Why I Almost Got A Payday Loan
The light at the end of tunnel doesn’t come soon enough for some people. The economy has been teetering along for some time now and its slowly getting better, but not quick enough for some. There are still lots of people that are out of work, companies that haven’t fully gotten back to normal levels, and people still short on cash when they need it most. For these very reasons, I almost got a payday loan just to get by till my next pay check.
It’s not that I wouldn’t get one, but I try to avoid getting a payday loan if I can because it’s just another form of financing that cost money. However, it is a good alternative to messing up credit and paying more fees to accounts that I’m late on. Given these facts alone I almost got a payday loan, but in the end I tighten my belt even more so that I didn’t need to get one.
The following are some reasons why I almost got a payday loan.
- I was short cash, really short cash and in fact was counting coins just to get by with food and gas.
- I needed to pay some bills but didn’t have the money available for another week, which means that the accounts would be paid late and could occur a late fee.
- I needed to pay some things for my family like day care, and meals at school which meant that my kids would starve.
All of these things hitting at the same time almost made me want to get a payday loan and it would have totally made sense. In fact, it would have helped me a lot and saved me some money also.
The reason is that the fee for getting a payday loan is only $15 per $100 in my state. I would’ve needed about $300 so it would have cost me about $45 to get the cash. I had two bills to pay and they were only like $30 each, and yet both have late fees of $40. This means that I would have paid more in late fees than I would in cash advance fees for a payday loan. In addition, I would have kept my good credit in tact because I didn’t pay late.
Luckily for me, I had another source of income that ended up coming in that was for about $200 and so I was able to get by for a week without needing the extra $100, but had it not I would have definitely gotten a payday loan to save the day. In fact, I would have gotten a payday loan online to make it even easier for myself and less hassle.
Similar Posts:
- Typical Payday Loan Rates to Expect
- 5 Crises Where a Cash Advance Can Help
- How To Compare Cash Advance Payday Loan Lenders
- Payday loan alternatives at local banks
- Predatory Lending Practices: Refund Anticipation Loans
