When is a Payday Loan the Best Solution?

A payday loan is applicable to numerous circumstances that arise when we least expect them to. Unfortunately, in many cases, these circumstances require us to cough up large sums of money, and there is no way around it, especially if you cannot afford it. Individuals are quick to call their parents or friends for money, or visit the local pawn shop to sell a few items for quick cash. While these are all acceptable methods of paying bills or obtaining money, these options are not always readily available. Even worse, some individuals write checks that bounce, creating an even messier situation, as banks love to nail customers with overdraft fees or bounced check fees. This also negatively impacts your credit, leading further down the spiral of debt and despair.
What IS always available, most conveniently only a click away, is securing a payday loan.
Some situations that may call for a payday loan are:
1. Unexpected medical expenses: Let's say your employer does not offer medical benefits, and while at work, you get injured - you twist your ankle, injure your hip, etc. You go to the hospital, and get slammed with a $500 medical bill. With other urgent expenses looming, you simply don't have the cash to pay the bill. You don't want to incur any late charges, so securing a payday loan is the BEST way to pay the bill. Simply pay off the loan next time you get paid.
2. Car expenses: Cars are unpredictable - they may be in perfect shape aesthetically, but it's what's under the hood that could falter at any given time, no matter how well you may take care of the car. Regular oil changes, tire rotations - it does not matter, mechanical problems can arise when you least expect it. Imagine you try starting your car one morning and it does not start - you have to get the car towed to the shop, then find out that your battery is dead and you need a new transmission. The eager mechanic happily tells you that it will be $1,300 to fix your car. You don't have a credit card, and you can't write a check because it will bounce. This is where a payday loan would be perfectly appropriate, as you will be able to cover your impromptu expense quickly without having to endure bounced check fees.
3. House Expenses: Landlords are not the most forgiving individuals, and one of their pet peeves is when a tenant cannot pay their rent on time. Whenever rent is late, landlords find great pleasure in assessing late charges for each day the rent is late, sometimes in excess of $50 each day the payment is late. Instead of incurring these late fees, or bouncing a check, simply take out a payday loan to cover your rent. The interest on a payday loan will be less than the late fees or bounced check fees.
4. Family Emergency: You live in New York, your parents live in Florida, and when one of your parents gets sick, you need to fly down to visit them. Bills are piling up, and you simply do not have the money to pay for a plane ticket for the trip down to Florida. A payday loan can be used to pay for a plane ticket, as well as cover other costs while on your trip.
5. Miscellaneous Expenses: Let's say you are in a hurry to get to an appointment with a client, and a cop comes out of nowhere and stops you for speeding. Depending on how much over the speed limit you were, speeding tickets may cost at least $80, not to mention court costs and rising insurance premiums. These are unwanted expenses that not everybody has the funds to cover, so a payday loan may be used in this situation to pay off any costs associated with a speeding ticket. It goes without saying, however, that simply abiding by local driving laws can avoid a situation like this.Payday loans can be secured at numerous locations around your area, or by going online and filling out an application to be matched with a lender. Depending on how busy you are, either option is good, but it is highly recommended to apply online, as it is 100% secure, quick, and you can be matched with lenders in your locality. OneHourCash, Payday Pro and PayAdvanceLending are examples of highly-reputable payday loan websites. No matter how you obtain your loan, understand that when used responsibly, payday loans are the best short-term option to get you out of your financial bind.


Thanks to Steven Lancaster for the article.