Smart Money Management Resources
Payday Loans
A Payday Loan -- To Get Or Not To Get?
This is the question -- maybe a difficult one at that.
Before you answer that question, consider another one: Why do you need a loan in the first place?
Obviously, you need the money. But why do you find yourself in this financial fix in the first place? Maybe now is the time to do some soul-searching about your finance. Albert Einstein once said: “Insanity is doing the same thing and yet expecting a different result.” Now is as good a time as any to make some meaningful changes in your money management and spending habits in order to avoid getting into a similar financial predicament in the future. Now is the time to make a resolution not to repeat the same financial mistakes in the past and yet expecting a different outcome. Now is the time to make a commitment to save, instead of spending, from now on.
That said, the reality is that NOW you need a LOAN -- and you need it desperately. Maybe it is for a medical procedure, to repair you car you need to commute to work, or to pay your rent to avoid eviction. But, for whatever the reason, you may indeed need a loan instantly.
The next question you may want to consider is: What are the possible solutions to your dire financial emergency?
Consider a pay advance from your employer, a cash advance from your credit cards, a request from your creditors to extend payment of your bills, or a loan from your friends or family. Smart money management requires you to explore all avenues to solve your financial problems.
If, unfortunately, at the end of the day, you cannot come up with any solution, maybe a payday loan is the best option.
What is a payday loan? And why may it be the best financial option for you?
A payday loan is a small amount of money, usually a few hundred dollars, that is loaned to you for a short term, usually a few days or a week or two, as a salary advance to meet your immediate emergency financial needs. A payday loan may be the only and the best financial option for you, because it is almost “instant” and does not require a credit check. A payday loan may be especially ideal for new immigrants who have not established a credit history or without a credit card. The application for a payday loan is simple (all you need is a checking account and a steady income) with almost instant approval.
However, as with any financial commitment, smart money management requires you to think before you jump into it. First of all, you have to find a reputable lender for your payday loan. You must understand that you will be paying a much higher interest rate for the amount you wish to borrow, or so much for every $100 you borrow, plus a handling fee. In addition, if you extend the loan, you will have to pay additional fees to the lender. Because at the time you make your loan, you have to write a check to the lender on an agreed date for repayment, so if you do not have enough money in the bank when the payment is due, you may also incur a bank fee for your bounced check.
Obviously, with the high number of unemployment in the present financial environment, and the high cost of living, it is easy to get into financial straits. If you must have a payday loan, then get your payday loan only from a reputable lender!
Bottom line: Manage your money, and repay your payday loan on time!
Copyright©2011 by Stephen Lau
This is the question -- maybe a difficult one at that.
Before you answer that question, consider another one: Why do you need a loan in the first place?
Obviously, you need the money. But why do you find yourself in this financial fix in the first place? Maybe now is the time to do some soul-searching about your finance. Albert Einstein once said: “Insanity is doing the same thing and yet expecting a different result.” Now is as good a time as any to make some meaningful changes in your money management and spending habits in order to avoid getting into a similar financial predicament in the future. Now is the time to make a resolution not to repeat the same financial mistakes in the past and yet expecting a different outcome. Now is the time to make a commitment to save, instead of spending, from now on.
That said, the reality is that NOW you need a LOAN -- and you need it desperately. Maybe it is for a medical procedure, to repair you car you need to commute to work, or to pay your rent to avoid eviction. But, for whatever the reason, you may indeed need a loan instantly.
The next question you may want to consider is: What are the possible solutions to your dire financial emergency?
Consider a pay advance from your employer, a cash advance from your credit cards, a request from your creditors to extend payment of your bills, or a loan from your friends or family. Smart money management requires you to explore all avenues to solve your financial problems.
If, unfortunately, at the end of the day, you cannot come up with any solution, maybe a payday loan is the best option.
What is a payday loan? And why may it be the best financial option for you?
A payday loan is a small amount of money, usually a few hundred dollars, that is loaned to you for a short term, usually a few days or a week or two, as a salary advance to meet your immediate emergency financial needs. A payday loan may be the only and the best financial option for you, because it is almost “instant” and does not require a credit check. A payday loan may be especially ideal for new immigrants who have not established a credit history or without a credit card. The application for a payday loan is simple (all you need is a checking account and a steady income) with almost instant approval.
However, as with any financial commitment, smart money management requires you to think before you jump into it. First of all, you have to find a reputable lender for your payday loan. You must understand that you will be paying a much higher interest rate for the amount you wish to borrow, or so much for every $100 you borrow, plus a handling fee. In addition, if you extend the loan, you will have to pay additional fees to the lender. Because at the time you make your loan, you have to write a check to the lender on an agreed date for repayment, so if you do not have enough money in the bank when the payment is due, you may also incur a bank fee for your bounced check.
Obviously, with the high number of unemployment in the present financial environment, and the high cost of living, it is easy to get into financial straits. If you must have a payday loan, then get your payday loan only from a reputable lender!
Bottom line: Manage your money, and repay your payday loan on time!
Copyright©2011 by Stephen Lau
