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($$) Let’s say for example that you could really use some new living room
furniture. It would be wonderful to be comfortable after a hard days
work. Well you could rent to own the furniture but while this requires
no credit check it will require a long term investment. If 6 months from
now you run into problems and can’t make your payments they will come
get it and you will then have no furniture at all.
A payday loan is a much better solution. Let’s say that you could pay
$50 per week to a rent to own vendor. Shop around for the furniture
that you want one piece at a time. Let’s say that you start with a $300
recliner. Ok, go to a payday cash advance lender and borrow the money
needed to buy the recliner. Now you go buy it, take it home and enjoy
it. It is yours to keep with no more payments necessary. Nobody will
show up to repossess it ever!
Now when payday comes around you will repay the loan in full plus the
finance charge. Let’s just say that the total is $330 so you pay that
amount in full and then subtract the $50 that you would pay the rent to
own guy and re-borrow $280. The following week you will do the exact
same thing and before you know it you will have the recliner paid off
and then you can shop for that $400 couch that you have been waiting
for.
If for any reason there’s a week that you can’t pay the full amount
then you will simply pay the finance charge and extend the loan until
the next pay period. You should make sure that your lender will allow
you to get extensions before you apply for the loan in the first place.
If they do not, then you should find another lender to better suit your
needs.
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