The words ‘payday loan’ and ‘wise spending’ are not usually found in the same sentence, but with Christmas fast approaching and the festive season in full swing, you may have seen more companies than ever vying for your attention.
In times of immediate need, knowing your budget and planning ahead doesn’t always work out. Many people’s ‘rainy day’ emergency funds have most likely been dipped into this year already – what with rising inflation, food and gas costs. So, what are you supposed to do in an emergency? Not a ‘want’ emergency, but a real life ‘need’ emergency: the calamitous end of usability for a car that you depend on to get to work, a flooded bathroom, a roof battered by wind and leaking brown water into your house – these are just a few examples of unexpected happenings that can significantly affect a family or individual’s budget. A short term loan may be the answer when your cash flow isn’t enough for your day-to-day needs.
Personal responsibility means ensuring you have the income and means to pay the borrowings back on time, but in the interim, a payday loan is a solution when you have no other way of getting hold of cold, hard cash quickly. Some responsible companies ensure they don’t enable an endless debt spiral by not allowing any form of ‘rollover’ debt. If you don’t have family or friends who are willing to give you some money to get you through a rough patch, this might just be a reasonable solution.
Payday loans, also known as a cash advance, can be credited to you either within minutes, a few hours, or the next day, depending on which company you use. The best thing to do is to keep contributing to your savings as possible, but if life emergencies arise and your own bank can’t help at short notice, a payday loan is one viable solution. Just be sure to read the small print and never borrow more than you can afford to pay back.