When Does it Make Sense to Use a Payday Loan?

December 16, 2016 - By 
There are times we need cash – it happens. Payday loans can be controversial, but does it ever make sense to use one? We’re sharing answers here.

You’ve probably been told that you should avoid going into debt at all costs.

Except to buy a house, or a car, or…well, I guess people are contradictory.

But, it’s not a good idea to take out a loan on a whim. You need a good reason.

The same applies to payday loans. These loans can cost you if you aren’t in the right place to use them and pay them back. So we’re here to tell you how to make sure it’s the right time to take out a payday loan.

No Credit Check

One of the best things about payday loans is that they require no credit check. You could have the worst credit in the world and qualify for a loan.

If you’ve had your credit checked recently, you might not want it checked again. If you’ve had a hard inquiry into your credit, you will definitely want to avoid another credit check. These kinds of credit checks will remain on your record for two years.

Your Family Is The Mob

One piece of advice that often floats around is that you should approach your family first. But what if your family is the mob and you’re an outcast? You certainly can’t go to them.

Plus, if you go to your family, you might end up with damaged relations after if you can’t pay it back immediately.

Avoid that sticky situation by getting a payday loan. You will not have the weird emotional ties to your lender that you have with your family. At least, we hope you don’t.

It’s strictly business with lenders like LittleLoans and others, nothing else. You go in, you pay the fees, you come out with the money. No questions asked.

Weigh The Cost

Did you already make the mistake of taking a loan from your mob family? That’s probably why you’re estranged, isn’t it? You may even be having to make payment drops in the garbage downtown at the park every month. To avoid being late on your “garbage bill” you might want to consider taking out a payday loan.

Going back to the credit thing, on a more serious note. Have you been pretty faithful on your payments on other things? What about a mortgage or car payment? What would happen if you missed one of those payments?

Sometimes it’s worth taking out a short-term loan just to make your payment on time. Sometimes you can lose as much as 50 points on your credit score if you are late on one mortgage payment. You really want to protect your credit at all costs.

Inventions Can’t Wait

Are you a world-class inventor? But, you’re working at a factory while you try and get your work patented. The deadline for that patent doesn’t line up exactly with your next paycheck, huh?

Well, a payday loan might be perfect for you. If you’re trying to get your foot in the door when it comes to starting your own business, this kind of loan might be for you.

Besides, these loans are meant to be paid within a few weeks after you borrow anyway.

Conclusion:

There are many reasons why you might want a fast and immediate small loan. Don’t go without money today when your paycheck comes tomorrow. Get a payday loan now.

Posted In:  Business and Finance