26 Jun When Not To Get A Payday Loan
Don’t make the common mistake of using a payday loan for the wrong reasons. Using a payday loan should always be your last resort and never the first choice for lavish, unnecessary spending. There are quite a few instances, in particular, when a payday loan should be avoided. Below is a brief list of situations where one should think twice about getting an online payday loan.
#1. The Vacation
Everyone needs a vacation every now and again but a payday loan isn’t the way to fund your trip. Payday loans aren’t free and many people would consider them to be quite expensive. Chances are, if you need a payday loan to hop on a plane, you probably should be hopping to work for some over-time instead. A better idea is to save $50 or more a week for as long as it takes to fund your vacation.
#2. The Unnecessary Shoe Purchase
They could be real Italian leather, with 24k Gold accents and on sale for a limited time offer of $50. No matter how juicy the sale is or how limited or exclusive the item may be, a payday loan is not the way to go. You’ll probably end up paying full price for the item if you tally up the cost of the payday loan anyway and it’s probably smarter just to ask a family member or friend for a loan then to deal with the cost of borrowing.
#3. Drinking with the buddies
Everyone has gotten that tempting call, where your buddies are all yelling into the phone encouraging you to get dressed and go out drinking but your wallet is dryer than the Sahara. Don’t apply for that instant payday loan instead borrow some money from a buddy or just stay home and have a Netflix night.
Gambling on its own is a bad idea, add the act of borrowing money for gambling and you’ve got big trouble. Casino’s are built to win and not just in the long run. Invest your money into smarter projects with less risk. If you play with a payday loan and lose you can run into unfortunate repayment issues.
#5. Lending to Others
Never get a payday loan for someone else. Have that person apply for their own loan. Don’t get caught with someone else’s debt because you’re trying to play Mr./Mrs. Nice-Guy. If they can’t successfully get their own loan they probably have had trouble repaying their debts in the past.