Payday loans go by many names, such as check advance loans and quick cash loans. No matter what you call it, these loans serve as a short-term credit product that works as an important financial tool for individuals who need to fund an unexpected expense or manage a shortfall between paychecks.
Perhaps a person has bad or no credit and getting a bank loan isn’t an option, or maybe borrowing from friends and family is out of the question. Regardless of the reason, a payday loan can help out a person in need, but there’s a smart way to use it. These are five reasons you should consider a payday loan.
1. When Your Expenses Exceed Your Budget
Use a payday loan if you’ve fallen behind on monthly payments and need extra money to pay for food or utility bills. A short-term loan can help get you back on track until you’ve managed to create an effective household budget.
2. When a Medical Emergency Happens
Even with a balanced budget, an emergency can affect your monthly expenditures. Whether your child breaks a bone or you come down with appendicitis, you may need extra funds to cover the costs and prevent going into a deficit when it’s time to pay other monthly bills.
3. When a Collection Agency Won’t Go Away
If you’re willing to pay off a collection agency but lack part of the money, a payday loan can help. Though you can always send a cease and desist letter to stop the harassment, you’ll have to pay off the debt eventually.
4. When Your Car Breaks Down
Getting your car repaired can cost a lot of money depending on the problem, and you may not have the immediate cash on hand. Without your car, you can’t make it to work, or you’d have to pay for taxi or bus fare to and from work every day. Using a payday loan provides a way to pay for the repairs and get your car back on the road without missing a workday.
5. Compare Costs, Payday Loan May Be Lower
Sometimes the cost of not paying a debt is more than that of a payday loan. If you miss your car payment, neglect to pay the electric bill, or write a check that you know will bounce, then many times the resulting cost will outweigh the fee of a payday advance transaction. It’s important to compare costs before making a decision.
Whether it’s money for groceries or a new carburetor, a payday loan can provide helpful assistance when you’re short on cash. Never borrow more than you need, and make sure that you can pay the money back on time to prevent falling further in debt. Payday loans are used to cover short-term financial situations, and are not a long-term financial solution. If you’re stuck in one of these situations, call Always Money to speak with a representative and see if you can get the help you need.
For over 20 years, Always Money Finance has been a regional leader in providing affordable credit solutions to customers across the southeast looking for a convenient and confidential way to meet their needs. Getting a handle on your money takes time, and Always Money understands. If you’re in a jam and need immediate help, any of Always Money’s small personal loan options may be just what you need to get you going in the right direction.
To get started,
- Visit a store near you (Click here to find the store nearest you),
- Call 1-888-618-9217 to get pre-approved over the phone, or