Have you ever been in a financial bind and refused to get a payday loan? Lots of people have and would much rather endure their financial burden than to get “trapped” in the evil payday loan cycle every pay period. Why is it that people would rather endure their financial burden than to receive the help that payday loans provide? Because of its bad reputation.
The Bad Rap of Payday Loans
Over the years payday loans have gotten a bad rap of being “bad” and people automatically assume this without doing their own research as to why it’s so “bad.” The thing that gets people in trouble is that they use payday loans for the wrong purpose. Payday loans are specifically meant for emergencies but people use them for everything but emergencies, and that’s what gets them into the “vicious cycle of debt.”
Maybe you were driving to work one day and got a flat tire. One new tire can run you $200 or more… If you don’t have that kind of money for a new tire, a payday loan will help you in that emergency.
That particular situation would be considered an emergency because your mode of transportation has been negatively impacted. Your car is your way to navigate throughout your day, whether it’s getting to and from work each day or picking your kids up from school every day, your car is an essential part of your life, and when something goes wrong with it, it is definitely considered a financial emergency.
Just think about emergencies and what constitutes a situation to be called an emergency… Sure, there are certain services that assist you in emergency situations like how Google is assisting emergency services by providing your location, but when it comes to financial emergencies, you need the money right away, and without any hassles. Middle-class Americans are living paycheck to paycheck and 55% of American households don’t have enough money to save a month’s worth of lost income.
With payday loans, the process is quick and easy and you are able to get the money the same day, with most companies, which is very helpful when you don’t have enough money in your savings account to cover unexpected emergencies.
That’s especially true with online payday companies. You just have to be careful because there are lots of scammers out there…If you find yourself in a financial bind and are considering a payday loan, here are 10 of the best online payday loan companies around. Look at these companies first… they’re safe.
The Truth Behind Payday Loans
The truth behind payday loans is that they’re not as bad as people make them out to be. In fact, they actually have a few benefits. But the truth about payday loans that nobody wants to believe is that payday loans in itself aren’t “bad”… the people who use payday loans for the wrong reason are what makes them seem “bad”…
People who misuse payday loans are what you would call irresponsible borrowers. What’s an irresponsible borrower? An irresponsible borrower is someone who borrows more than they can afford to pay back. They’re also people who use payday loans for reasons that aren’t emergencies.
This whole time, the reputation of payday loans has been drag through the mud, and for what? Because someone didn’t borrow responsibly. People will take on payday loans and put themselves in the “vicious cycle of debt” on their own because they never had any intention to pay the loan back in the first place.
If you’re going to utilize a payday loan, the key is to use it responsibly. Here are some of the biggest benefits they offer.
With payday loans, you’re not required to undergo a lengthy process to get approved. In fact, with most payday loans, you just need to show proof of income and provide your pay schedule, your driver’s license information, and your banking information. Once you provide the payday loan company that information, you’ll pretty much get approved. With traditional financial institutions, it can take quite some time to know if you’ve been approved or not… especially for large amounts of money.
Because payday loans are for emergencies, companies know and understand the importance of needing that money as quickly as possible and that’s why the approval process is so quick and simple. With such a simple process, they also make funds available to customers on the same day or within a few hours. That’s an emergency luxury you just can’t get with traditional financial institutions.
Help is Available
Peace of mind in knowing that financial help will always be available for you is what responsible borrowers feel with payday loans. Nobody is ever truly prepared for financial emergencies and for those who do have money saved up for financial emergencies, good for them. But for the rest of the people who are not financially prepared for when “life happens,” you can rest assured in knowing that help will always be available to you.