Last year I took out a pay day loan to help me make a last minute purchase that I needed. I was pretty happy with the result and thought I would share my tale with you today. If you are reading this, you might be in the market for a payday loan yourself. So I have some advice for you if you are.
If for some reason some of you may not know what a pay day loan is, here it is in a nut shell. IT’s a small loan anywhere between $100 and $1500, it’s meant to be short term. It’s also known as a cash advance, and is usually meant to tie you over until your next pay check arrives. These loans can either be paid back in full the next month, or you can arrange to make payments if you prefer.
Payday loans are loans that have much higher interest rate than the typical bank loan, and that is because of the high risk the company takes lending with such small requirements of the borrower. Normally people, who take out these loans, usually do because they have bad credit and can’t get loans anywhere else. But a lot of people do it for the convenience. They are really fast to get, usually only taking from a few hours to 24 hours max to get the money.
Most of these companies are online now, making it real easy to do everything from your home computer. As long as you have a job that makes 1000 dollars, and a bank account with a checking account, you are able to get pre qualified for a loan like this. It’s pretty easy and basic.
I used a payday loan last year, when my barbecue broke and I needed to buy another one. I was throwing a big engagement party for my brother in my back yard, just a real casual family barbecue type of thing. A couple of days before the party, I was in my back yard getting things ready and remembered that I was missing a part for my grill, it turned out the thing didn’t even work anymore anyway. So I really needed to replace it before the party. My dad offered his hibachi but that was not big enough to cook for 60 plus people.
That’s when I decided to get this payday loan. It worked out perfectly for me, I don’t have good credit, but I make a decent income and knew it would be no problem to pay it back with my next check. I just needed the whole dollar amount to pay for the BBQ in full. The good thing is that the money comes in so quickly, there’s no long waiting period. After I applied and finished the whole thing, I had the money by the next day (the day before the party). The process was so quick. I had time to buy the barbecue and put it all together and clean up the back yard all before the party.
I paid the loan entirely with my next paycheck; I don’t like having debt so I just got rid of it as soon as possible. This was really helpful for me, and I think it could be really helpful for other people who need money fast.