Payday Loans

My husband and I were out driving around the other day and we passed one of those Payday Loan stores. You know what I’m talking about,  you’ve seen them around town and heard about them on the news years ago.
As we drove by we were surprised to see a huge line inside. Surprised and saddened I should say.

I know for some people they do live paycheck to paycheck. I also know that sometimes there are circumstances outside their control and situations we wouldn’t even know how to handle. No matter what it seems to be, these people eventually make their way down to the nearest Payday Loan stores and apply for a loan just to make it another month.

An alternative to the traditional storefront Payday Loan places is online loans. Getting online loans is pretty simple and easy now days, but because it is very easy, please be very careful when applying for these that you don’t take out more than you need. Because of the easy access, some people tend to take out more than they really need. These loans will need to be paid back in a timely manner, so be responsible with what you apply for.

In the past getting payday loans was rather risky, and with all kinds of hidden costs, it was causing more problems than what it would solve. Now the Payday loans are under more guidelines and are much more secure making it a better option for those that have no other options.

Things to remember if this is the option you have to choose:

  • Never get more than you need
  • Better yet take out as little as possible
  • Ask about any additional costs
  • Ask about pre payment penalties
  • Pay it back quickly and on time to avoid additional fees
  • Cut your spending in the meantime in hopes of not having to take another loan
  • Reevaluate your current budget