When you are in a position where you need money quickly, you will often find yourself deciding between a payday loan and a personal loan. When it comes to figuring out which option you want to go with, there are quite a few things to keep in mind.
You’ll be able to keep your friendship and your family out of things with a payday loan. A personal loan, on the other hand, usually does not have interest in it, but it also comes with all the problems of borrowing money from friends and family. You’ll find that when you borrow money from people who are close to you, you can end up regretting it.
With a personal loan, remember that there’s very little sense of privacy. The person you are borrowing the money from will usually ask you what it is for and depending on what it is, you might be getting an earful! Remember that with a payday loan, your privacy is ensured. With a personal loan however, not only do you risk personal censure, you also risk having the loan refused on the basis that you don’t “deserve” it and having the reason you wanted it come out anyway.
With a payday loan, you’ll find that your responsibility begins and ends with getting the loan paid off, something that you can usually do inside of two weeks. While there is the interest to deal with, you’ll find that this is not a problem if you plan wisely and well. Figure out how much interest you will accrue and try to make sure that your next check will cover the amount of the entire loan, interest and all. A payday loan offers you an independent solution to a problem that is facing you and you will find that it is an easy option to employ if you remember to research your options thoroughly.
When you ask a friend or family member for a personal loan, you’ll find that it often does not end with just the money. You’ll find expectations have been set, and often when it comes to money, people seem to assume that the payment of the loan is not the end of the arrangement. If you borrow money from a friend or a relative, you might find it used against you at a later date, whether it is meant to coerce you into something or simply to make you feel guilty or bad about something.
At the end of a day, it is your choice whether you want to take advantage of a personal loan or a payday loan. While both have their advantages, you will often find that one or the other is right for you. Make sure that you make the right choice for yourself and your situation!