Alternatively, you could use Monzi’s lender-finder service, and instead, find a lender offering a personal loan. Personal loans have longer repayment periods, usually several months, and may be more understanding of financial hardship.
Monzi is proud of the fact we work with lenders who see you as an individual. In other words, even though we work with lenders who payday loans with no credit check in Alamo may conduct a credit check, this will not automatically disqualify you from being approved for a loan.
Why should I avoid payday loans?
Personal loans are generally preferable to payday loans for a few reasons. In particular, there are certain risks associated with payday lenders.
Payday loans, also known as cash advance loans, have been characterised by high fees and inflexible terms. Additionally, the repayment period on a payday loan is often a lot shorter than a personal loan. This may translate into higher weekly repayments. Finally, borrowers should be wary of the fees and charges associated with payday loans, not just the interest rate. Payday loans might charge higher fees than a personal loan.
Finding a personal loan through Monzi, on the other hand, could be a safer alternative.