Sick Of Predatory Payday Loans? Try This Cheaper Option

We’ll reveal a cheaper option that can give you the emergency financial assistance you need, even if you have bad credit. And as a bonus, it can help build your credit too.

Statistics show that over 12 million Americans have one thing in common every year: They rely on payday loans for quick cash. While their reasoning for getting a payday loan may be sound, such as having to pay a bill or car repair, here’s what isn’t good: The interest. With some interest rates hovering around 400 percent, you could say that getting a payday loan can lead to regret.

So, with payday loans being too expensive, what are your other options? If friends and family cannot help or you don’t feel like asking them for the favor, you could try a Possible Finance installment loan. Here’s how it can give you the help you need without the exorbitant interest that comes with a payday loan.

The Benefits of Getting a $500 Installment Loan

Possible Finance is an online lender that provides small installment loans up to $500. Will that amount help you buy a car or house? Of course not, but it could help you pay some of your rent, pay a light bill, get your car repaired, or buy food if your refrigerator is empty.

How does an installment loan compare to a payday loan? Very favorably when you consider the following:

1. You can apply for an installment loan by installing the Possible Finance app on your phone, making it incredibly convenient.
2. If approved, you can get up to $500 in just minutes, making it ideal for emergencies.
3. You won’t have to worry if you have no credit or bad credit. Possible Finance won’t check credit when you apply for one of their installment loans, unlike other lenders.
4. A payday loan will require payment from your next paycheck. Such pressure doesn’t exist with a Possible Finance loan, as you can pay in two weeks or extend that first payment to a month from now.
5. Possible Finance loans must be repaid within two months. This gives you plenty of time to get your finances in order and ensure you pay promptly.
6. Possible Finance will report your payments to the major credit bureaus. If you pay on time, such reporting will work in your favor, as it can boost your credit score.
7. By boosting your credit score, it will be easier to get more favorable loans in the future, as well as credit cards, renting apartments, getting a job, etc., as all are tied to your credit.

Should you apply for a $500 installment loan if you don’t really need the money or just want to build your credit? Not necessarily, as this is more of a last resort and alternative to incredibly costly payday loans. The installment loan will charge you interest which can be high, but not as high as a payday loan. As such, turn to Possible Finance when all of your other options are exhausted, because as shown, it can be helpful in certain situations. Just be sure to read all of the fine print to know what you’re getting into before signing off on the loan.