How to Finance Home Gym Equipment with a Payday Loan?

How to Finance Home Gym Equipment with a Payday Loan

Achieving your fitness goals doesn’t mean you need access to a state-of-the-art gym or fitness trainer, but rather quality home equipment for your personal gym.
Although it may seem that you can reach a dead end when looking for quality equipment for a home gym as the market is saturated with completely different segments. But finding the best home exercise equipment for your goals and paying for them is easier than you think.

How much does gym equipment cost?

The total cost of buying home gym equipment varies significantly. It depends on your personal preferences. For example, if you need the best weight machine on the market, you may end up paying closer to $2,000.

Your expenses will also depend on whether you buy fitness equipment new or used. Many gym owners and home fitness fans purchase their gear through online stores or by shopping on Facebook’s marketplace and Craigslist.

Average costs for gym equipment 2022:

Weight machines $130-$2,000
Dumbbell set $50-$500
Training bench $50-$500
Barbell set $200-$700
Stationary bicycle $115-$2,400
Treadmill $600-$10,000
Elliptical $500-$2,000
Rowing machine $250-$2,000

If you decide to shop for the best new equipment, a full gym with the gear listed above would cost you about $20,000. But if you select the cheaper alternatives, you might only spend about $2,000. According to Adam Gray, owner of Fitness Equipment Store, the average person is probably only willing to spend about $1,000-$2,000 on home gym equipment.

How to pay for gym equipment with a payday loan

Not everyone can pass a bank credit check: you need high turnover, good credit history and a lot of documents. You can get extra cash quickly by using a payday loan. These are short-term unsecured loans issued by microfinance institutions. The maximum payday loan amount is $2,500. The borrowed funds can be used for whatever purpose.

Getting a payday loan from a microfinance institution is quite simple – you will need only basic documents. Usually, the money is transferred to your bank account within 24 hours or even faster. But you have to pay for speed. Interest on such a loan may be higher than on a bank loan.

Although it is easier to get a payday loan than a personal loan, you still have to meet certain criteria. The basic requirements for a payday loan are a source of income, an active checking account, and valid identification.

Lending terms vary by state. For example, a payday loan Lincoln NE can be issued for a maximum term length of 34 days, although there is no minimum. The maximum finance charge is $1.38 for every $100 borrowed. It’s easy to get a loan in Nebraska online. Bad credit is not an obstacle, but you need to have a steady source of income and earn at least 1000 dollars per month.

To apply for a payday loan, you just need to submit an online application. A quick online loan is convenient if you plan to make purchases on the Internet. If you need extra cash to buy discounted gym equipment online, receiving money remotely is much more convenient than receiving cash at a lender’s physical location.

How to find a reliable payday loan for home gym equipment?

You can make a deal with a microfinance institution in a matter of minutes by following a payday loan processing algorithm consisting of several simple steps. However, first, the borrower will have to find a reliable lender with relaxed requirements and affordable interest rates. To do this, you need to study customer reviews and recommendations from reputable financial experts. Or you can use online loan matching services – they collect the best loan offers from trusted and reliable organizations.

Features of a reliable payday loan provider:

  1. The lender has a license to issue short-term loans.
  2. High trust ratings, good user reviews.
  3. The company has a safe website that encrypts users’ personal information.
  4. No complaints on the net.
  5. Transparent pricing policy, reasonable interest rates.

As soon as you find a suitable loan product from a trusted company, you can start the application process.

In order to avoid force majeure situations, the borrower is advised to carefully consider each stage of obtaining a quick payday loan.

Alternatives to payday loans for financing fitness & exercise equipment

  • Contact the bank. If you need a large loan, you should think about a personal loan. Fortunately, there are some banks that are ready to approve and issue funds in a few days.
  • Get a car title loan. Some companies offer loans secured by title. An obvious advantage – you only need to be a car owner. You will not need any proof of income or another confirmation of financial solvency. And borrowers with bad credit histories are likely to get approved. Car title loans are also short-term loans, which means that they must be paid back quickly. But if you cannot make payments, you can lose your vehicle.
  • Sell things you don’t need on craiglist or similar services. You must have a lot of unnecessary things in your apartment. Free up space and earn money by listing these items for sale. Just check prices beforehand so you don’t charge too much and take good pictures.
  • Borrow from friends or family. It would seem the easiest way to get cash. However, there are also a few downsides. First, your close people may not have the required sum. Secondly, it is not psychologically convenient for everyone to inform friends or family about their financial problems. Besides, borrowing money from friends and family can potentially cause relationship damage.
  • Borrow at work. Frankly, it is a rather controversial possibility. But any solution deserves attention in a hopeless situation. The advantage is that you will return as much as you borrowed with a 99% probability. The downside is that your colleagues may not have free cash. And if you have money problems, your colleagues most likely have too.
  • Go to a pawn shop. Some pawn shops offer secured loans, meaning you’ll have to give them an item of value in exchange for money. This can be gold, silver, jewelry and electronics. If you repay the loan on time, you can retrieve your item, but if you’re unable to pay off the loan, the pawn shop will keep the item and sell it off.

How to save money when buying gym equipment

  • Get a discount. When buying home gym equipment, you can always find discounts. For example, search for special promotions. You just need to keep abreast of events – you may sign up for special offer emails from sports equipment manufacturers and suppliers.
  • Buy used equipment. It is quite expensive to set up a full home gym, but you can buy used equipment much cheaper. The main thing is to decide what exactly you need and why.
  • Ask for sports gifts. Make a wish list for friends and family, which will include the items of home gym equipment you need. Or you may ask them to give you a gift certificate to a sports store.
  • Use improvised means. You may replace dumbbells with water bottles, and stable chairs can serve as a step platform.

In general, it all depends on your desire and budget. You do not need to purchase a whole home gym immediately. Especially if you are a beginner.