Do you know what? There’s nothing like living on the breadline only for your washing machine or dishwasher to give up. It’s hard enough trying to keep on top of everything else, let alone worrying about how you’re going to afford to repair or replace those almost essential appliances.
It’s easy to say that you’ll put money away ‘for a rainy day’ but in the current economic climate that’s almost impossible. Lots of people are living wage to wage and that, understandably, means that people are having to seriously budget and watch the pennies because it’s very likely that money is going out as quick as it comes in. In an ideal world, you’d have money left over to put aside to help you deal with unexpected bills or costs, or you’d at least have a little bit of leeway, but it’s pretty rare for something to go to plan isn’t it?
Lots of people know that urgent payday loans can be an absolute saviour for unexpected bills or costs but typically, when an emergency strikes, it isn’t the banks we go running to. They usually have a minimum loan amount which is more than we need to borrow, and even asking friends or families can knock your pride or make you feel awkward, and even then it may take some time for them to gather the money you need. I remember all too well borrowing from family and feeling like this weight was forever on my shoulders especially when it took months to pay back.
So, while they’re not an ideal resource to finance long term purchases, such as a car, payday loans really can help people and their families deal with sudden and unexpected bills. Despite the negativity surrounding payday loans, if they’re used correctly, they can actually be beneficial to the person receiving the loan. It’s very similar to using a credit card, people forget they actually have to pay the money back, but use it to your advantage and the benefits can be amazing. Did you know that Which? magazine have also highlighted the fact that unauthorised overdrafts are more expensive than payday loans.
However, it’s always good to do your homework and seek out a responsible lender as there are lots of reasons why payday loans can be perfect for you! Here are a couple..
Get Over The Emergency
If you do have an unexpected bill you can pay it off as soon as you have access to the money you receive from a payday loan lender like Vivus. In doing so, the emergency is behind you and you regain some of the control over your money. While you’re likely to pay back more than you initially borrowed, you’re not left trying to dig yourself out of a hole of debt.
Lunch Time Service
Payday loan applications are typically much shorter than a full bank loan. Doing them online, or over the phone, is usually less hassle and can be done during a lunch break, rather than having to make an appointment weeks ahead at your bank. You can be approved in a few minutes and sometimes you can have the money with you the very same day. They’re really convenient and it means your unexpected bill can be dealt with. Just make sure as soon as you have the money, you pay it back!
Flexible Repayment
Some payday loan lenders will allow you to work out a payment schedule that fits into your budget. This means you don’t have to scrimp and scrape on other expenses and outgoings to pay back your loan in one lump sum.
What do you think of payday loans? Have you had any experiences with them? What would you do if you had an unexpected bill?
*This is a collaborative post.