Loans Near Me

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When you have an emergency expense, you tend to feel a lot of pressure to get the money as quickly as possible. For most people, the first thought is finding a “loan near me.”

The thinking is rooted in the idea that time is money and the fastest loans will be those physically close by. It’s also rooted in a long-standing habit.

One of the problems with this line of thinking is that convenience costs. When it comes to loans near me thinking, it can cost a whole lot.

Online Loans are Always Near You

Payday loans are some of the easiest loans to get. You can typically get from $100 up to $2500 the same day by showing up with a bank statement and ID and filling out a little paperwork.

High-Interest Rates

But they are also some of the costliest loans around. They charge such high-interest rates that many people compare them to loan sharks. Most people consider this to be a form of predatory lending.

People who take payday loans often don’t realize how extremely high the interest rates really are. The interest rate is typically a flat fee, such as $20 on a loan of $100.

It doesn’t sound like that much. But the loan is usually for a month or less. In some cases, it’s only for a few days.

So when you calculate it, it can be 300 to 500 percent! It’s insane.

Reborrowing

Maybe that’s not so bad for a one-time thing, but the other issue is politely called “reborrowing.” When you go to a payday loan place, they will ask you if you are “reborrowing today” when you pay it back.

They ask that because they know most people taking such loans are in a real pickle. Paying it back in full when they get paid will leave them short of money to get through this pay period.

So taking one payday loan often leads to a payday loan habit. It can be months before you can figure out how to stop needing to “reborrow” every single time you pay them back. This makes payday loans even more expensive when they were already some of the most expensive legal loans around.

The Neighborhood

Another factor is that if you live in a decent middle-class neighborhood, a payday loan may not be near you. They tend to be in sketchy neighborhoods.

So you may need to travel a bit to get there. That travel time can really add up and eat into other activities. If you do freelance work, it may even eat into your work time, lowering your earnings.

If you are going to a sketchy neighborhood, you may also be exposing yourself to the risk of crime or even just higher levels of pollution that are known to exacerbate health problems. If you have allergies or respiratory problems, this may turn into an expensive hidden cost of getting a payday loan.

Pawn Shops

Pawn shops also offer you quick cash, but there’s a catch: They want collateral. In other words, you let them hold some valuable item that they can sell if you don’t pay them back.

They usually lend you some tiny percentage of the value of the item, such as ten percent. If you miss the deadline for the payment, the item will be gone forever.

It doesn’t take too many missed payments and losing your pawned item altogether for this to become one of the most expensive forms of credit. A pawn shop can be one of the worst ways to try to get quick cash.

If you really don’t need the item, it makes much more sense to simply sell it. You will get a better price for it.

If you do need the item, don’t take it to a pawn shop. You may never get it back.

So think before dropping into a loan place near me. Physically nearby and offering quick cash is often not as wonderful a deal as it sounds.

Banks

Of course, banks can be a place to get a loan. But most bank loans are designed for middle and upper-middle-class people. Such people tend to have completely different financial needs from folks who would consider a payday loan or a pawn shop.

If you don’t have a solid credit score, you may need collateral to get a bank loan. Collateral is the same thing pawn shops want: A thing of value that they can sell if you can’t pay them back on time.

Or they may ask someone to co-sign the loan who does have good credit. If you fail to pay, the co-signer has to pay.

This can cost you a good friend. If your friend is in such good shape financially, it may make more sense to ask them to lend you some money instead.

But you are probably considering pawn shops, payday loans, and bank loans precisely because you don’t want to ask your friends for money. So why would you ask your friend to co-sign a loan?

Banks are usually not the right answer to cover the kind of quick cash for an emergency that inspires people to wonder “what loans near me can I find in a hurry?” Banks are usually better for more middle-class banking products, like mortgages and credit cards.

A credit card can be a wonderful way to cover an emergency, assuming you already have a credit card and it is not maxed out. But applying for a credit card usually means waiting for a while before you actually get the credit card.

So you might want to go ahead and apply and do some long term planning here. But it probably won’t solve today’s financial emergency.

