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How Long Should My Car Loan Be, long term loan.#Long #term #loan

How Long Should My Car Loan Be?

Coming to Terms With Your Loan Term

05/01/2013 (updated 03/06/2015) – By Ronald Montoya

Long term loan

Long term loan

Long term loan

Most people have a rough idea of what monthly payments will fit their budget when it comes to buying a car. That figure is usually what they target when they’re making a deal. However, this monthly-payment mentality is making car buyers lose track of the bigger picture: the total cost of the car and the length of time it will take to pay it off.

Edmunds data tells the story: Since 2002, the average car loan term has slowly crept past five years, and is now inching past six-and-a-half years. In 2014, 62 percent of the auto loans were for terms over 60 months. And nearly 20 percent of the loans were for 73- to 84-month terms.

“Consumers are battling two things,” says Melinda Zabritski, director of automotive credit at Experian. They are trying to get a good interest rate and a reasonable monthly payment. But sometimes the five-year loan has a monthly payment that is too high for them, and they end up financing for a longer term, even if it costs them more down the line, according to Zabritski.

Is there any benefit to having a six- or seven-year car loan? Aside from having a lower monthly payment, no. In fact, there are many reasons why you shouldn’t choose such a long car loan term.

The longer you finance a car, the more interest you will have to pay on it, both in terms of the rate itself and the finance charges over time. Edmunds recommends a 60-month loan, less if you can manage it. Here’s how the numbers look when you compare a 60-month loan to a 72-month loan.

We chose a 2015 Toyota Camry XLE V6 with a few options as our example. Its True Market Value (TMV ) is close to the average price of a new car in 2014. Edmunds data shows that the average down payment for a 55-60-month loan in 2014 was $4,689. We entered those numbers in our loan calculators. After tax, title and the down payment, the total amount to be financed was $29,800.

The average interest rate for a 55-60-month loan in 2014 was 2.41 percent, according to Edmunds data. The buyer would have a monthly payment of $528. The finance charges over the life of the 60-month loan would be $1,861.

Contrast that with a 72-month loan we plugged into our calculator. The interest rate would be higher, according to Edmunds data: It was 5.9 percent for loans of 67-72 months in 2014. It’s common for longer loan terms to carry higher interest rates, Zabritski says.

The data also shows that the longer loan a person takes out, the lower the down payment. People taking out loans in the 67-72-month range had a down payment of about $2,440 in 2014.

In this 72-month loan scenario, the monthly payment, $531, wouldn’t be much different from the payment under a 60-month loan, and the buyer would have paid less out of pocket. It may seem like the way to go, until you look at the finance charges.

The finance charges for the loan would be $6,182. That’s more than three times the interest for a 60-month loan. And not only will it take the person a year longer to pay off the loan, it will also take them longer to build equity in the car. Here’s why that’s a problem.

A new car typically depreciates about 22 percent in its first year. At the beginning of a car loan, the buyer is typically “upside down,” or “under water,” meaning he owes more than the car is worth. The situation is made worse if the buyer hasn’t made a large enough down payment.

Based on Edmunds data, most people aren’t making a big enough down payment to keep from being upside down longer than necessary.

The time it takes you to get “above water” and build equity in the car will vary, based on the car you bought and how much of a down payment you’ve made. But one thing doesn’t vary: The longer your car loan, the longer it will take you to build equity.

When you have no equity in the car, you can’t sell if it you need the money in an emergency: if your other bills get out of hand or you lose your job, for example. It also gives you fewer options if you get tired of the vehicle. A buyer will only pay you what the car is worth, not what you owe on it. You’re stuck with the balance of the loan.

Similarly, if you get into an accident and the car is totaled, the insurance company will only pay you what the car is worth at the time of the accident. The remainder of what you owe will have to come out of your pocket.

We love our cars when they are brand-new, but when romance fades, we’re anxious to trade them in for something else. The average trade-in age for a car in 2014 was six years. It’s not what you’d call an enduring relationship.

If you have a 72-month loan and get the itch to buy a new car around the average six-year mark, you wouldn’t have enjoyed any time without payments, which diminishes the point of car buying in the first place. At that point, you’re better off leasing the car.

