In these hard economic times, often the best way to get away from paycheck to paycheck is to find the best payday loan for your situation. This method of covering emergencies, overdue bills, and necessities is becoming a very popular way to survive the global financial crisis that currently affects millions of people.
While the short term loan has disadvantages—high interest rates, sometimes only two weeks to pay it back, and additional stress—it can prevent long-term stress, negative credit reports, and delays in handling personal disasters. For instance, if your child recently broke her arm you may need to pay the hospital bill within a month. If you don’t have money saved up for emergencies due to effects of the widespread financial downturns, this could become a huge black spot on your credit.
Many reasons to get a payday loan
Although you would not want to use a payday advance to purchase a flat screen television, you might need the money for a computer for your education. Working students sometimes use payday loans for each semester’s textbook purchase when their financial aid comes in late. The internet is full testimonials of people who have been forced to take a day off work due to financial difficulties of their employers—they sometimes pay for groceries on a payday loan.
Payday loans need to be paid back quickly, usually within two weeks. To make sure that you can do so, stick to these three rules:
- First, make sure you can cover it when you get your check—include your weekly necessities when you’re figuring out what you will need.
- Find the best payday loan for your circumstances. Each company will have different plans and payment requirements.
- Once you get your loan, don’t overspend—you will have to pay back every cent on time or face high fees that will keep your debt rolling.
Due diligence when borrowing
Also, do your research. A little bit of time on the phone or the internet could save you a lot of money. The best payday loans for your circumstances might be right around the corner from your house in a small shopping center! On the other hand, you may find that there is an online payday loan company that can wire money directly to your checking account within an hour.
There may be a special set of rules for your situation. For instance, military members may not be able to get a payday loan at all, and there are limits on the amount of interest they can pay on any loan.
In any case, be sure you understand the rules, regulations and costs. Do your math and plan your time line so you can find the best payday loan for you.