It is end of the month and most places you have to have until tomorrow (the 3rd) to submit your rent or you will get a late fee penalty. Penalty on rent can be costly anywhere from $25 – $75 in California. So if you think you’re going to be late on your rent simply because you don’t have enough cash until the next payday, we recommend looking into borrowing money from a friend or relative and pay them back when you get paid. But if that is not an option, there are other things you do.
Taking a payday loan from a trusted lender could be an option. Everyday, there are thousands of Americans that rely on these trusted online lenders to help them with their short term cash needs. And very often, payday loans can be less expensive than the late fees you be paying to your landlord.
In fact these are the reasons where you should consider taking a payday loan or other short term loans. If you have a credit card, you can take a cash advance but make sure you learn all about their fees and risks by reading the fine prints. Traditional credit card cash advance loans can be a lot more expensive than payday loans, because they will have an advance fee, also will have higher APR than your credit card balance. In addition, taking a cash advance from credit card could reflect on your credit and could possibly hurt it as taking a cash advance loan could be interpreted as a negative point on your credit history.
But the great thing about taking payday loans are that they are often given based on your paycheck not your credit, which means as long as you pay them back, they will never be reported to your credit and won’t hurt your credit. They are less risky to take than other short term loans, and they are fast and convenient.