The NCAA Tournament is underway, Spring is almost here, the IRS is finally getting around to sending out refunds and it still seems like there’s never enough money to take care of everything. Taking care of all the bills in 21st Century America is no slam dunk – even during March Madness! And that tax refund you get won’t last long either. If borrowing money from family, friends, banks or other sources won’t work for you, you may want to consider the good points and bad points of the following options.
Options Payday Loans, Title Loans and even Installment Loans like Waldo General offers are viable options to help you deal with debt on a short-term basis. It’s important to remember that each of these financial solutions has advantages and pitfalls that could be serious.
- Payday loans seem simple with the ability to borrow just what you need and pay it back in two weeks or so and you’re done. In reality, it’s almost never that simple. The interest rates are high and very, very few people can ever pay the loans back on their next payday. So, that means renewing the loan and racking up new fees for what can seem like an endless cycle.
- Title Loans can get you the most money but they are loans secured by your vehicle. They’ll tell you the loan is on your title but what that means is that if you can’t/won’t repay the loan there’s a really good chance your car or truck will be repossessed. Possibly not having transportation seems like a huge risk. And the interest rates are pretty high (up to 300% or more) for a secured loan.
- Signature loans or installment loans from Waldo General are a contract that can run up to one year. The amount of money you borrow plus interest is repaid in equal, once-a-month payments for 12 months. The interest rate may seem high but it is not at all as high as payday lenders. A payment once a month is like a mortgage or phone bill and sometimes it can be easy to forget but you do have a full month to get the money together for the payment. You can also choose to pay the loan off in a day, two weeks, six months or take the full year. And you at least don’t have to risk losing your car to repossession.
Our friendly, professional staff is always available to help you make the decision that’s right for your needs and your budget. We’ll treat you with the respect and confidentiality that you expect from a trusted advisor. Call us at 1-800-892-3006 or visit one of our stores.
By the way, March Madness® is a registered trademark of the National Collegiate Athletic Association (NCAA)