SITUATIONS WHEN I SHOULDN'T USE A PAYDAY LOAN
Payday loans are intended to solve short-term
emergencies and should not be used unless completely necessary. We
get many emails daily from potential applicants inquiring whether
they should utilize one of our
short-term payday loans
unsecured loan. It all depends on what the purpose of your loan
is. Below are a few instances when you should not use a payday loan
as your source of financing. We also feature info on when it is a
good idea to utilize a payday loan. Read more about the potential
dangers of payday loans.
- For making small purchases instead of
It is never a good idea to use a payday loan for buying
non-essential items. Approval for these types of loans is much
easier to achieve than unsecured financing but these loans are much
more costly. Think about how much your payday loan is going to cost
you prior to making any purchases and decide if that purchase is
really going to be worth the final cost. Some payday lenders charge
interest rates in the triple digits...which is a ridiculous amount
to pay for a little extra weekend spending money.
- As a means for supplementing your income.
Individuals that regularly spend more money than they actually earn
will at some time have to borrow in order to catch up and/or pay
their bills. It is very common for those that are living beyond
their means to become dependant on payday loans as a means of
generating the income that they don't have. This is a terrible
practice. A payday loan is not going to add to your overall income,
but instead will detract from it because of the costs involved.
Payday loans are loans against your own paycheck/salary!
- For paying off debts.
It is one thing if some unforeseen financial situation comes
up one month and need to utilize a payday loan so that you can the
minimum on your credit card. But, in general, you will only be
buying some more time when you borrow from one lender for paying of
another. In addition, as you dig that whole deeper and incur more
new debt to pay off old debt, lenders will begin to spot this
pattern of behavior and will eventually stop lending to you
altogether. Learn more about
to pay your bills.
- For paying routine costs.
Having to utilize a payday loan for paying for unforeseen and/or out
of ordinary expenses is completely reasonable. Sometimes, it may be
difficult to plan when having to pay for car repairs, doctor visits,
etc.. On the other hand, using a payday loan to pay for everyday
costs like groceries, rent, etc. is not a good idea.
- Taking the easy route.
If you run out of funds one week, you likely can get by until you
get your next paycheck if you just reduced your spending and you
budget wisely. You may think it would be easier to simply borrow
a few hundred dollars. Don't forget that payday loans are not cheap.
If you can tighten your belt and make it by...do it!
How to Get
the Best Payday Loan
Payday Loan Application Tips
Using Payday Loans Wisely
Benefits of Payday Loans
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