If you're someone who has a hard
time making sure that you don't spend more than you have and hoping someone
will lend you money by the third week of the month, would applying for payday
advance loans really be a terrible idea? Perhaps it wouldn't be such a bad
idea, considering.
Considering what, you ask? Let's
look at it this way - on average, people who tend to run out of money and
generally remain unorganized, tend to bounce a few checks. Bouncing a check by
itself costs about $25-$30 in penalties. If you want to avoid that, you'll have
to ask for an overdraft service that will cost you even more. Basically, if you
want money at the end of the month, there's no cheap way of getting it, unless
you have a credit card. But then, people who live life on the edge like this
often don't have good credit cards. That's where those payday advance loans
come in.
You see, all told, payday advance
loans don't really cost you much - not when you compare them to what you have
to pay for bounced checks, anyway. Certainly, your average payday loan is a
high interest loan. Let's say that you need to pay an emergency medical bill
that amounts to $750. You check in your account, and you only have $550. Where
can get $200 from? Bounce a check, and you lose about $50 - both the hospital
and the bank charge something. On the other hand, if you went to a payday
lender, it would only cost you about $35 in interest.
Without a doubt, it isn't a good
thing to live your life this way. But if you do live your life this way
already, the best thing to do would be to choose a payday loan over the
overdrafts and check bounces. But this is only for people who are responsible
enough to pay their payday loans off with the very first paycheck they get,
after.
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