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Saturday, February 28, 2009

Why would you get a payday loan?

By Victor Drakemeyer

If you've ever been in a position where you needed a certain amount of money, you know how it feels to be out of options. If you need the money, the advantages of a payday loans outweigh the disadvantages by far.

Your car may break down tomorrow. It ends up costing you $ 400 to pay for the repairs. You need the car fixed to go to work, but you don't have the $ 400. In those situations, it's worth it to go for a payday loan, despite high interest rates.

If you've ever been in the position of having a little month left over at the end of the month, a payday loan might have helped you out. If you've got a week to go for your next paycheck and you need money to pay your rent or your groceries, the fastest way to cash is the payday loan.

Should you go for a payday loan in these situations? Maybe. It may be possible for you to put some of the charges on your credit card, providing it hasn't reached it's limit yet. You can also try to get money from relatives or friends. But a payday loan has some advantages over those options.

A payday loan does not require you to go through a credit check. The whole application only takes about half an hour and you can have the money on your account within 24 hours. A payday loan is a very quick way to loan money. The speed can be worth the extra interest paid on these types of loans.

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