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Small loan websites make the whole process sound so easy that they hook customers’ almost instantly. The situation people find themselves in afterwards is a labyrinth of fees and surcharges.

Before going for personal loans, here are a few things to consider:

• Emergency fund – Raid your savings. Sure you were saving this for a rainy day, well news flash this is that rainy day.

• Bank loans – This may take longer and you are not guaranteed of being approved but at least it is more secure, has a smaller interest rate, a longer term, and is guaranteed to abide by the laws.

• Credit card cash advance – People mistakenly assume that this is more costly than a small loan. What they do not consider is the longer term. If one is unsure of their ability to repay the loan on time, then it is better to choose this method. It may have a 3% higher interest rate but at least the term is as flexible as it needs to be.

• Borrowing from a friend or relative – this may be embarrassing but it probably is the safest choice. Just get it in writing to avoid any misunderstandings that might happen later.

• State laws – different states have different rules regarding instalment loans. Get to know these in order to avoid getting cheated by lending firms.

If the result indicates that a small loan is really needed, then always keep in mind that:

• Instalment loans from websites including www.lotsalolly.co.uk seem to have a lower interest rate than others. This is not so. Their terms usually last for two weeks unlike other loans, which usually last a month. If, for example, a small loan has an interest rate of 10%, in a month’s time that would be 20%, making it equal to or even higher than all the other loans.

• Read the fine print of the contract. Chances are, there is where all the traps are stated. Lending companies prefer getting the payment from a customer’s bank account. However, if the customer cannot pay in time, the company will keep on deducting fees from the bank account until the customer has insufficient funs, which will garner him more fees from the bank. This is how one gets into debt. Better to arrange a one time full payment with the lending company via check than have them deduct it from the bank account.

• The most important thing is to make sure that money will be available by the due date. If not, better go for other loaning options.Financial security is a hard thing for people to grasp especially in the current state of our economy. We have to do our best to protect ourselves from getting in debt. If we rely on personal loans, we will inadvertently dig ourselves into a hole we may never get out off.

Handling debt is always demanding for a lot of people. So when there are ads that mention that a person may be debt-free and have lower monthly payments, the first thing that comes to your mind is that this could possibly be the solution to get out of debt. It appears that it is a win-win method for the situation of debt. But, could it possibly be the right answer for you? Exactly what is Debt Consolidation? Debt consolidation is combining all debts to a single new loan allowing debtors to produce one payment per month on the total loan due them. An example is consolidating all your credit card payments into one, a great deal most credit card companies promote to credit card holders. So, Why Consolidate? You will likely have lower monthly bills if you merge all your loans into one having a lower interest. After consolidation, you don’t need to concern yourself with managing several accounts wherein you need to monitor billing statements, payment dates, and exactly how much money you need to raise to repay these debts. In a way, managing a single account relieves you from the stress of debt. Will there be Disadvantages? If you decide to begin this arrangement, make sure that you carefully read the contract given that you might end up paying above you expected. Paying your balance spanning a long period of time is certainly increasing the cost of your overall loan. You might also need a co-maker when you’ve got a low credit standing as a result of late payments. Is Debt Consolidation the Solution? While it’s true that debt consolidation will let you have lower monthly payments, it is not the solution to repaying debts given that it will not immediately eliminate debt. The reality is, it involves you acquiring a new one. Debt consolidation is for borrowers that have a sound plan for getting out of debt and who foresee a boost in their income in the future. It’s not for all those debtors which don’t change their spending habits. It will only camouflage the problem of overextending debts, having no money for emergencies, and living a lifestyle they are unable to have the ability to maintain. So before settling to combine your whole debts, keep an eye on at the advantages and disadvantages of debt consolidation. Look into your spending habits, be determined and possess the discipline to stick to your budget. It could take time however when you have done these, you will for sure be debt-free. When the time comes that you have paid back your whole debts, it is important to sustain a good spending habits. Strive to have a debt-free life so you can start saving for your retirement, have an emergency fund, save for your children’s education, or set aside funds for recreation and travel. You may also think of keeping some funds for charity or investing your money in worthwhile projects. The Truly Rich Club teaches its members to keep themselves out of debt. It offers its members to develop their money in lucrative investments by providing them with information on which investment that are them best. Want to join us? Log on to our website now!