Why get a Payday Loan
Why get a Payday Loan?
Q. Why should I apply for a payday loan?
Here are a few reasons why payday loans are often a good option:
1. A cash advance can come in handy when you have no other options.
We all know there are many ways to get cash quickly. However, not everyone is able to access those options. Have you asked a friend or relative to borrow some money? Have you contacted your bank or credit union to see if they can provide you with an advance or small bank loan? Many of us have tried to those options to no avail. That’s when a payday advance comes in handy.
2. Payday loans can be of assistance in emergency situations.
None of us every expect or hope to actually need a payday loan. No one wants to be subjected to high interest rates and fees on a small amount of money. Unfortunately, this come up and we turn to a payday advance when there are no other options. You don’t want to use this type of loan for a vacation or unnecessary expense. Don’t use a short term loan to finance your trip to Las Vegas! A payday loan is something that needs to be used in a dire situation. For example, you may turn to this type of financing when your car breaks down or when there are unplanned medical expense.
3. Emergency loans can sometimes help your credit.
You don’t want to fall behind on your credit card payments. We know that’s an easy way to damage your credit as a default or late on your credit report can last for 7 years or more. In a situation like this, it may help to take our a short term loan to get back on track and not miss a payment. This is not an ideal situation but it may be the best solution for someone who doesn’t want a hit to their credit score.
4. Payday loans can be more practical than bank loans.
Many people view cash advances as loans that you never want to use. We know these forms of credit have high interest rates, but they’re sometimes the best option compared to high dollar loans that take forever to pay off. Did you know that most short term loans last for a matter of weeks. Compare this to installment and bank loans that take years to payoff. When you have a short term loan that last for weeks versus a bank or credit union loan that takes months or years to payoff it may be best to go with the short term option. Do your best to pay it off quickly and avoid any option of rolling over the loan.