A payday loan store provides you easy and fast access to cash; usually within 24 hours after applying, funds can be deposited right into your checking account.
New Xbox 360 you say...
Not so fast!
Because these loans are so easy to get, many are tempted to use a payday loan store for impulsive spending. This is a sure way to get into big trouble financially. It would seem like common sense to avoid buying things you can't truly afford, but people are doing it all the time.
Using these for anything other than the three reasons below and you're headed for trouble. The reasons below are legitimate uses for borrowing funds from a fast cash loan provider because each is truly a cheaper alternative to NOT borrowing.
Save Your Credit
This type of store can actually save your credit score. If you can't pay your mortgage, auto loan or credit card bills because you know you won't have enough cash to cover the debts, then a quick cash loan is probably justified.
Typically you are not covering the cost of the whole mortgage or car loan but maybe you only need enough cash to cover a portion of the notes - say $200. (We're assuming you have no access to credit cards) Missing a mortgage, auto, or credit card payment will ALWAYS trigger a negative report to the credit bureau and DOWN goes your credit score - up to 100 points lower. Not good.
Spending the $30 - $40 to borrow the $200 may seem like a lot but compared destroying your credit long-term, borrowing the funds makes more sense.
Avoid Paying Late Fees
On Friday you need to write a few checks and possibly use your debit card for necessities. You know that you don't get paid for another week and need $300 to cover needed expenses. The overdraft expense each time you use your debit or write a check is about $35 per transaction, in the event your account is at ZERO.
Do this 4 or 5 times and you feel like you have a permanent "L" for loser tattooed into your forehead. I know by experience! Those overdrafts just cost you over $150.
Again, using a payday loan makes sense and you can easily avoid paying overdraft fees.
Use For For Emergency Only
Your car needs some major work and is not covered by the warranty anymore. You need to get to work. You have no credit card and missing work would only make things worse financially. Borrowing funds from a fast cash loan provider is, again justified
So, the three reasons for using a payday loan store are : to save credit rating, avoid paying late fees and cover cash shortages in case of emergencies.
In all 3 cases the cost of NOT using the fast cash loan would be more expensive.Go ahead and borrow money - but for the right reasons!
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