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When to Use Payday Loans

Considering Other Alternatives

Quite frankly, you should only use a payday loan in an emergency after exhausting all other means of meeting your financial obligations. You must ask yourself if your situation is truly an emergency or if there may be another, less costly way, to get through your hard time.

Can you put the expense on a credit card? If your credit card is maxed out, you may be able to get your limit extended. Do you have overdraft protection for your checking account? Is it possible to get a salary advance from your place of employment? Could you get a loan from a friend or relative? Do you have enough time to get a traditional small loan processed? Have you negotiated with your creditor for extended terms?

If you have followed up on all of the above alternatives and still need some quick cash, then a payday loan may be your best solution. A payday loan can be a useful service to people with no credit or damaged credit because no credit check is required. Many young people, military personnel and new immigrants use these loans to help in times of emergency. Take some time and shop around for a legitimate payday lender that offers the best rates and terms. Make sure that you understand the terms and conditions of the loan before you apply. Borrow as little as you can and pay it back as quickly as you can. The finance fees are usually substantial when you pay back the loan on time and additional fees can become quite high if you must extend the loan.

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