When To Seek Payday Loans
Payday loans can be a saving grace for many, but they can also be a burden that you'd really rather not deal with
. It comes down to a number of factors. It's not that payday lenders are untrustworthy or anything, far from it. Sure, there are those who charge abnormally high interest rates and so on, but by and large, they're here to help, and they typically only charge you a reasonable fee for the loan rather than massive amounts of interest.
So, should YOU get a pay day loan? Well, here are a few questions to ask yourself while mulling that over.
Is This An Emergency?
Payday lenders are really there for emergencies more than anything. Say, for instance, there was a problem in payroll at work. Because they don't seem to realize that you need your paycheck in order to pay your rent, they've gone ahead and messed it up and now you're waiting an extra week for your money. Well, this is a perfect example of why these loans were invented. You can simply fill out the form, show your last two paycheck stubs, and walk out with the money you need to pay your rent or bills.
On the other hand, "The new Playstation game just came out and I really really wanna play it!" is hardly an emergency! When it comes to luxuries that you can live with or without, you probably shouldn't be putting yourself in debt with a loan to afford them.
Then again, there are some luxuries that are only available during a certain window of opportunity. Maybe the Rolling Stones are in town, you have a ticket, but you're twenty bucks short on gas money. In this case, a loan is usually a safe bet just so long as you don't go blowing the rest of the money on stuff you don't need. Rather, you can put it aside and use it to pay the loan off when it's due, keeping more of your paycheck for yourself.
Can You Afford To Pay It Off?
It's not free money. If you refuse to pay off your payday lender, you're eventually going to have a debt collector coming after you. What it comes down to is whether or not you're willing to part with your next paycheck immediately in order to have the money today. Just make sure that you're actually showing the lender pay stubs that show an AVERAGE week's pay. If the last two weeks were full of overtime and bonuses, then this week might not yield the same pay, and you may come up short when it's time to pay the loan off.
by: Lance Thorington
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