It is a tragedy that most people who find themselves trapped in a debt cycle from
savings account payday loans, have never heard of a credit union in their area. Alternatives do exist, and credit unions are there to help those in need.
A credit union is a cooperative organization that, unlike
payday advance lenders, provides loans at very low interest rates for its members. Being a member normally entails a very small monthly membership fee.
But this small fee and the sometimes almost non-existent interest rates are much lower than half the fees and interest rates of a single
savings
account
payday
loan!
A
payday loans low rates sometimes merely mask the ridiculous fees charged. There is hardly a
savings
account
payday
loan lender that charges small fees.
Okay, some people will say that it takes longer to get a
loan from a credit union but that 'long' is relative. If you KNOW you have to pay that credit card bill no matter two weeks from now, then act NOW and not wait till there's only one day left. In which case, you really will not have any choice but to resort to
paydayloans.
Sometimes, we really do end up in debt not because a
payday
loan lender duped us but because of your own inability to act at the right time. So go ahead, free yourself from financial difficulties – know that there are much smarter solutions. Contact your local credit union today, become a member, and say good bye to
loan sharks for good!
