MoneyWise Live


Payday Loan Alternatives

October 12, 2018

You work hard to provide for your family.  You might even have two jobs. But still it’s a struggle to put food on the table, keep the lights on and now, the car needs brakes. If you just had a few more dollars until payday…  Folks in those dire financial straits often turn to what they think is their only option - the dreaded payday loan.  And they end up paying more in interest than the money they borrowed. Kingdom Advisors President Rob West has some alternatives including these topics: 

  • Why would anyone take out a payday loan?
  • What are some alternatives to payday loans?
  • What's the interest like the U.S. Bank  "Simple Loan"?
  • Are there better alternatives than the Simple Loan?  
  • The alternatives aren't ideal.  And aren’t they just treating the underlying symptom?  

Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • Facebook question: What way have you successfully mitigated financial stress in your life?
  • Should you ever consider cashing in your 401(k) for a downpayment on a house?
  • If you've been participating in fractional shares and that service known as Sharebuilders was bought-out by Capital One, what are some other investment options?  stockpile.com  bettermint  https://www.betterment.com  
  • If the city has sudden imposed an expensive project you have to pay for and they only offer a 5% interest alternative, should you consider taking a loan out from your 401(k)?
  • If you are self employed, what are the best options to augment your husband's retirement investments?
  • What should you do if you're worried about a "market correction" and are concentrated in just one company?
  • If you're in your mid-30s, in good financial shape with no debt and have discovered a very good home ownership opportunity but don't have an emergency fund set up, should you consider buying the house yet?
  • Should young couples be moving quicker because of rising home mortgage interest rates?
  • If you just sold a rental house, how do you calculate the tithe on it?
  • If you'd like to better prepare your parents for the finances of their end-of-life, what are some good starting points?
  • If you're about to have your first child and want to get a good start on saving for them, what are some good research options.  https://savingforcollege.com 

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