are fairly minimal.

First of all, you must be a minimum of 18 years of age. You also need to prove that you have a checking account, which you can prove by bringing in a copy of your bank statement to your appointment.

You’ll also need to show a proof of income. This can be a letter from your employer or a pay slip. You’ll also need to give some form of government-issued identification to your lender, as well as your social security number.

More good news?

The process of applying and getting approved for a cash loan usually happens fast. In some cases, you can even be approved in as little as about half an hour.

You should be sure, however, to ask about the lending fee associated with your loan. If it’s too high to make it worth it, then you may want to consider working with another lender.

Keep in mind that the complete list of requirements will likely vary based on the specific lender that you’re working with. In some cases, you may even be able to apply for your loan online.

In addition to asking questions about interests rates, loan terms, and possible amounts, always take the time to ensure that you do actually meet the requirements of the loan.

More Information On Cash Loans

With Australian households officially carrying the most debt in the world, we want to ensure that you can make a clear decision about whether or not cash loans truly are the right option for you.

Especially because of the high interest rate, make sure that there’s nothing else you can do before applying for this type of loan. Contact your landlord and any heating and water providers to see if you can create a better payment schedule.

If you apply online, you may need to wait for a few days before you receive your money. So, if you’re truly in a bind, it may be best to go to a bank directly or meet with a more local lender.

When you decide on the amount of money you borrow, make sure that you have a plan in mind for how you’re going to pay the loan back. Talk to your lender about how much you can afford to borrow, and discuss all possible repayment plans.

Make sure that you also ask about the possibility of any late fees or penalties associated with a lack of ability to pay the loan back in time.

Common Requirements for Fast Cash Loans

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In Need Of Cash Loans Fast?

We hope that this post has helped you to better understand the requirements you’ll need in order to be approved for cash loans.

Keep in mind that, above all else, the lender that you work with will have the biggest influence on the requirements, terms, and amount of your loan.

So, when you’re considering applying for these loans, make sure that you do your research and ensure you’re working with the lender that’s right for you.

That’s where we come in.

We invite you to spend some time on our website to learn more about the way our loan structure works. You can even apply online for your loan, which will help you to save even more time and make the process especially convenient.

No matter the reason why you need money now, we want to help you to get it. Get in touch with us today to get started.

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Start An Online Business Today!

March 7, 2018
, Payday Loans 2

Are you tired of working the same old 9 to 5? Want to be your own boss? Go digital! Get online and start your business today!

Money doesn’t define happiness, especially when it comes to career. A lot of the time, job satisfaction is far more important than payday.

Ask yourself: are you happy in your current job? Is there something you would rather be doing? Australians everywhere are taking to the Internet to carve themselves a new career path.

Why? Well, all you need is reliable Internet connection, a laptop or desktop computer, and somewhere comfortable to sit. You want to know the best part? You can get started online with nothing more than a one hour payday loan from a direct lender.

Cigno Loans has helped hundreds of people get their foot in the door by providing a little venture capital—funds that are in your account within hours. Think about it as an investment in your future, both professional and personal.

Okay, but where do I start?

Start online! Where else would you find inspiration for starting an online business? And if you plan on becoming an expert in a niche area of the online world, you will need to do some best practices and competitor research.

Know your niche like the back of your hand. In order to do that, study the websites and various social media channels of a successful business. What are they doing well? What aren’t they doing well? These are all questions that can help you develop your business model.

Build a website

It sounds a lot more complicated than it is. There are great website building platforms out there that don’t require extensive web development or code knowledge. Have a look at Wix and Weebly to start.

You could establish an online presence in one hour. It’s that simple. And you won’t need a payday loan from a direct lender to set it up. A lot of website builders offer free two-week trials. Input your business name and a couple of snazzy images and you are good to go.

The costs may not be much initially, but can add up. When you factor in the domain hosting (your website name), the website subscription, you’re looking at a couple hundred dollars a year. Check out the best website builders and pick one that is perfect for your needs.

Start An Online Business Today!

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What next?

Now you have an online place to be found by prospective clients, let’s talk more about the actual business model.

Check out this list of online business ideas. Have you dreamt of being a travel consultant? A wedding or events planner? Want to open an online clothing store? There are so many ways in which you can be successful. All you need to do is take the leap!

There’s no waiting days or months for marketing campaign approval. If you want to wake up one of these paydays with a smile, knowing you’ve made your self-employment dreams a reality—contact a direct lender for a loan. Cigno Loans pays into your account the same day, often within a matter of hours.