Other Options

You might want to do a little brainstorming and see if you can find some other alternatives. Here are a few ideas:

  • Ask for birthday or Christmas money early.
  • See if you can get an advance on your salary.
  • See if you can find some means to earn some quick cash.

If you have friends of family who regularly give you gifts, you may be able to make some phone calls or send out a few text messages, explain your emergency and ask if they can help cover it as an early birthday or Christmas gift. This probably works best if you have some fairly comfortable middle-class friends and relatives.

Maybe you don’t have any social connections who have any hope of helping you out. Or maybe this emergency is too much money for any of them to realistically cover. That’s all too common, really.

An advance on your salary is a fairly middle-class idea, really. You may not have a salaried position.

These days, a lot of people are working part-time minimum wage jobs with variable hours. That’s often part of the reason some minor emergency is also a financial emergency. Such jobs tend to not offer pay advances.

Earning some quick cash sounds wonderful. In most cases, it’s a pipe dream.

If you currently live paycheck to paycheck, it’s a great idea to start developing the means to earn some extra cash on the side. But the odds are poor that you can magic up some quick cash that way without prior planning.

It takes time to develop a skill, make connections, market yourself and so forth. But you don’t have that time, do you? You need money now.

What If There Were A Better Way

  • What if there were an option that didn’t involve physically traveling to a loan place?
  • What if this option never asked for collateral?
  • What if you could apply today, even if you have less than stellar credit scores?

Well, there is. You are looking at it.

Online loans are loans near me. They are much physically closer than any other loan source. If you get online via your smartphone a lot, they may be literally in your back pocket or purse.

The internet has changed a lot of things in the world. One of the biggest things it has changed is our relationship to services and products.

You no longer need those services and products to be physically available at a corner store, nearby mall or other institution within a few blocks of your home. They can be available on the internet, allowing you to shop from the comfort of home.

This even applies to the loan process. You can start an application today from the comfort of home. It can be deposited to your bank account in short order. In some cases, it may be deposited the same day.

Rethink What “Loans Near Me” Means

You may need to work on remapping your brain pathways. If you have always thought of things in terms of physical distance and physically going there, you may need to take some time to work on that.

You may need to change your thoughts and habits. You may need to understand your relationship with financial products differently.

If they are available online, convenience may be defined differently from physical nearness. If you have internet access at home, you can’t get any physically nearer than applying online.

So once you get your mind wrapped around that, you may need to think in terms of loans that will direct deposit to your bank account or loans that will direct deposit the same day. This may be the nearest, quickest cash available.

This Changes Everything

Being able to apply online may mean you can work extra hours to help cover the expense. The hours you might have spent running around town looking for a physical place to get a loan can now be spent doing freelance work, taking on an extra shift at work or even clipping coupons to help you resolve this issue and not have it turn into a habit.

Quick cash used to routinely be the start of a hamster wheel of financial problems that people could not escape. For some people, it still is.

The Right Kind of Convenience

They say “convenience costs.” It’s a large part of why convenience has a bad reputation. It’s seen as a lazy answer.

However, when done right, convenience saves you money. It empowers you. It frees you.

It has always saved you time. That’s why people go for convenience. But the right kind of convenience can save both time and money.

It can give you a little breathing room to avoid having this become a new payday loan habit or a pawn shop habit. It can help you have access to some of the same tools and options that have helped upper-middle-class folks make their lives work.

Dignity

The internet is a great leveler. Almost anyone can do almost anything from anywhere. Ordinary people can apply for a loan online in the privacy of their own home.

This can keep your business private so no one even knows you had a financial crisis. Going to a pawn shop or a payday loan place can be stigmatizing. It can tell the neighbors your personal business when you don’t want them to know.

No one has to know you applied for a loan online. That’s strictly between you and the lender.

For some people, that detail can have positive knock-on effects, like not holding you back from promotion. Sometimes, those other effects are very much worth more money to you.

Get Started

Do you need quick cash? Have you decided that a loan is your only viable option?

You can start that process right here, right now.

Most likely, you will need a few documents. Generally speaking, you will need to have a photo ID and bank statement handy.

Then click here to start your loan application.

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