Rising costs, a tightening economy and even tighter credit lending, are leading many people down the road of financial difficulty, and many are finding it tough to keep up with their day-to-day living expenses, including utility bills. This is undoubtedly a major concern, as water, gas, and electricity are necessities that we cannot afford to do without, but there is a solution to these problems.
Short term loans, payday loans and personal bailout plans, can help to free up your finances so you can keep the water running, and this guide explains how they work, and how you can get hold of them.
How Payday Loans Work
Short term loans companies (otherwise known as pay day loans and cash advance loans), have appeared in recent years to provide short term amounts of cash for people who desperately need it, but don’t have the credit score to borrow elsewhere.
With many reputable finance and payday loans companies throughout America and online, customers can borrow a sum of cash from $100 to upwards of $1000 (the amount you are able to borrow will depend on your state laws), and receive the money as soon as the next working day. The loan must usually be paid back within a few weeks or by the next payday, though many lenders allow you to extend the term of your loan. The application process is speedy, and poor credit histories rarely matter – in most cases no credit check is made at all. All that is needed is an active checking account, employment, US citizenship, and to be over the age of 18 to have a very good chance of securing the money.
Financial review sites and short term loan comparison providers provide customer satisfaction ratings and testimonials, so you can find a reliable and reputable short term loans provider.
Personal Bailout Plans
A Personal Bailout Plan is any form of plan you use to alleviate your current situation, including the use of debt relief services, debt management plans, and settlement schemes. Places such as the U.S Cooperative Extension Service provide counseling programs, and many private law firms offer consolidation services. Thanks to the legal system, utilities and creditors can be negotiated with on your behalf, so you can keep the water running.
The last resort is to file for chapter 7 or 13 personal bankruptcy to stop creditors from hounding, and it can also be used as a utilities waiver to keep the water running. Chapter 13 reorganizes your debts and wipes a large chunk of it away, with the rest paid back over a number of years. This is a serious move to take, but makes it illegal for creditors and utilities to chase you for debts that you cannot afford to pay.
Remember that even in these difficult times, short term loans are available to give you short term financial relief to pay your bills, and for worse cases of debt, legal advice and services are highly recommended.
Author Bio :
Steve Gott has written and contributed this guest post for SaveMyBacon.co.nz – Visit the website to learn more about short term personal loans. Ted is freelance personal finance writer. His articles mainly appear on personal finance blogs.