When It's OK To Use A Payday Loan

We've all been there. It's not quite payday and we've ran out of money. Your car breaks down, and you don't have any spare cash to fix it at the moment! Bills, car repairs, emergencies, home repair, gifts. The unexpected items that we often need to buy, at the times when we simply can't afford to. 
A payday loan can help you afford these emergency fees, but only if you do so correctly. Make sure it is really an emergency. Is it a sudden one of cost, that you can't afford right now, but it needs to be paid. For example, gifts are not 'emergency', nor are household appliances (in my honest opinion with the exception of a washing machine). Bills are also not emergencies. Unless you have tried every other option. If you are behind on a bill, just give them a call and explain. There's a high chance they'll give you more time, or even give you a late fee. Late fees will more than likely be less money than the interest on the payday loan.

Only take out a payday loan if you know, 100 percent you will be able to pay back the full amount, including the interest in one go on your next payday. 

Payday loans should not be a regular occurrence, you cannot depend on them or rely on them.

Make sure you know exactly how much you will need to borrow, exactly when you will be able to pay it back, and exactly the amount of interest that will be added during that time.

As long as you are aware, understand and agree to all the points above, a loan may be able to help you. They are usually paid on the same day which means you can get yourself sorted out as quick as possible. Cash Lady is one option, as they offer a higher acceptance rate than any other short term loan provider.

If you are looking to take out a loan, make sure you shop around for payday lender that offers lower rates. Borrow only as much as you definitely know you can pay back with your next paycheck. Don't overestimate, don't hope. Borrow what you can afford, and make sure your first priority when you get paid is to pay the loan back. 

Please borrow responsibly and seek advice if you have any concerns.

* this is a collaborative post

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