Let’s face it: everyone has bills of somekind whether it’s electric, water, sewer, garbage, internet, or rent. When those bills get behind, best case scenario, we get a phone call about a shut off date. Worst case scenario, we don’t get any notice at all and the service is just cut off. If you’re like most Americans, you’ve had a utility shut off or another bill that has been 30 days past due in the past couple of years. What’s the answer? A payday loan.
The first thing to ask yourself before you go and apply for a payday loan is whether you have access to the funds that you need elsewhere. This means asking friends and family if you can borrow from them, even if it hurts to do so. Even if you have to ask that aunt that you never really liked, it can keep you from having to pay the money back with interest. Although, there’s probably a reason you don’t like that aunt and they might charge you interest, anyway…
Also find out how long you will have to pay the loan back. In most cases this is 30 days, but it can be as little as two weeks. If you aren’t sure that you will be able to repay the loan in the allotted amount of time, you may want to reconsider getting the loan in the first place. Also keep in mind that your lender is running a business just like anyone else and that if you hide from their phone calls, you probably won’t be doing business with them again.
If you need $200 to pay a bill with, don’t borrow $500. The last thing that you want to do is create yourself more headache to deal with by borrowing more than you need. If you’re already in a bad financial situation, increasing the amount of interest that you have to pay the lender isn’t the smartest move in the world.
Forget about using payday loans on a regular basis to keep your bills paid, because this will cost you untold amounts of money in interest. Try to work with only one lender and avoid getting several payday loans at once, since this can definitely do you more harm than good in the long run.
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