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10 Reasons Not To Take A Payday Loan: A Humorous List With Serious Advice
Quite often, payday loans can be a viable short term solution to pressing cash shortage needs. Most people -- at one time or another -- will find themselves falling short of the monetary resources needed to keep their everyday lives afloat until firmer financial ground can be established. However, before you take out a payday loan, you should make sure you're not doing it for the wrong reasons. Here are 10 situations where you might want to consider putting off that payday advance temporarily... 10. Your baby needs a diamond ring:
Here's some straight talk, my friend... Your baby needs to understand that you're pressed for cash right now and stop whining. If the whining persists, maybe things really weren't meant to be. Your heart might get broken, but your piggy bank will remain in tact. Payday loans are not for luxury purchases.
9. Your baby needs milk money:
Most payday loan companies require you bring in at least $12,000 per year to qualify. Now, listen very closely... If all you're earning is $12,000 a year, then you're living below the poverty line and a payday loan probably isn't going to help you. It's time to contact your local social service office and try to get some help with education, training, and supplemental income benefits.
8. You haven't talked with your mom lately:
All she ever did was bring you into the world, and you can't drop the poor woman a dime? In all seriousness, the point here is that if you can possibly borrow money for the short term from your family members or trusted friends, then you should consider going that route first. You should set a strict repayment schedule and suggest they charge you interest so it will feel more like a real loan.
7. You're slurring your speech, playing sad music, and clutching a brown bottle in one hand and your mouse in the other:
A payday loan may well be the right solution for you, but right now you're definitely drunk. This is not a time to be engaging in high finance. Just enjoy your greatest hits of Merle Haggard and Wilco mix tape, get some sleep, and then reassess your cash situation tomorrow after your pot-of-coffee-and-two-Advil regime has worked its healing magic.
6. Some guy named Vinny is going to break your legs if you don't pay him soon:
You need police protection, not another loan. Get on the phone with your local precinct and ask for help -- now.
5. You don't really need the cash:
Do you know exactly how you're going to spend the full amount of your payday loan? Is the entire sum going towards pressing financial needs, or were you kind of planning on keeping most of the loan for a little "walking around money"? Think about this: If you don't have a clear idea of what you need the loan for, then maybe you don't really need the loan this very second.
4. You're thinking you'll probably get the axe soon:
If you're losing your job, the last thing you want to do is incur debt that you'll have uncertain means of paying for in the near future. If you can manage it, this is the time to rely on the support of your friends and family. If you think it will be 90 days or more until you lose your job, you could consider signing up for your credit card issuer's protection program -- these types of programs will make your monthly payment for you if you become unemployed. However, there is a lapse period before the coverage kicks in -- usually about 90 days from sign up.
3. You think blackjack is a surefire way to retire your debts:
Some more straight talk here, friend... If you're planning to gamble with your payday advance, don't do it. Breathe deeply, log off of whatever site you're visiting and head straight to the Gamblers Anonymous website. Seriously ... you have a problem.
2. You're a poor communicator:
Have you called your creditors and talked with them about your situation? Often times credit card companies or loan guarantors will be glad to work out a deal with you if you're having trouble paying your bills. Call up customer service and just be honest about what's going on. It can't hurt to give this strategy a try: It'll work more often than you might think.
1. You haven't accepted reality:
Do you have a plan for exactly how and when you're going to retire your payday advance debt? If you don't, you're probably deluding yourself. Think very hard about why you're taking the loan and how you're going to pay it off. If you can answer these two questions honestly, then you'll be much better-prepared to apply for a loan should you need it.
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