Why Payday Loans have such a bad reputation

It’s no secret that payday loans have a less than stellar reputation. But most people don’t know the real story behind it all of the negativity associated with them. If you are in desperate need of cash because you have some sort of crucial emergency expense. You will definitely want to learn all you can about these loans and the truth about them. A lot of people tend to avoid payday loans. However, mainly because negative things have been said from people who don’t even know what they are talking about.

Misconceptions about interest rates

One of the most common negative remarks about payday loans has to do with the interest rates that come with them. While it is true that rates on these loans tend to be a bit higher than many others. They really aren’t as bad as you might have been lead to believe. The interest rate that you get on your payday loan will depend on a number of factors. Some including where you live and what your credit is like. It is important to keep in mind that you won’t necessarily pay through the nose with interest with a payday loan.

Private lenders

Another common reason that payday loans are looked down upon by so many is because they are offered almost exclusively by private lenders. Or in other words not banks or credit unions. There are definitely some shady and disreputable private lenders out there who give out payday loans. However,  a vast majority are completely trustworthy. You shouldn’t avoid getting one of these loans simply because it is through a private lender. The more time you take to find the right lender to get a payday loan from, the more likely you will be to get a great deal on a loan.

Related content: Why you need health insurance

People are still living in the past

Many of the people who are vehemently against payday loans are simply living in the past in the sense that they aren’t aware of all the legislation that has been passed over the years to protect borrowers. It is true that there used to be far fewer regulations and laws to protect those who took out payday loans, but that simply is not the case anymore. These new regulations make it more difficult for private lenders to take advantage of their customers, which is a good thing for obvious reasons.

They have never actually gotten one before

Those who harshly and unfairly criticize payday loans usually have actually taken one out themselves, so they therefore aren’t really in a position to say anything about them. Once you have actually gone through the process of getting a payday loan, you will quickly discover that there really isn’t anything to be afraid of at all. Most people’s experiences with payday loans are perfectly fine and don’t involve sinking deeper into debt or anything of the sort.

What to remember when getting a payday loan

Payday loans aren’t nearly as scary or horrible as a lot of people make them out to be. But it’s still very important that you take the time to consider a few things before getting one yourself. The very first thing you should do is to think about whether or not you actually need a payday loan. If you just want some money to go shopping at the mall, you will most likely want to avoid borrowing money and instead simply save up yourself. Those who need to pay for an important car repair, medical bill or something else that is time sensitive could benefit greatly from one of these loans though.

You should also make a point of going online and researching your lender options. As there will be lots of them to choose from. The last thing you want to do is to select the wrong lender to borrow from. This is because you will definitely end up regretting it. A reputable lender will help you get the money you need without spending more than necessary. As long as you take the time to do this research, you should be able to get exactly what you need.

Smart ways to buy cheap health insurance

The type of health insurance you get will depend on two things; your income and the type of insurance policy you are looking to get. If you have low income, you will naturally go for cheaper policies which are not necessarily the best. The more money you put in your health insurance the better the policy. Either way, you have to find an insurance policy that is cheap but will cater for your healthcare.

Here are some smart ways you can get access to cheap health insurance policies

Do you have alternatives for individual health insurance?

Health insurance providers argue that the cheapest insurance for anyone is one you do not have to apply for. Depending on what state you are from and the income you earn, you may qualify for a cheap healthcare insurance programme. Medicaid is the perfect affordable individual health programme for anyone. You should contact Medicaid or go to the nearest office to determine your eligibility for the health insurance programmes. The government also offers affordable individual health programmes depending on where you are from.

Go by what you need and what you can afford

Another step that is really important is t find cheap health insurance that has the kind of coverage you are looking for at your most convenient price.  Determining the coverage is not that had, you just have to look at the benefits of the health insurance provider to determine whether you like it or not.  Purchasing health insurance coverage that you do not need will mean that you are spending more many than you actually should. Basically, the cheapest insurance cost should cover close to 10 essential benefits.

If you need a little boost on your funds, a payday loan could help tide you over till your next payday.

Government healthcare

This might be the easiest way to get cheap healthcare. All you have to do is go online to a government health insurance policy and apply. Make sure you do it when there is open enrolment. It is easy to get government healthcare if you have a life change. For instance, if you lost your job, just got a child, or are losing another healthcare coverage.

Compare different health insurance policies

Comparing different insurance policies is probably one of the best ways to get the most affordable policy for you. The digital platform has made it more convenient for people to look up policies from different providers online. You can compare them by the price and coverage they offer to determine which one suit you best. You should consider factors like the location of the insurance provider, their premiums and benefits when comparing them. you can also use your medical bill that dates up to a couple of years back to determine how much you spend and the type of coverage you need.

Pick a plan that meets all your needs

I can’t stress this enough, you should pick an insurance coverage that caters to all your needs. If you do not, you will end up signing up for multiple insurance policies to cater to the needs that you left out in the beginning. This could cost you a lot and defeat the purpose of cheap insurance.