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Getting a Payday Loan: What to Know and Some Different Options

Getting a Payday Loan: What to Know and Some Different

Getting a Payday Loan: What to Know and Some Different Options

The average amount of loan debt that a person in the United States carries is $38,000. For some of you, that number might seem rather high but the truth is, if you put 10 adults in a room, chances are that a good portion of them are in serious debt.

Given our nation’s debt crisis and the fact that bills never slow down, it stands to reason that many people might get to a place where there’s not enough money to meet their financial obligations.

A popular solution to this problem is to take out a payday loan.

Are you experiencing serious getting payday loan FOMO? Are you curious to know more about what these loans entail?

You’ve come to the right place.

Below, we breakdown payday loans and share with you a handful of potentially helpful alternatives.

Getting Payday Loan: What Does It Entail?

A payday loan is a lending product. The way that they work, in many cases, is that you write your lender a check for the amount of money that you’re borrowing. This amount should equal to or lesser than the amount of money you’re planning on getting from your next paycheck.

Once your paycheck goes through, your lender will cash the check that you’ve given them, plus interest, and your debt will be paid.

In the interim, with your loan in hand and secured by the promise of next month’s check, you can use your borrowed cash to buy whatever it is that you need that could not wait until your next pay period.

Why Do Payday Loans Get a Bad Rap?

It’s hard to find a story today that showcases payday loans in a favorable light. The reason for this is that payday loans come with what is called an interest rate.

Interest rates are pretty simple.

If you borrow $100.00 at a 10% interest rate, you’d owe your lender at the end of the month $110.00 (your original loan amount plus 10%). If you didn’t pay your lender on time, at the end of the month, your loan balance would continue compounding and you’d now owe your lender $110.00 + 10% interest ($121.00).

Most payday loan providers do not offer loans at low-interest rates like 10%. Some charge interest rates that are 50% or higher. Furthermore, certain loan vendors will add a ton of miscellaneous fees to your borrowed money which is also eligible for interest accrual.

Given these seemingly dishonest tactics and the fact that poor people are payday loan provider’s biggest customers, many financial experts and politicians have condemned them.

What Are Payday Loan Alternatives?

If you’d rather not get caught up in the cycle of paying back payday loans, you might have other options to get out of the financial situation that you’re in. Here are some quick-fire suggestions that may be worth exploring.

Talking to Friends and Family Members

If you’re in a tight spot financially and have people that love you, those people might be willing to help you out. It’s always a dicey proposition borrowing money from friends and family since you don’t want to lose your relationship if you can’t pay them back.

Still, if you’re close with people that you know would want to help, let them.

Take Out a Loan From Your Bank

Dealing with payday loan lenders can be tricky since not everyone is offering transparent products like the First Finance payday loan or similar reputable products.

To make sure that you’re borrowing from a lender that is not likely to burn you, try to get a loan from a bank that you trust.

Getting bank loans is subject to credit approval. That means that you could be rejected.

It’s certainly worth trying to get approval though, no matter how bad your credit is, if your alternative is taking out a predatory payday loan.

Talk to the People That You Owe

Communication can go a long way when you owe people money. They’d rather work with you and get what they’re owed back as opposed to putting so much pressure on you that you break and choose to default.

Reach out to the people that you owe and try to arrange to have them forgive portions of your debt or spread it out before going down the getting payday loan path.

You might be surprised by the arrangement that you’re able to come to.

Explore Financial Help

At the end of the day, if you’re really falling on financially hard times, no amount of reading generalized blog posts is going to solve your situation. Sometimes, you need the help of a professional that can look at your specific situation and guide you.

That expert is usually what is called a financial advisor and many communities offer them for free to low-income people.

Go to city hall or run a quick Google search to see if there are free financial planners that work in your area. Steer clear of any planner that works on commission as they might try to move you towards buying products that will only hurt your situation.

Closing Out Our Guide on All Things Payday Loans

Thousands of people type “information about getting payday loan” into Google every day in hopes of seeing whether or not this lending product makes sense.

While we can’t advise you specifically on whether or not you should take the payday loan leap, we do hope that you now feel more informed and can make that decision for yourself.

If you find that you’re in need of more help, our team is here for you! Check out more of the content on our blog and start growing your financial savvy!


Emergency Weight Loss Surgery Options: What Are They And Which Is Best For You?

Emergency Weight Loss Surgery Options: What Are They And Which

Emergency Weight Loss Surgery Options: What Are They And Which Is Best For You?

Millions of adults — 63 percent of the population — throughout the UK are overweight or obese. 

Every year, 29 million of these people try to lose weight, but the majority of them are unsuccessful.

Does these stats resonate with you? Do you feel that you’ve tried everything to lose weight, to no avail? 

