Sometimes unexpected expenses can occur and it’s important to have access to cash when you need it. While payday loans may seem like an option, fees and high interest rates make them a bad choice for many individuals. In Boise, there are many alternatives available to help cover unexpected expenses.
In this post, we’ll explore why you should choose payday loans alternatives in Boise.
Lower Interest Rates
Payday loans are known for their high interest rates and fees, which often exceed 400% APR. In Boise, there are many alternatives that come with lower interest rates. For example, credit unions and local banks often have small-dollar loan options with lower rates than payday loans. Additionally, some online lenders can provide personal loans with lower interest rates for individuals with bad credit.
Fewer Fees
Along with high-interest rates, payday loans also come with numerous fees that can quickly add up. For example, if you take out a $300 payday loan, you could end up paying $90 or more in fees alone. This is a significant amount for individuals already struggling financially. Payday loan alternatives in Boise come with fewer fees, allowing you to save money in the long run.
More Time To Repay
Payday loans often have a repayment period of just a few weeks. This makes it challenging for individuals to pay the loan back without going into debt. Payday loans alternatives in Boise come with more time to repay, making it easier to manage the loan and avoid financial distress.
Credit Score Improvement
Payday loans often have a negative effect on credit scores, especially if the borrower is unable to pay the loan back in full by the due date. On the other hand, payday loan alternatives, such as those from Idaho Finance can help improve credit scores. If you borrow from a credit union or local bank, for example, they may report your timely payments to credit bureaus, which can boost your credit score.
