Payday Loans - Not a Magic Pill for All Your Money Woes

Payday loans were created as a short term financial solution for an urgent matter that can only be solved by money that you don’t have at the time.  While there are many people who use payday loans for situations that fall into this category, there are others who have begun relying on payday loans to assist them with other types of financial needs.  The current state of our economy and an uprising of greedy lenders in recent years have only fueled this fire.  We felt it was time to remind everyone of what situations are ideal for using a payday loan remedy, and which of those situations are really just inadvisable to use them.

Payday loans should be considered when…

1.  You are risk for bouncing a check and you need money in your account now!  We’ve all done it. You either forget to note a transaction in your check book or you miscalculated  something the last time you balanced that thing. No matter which one it is, if you have one or more checks out that are waiting to clear and your bank account does not have a sufficient balance to cover them, considering a payday loan is perfectly reasonable.  You can take out a payday loan for $100 for two weeks for $17.50.   If you don’t, you run the risk of being charged a bank fee of $25-$30 per returned check.  Not to mention, most merchants also charge a fee of at least $25 for returned checks.  So, let’s say you have two checks out: 1 for $40 and another for $80, but your account is short by $100.  You can either risk paying $100 or more in fees from your bank and the merchant if those checks bounce… or you can borrow that $100 you’re short on and only pay a fee of $17.50.  You don’t have to be a financial wizard to know which one makes more sense.

2.  You’ve got a bill that must be paid within a week or else!  Sometimes we get busy and simply forget to pay certain things and other times we just get a little behind.  It happens to the best of us.  But when you get a notice from the gas company that states you must pay your balance within a week or your heat is going to be cut off then you better pay!  I know a few people who’ve found themselves in situations like this. You’ll have the money on payday in 2 weeks, but not by Friday… what do you do?  Payday loans are a great solution during times like this.  You borrow the money to get that bill paid and in two weeks you pay the loan back plus a fee.  The problem is solved and your family gets to stay warm at night.

3. Your car breaks down and you have to get it fixed.  When I was a kid my mom always had car problems. It was a real drag and I remember her being really stressed out during those times.  What do you do when your car breaks down and you don’t have the money?  How will you get to work? Being without a running vehicle can put some peoples jobs at risk and for others it can simply make day to day life just that much more difficult.  Sometimes friends and family can help you out.  You can catch a ride to work, take the bus, and maybe borrow the cash you need from your sister.  But sometimes you can’t.  The buses don’t run where you work or you sister is unemployed and has no money to loan you. Getting a payday loan becomes a viable option when you find yourself faced with these circumstances.

 Payday loans should NOT be considered when…

1. You want to purchase something really bad, but can’t afford it.  Sure you want that flat screen HD TV that just went on sale, but if you can’t afford it right now, please don’t take out a payday loan to buy it.  That’s not what payday loans are intended for.  Just wait until you can afford it and get it then.

2. You want to go to the casino, but have no money to gamble with. I know, I know… a good game of Texas Hold ‘Em can be a real blast. Playing the slots and engaging in a little legal gambling is fun for a lot of people. But please don’t gamble with money you don’t have.

3. Your friends are going on a trip next week and you’re short on the cash you need to go.  Taking trips and going on vacation are luxuries, not urgent situations. Sure, we all deserve time off and a little fun in the sun, but taking out a payday loan to do it is not the best idea.

Payday loans are not a magic pill for all your money woes.  When your faced with an urgent financial matter that must be dealt with in a timely manner taking out a payday loan can be a great solution.  But payday loans are not meant to subsidize extravagent purchases, poker night, or your next vacation.  Payday loans are not meant to solve long term financial problems either.   Please use payday loans responsibly.

The Get Cash 911 Blog is a leading source of money saving tips, debt management, credit repair, cash payday loan information, coping with financial stress, coupon offers, and payday cash advance details. If you find yourself in need of quick cash, visit PaydayLoanToday.com or just click below.