The words “payday loan” often make the hair stand up on the back of someone’s neck. Baaaaad! Stay away from payday loans. But, why do we have that opinion if we don’t know the ins and outs of payday loans?
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The media works wonders at twisting stories and instilling fear in the public. There are times when a payday loan is a bad idea, but having the knowledge about why payday loans can be helpful – instead of problematic – can be incredibly useful. The bottom line: everybody needs financial assistance at one time or another and there’s nothing shameful about getting a temporary boost.
Think of a payday loan as a short-term fix for your financial situation. If you are only borrowing an amount you need and can pay back in a reasonable timeframe, a payday loan works in your favour. If major debt is a long-term problem, alternate forms of funding are in the consumer’s best interest.
Through responsible lending, payday loans offer assistance to those in need. Think of a payday loan as a way to top up the financial gas tank. Some people fill up the car at the beginning of the week and the gas needs to last seven days. It’s no different with a payday loan – you borrow when you need some extra cash with the mindset it is only a temporary fix.
The best type of payday loan is that which has a set fee for borrowing. With this type of loan there are no hidden costs and you don’t keep getting subjected to more fees which can quickly turn into a credit nightmare.
Some payday loans rolls over and continue accruing interest, leading to credit problems for the borrower. It is not a good idea to engage in this type of loan unless you are certain you will repay the entire amount on your next payday.
Many people feel comfortable paying a flat fee and knowing up front what the charges for a payday loan are. Responsible (not to mention respectable) companies have nothing to hide and spell out the terms and conditions during the loan application process.
Contrary to the negative connotation associated with the term “payday loan” the process is relatively painless and can be quite helpful if a person is in a financial pinch.
By Jeremy B.
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