The Perks of Payday

At a time when many are worrying about their short-term finances, consumer affairs expert Rebecca De La Rose examines the merits and pitfalls of payday loans

No one likes falling behind on their finances. In trying times, however, sometimes our finances can take a hit whether we like it or not. Unexpected circumstances can pop up, and we can be left with little to no money to get us through the days until we are next paid.


Does this sound like something you are currently going through? Having to stress about money is absolutely no one’s idea of a good time, but it happens to almost everyone at some point in their lives. If you have the proverbial wolf at the door and need access to cash right now, then your options might seem limited.


You could apply for a loan through a lender locally or try to get a credit card, but both of these options can take a bit of time to get approved by financial companies and can also be compounded by how good your credit score is.


If you are someone who is dealing with credit issues, then you might worry about how to get the money you need, since most financial companies base approval decisions on credit scores. You might be happy to know that you can always check out payday loans online if your options are limited, as many people with low credit scores apply online for payday loans when they need funds.


Are payday loans bad?

Many people believe that there is a bad stigma around payday loans because of things they have heard from friends, family, or read on the Internet. The truth is, payday loans can be a way for people who are running out of options to get their hands on the money they need, when they need it.


Of course, payday loans could prove negatively averse for you if you don’t pay the loan back on time, since it could go to collections and have an adverse effect on your credit score. The same can be said of other personal loans or credit cards, as well.


So, how can payday loans be helpful?


Payday loans are accessible to almost anyone

To qualify for a payday loan, the requirements are not as tight as other types of loans or lines of credit. Most payday lenders simply require you to be of legal adult age, with a checking or current account and consistent income through employment.


Since they are available online, payday loans can be accessed 24 hours a day – and thus give you the ability to apply for the funds you might require at any time.


Payday loans are bad credit friendly

Since most people with bad credit will have a hard time being approved for an unsecured credit card or a traditional loan, payday loans can be a great way for them to have the opportunity to get access to cash when unexpected circumstances arise in life.


Some payday lenders will use credit scores when it comes to making a decision to approve or deny loan applications, but most of them simply use your income to determine whether or not to approve your loan. This makes payday loans a lot more accesible to people who are dealing with credit problems.


There are plenty of lenders

It’s not an understatement to say that there are thousands of payday lenders online for potential borrowers to choose from. This makes it easier for borrowers to find a lender that is suitable for their particular situation, since many lenders will have different fees and rates to consider with their loans.


A diverse selection of lenders also means that just because you might be denied when applying for a loan with one lender, doesn’t mean you will be denied with the next one. Access to thousands of lenders means you have a higher chance of finding one that you will loan you the money you need.


Considering payday loans

Of course, as with any other type of loan or credit line, there are things to think about. Consider these things when applying for payday loans:


– Don’t borrow more than you know you can pay back: Don’t try to over-borrow, because you don’t want to get caught in a debt cycle. The idea with payday loans is to borrow enough to get you through the next week or two, and then pay it back on payday.


– Read the fine print: Some lenders charge higher interest rates and similar fees than others, so make sure you do your homework on the lenders you consider using.


If used correctly, payday loans can be a good way to help get the money you need to pay off unexpected expenses or simply get you through the next week. Pay it back on time and practice smart borrowing, and payday loans can be a big help for those who can’t access more traditional loans or lines of credit.


Rebecca De La Rose is a writer and consumer affairs expert.


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