The dropshipping craze

Have you heard about dropshipping? In short, dropshipping is a strategic e-commerce business that requires no upfront or advance payments. No asking a lender to loan you an amount till next payday.

When dropshipping, essentially, you don’t have a physical store and you don’t see the items. You are simply creating an online shopfront to distribute 3rd party goods. The 3rd party then ships the goods directly to the consumer.

No warehouse full of cardboard boxes. No rent on said warehouse. And more time spent handling the business and management side of things. It makes sense! Find out everything you need to know about dropshipping. Who knows… maybe it’s your true calling?

In conclusion

The digital world is a fickle beast. Time will not slow the technology juggernaut. Even if you aren’t considering creating an online business, getting to know the online sphere won’t hurt.

But if you are ready to take the next step in your personal business goals and need a tiny bit of venture capital to help lay the foundations, get in touch with us direct today. Or click through to Payday Advance to begin your application. We are a lender who proudly delivers financial assistance to those who need it, in a matter of hours!

You can also read more about payday loans in our previous blog post: What Are Payday Loans? Your Guide to Understanding Payday Loans

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Places to Put On Your Travel Bucket List for 2018!

January 29, 2018
Payday Loans

Now that we are firmly into the new year, where are you planning on going to escape? Everyone needs a holiday, and if you are like a large percentage of Australians, you like to travel overseas.

Whatever it is you enjoy—relaxing, adventure, hot or cold climates—there is something on this list for everyone. Save up your payday and loan your pets to a friend while you explore some of the most exotic and interesting places our world has to offer.

Australia is in the perfect spot, situated in close proximity to South East Asia, a great, and affordable getaway option. Learn more about funding spontaneous travel here.

The adventure seekers often frequent our northern neighbour, Indonesia, to experience the best waves in the southern hemisphere, as well as a myriad of active volcanoes. But maybe you are thinking of travelling a little further. Is Iceland on your list? It should be, and you are about to find out why.

Iceland

You have no doubt seen, or at the very least, heard about the Northern Lights—those optical illusions of green streaking through the Icelandic sky. It is a photographer’s heaven. Snow-capped mountains and glaciers pour into the surrounding ocean.

And if snow isn’t your idea of fun, try visiting Iceland in the summer time. It will still be colder than Australia. (If it is unseasonably cold, someone can loan you a jacket until payday if you are desperate!) Plenty of waterfalls, lush green valleys and hills court the darkest of volcanic sands.

The landscape in Iceland is like no other! But the landscape isn’t the only source of richness, with the culture of downtown Reykjavik being equally moving.

Cuba

Cuba wasn’t always a travel option due to the embargo with the United States of America making getting there quite difficult, and virtually impossible for Americans.

But since the embargo was lifted, travellers far and wide have been filtering through the customs gates to experience the colourful heritage of the country and its capital, Havana.

Australians will still find it rather expensive to get to, but rest assured, it is well worth it. You will be feeling a million dollars in Old Havana where things really come to life.

Find a rental dealership that loans vintage cars to Australian tourists, all for a fraction of your payday income! Enjoy the salsa dancing, mojitos and more!

India

More and more airline services are providing flights from Australia to India, particularly Scoot. The once British subcontinent is swarming with different cultural experiences, different religious beliefs, and perhaps most importantly, different food groups.

India is the queen of curry, and the tastes and flavours differ from state to state, and even from city to city. Being a third world country, India is relatively cheap to travel. Food, accommodation and bus and train travel, depending on how long you travel for and how you spend your money, could more often than not be covered by a couple of paydays.

Or you can loan the position of tour organiser to a professional who seeks the best deals! See if you can find a tour that includes flights to and from Australia. Find out more here.

Antarctica

Okay, this one is for those brave souls that really don’t mind the cold. When you think of Antarctica, you probably think of polar bears and desolate snow, as well as the payday loans you would need to get there.

But, for Australians, or anyone, it really isn’t that hard to get to. From the deep south of Argentina in South America, there are cruise ships that take you to the South Pole in style. Watch the frigid waters become ice from the window of your cabin.

Most service providers, such as the Antarctica Expedition Cruise, offer all-inclusive packages. Everything is paid for which alleviates a lot of travel stress! Be sure to pack plenty of cold weather gear.

Places to Put On Your Travel Bucket List for 2018!

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No matter where you plan on going this year, be sure to fully immerse yourself in your host country. Explore new people, explore new cultures and new customs. Most importantly, remember to always treat the citizens of the country you are visiting with respect.

Find out some more great travel destinations worth putting on your bucket list for 2018 here.

