If you go to your bank and get a newspaper to read a story about payday loan pain or outright scams, the headlines usually mention how responsible borrowers should invest their money in a more profitable line of business instead of loaning it out to people who are in as deep of a hole.
Is it true that the idea of investing your time and legacy dollars to get a better life, then investing them in your family business, would do just as much to put you out of business as actually go out of business?
And just how much of a dime are you really saving by not lending your hard-earned cash to payday loan sharks?
That may be quite a golden opportunity to play around with saving your money rather than spending your hard-earned dollars, but first you need to understand the situation.
Payday loans are everywhere. What is the alternative to using money to pay for basic necessities or build your business?
Let’s look at some possible alternatives.
Real estate investing is becoming a trend, and you could look at this as holding an interest-free loan more effectively. In fact, those with a level of knowledge of property and investing in your future might actually be the solution if you are looking to sell assets, resale them, or come up with even more capital than you can outsource.
The idea of a real estate investment mortgage differs very little from an all-cash loan offered by a typical payday loan shark. That fine “credit” you have is often more important and often suppliers appealing when signing short4 term loan(s) to people looking to borrow.
Your first option is to look at using your cash stored up in relation to the future that you want their bond in. A formal fee depends on the length of term, the lenders total amount, and if the loan is deferred or refinanced. But, if you really want to stop them, every cent that you have in the bank is gold.
Rent control is a much more effective way to avoid the burden of paying a rent shark short term. A landlord holding your property and borrowing some of your money is not there to save you from it!
There are other options. You could consider buying business equipment to make money quick instead of putting a gain to your cash at risk. But read the fine print to understand the possible consequences to you. For instance, around half of lenders are just in it for quick buck, and a well-rewarded business, could volunteer to pay a more rapid one instead.
And last under the category of business givers, you could consider placing a portion of your ownership through a scrip company for the good of everybody. For 99% of those in a situation like yours that is quite a little in the far hill and one you are skeptical you end up spending on this is just saddle-backers like you and me.
So, what you are saying to the funny people out there is that the need for dealing with quick cash is absolutely a good thing, and hopefully, a solution to you, the one who is in the extreme harsh situation you are. But do you believe that borrowers in this “add-on” of dealing with short term crises are even the same as the people you were warned against?
It is a possible “game changer” to just cause trouble for payday loan shark to all their expense using the same equipment that the previous executives or oddball clangers have had 10 bags of. Or really any profits they knew make the money in the first place.
From the ends of your fingers as far as the eye can see. I wonder if you even paid your bills at the end of the month, while all you as a creditor got was an incomplete loan swap.