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 or an 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 using cash.
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 how not 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 it!

How to Get the Best Payday Loan
Payday Loan Application Tips
Using Payday Loans Wisely  
Benefits of Payday Loans
Why Is My SSN Needed?






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