When your wallet is chronically empty and your bank account near enough, you can move through life waiting for the other shoe to drop. Cautious and anxious, you’re constantly looking over your shoulder and wondering when the next bill will hit. More pressingly, you’re worried about how you’ll manage to pay for it in addition to your expected responsibilities. Between utilities, rent, car insurance, and your prescriptions, your budget isn’t padded enough to take on any new expenses. You may even find that you’re struggling to make ends meet as it is, let alone having something else to add to your list of expenses. When it comes to the areas that you have already budgeted for, it can be hard to save any extra money, unless you decide to search for the cheapest comprehensive car insurance plan that will enable you to spend the money you have saved on new expenses, as well as having additional funds to pay for any emergencies that may be thrown your way. It’s also important to keep in mind that life doesn’t always play fair, and sooner or later, you’ll have to play by its rules and take on more than you can comfortably afford.
For some people, even a small thing like a cell phone overage charge can be their tipping point. For you, it could be a week of surprise charge after surprise charge, each with overlapping due dates that coincide with your other responsibilities – and to top it all off your payday is too far away to do any help. In these financial emergencies, particularly when your goals are short-term, a small dollar loan is a great way to make ends meet.
They bridge the gap between your time of financial need and your next paycheck. In loan amounts ranging between $200 and $1,000, they’re just sizeable enough to help pay for those unforeseen and outstanding charges that came your way. They offer you just enough wriggle room to ease the stress you feel over your finances; however, they should never become a permanent cushion within your budget, so don’t begin to create financial plans assuming you’ll have their help every month.
Small dollar loans (also known as bridge loans) are only a useful and accountable way to tackle your financial problems if you use them responsibly. Navigating the word responsible is challenging, especially when due dates are only a few short days away. Time limits can make you want to grab the first small dollar loan that you can find, regardless of how responsible it is. But by promising yourself you won’t rely on these loans, you’ve already taken the first step to managing your finances. It’s only one more to research the top payday loan lenders in the US that will help you make the right financial choices.
Investigate and compare the rates, terms, and regulations of those loans available in your state. Depending on where you live, you can have different lending opportunities at your disposal. It’s important to know what kinds of small dollar loans are permissible in your home state, as your government will regulate its size, interest accrued, and repayment options. Only apply to those lenders that can prove their state compliance in the form of a license.
Often, in addition to their state license, these lenders will be a part of a greater network of lenders. Check to see if they have association with esteemed organizations like the Community Financial Service Association of America (CFSA) and the Online Lenders Association (OLA).
Once you find a lender you feel good about partnering with, go online to complete a simple application process. Typically, you’ll be notified if you qualify instantly. If you’re approved, you can have your permitted loan in your bank account within one business day. When time is as tight as your wallet, having fast access to cash can be a blessing. With a responsible small dollar loan on your side, you won’t be waiting for the other shoe to drop; you’ll be paying your bills on time.