If you took out an 84-month loan, you’d have to wait another year to buy. The other alternative would be to roll the balance of the loan into your next car purchase. And that’s a bad idea, adding up to an even longer loan commitment and higher monthly payments.

Contrast these situations with buyers who’ve chosen a five-year loan. At the average trade-in mark of six years, they have already enjoyed almost a year without car payments and have the freedom to sell the car whenever they want.

Resale value is another reason to steer clear of extra-long car loans. A 5-year-old car is more desirable and more valuable in the used-car marketplace than one that’s 7 years old.

At five years, a car has lost about 53.5 percent of its new-car value in 2014, says Joe Spina, Edmunds director of remarketing. A 6-year-old car has depreciated by about 59.4 percent.

In other words, the Camry in our example will be worth roughly $15,554 after five years. It drops to $13,580 at the six-year mark.

A dealership will likely give you more money for the 5-year-old car. At that age, it’s a great candidate for the certified pre-owned process (CPO), which means the dealer will have a more valuable car to sell.

On the other hand, a 6-year-old car is right on the edge of no longer being an acceptable CPO car. Some automakers, like General Motors, won’t permit a CPO car to be more than 5 years old. Further, if it has too many miles, it won’t qualify for a CPO program. That means you will get far less for the car as a trade-in.

Alternatives to Long Loans

Let’s say you want to buy a new car, but the monthly payments that are being quoted for the usual five-year loan are too high for you. That may be a sign that you’re shopping outside of your price range. Take a look at the Edmunds “What Can I Afford?” calculator. You start by entering your ideal monthly payment.

After you fill out a few other details, the calculator will recommend a price range and some cars that fall in it. Stick to cars at the lower end of the range and you should be in good shape. Once you have an idea of what you can afford, make sure you get approved for your car loan before heading out to the dealer.

You also could consider buying a used car. Interest rates are a bit higher for used cars, but since the cars cost less, there’s less to finance and the payments will be lower. If you’re not sure what cars to look at, check Edmunds’ Best Used Cars. It will point you in the right direction.

While it is important to know what you can afford in terms of monthly car payments, that shouldn’t be your only measurement of a good car loan. Take a look at all the numbers in the sales contract so that you are fully aware of what you are paying for the car.

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This is exactly where to look if you need a medium to large long term installment loan with no credit check due to bad credit or other circumstance. There are payday loans with no credit check and some cash advances with no credit check but they offer smaller loan amounts and very short terms. Our theory is if you needed extra money this month, why would any lender expect you to have that much extra in the budget next month or next week even plus more interest

Why long term installment loans and no credit check are best

They offer benefits short term loan and short term loan lenders could never provide. They are far lower interest and easier to repay than short loans. Long term installment options also will improve your credit even it the installment loan you received was a no credit check required loan. Helping you pay an expense this week just to expect the full amount next week with interest doesn t seem helpful to us.

How does a no credit check long term installment loan compare to pay day loans

The payday loan treadmill leaves you just where you started less fees and interest or worse. They also don t offer large loan amounts because you are expected to pay it back so quickly. Also because the loans are short term high risk loans they often cannot offer low interest rates. It simply doesn t make sense for most people especially if you need a larger loan. If you need a loan for over $500 we suggest you focus on long term installment loans. Or other long term loan options especially if you have bad credit or no credit and want a loan with no credit check.

Can I get funded if Iam looking for long term installment loans and no credit check

no credit check long term installment loans are not as rare as you may think. Yes ,they do look at certain demographic factors and actuarial data to determine your eligibility but they take you on your merits not just your past mistakes. There is also of course no actual credit report pulled. This allows you to get a fair long term loan even with a few past blemishes. Installment loans without a credit check are usually funded in under 24 hours and as always our options are 100% free. There are absolutely no application fees or unnecessary hidden charges.

What s it like for me if I get a Long term installment loans no credit check

Installment loans with no credit check even long term installment that have no specific credit requirement offer a slew of options and improvements over short term loans and even over some other longer term loans. The best long term lenders tend to establish a relationship and target repeat business especially the long term loan lenders who offer options for the low credit demographics. This is because these long term high risk lenders especially those providing installment loan options see a large rate of non payment. This means allot of times not only do they not see any profit from a loan they often lose money. This requires most long term lenders to choose 1 of 3 common lender styles.

