Your OppLoans Road Map to Personal Loans: The Perfect Trip (Part 3 of 3)
Now that you know what a personal loan is, how they work and what to watch out for, it’s time to plan the perfect trip. Consider the following best practices for your personal loan search, and alternatives to dangerous and expensive payday loans.
Don’t Forget Your Luggage
Going on a long road trip requires a lot of preparation. You have to make sure that your bags are packed, that there’s gas in the car, and that you have a wide assortment of delicious snacks. (Just try not to get too much Cheetos dust on the steering wheel.) Things might not turn out so well if you leave home without any deodorant, or with a low fuel tank, or without realizing that your car needs new brakes. At the very least, you won’t be getting far.
The same thing goes for personal loans: you need to be prepared.
It’s a good idea to make a check-list, just like you would when you’re packing for the big trip. But instead of checking off items like underwear, a toothbrush, and sunscreen, you’ll be checking off APR, term length and principal. It is critical when taking out a loan that you know how much it will be, how long you’ll have to repay it and how much it’s going to cost.
The longer the list, and the more detailed, the better. For instance, you should find out whether the interest rate is fixed or variable—because a variable rate can change without warning. You should find out if there are any additional fees or penalties and you should always read the fine print just to double-check.
Lastly, you should know exactly how much your payments are going to be; if the loan doesn’t fit your monthly budget, then the loan isn’t a fit for you. Just like you wouldn’t want to leave your luggage behind, you don’t want to leave any of these questions unasked before taking out a loan.
Avoid the Hitchhikers and Roadside Attractions
You hopefully already know never to pick up a hitchhiker. It’s very dangerous; you have no idea who that person is, or what they’re after. At least with predatory lenders you know exactly what they’re after—your money. If they were a hitchhiker, they’d be the one standing there in a Jason Voorhees mask.
Likewise, you might see signs for roadside attractions that promise amazing sights, like a haunted doll museum or the world’s largest bowl of potato salad. But just because a billboard’s making big promises doesn’t mean that you stop. After all, many of those signs won’t deliver what they promise, and they’ll cost you valuable time and money.
Payday and other predatory lenders are the same way. They make big promises that have very little to do with what they actually deliver. With high interest rates and short terms that can leave you trapped in a cycle of debt, the best thing to do is just ignore them. You may see flashy offers and promises of fast cash, but the best advice is to just keep driving. Read more in the eBook How to Protect Yourself from Payday Loans and Predatory Lenders.
There are plenty of alternatives out there that can put cash in your pocket without dooming you to a lifetime of debt through a payday loan. Consider borrowing money from a family member, joining a local credit union and applying for a loan or even finding a credit card with a reasonable interest rate. And if it turns out these options won’t work for you, then it may be time to pull into OppLoans.
Welcome to Your Dream Vacation
You’ve made it. Time to get out of the car, stretch and enjoy yourself. OppLoans is the personal loan destination you’ve been looking for. We provide personal loans that are safer, more affordable and more flexible than dangerous predatory loans.
If you’re in a tough financial spot and you need quick cash, OppLoans has what you’re looking for. Our loans range from $1,000 to $4,000 and have terms that last anywhere from 6 to 36 months. This makes it easier for you to find the loan and the terms that fit your specific situation. Plus, we offer fixed-rate payments, so you always know what to expect. OppLoans will always be up front about our rates and terms. You’ll never be hit with hidden charges and we doesn’t have any prepayment or origination fees.
If you need a personal loan, and you aren’t sure where to turn, OppLoans is the place for you. So pack your bags, fill up the tank and head for OppLoans. (You don’t have to actually drive anywhere, just click below to apply online today!)
The information contained herein is provided for free and is to be used for educational and informational purposes only. We are not a credit repair organization as defined under federal or state law and we do not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit. Articles provided in connection with this blog are general in nature, provided for informational purposes only and are not a substitute for individualized professional advice. We make no representation that we will improve or attempt to improve your credit record, history, or rating through the use of the resources provided through the OppLoans blog.