3 Examples of Times When You Should Use Payday Loans

Posted on: 28 June 2017


Payday loans are short-term loan options that have relatively high interest rates, and they are easy for almost anyone to get. While there are situations in which people misuse these loans, there are times when payday loans are great options to use. If you need cash quickly for one of the following reasons, taking a payday loan might be the perfect solution.

Your Power Is Getting Shut Off

Did you receive a notice from your utility company informing you that they are shutting your power off soon for lack of payment? If so, getting a payday loan to pay off the bill and avoid the shut-off would be a great option.

If you let the power company shut off your utilities, you will not only be without power, but you would also rack up extra fees. For the power company to turn your power back on, they will typically charge an extra fee. This fee would be added to the past-due balance of your account, which would mean you would owe even more money. Avoiding this would be a better option for convenience and for your budget.

Your Credit Card Is Due

Another great reason to use a payday loan is to pay off a credit card that is now due. If you fail to pay the bill, you will incur extra fees and interest, and you will be risking your credit. If you have been working hard to improve your credit, one late payment could jeopardize this. Instead of skipping the payment, borrow the money you need to pay the bill from a payday lender.

Your Car Needs Repairs

The third good time to use a payday loan is when your car needs repairs. If you rely on this vehicle to get you to work, you will lose out on income if your car is broken down. If you can borrow money through a payday loan, you can pay for the repairs and not have to miss work. This would keep your income going, and you would be able to pay off the payday loan little by little if you can keep working.

There are other situations in which payday loans are also great solutions. If you are in a bind for one of these reasons, or for another similar reason, consider taking out a payday loan to solve your financial dilemma. At Advance U Cash, for example, you can apply online or in person and receive the proceeds quickly if the lender approves your application.