5 Good Uses for a Payday Loan

A payday loan and a cash advance has been getting some undeserved criticism for taking advantage of the poor. This is not exactly true. This industry is not bombarding the airwaves like the reverse mortgage or debt- help industry. A payday loan or a cash advance is very good as long as it is paid back in less than a month. If it is paid off quickly as it is designed to be, the supposed extremely high interest rate will not hurt. It is like paying a month's interest on $200 dollars on a high rate credit card. It does not add up in such a short period of time.

If your utility bill is due and you are a bit short of cash the payday loan is just right for this. You do not want your electricity shut off. In addition payday loans are usually available within 24 hrs. with no need to wait. The i late fees are sometimes higher in paying a utility bill late. Besides, where else can you get cash so quickly?

The second good reason is a credit card payment that must be made. Your interest will rise and your credit rating lowered if you pay that bill late. It might even be canceled. It is wiser to get a cash advance than pay your credit card bill late.

Third reason for a cash advance is an illness. You must get medical help and pay the doctor. Your son's health is more important than paying some interest on borrowed money.

You need an automobile to go to work. Sometimes they break. A quick payday loan is needed to pay the mechanic and your next check and perhaps the one after that too will pay back the cash advance you received.

The fifth reason is that you have an unexpected expense in your apartment or home that must be paid for, like a leak. The payday loan will be the perfect bridge loan to get you through this unfortunate event.

There are countless other reasons to borrow short-term to pay for things that need to be immediately taken care of to avoid worse consequences. Borrow wisely and only when necessary and do not condemn payday loans as contributing nothing but debt.