*Learn more about payday loans here: When You Shouldn’t Apply for Same Day Payday Loans

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How to Make Your Pay Day Loan Work for You

Sometimes pay day doesn’t quite match up to when cash is needed. Enter pay day loans. Here’s how you can use them responsibly to work for you.

Pay day loans have been a lifesaver for many Australians since the economic crash of 2008. In March over 7000 Australians went bankrupt, and many in the nation are struggling to even meet their needs.

Have you ever been stuck in between paychecks with a bill collector crawling up your back? Do you feel like your pay day comes at the absolutely wrong time?

While a pay day loan isn’t a constant solution, when you are at your wit’s end with important bill payment, it might be a good short-term solution for you.

Loans are scary for anyone. Taking the wrong loan at the wrong time could land you in a world of hurt. This is why we’ve set out to compile a little bit of advice on how to make a pay day loan work for you.

1. Pay Day Loans: What are They For?

Have you been responsible with your money so far and found yourself at a dead end looking for a way out? This is a completely valid reason to take a loan.

But, you need to make sure you do have a valid reason for taking out that loan. Because if you are taking out loans unnecessarily, you will find yourself saddled with a loan you may not be able to pay back in the future.

Although pay day loans generally fall under $500, the interest rate alone might be detrimental. Interest rates on pay day loans can be as high as 400% in other countries, but in Australia, fortunately, we have laws that keep a lender from charging over 20% at the outset and more than 4% each month. We’ll later go over how much that would cost you in the long run, but, although our government protects you from greedy lenders, this is still not a number to take lightly.

Pay day loans are the lifesaver rings of the financial ship. And that’s exactly what they are for, emergencies.

For this reason, you should never borrow more than you need.

Many people in the world mask their lack of wealth by living above their means. So, you need to sit down and take stock of your finances before taking out a pay day loan.

Will you be able to pay it back? If the answer is “no,” then maybe you need to consider the alternatives.

2. Pay Day Loans: You Only Need One

As we pointed out above, $500 may seem like a small loan, but when combined with the interest rate, it is actually a large loan.

Some sleazy loan companies might try to get you to take out more than one pay day loan to satisfy more than one bill.

This is a tempting scheme, but those loan companies do not have your best interest at heart. They are only in it to make as much money off of you as they possibly can.

Again, if you need more than a $500 advance on your paycheck, then you might want to consider alternatives.

What kinds of alternatives are there?

One of the best pieces of advice I ever heard about investment was, go to your family and friends first. You might be surprised at the generosity of those you know.

The average Australian borrows $200 from friends and family every month. And this is not an unwise move.

Think about it. When you borrow from an institution or a loan company you have fees and interest rates.

Now, you may have a business savvy family member who might decide to charge you interest on their loan to you. But most family members probably wouldn’t even think to do such a thing to their nearest and dearest.

Also, have you tried negotiating with your bill collector or utility company? Sometimes, if you explain your situation, bill collectors will give you a grace period to pay them without penalty.

If you haven’t defaulted on their payments, then you may be in good graces with them.

If you are renting and you have been paying rent early each month, use this to your advantage when talking to your landlord.

Also, do you have anything laying around the house you could sell? Often times what you think might not be of interest to another person is really gold. eBay and Amazon are excellent places to make a quick dollar.

3. Pay Day Loans: Pay it Back ASAP!

Now it’s time to talk about that pesky thing we call interest rates.

Have you ever accidentally run up your credit card and found it much harder to pay back over time than you thought?

The average credit card interest rate is only about %16.9 in Australia. That’s much, much lower than the initial fee on a pay day loan.

If you were having a hard time paying off your credit card, you are going to have a hard time paying off your loan.

Using a handy loan calculator, we can see that at a 20% fee and a 4% per month interest rate, in a year you would pay over $800.

If seeing that number isn’t incentive enough to pay off your loan as soon as possible, I don’t know what is.

And remember, this is only to get you through until your paycheck comes in later that month. If you can’t pay it that month, be sure you are able to pay it within a month or two.

Most loan businesses will work with your pay structure. When are you getting paid next? Most likely the loan business will take that or the next paycheck date to give you an estimate on when they expect you to pay back the loan.

You will most likely not be taking a whole year to pay back your pay day loan. And if you are smart with your money, you will have it paid off in two pay cycles.

Conclusion: Make the Right Decision

Now that you’ve considered all the options, looked at your finances, studied up on the terms and conditions, you are ready to make a decision.

Again, stop. Take a moment to evaluate everything.

Then come on over to Cigno Loans and apply today!

 

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