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The Advantages of Payday Loans
Most financial experts will tell you that taking out a loan to pay for daily expenses is probably not a good idea if youíre already on solid financial footing. Payday loans, on the other hand, provide you with a short-term solution that could end up having long-term benefits. One of the key advantages of payday loans is that they are often for smaller amounts of money (between $100 and $1000). They are also much cheaper when you consider late fees on your utility or credit card bills. If youíve run into a brief financial roadblock, then payday loans are ideal for you.
Letís get into specifics, though. For example, weíll say that your electric bill is coming due and you just donít have the money to pay for it. Payday is only a few days away, but you canít wait that long to pay your electric bill. For the sake of argument, letís say the bill is exactly $100. If you look for payday loans online, you can get a $100 loan in as little as one business day. With that money, you can easily pay your electric bill and continue having heat for your house and a cold refrigerator for your food.
When payday comes around, you will obviously be able to pay back the loan and the fees associated with it. For your $100 loan, you will be assessed something like $15. This comes out to a total of $115 and no one is harmed in the process. By contrast, if you neglect to pay your electric bill on time, you might have your power completely shut off. Not only is this inconvenient, it could actually end up ruining your food and making your life considerably less comfortable. Itís also more expensive in the long run.
For starters, you will still be on the hook for the $100 electric bill, but, because the power company had to shut off your electricity, you will also have to pay around $50 to have your power reconnected. So, not only would you be without power for a few days (or weeks) but you would also end up paying $150. Thatís not to mention all the perishable food items that would go to waste that youíd have to replace.
Although not every situation is created equally, payday loans are ideal for these types of emergencies. If you find yourself in a similar situation, try doing the math before you make your decision. If it makes financial sense to get a fast payday loan, then do it.