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Payday Personal Loans

A great alternative to the payday loans offered by commercial lenders and check cashing outlets is payday personal loans.

A payday personal loan is an advance of money from a private individual usually a friend or relative that you will pay off on your next payday. The advantage to payday personal loans is that people will usually charge much less interest or no interest.

An individual will also be much more flexible in their repayment arrangements. For example they will give you more time to pay off the loan and may loan more money.

Disadvantages to Payday Personal Loans 

The biggest drawback to payday personal loans is that they can quickly destroy your relationships with your friends and relatives.

Arguments over money can quickly turn friends or even relatives against you. Always be careful when you borrow money from friends or loved ones. Only borrow money from those who you know to be reasonable and agreeable.

You should make sure that those you are borrowing from can actually afford to lend you the money. Friends or loved ones who care about you may lend you money they can’t afford to loose. Don’t put them in a worse situation by borrowing from them.

Be Careful With Payday Personal Loans

A good way to take some of the aggravation out of payday personal loans is to keep a record of such lending. When you borrow money or loan write down the amount borrowed and keep the record available. Give the other person a copy of the record as well.

This way you will know exactly how much was borrowed and what you owe. This can help you avoid arguments and make repayment easier.

Another good suggestion is to have a third party who isn’t borrowing or loaning money aware of the arrangement. That way there will be a witness if a disagreement arises. Giving a third person you trust the record of the loans can also help you avoid grief. 

Making Payday Personal Loans

When you get a payday personal loan always tell the lender when you will have the money available. Tell them when your payday is and when you will have the money.

A good way to simplify the payday personal loan process is with a check loan. If you have a checking account simply write the person you are borrowing from a check for the repayment amount with a small amount of interest. Then have the lender cash the check on your payday.

Writing a check creates a record of the transaction and more importantly saves both parties the embarrassing and potentially conflict producing chore of confronting somebody and asking for money. This way a small personal loan doesn’t become an irritant that can destroy a friendship.

Paying some interest on such loans is a good idea because it repays them for the time and trouble of loaning money to you.