If you've recently had an emergency, such as a late-night hospital visit to the Emergency Room, or an unexpected, severe illness, a sudden death in the family, or even an inopportune (really is there ever a good time?) car breakdown, then you know how stressful things like this can be. Not only are you wondering for several minutes what to do next, you also may be wondering where the cash that you now need will be coming from. True, we should all save some cash from our pay in a separate, emergency fund, but unless you do an automatic withdrawal, it is something that will always be done "next month."
That being said, there and many out there that believe that payday loans as they are should never be used no matter what. However, in practice this is not a realistic way of doing things. After all, with all of us are currently experiencing hardships due to the economic downturn and so asking for money from friends and family may not be the wisest course of action for two reasons: number one, they simply may have the extra to give you, depending on how much you need. Endnote to call if they do give you the very, it could cause friction depending on when you pay it back.
Of course, another option that you may have considered before thinking about payday loans is either your credit cards, or trying to obtain a traditional bank loan. Again, the economy plays a part in this as well because you simply may not have the funds available on your credit card and depending on the amount you need to quickly need it, the banks or trust companies may not be inclined to give you the funds beyond that the application process can be complex and it may take a long time to hear if you're approved or not.
So, after reading the above, you might conclude that payday loans are the way to go not just for emergencies or for other miscellaneous things that crop up during the course of the month. But you need to consider a few things first. For one thing, you need to ascertain how much you will actually need. In the case of an emergency such as a car repair that question is pretty easily answered in that all you need to do is to the amount of the car repair is for, and then work out a repayment schedule.
Something else to consider before getting into payday loans are the requirements that you may find by various lenders in your area. For the most part, all you really need is an active checking account and a regular job. Essentially, what they're looking for is that you have to wait to pay back the money that they will loan you. Something else to consider regarding payday loans is that they are not a long term loan such as a mortgage or line of credit. Payday loans are exactly what they say: money to be paid back by the next payday now, there are companies that will of course extend the length of time you have to pay them back just realized that you will be paying interest the longer you wait to pay back your loan in full.
Payday loans can eat a quick, efficient way to get out of a sudden emergency situation. Just be sure that you treat payday loans same way that you would a credit card. That is, responsibly.