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10 Reasons You Might Need a Payday Loan
You're Out of Time
If you notice that your mortgage payment or credit card bill is coming due in a few days, and, for whatever reason, you won't have the cash to make the monthly payment until your paycheck arrives several days later -- then you might want to consider taking out a payday loan. If you apply online, you could see the cash deposited to your bank account very quickly-- possibly within 24 hours. Another advantage of applying online is that you won't have to wait in a long line at a physical location, nor will you have to waste time hand writing your information. If time is of the essence in your need for a temporary cash infusion, an online payday loan is something you might want to explore.
Your Bank Is Evil
Most banks today have sophisticated software that will force through large payments ahead of smaller ones. Thus, if you have overdraft protection and are going to come up 500 dollars short on three payments totaling $1000, the bank will ensure the larger payment goes through first so it can hit you with two hefty overdraft fees. By the time you factor in the return penalties from the merchant or other payee party, you'd far and away be better off paying the interest and fees associated with a single payday loan, paid off on time. If you're looking at two or more overdrafts on your bank account then you should seriously consider a payday loan to avoid this contingency.
You Have A Reality-Based Repayment Plan
Do you know you can afford to pay the loan back with proceeds from your next paycheck and still have enough left over to live on and meet your payment obligations for the next month? Great, you could be a good fit for a payday loan. If not, you might need to consider entering a debt management or loan consolidation program.
Someone's Got Your Back
If, God forbid, something awful happens and you can't pay back your payday loan as scheduled, do you have someone willing to help you out no matter how embarrassing that may be? If the answer is yes, you can rest easier about taking out a cash advance or payday loan.
Stuff Happened (To You)
Stuff, of course is a milder way of conveying the highly excremental situations life can throw at all of us. If you're looking at a one-time, emergency-based cash shortage problem due to circumstances way beyond your control, a payday loan could be right for you.
You're Shy
If you don't care for waiting in lines at banks or even brick and mortar payday loan storefronts, applying for a payday loan online could be a good option for you. It's a fast transaction between you, your information, and the lender.
Your Late Payment Penalties Are Catastrophic
If you're going to get slapped by your creditor with a permanent interest rate rise -- say from 19 percent to 29 percent, then a cash advance could be the rational option. You can use the money to meet your on-time minimum monthly payment and avoid the highly penalizing interest rate hike. This could save you hundreds, or even thousands of dollars over the life of the loan or revolving credit line.
Your Credit Card Has A Promotional Interest Rate
This is the same idea. If you're paying zero percent interest for the next 9 months, but a late payment will instigate the 20 percent juice, then you could save yourself a significant amount of money by taking a temporary cash advance or payday loan to meet your payment obligations.
You're Responsible
Can you trust yourself to use your next paycheck to pay your loan and save enough to live on for the rest of the month? If so, a payday loan could be appropriate for you. However, if you have vices you can't control or you're an impulsive spender, then seek professional help -- not another loan!
You Know Exactly What You Need
Do you know how much your loan amount is and exactly what you'll use it for? If the answer is no, then start again and reconsider why you are taking a loan in the first place, or perhaps read our article on Payday Loan Caution Signals.
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