They stop offering loans to high risk clients especially installment and long term loan options. This allows them to see a higher rate of repayment and take on less risk while maintaining competitive interest rates. Great for the clients who qualify. However, you came here because you wanted long term installment loans no credit check specifically. So I assuming that s not the lender style best for you.

This lender continues offering long term no credit check installment loans however they begin to nickel and dime their clients to death. Application fees, additional charges, sky high interest charges, late pay surcharge, pre-pay fee, early payment charge. NO!! avoid this lender like the plague you will end up paying over twice what you borrow in most cases. The average shark type lender actually targets a model where an ideal client pays back 3.2 4.5 times what they borrow. No lender sets out to become one of these finance monster. They start to do this to deal with high non payment rates, it starts small little interest hike here sprinkle some fees there; then like most slippery slope things this snowballs. As they add more silly fee s more and more people get mad and choose to not pay back their loan. Then you guesses it, this means the lender has to add even more and more redundant fee s to honest loan seekers. It s not a position you want to be in unless you not planning on paying back your loan. If that is the case and you are not planning to repay your loan please simply apply on one of our competitors sites you don t need the low interest rates and personal service we offer if you re not going to pay it back anyway right?

WINNER! This lender maintains lows interest rates and still offers loan programs like long term installment loans no credit check. They keep their doors open by being easy to work with and having great customer service. Being understanding even in the event of late or partial payments and usually give you a live person to deal with. This makes it a human and personal experience that is helpful and can even be enjoyable for you. They also offer substantially larger and larger loan amounts and even lower interest rates to return customers. So even if a few people don t pay they make their money by being so easy and enjoyable to work with you come back over and over again. (This is what we offer)

Are long term installment loans with no credit check available to me?

Now, many people assume that have bad credit means lenders will take advantage of them with ridiculous fees, excess charges and interest rates. This can be true, however; there are fair long term installment loans no credit checks out there. You just have to know who to deal with and I think you do

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Online Payday Installment Loans – Get Started Now! is not a lender outside of Short term loans bad creditand does not provide short-term loans for non- Short term loans bad creditresidents, but refers consumers to lenders who may provide such loans. is unable to supply you with an exact APR (Annual Percentage Rate) that you will be charged if you are approved for a loan. APR’s vary according to the information supplied by you in your loan request and the lender who accepts your request. You will be given the APR, loan fees, and other terms by your lender when you are redirected to your loan agreement in the loan request process.

The APR on a short term loan can range from 200% to 2,290% depending on how the APR is calculated (nominal vs. effective), the duration of the loan, loan fees incurred, late payment fees, non-payment fees, loan renewal actions, and other factors. Keep in mind that the APR range is not your finance charge and your finance charge will be disclosed later on in the loan request process.

Implications of Non-Payment and other Considerations

We would like to remind you that is not a lender outside of Short term loans bad credit and does not charge any fees for its referral services. Every lender in our network provides the consumer with specific terms, conditions, and practices prior to the consumer’s acceptance of the loan. We recommend that you carefully review the terms and conditions of any loan offer presented to you.

When you accept the terms and conditions for a loan offer, you are agreeing to pay back the loan principal and finance charges in the amount of time shown in the documents supplied by your lender. Additional fees or charges by your lender may apply in the event that you are unable to repay your loan in full or if you make a late payment. cannot predict the amount of the fees or charges that you will incur as a result of non-payment, late payment, or partial payment. has no control or knowledge of the loan details between you and your lender. Please refer to the late payment, partial payment, and non-payment policies detailed in the loan documents provided by your lender. We only work with reputable lenders who are dedicated to pursuing collections of past due accounts in a fair and reasonable manner.

Fees and Interest

If approved for a loan, your lender will present you with the exact fees and interest rate of your loan prior to your acceptance of the loan. is not a lender outside the state of Short term loans bad creditand cannot predict the exact fees and interest of the loan option presented to you. You are under no obligation to accept the terms presented to you by the lender.

