A payday loan is like a carrot dangled before your nose. You succumb to it because it is available, and you can borrow up to $1,500 or more if you qualify. However, here s the trade off one slip and you end up owing more than you can afford to pay. Loans are necessary like your first morning coffee, but when do really need these easy loans?
Cash with a Catch
Okay, you need cash real fast. There s the car repair bill to pay, or you have to pay the room rent real fast or sleep on the streets. Is it the right time to get a payday loan? Yes. You need your car to get around from home to office, or you need to pay the room rent before you are shown the door.
A payday loan does away with a lot of eligibility requirement. You can get as much as $1,5000 the next day or in just an hour through electronic transfer, or you can get the money from the lending office within 24 hours after you apply for the loan.
The lending experience is so convenient and super fast, but here is the catch the interest rates are real killers. As a borrower, go over the fine print to know what you are getting into before happily signing the dotted line, so to speak.
Is A Payday Loan Always the Solution?
It seems that the solution to everyday problems has to do with money. You need money to get to the hospital, cash to buy your girl flowers before she decides to dump you, payment of a long overdue parking ticket, an unpaid two months room rent, or even that intrepid brother in law who keeps reminding you of the $200 you borrowed last year.
If you were in a big mess, meaning you have all these pressing problems, would you run to the friendly lender on the block to save your neck? Here s what you should know before you grab the money 911 lifeline:
* For every $100 you borrow, you ll have to pay $10.
* Be ready to live on less on your next paycheck.
If you are unfazed by the prospect of living on less the next 15 days, then go ahead and get a loan to get you out of the squeeze. But how about weighing other options before deciding on a fast loan? Avoid getting a loan from lending companies by trying the following:
* Consolidate your loans and prioritize paying the biggest loan from you paycheck.
* Live with your parents until all your loans are paid.
* Get a second job for your daily expenses.
* Commute instead of using your car.
* Avoid impulsive shopping.
A payday loan is not always the perfect solution to your money problems. Unless you ll be beheaded because you can t pay the amount you owe from a friend or from the landlord, delay getting a fast loan.
When to Get Fast Loans
There are reasons for getting high interest loans but it would be folly to get into the trap of borrowing money from John to pay Bill. Get a payday loan when the rent has to be paid or a medical bill is due. When it is a matter of your health and a roof over your head, then get a payday loan and learn to live on less on the next payday period.
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