Four Reasons Why Payday Loans Can Be Worth it

Payday loans have a bit of a bad reputation, and it is a fact that they are sometimes misused and/or misrepresented, but just as with everything else in life, it’s what you do with them that matters.

Payday loans are quick and easy to obtain; most of the time, all you need is to be able to prove that you have a regular paycheck with direct deposit. There’s no credit check and only a short, if any, verification process. While the easy access to quick money has tempted more than a few people into bad decisions, there are definitely some situations where they can be the right choice.

1. Cover Unexpected Emergencies

It’s pretty much true that no one ever expects an emergency, and they tend to hit at the worst times. You may have to pay a veterinarian bill, replace an appliance, or keep your car running when your wallet is empty. When this happens – and it’s happened to all of us – you need cash and you need it quickly. Sometimes turning to friends and family is not really an option, especially since they may be just as strapped as you are these days, and applying for a conventional credit card or personal loan could take time that you just don’t have. In these situations, payday loans from reputable providers like Speedy Cash can help you out. You’ll be able to get the cash you need right away, take care of your emergency, and get back to life as usual.

2. Cover a Shortfall

One of the aspects of personal finance that feels so unfair is that penalties seem to apply to people who are already in a bad place. Do you have an outstanding check that looks like it’s going to bounce? Then you’ll be hit with an Insufficient Funds charge from your bank, which takes your balance even further into the negative, resulting in more bounced checks and consequently more fees. Or is your power going to be disconnected because you couldn’t pay the bill? Now you’ll have to not only pay any past due balance, but also a sometimes sizable reconnection fee, which is even more money that you just don’t have (or you would have paid the bill in the first place!). In situations such as these, payday loans cost money but are likely to cost less than the cascade of calamities that come along with being temporarily broke.

3. Take Advantage of an Opportunity

We’re going to tread cautiously here, but sometimes you come across something that’s just too good to pass up even though you don’t have cash on hand at the moment. If that’s the case, and you know that you’ll have the money in a few short weeks, do the math and figure out if payday loans make financial sense. Sometimes they do, and it’s good to know that it’s quick and easy to get them when you decide that they’re the right choice right now.

4. Make a Fresh Start

It often happens that people accumulate a bunch of small debts when they’re trying to make ends meet: a copay at the dentist’s office, a new tire at the mechanic’s garage, next semester’s book fees, and so on. It takes time and energy to make payments on and keep track of all of these! It can simplify your life to take out a payday loan, clear them all up, and then just worry about the one loan to pay back. Don’t do this unless you’re sure that you can pay it back when it comes due, but if you know that you can, you may want to buy yourself peace of mind.