On The Fact That Money Will Always Be Not Enough
Lets face the fact that unless were filthy rich
, the money in our pockets will always be not enough. There will be times when we will not even have much cash that we could use to answer both our needs and our wants. What is more horrible is when you lacked money that is needed to spend during dire situations such as emergencies.
In order to fill in the gaps in our budget, we have to take loans. We usually borrow funds from some of our family members and friends because they are the ones closest and most accessible to us. However, the money that they can lend to us can only be in small amounts, thus the budgetary gaps are still left unfilled.
We then have no recourse but to apply for loans in banks because they are the ones with the capacity to loan us huge amounts of money. Unlike asking help from family and friends, banks are very strict in terms of loan requirements. The process of loan approval is long and cumbersome. Worst, we will not be able to get the exact amount that we applied for, no thanks to bank deductions.
The best recourse for us then is to apply for a payday loan.
Payday advance loans are usually small, short-term loans that intend to cover our budgetary gaps until we receive our next paycheck. Of course, just like in any typical loan arrangement, we will have to pay a certain interest rate plus other charges that creditors will impose to us.
However, we will have to be very careful in securing
payday advance loans. There are some creditors who charge very high interest rates on borrowers. This is one of the reasons why some states either imposed very strict regulations on the charging of interest rates or banned the establishment of payday loan businesses altogether.
Still, there is no better option for us to avoid the possibility of seeking out
payday advance loans and paying exorbitant interest rates and other charges but by placing a portion of our salaries on savings. At least, when financial need arises, we have enough cash that we can use to for such purpose. Although it applies more on health and medicine, this maxim also does well on our finances: Prevention (savings) is better than cure (applying for a loan).
by: Sofia Britts
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