Credit Score Impact does not make credit decisions nor do we conduct a credit inquiry on consumers seeking loans outside the State of Short term loans bad credit. However, the lenders we refer non- Short term loans bad creditconsumers to may conduct a non-traditional credit check in order to determine your eligibility for a loan. Lenders may conduct a credit inquiry with the three major credit bureaus: Transunion, Experian, or Equifax. Ultimately, your credit score may be affected by the actions of a particular lender. If you do not repay your loan on time your lender may report this delinquency to one or more credit bureaus, which could have a negative impact on your credit score. We encourage consumers with credit problems to consult a credit counseling company.

Loan renewal policies are largely governed by state regulatory legislation. The loan renewal options will be presented to you by your lender prior to your acceptance of the loan. Please make sure to diligently read the renewal policy presented to you prior to signing the loan documents. Short term loans are intended to be a short term financial instrument. We encourage all consumers to repay the loan on time and in full in order to avoid late payment and/or non-payment fees. If you suspect that you may be unable to pay off a Cash Advance loan, we would recommend that you explore loan alternatives before applying for a short term or cash advance loan.

Except for loans we fund in Short term loans bad credit, we do not engage in debt collection practices. Your lendersпїЅ collection practices will be disclosed to you in the loan documents provided to you by the lender. If you are unsure of the collection practices used by a specific lender, we recommend that you discuss this issue with your lender directly. We make reasonable efforts to only work with established, reputable lenders who pursue collections of past due accounts with fair conduct.

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At Short Term Loans, L.L.C. we know that you can’t plan for everything. When unexpected expenses come up, we are here to help you through the rough spots with the cash you need until your next payday, or even longer.

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Professional Advice Recommended: The loans provided by the participating lenders in our network are short term loans, which are designed to provide cash to you to be repaid within a short amount of time. These types of loans are not a solution for consumers facing long term debt and credit difficulties, and should not be used on a long-term basis. We recommended that you seek professional advice regarding your financial needs, including risks and alternatives to short term loans.

Disclaimer: We are a referral service to qualified participating lenders. We are not a lender loan broker or agent for any lender or loan broker outside of the State of Short term loans bad credit. This service does not constitute an offer or solicitation for loan products which are prohibited by any state law. This service and offer are void where prohibited. This is not a solicitation for a particular loan. We do not control and are not responsible for the actions of any lender. We do not endorse or charge you for any service or product. You are under no obligation to use our Service to initiate contact with a lender, nor apply for credit or any loan product with any service provider or lender. You are under no obligation to accept any loan from a participating lender.

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Installment Loans Explained

If you need more cash than you can afford to repay with a payday loan this kind of loan may be for you as it is intended help those needing to raise a larger amount of money over a longer time period.

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How to get one

Applying is relatively simple – in fact it’s similar to applying for most other types of credit. However, you need to ask some important questions:

What is the difference between a payday and an installment loan?

Payday loans tend to be under $1000 with the average being between $300 and $500, but in some instances payday loans may exceed $1000. The loan is repaid when the next paycheck arrives and is settled electronically via bank transfer or via a post dated check. If the borrower cannot pay the agreed amount off then a payday loan can be rolled over into the following month. Note that this will be very expensive because of the effect of compounding interest and should be avoided. If you are sure you will be able to repay the loan on your next pay day and you require under $1000 you can go straight to our payday loans online section.

Installment loans range from small amounts around $200 up to tens of thousands of dollars and are not intended to be repaid in full at the next payday. Monthly repayments are extended over a period of time. A borrower should consider this option if they have larger expenses or needs as the interest is lower than a payday loan. The direct lender will look at your personal circumstances, credit score, and annual salary to see what you can afford to pay back. Further questions maybe be asked about your work situation, how long you have been employed, by whom to determine your ability to manage your repayments.

Bad Credit Score: A vital element of these loans is your credit score so if you know in advance that you may be applying then you stand a much better chance if you pay attention to this ahead of your loan application. There are plenty of credit score tools online like Experian that can give you this information.

These loans are useful for purchasing more expensive items or services such as building, cars, education, white goods, paying down existing higher interest debt and so on. Note that it rarely makes sense to borrow to buy a depreciating asset. You should borrow when you use the money to increase your productivity.

If you already have too many payday loans you may want to consider a more relevant kind of tool to help you back to solvency: Our payday loan consolidation plans that both attempt to reduce your overall debt burden and should result in smaller interest payments.