If you’re having a hard time losing weight, you may want to consider weight loss surgery to give you a jumpstart toward reaching your goals.

Read on to learn more about some of the best and most effective weight loss surgery options.

Benefits of Weight Loss Surgery

There are many reasons why you might want to consider weight loss surgery, including the following:

  • Lose weight quickly
  • Increase lifespan
  • Improve symptoms of or achieve remission from chronic diseases like diabetes
  • Improve cardiovascular health
  • Relieve feelings of depression and improve overall mental health
  • Improve your quality of life
  • Improve sleep quality and reduce sleep apnea symptoms
  • Improve fertility

Weight loss surgery can also be very helpful to those who suffer from arthritis or chronic joint pain. Losing weight helps to minimize pressure placed on the joints.

Best Weight Loss Surgery Options

If any of these benefits sound appealing to you, you might be seriously considering weight loss surgery. Which type of surgery should you choose, though? 

Listed below are some of the most well-known and most effective weight loss surgery options you might want to consider:

Sleeve Gastrectomy

A sleeve gastrectomy procedure involves separating and removing a portion of the stomach from the body. A surgeon then restructures the remaining portion of the stomach to form a tubelike structure.

Essentially, this procedure shrinks the stomach. As a result, the stomach cannot hold as much food. It also will produce smaller amounts of ghrelin, a hormone that triggers feelings of hunger.

The good thing about the sleeve gastrectomy procedure is that it doesn’t impact that body’s ability to absorb nutrients and calories.

Gastric Bypass

Gastric bypass is a popular weight loss surgeon option that involves the creation of a small pouch at the top of your stomach. 

In addition to creating a pouch at the top of the stomach, a surgeon also cuts the small intestine and connects it to the pouch. Food then flows directly to the intestine from the pouch. 

Like the sleeve gastrectomy, this procedure shrinks the stomach and limits the amount of food you can consume at one time. 

This surgery doesn’t hinder the stomach’s ability to create digestive juices. As a result, the body can still digest food properly and there is less of a risk of digestive distress (as there is with some types of weight loss surgery).

Biliopancreatic Diversion

This surgery is similar to the sleeve gastrectomy procedure.

It starts with a surgeon removing part of the stomach and leaving behind the valve that releases food into the small intestine. The surgeon leaves behind the duodenum (the first part of the small intestine) as well.

Once they’ve removed part of the stomach, the surgeon closes off the middle portion of the intestine and attach the duodenum and last part of the intestine together.

Instead of removing the separated middle portion of the intestine, the surgeon reattaches it so that it becomes the end of the intestine. This lets bile and pancreatic juices — which are necessary for digestion — flow directly to the end of the intestine.

The result of this procedure is that, when food is consumed, it will bypass the majority of the small intestine. This limits calorie absorption and promotes more weight loss than shrinking the stomach alone.

Vagal Blockade

A vagal blockade is similar to a pacemaker. It’s a small device that is implanted under the rib cage and is operated by remote control. The device sends electrical impulses to the vagus nerve.

Stimulating the vagus nerve sends a signal to the brain that the stomach is full. This, in turn, helps you to control your appetite and avoid overeating. 

This is a minimally invasive procedure and it’s a great option for individuals who are nervous about undergoing a more serious surgical procedure.


The AspireAssist is another minimally invasive procedure that involves device implantation.

AspireAssist is a tube that is implanted in the body and sits flush against the abdomen.

Once you’ve eaten, you attach to the tube to an external draining device. The device removes food matter and deposits in the toilet, where it can be flushed away.

With the use of the AspireAssist device, you only consume about 70 percent of the calories you consume.

Because the AspireAssist device limits calorie and nutrient absorption, nutritional and protein supplementation are necessary for most people.

Gastric Balloon

The gastric balloon is not technically a surgical procedure, but it’s still one you might want to consider is you have excess weight to lose.

According to Next Level Weight-Loss, it’s minimally invasive and doesn’t come with the same amount of downtime as some other weight loss procedures. It does, however, yield similar results. 

With this procedure, a special balloon is placed in the stomach via the mouth. Once the balloon has been placed, it is filled with a saline solution. This leads to a sense of fullness and minimizes hunger and the likelihood that you will overeat. 

The gastric balloon is a temporary procedure. It stays in place for six months and then gets removed.

Many people see great results from this procedure. In six months, they can lose approximately 10 percent of their excess body weight.

Lose the Weight and Keep it Off

As you can see, there are plenty of weight loss surgery options that will help you get started on your weight loss journey.

In order to keep the weight that you lost off long-term, though, you’ll need to make some permanent changes to your lifestyle. This includes eating a healthy diet and exercising on a regular basis.

If you need help making these kinds of lifestyle changes, contact us at Lep Fitness today to learn more about our personal training packages.

We’ll give you the tools you need to make permanent, positive changes.