Some readers asked us: “WHAT IS THE RIGHT AND WRONG TIME TO USE A PAYDAY LOAN?” When you are working for your needs, we put a different value on the money we earned ourselves compared to how we handled the money given to us when we were still dependent on our parents. Being a young adult and trying to manage our own finances, opens our eyes to the value of hardwork and the importance of money. Although it is true that money is not every thing, it is hard to deny that money can make our lives and also the lives of those we love comfortable and secure. Life is tough but by being jobless and just sitting on our asses waiting for blessings to be bestown upon us makes life even harder than it already is.
Going back to the topic, what is a payday loan? Think of it as a speedy cash loan or an emergency loan. It is a short term loan and it is often based on the borrower’s (you) personal check. Mind you, you cannot borrow huge amounts just a few hundred bucks. If you really need money, you can turn to a payday loan. It’s fast but you will also have to pay fast. I am not sure but some companies just deduct the amount borrowed from their employee’s future salaries. Of course, they don’t deduct it all at once (or else the employee might be bring home nothing), but bit by bit. It is kind of a win win if the set up is like that.
Of course, most payday loans do not work like that. In most companies, payday loans are expensive which is why a lot of people do not go through it unless they really need the money. You may need to pay a hundred times more than the actual money thst you borrowed. Unbelievable? That’s true!
First reason why you shouldn’t get a payday loan would be (as I stated above) it is very expensive. If you cannot afford to pay it, forget about it. There are other alternatives to payday loans like creating an emergency cash fund, keeping an open credit card for emergencies, have another job, or try peer to peer lending services. There are other alternatives that you can try first okay.
Second, debt accumulates interest fast which will make it hard for you to pay for the money you borrowed. My advice is to avoid borrowing money if you can. Just try to look for alternatives first before you do so. You may have to pay for it for the rest of your life which is really really bad.
Third, payday loans are tempting. You can get oayday loans asap without giving time to really think it over. You may build a habit over it and may soon find yourself swimming in debt wihout you noticing.
The right time to get a payday loan would be when you know that you can pay it plus the interest as soon as possible and the wrong time would be when you impulse do it or when you can’t pay for it. Don’t bury yourself in debt. It is not worth it.
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