Loan repayments are set up in advance so you know the amount you will be repaying with a fixed rate of interest, the payments remain constant and you can calculate what you exactly need to pay back from your next paycheck. Note that these long-term loans may also carry a higher interest rate than other loan types so it is important to stick to your repayment schedule to avoid penalties and compounding interest on top of interest.

From the time you submit your application until you funds can be as low as a few days once your application was successful. Cons?

Payments are higher than traditional loans but not as high as a payday loan but please do your homework and compare both as by the time you have repaid in full with all interest and fees it may have been better just to take out a payday loan in the case where you only needed the money for a few weeks.

If you begin to miss deadlines for payments, this can result in larger fees and sanctions that can really increase the cost.

In some cases loans may be secured on your assets, if you fail to pay then these can be seized in order to pay off your debt.

Which type of Loan is suitable for you?

So summarizing the above you must think how much you need and for how long you need to borrow for. Is it for a quick 1 or 2 weeks or do you want to pay back over months? Obviously for larger amount and longer periods, you should probably go for an installment loan.

Is your credit rating bad? In this case you are more likely to be accepted for a payday loan. Can you manage the payments? Be honest with yourself and think if you really need to purchase the required goods or service and can you afford the monthly payday installments. Take your time to consider all options and remember iy s not good to borrow to buy something that will not increase your earning power.


As with other types of loan from other lenders, you need to meet certain criteria in order to qualify for a payday loan from Green Touch. You must typically:

a) Be a US citizen

b) Be 18 years or older

c) Have a checking account with direct deposit eligibility

d) Have held steady employment in recent months

The majority of lenders – including banks and other financial institutions – require these four criteria. A checking account that receives direct deposits is typically a requirement for online payday loans, as this is the way your loan will be paid to you. Payday loan lenders usually preform only so called no credit check , which is actually a soft check on your credit records. Proof of steady employment is usually required so that the online payday loan lender is confident that you can repay your loan on time.


Increases in the cost of living mean that cash flow can be a problem for many people. If you have been offered a job but must wait for your first paycheck, that can cause problems with everyday expenses. Similarly, some people know they are due a bonus in the near future, but need money before then. These are scenarios where an installment loan could be useful:

1) You can borrow more money than a payday loan.

2) You will be given clear details on how much you will have to repay and when before agreeing to the loan.

3) Can easily be extended, with additional repayments.

4) Ideal for those wishing to borrow money for several months, bridging the gap between a payday loan and a long-term loan.

5) Unsecured, meaning you aren’t required to put up any assets as a guarantee.

6) Regular easy to understand repayments


Online cash advances have become increasingly popular over recent years thanks to their being so easy to arrange. Previously, if you wanted to arrange a short-term loan you had to visit a Main Street lender and wait in line. You can be approved in as little as one or two days, without even stepping outside your home. Not only that, but you can apply 24/7 without having to wait for your local bank to open.

Once approved, our lenders will provide a personalized repayment plan, along with the interest rate and the terms and conditions. If you agree to these conditions, the funds will be deposited directly into your bank account for you to use as needed.

Getting a loan

Applying is easy. Simply complete the form with details such as how much money you need. Our lenders will then make you an offer, including a repayment plan and what happens if you fail to make payments on time. If you agree to these conditions via an online form, the money will be paid into your account. You then make the repayments according to the schedule provided by our lenders.

Payday Loans – Short Term Loan – Instant Approval – South Africa, short term loan.#Short #term #loan

Payday Loans

Date: June 6, 2012

Is a payday loan right for you?

You cannot predict the status of your financial survival month after month. Even with a monthly salary, unexpected expenses pop up. So what do you do when, after your salary, you’ve paid all your accounts, bond/rent and bought all your groceries, and basically followed through on your budget down to the T. But, then suddenly, you find yourself faced with a family emergency that requires your immediate financial attention?

Applying for a loan crosses your mind, but then you realise that it may take a while before it’s approved, and you need the loan immediately. Consider a payday loan! But, what is a payday loan? Well, if you don’t know about it you’re in the minority, because hundreds of South Africans are now using payday loans. A payday loan is a short-term loan that’s usually due the next time you get paid. A lender charges a fee in exchange for lending you money until your next payday, hence it’s called a payday loan. You’re borrowing just enough to get through to your next payday, upon which the money is due.

