Payday loans get a lot of bad press but there are some people that successfully use a payday loan to get by. Although any sort of borrowing is not usually recommended and payday loans can be an expensive way to do so, it is something which some people have no choice but to do and below are some examples of when it may be necessary and how to make sure that you do it wisely.
It is always a good idea to borrow money using the cheapest method that you can. In many cases this could be a credit card or personal loan. However, if you have a bad credit rating, it may not be possible to have access to either of these types of borrowing. You may have an overdraft but this will be expensive and if it is unauthorised then the cost could be higher than a payday loan, o it is worth checking.
When deciding whether to borrow, you need to make sure that you cannot manage without the money. Borrowing is very expensive and if you can wait until you earn some money or just go without paying for whatever you need the money for, then this is the best thing to do. However, there will be situations where you need the money for an emergency and there is no other option but to borrow. If you cannot borrow from a cheap source, then a payday loan is the answer. [Read more…]