You probably already know that a payday loan is rarely ever the cheapest way to borrow money. Credit cards and bank loans can often get the job done much cheaper. But what if you don’t have a credit card? What if you need the cash today? What if you have bad credit, or the amount that you need isn’t enough for a traditional loan? Payday express loans have the benefits of being fast, easy to be approved for, and available in small amounts. In some situations, a payday loan really is the best available option, even if it’s not the cheapest. Take a look at few situations where a payday loan really is the best choice.
When You’re Facing a Shutoff
Almost everyone gets behind on their bills now and then. Perhaps your heating bill soared to unexpected heights over the winter months, or you had to skip a payment because of an emergency medical bill. These things happen. But now your electric company is threatening to shut off your power.
Your first step should to call the company that you owe and try to work out a payment arrangement. But if that doesn’t work out, a payday loan is the logical next step. Having your electric shut off may result in shut off and reconnection fees that add up to more than the interest on a payday loan, and what’s more, your house may not be livable while the power is off.
When You’re Facing a Repossession
Like missed utility payments, missed car payments can be an unfortunate fact of life. You may have missed a car payment in order to pay for a car repair or because you were dealing with some other bill. Miss too many payments, and your finance company may decide to repossess your car.
Losing your car could mean missed work or appointments that will almost certainly cost more than the price of a payday loan. If you wait to try to save up the money to get the car back, your payments and fees will continue to mount up. You may never get your car back, and you’ll end up losing a lot more than you’ll need to borrow. In this case, a payday loan can actually save you a lot of cash.
When You Need to Pay a Medical Expense
You can’t put a price on your health. When you need an antibiotic or a tooth extraction, you need them right away, not in two weeks when you get paid next. Sometimes medical emergencies happen when you’re uninsured, or when you don’t have enough in savings to cover your costs.
When you need money for medication or a medical treatment, it’s better for your health to go ahead and get the money that you need to take care of the problem right away. In the long run, it’s also better for your wallet. Leaving a medical issue untreated can lead to more serious, and more costly, medical issues down the line.
It’s true that payday loans cost more than traditional loans and credit cards. But payday loans also cost far less than utility shut offs, repossessions, and serious medical issues. It’s not a good idea to rely on payday loans for frivolous expenses or extras, but it’s a good thing that they’re available for true emergencies.