How do you get it? As long as you are employed and have a bank account, it’s simple. With economic conditions the way they have been over past years, people have resorted to instant approval payday loan lenders more than ever, and have become more open about doing so because payday loans are fast and easy. Online payday loans with instant approval are relatively small. It’s not a long-term measure because it should be paid back whenever your next paycheck arrives. For some people this date can be less than a month, though the loan can last longer if you’re paid monthly.

Like traditional loans, payday loans come with an interest rate percentage, and, as it stands, South Africa’s payday loan rate, compared to other countries, is very low and far more regulated. Lets look at South Africa vs. the UK for instance. In South Africa, legislature dictates that payday lenders only charge a maximum interest rate of 5% p/m, whereas in the UK (and others like it) they may charge up to 200% interest. This only goes to show that payday lending — or any short-term finance for that matter — is definitely the future of the microfinance industry in South Africa.

So, is a payday loan a wise route to take? If you’re looking for a short-term quick loan and you’re able to pay it back when your next salary arrives, then definitely! It’s easy cash with instant approval, no faxing, no teletracking and easy repayment terms. What’s more, compared to traditional loans, a payday loan is a more affordable option to go for. And where’s the best place for you to get a payday loan? Look no further, wanna loan? is here for that sole purpose. Because there’s a growing number of South Africans struggling to access short-term credit, we’ve made it our mission to create a solution that will lift the burden of denial-of-credit for the little things – small loans over short periods. We offer payday loans with minimal interest rates and maximum convenience. You apply, we deposit your money, and you repay us when you next get paid. Simple.

wanna loan? — fast, paperless cash loans untill payday.

Difference between Short Term and Long Term Loans, short term loan.#Short #term #loan

Wealth Creation and Saving Strategies | OnMoneyMaking

Short term loanThe thought of a loan seems to have crossed everyone s mind at some point in life. Generally it s not carefully thought out though. A loan is a specified amount of money someone borrows with the intention of paying it back. Generally it s over a said period of time and is paid back with interest. There are different types of loans falling into two major categories: short term and long term. A person may find themselves needing a loan for many different purposes.

Short Term Loans

Short term loans are generally up to about three years. A popular short term loan is a payday loan. Someone may take a payday loan out in the event of an emergency such as car repairs, taking a vacation, or other unexpected bills. Payday loans are like a cash advance in which the payment comes from your bank account on your next pay date. These are very popular because of the few requirements needed to be approved for the loan. Unlike a long term loan, you can get cash within 48 hours from companies like Online Payday and there are no credit checks. These loans are generally up to $2000.

Another popular short term loan is a flexible loan. This is generally a credit based loan, but up to $25,000. The term is generally 12 months. Short term loans are at a higher interest rate than a long term loan, capitalizing on the length of your loan. A lender will use the situation that you do not have credit in order to offer the higher interest rate.

Long Term Loans

Long term loans can be taken over an extended amount of time. Most common long term loans are mortgages, student loans, wedding loans, start-up business loans, and home improvement loans. A long term loan is credit based. The better your credit score the better your interest rates will be. A long term loan can be in the form of a secure or an unsecured loan. A secure loan requires a form of collateral or asset, such as a title to your car or your home. An unsecured loan does not require any assets and has a higher interest rate as the lender has more at stake. You can think of this as a line of credit with your bank or a credit card.

Taking a long term loan is generally through a bank or credit union, unlike a short term loan. The amount of the loan will be based on your credit history and current income. With long term loans, you have greater flexibility with payment options. For instance, mortgage loans offer a fixed interest mortgage loan, in which the rate is the same over the term of the loan and the payments are split equally. An adjustable rate mortgage loan s rate can adjust every year. There is also an interest only loan, of which a person can pay only the interest of the loan for a set amount of years, and then start paying on the principal. Unlike short term loans, long term loans can help establish credit.

When making the decision to take a loan, it s important to think about a few things. Think if you really need the loan and weigh other options. Shop around for the best interest rates. Consider the consequences. Make sure you are able to afford paying the loan back. For instance, a payday loan will take so much of your next paycheck. Make sure it doesn t dig you further into debt on other bills.